Last month, the federal government launched a new online tool to help families predict whether they'll qualify for federal financial aid. Called the FAFSA4caster, it's modeled on the government's official aid application, the FAFSA (which stands for Free Application for Federal Student Aid).

The FAFSA4caster estimates a family's expected family contribution to college costs and notes whether a family will qualify for the federal Pell grant program, allowing families to plan ahead for the cost of college. To use the tool, parents will need to enter their child's Social Security number, as well as their own tax and financial information. The process isn't quick, but users of FAFSA4caster will have their information automatically transferred to the official FAFSA when their child is ready to apply (of course, modifications to information can be made at that time).

To view the tool, visit the Department of Education's website at www.fafsa4caster.ed.gov. An updated version of FAFSA4caster is planned for release in the fall, including a feature that tells students how much state and college aid they might expect to receive.

Al Caicedo, CSA Asset Preservation Consultant Macomb County Money Expert CKS Summit Group, Inc. 37040 Garfield, Suite C-3 Clinton Township, MI 48036 Phone: 586-286-5820 Fax: 586-286-5827 E-mail: cks@summitgp.com Web: www.summitgp.com