While saving for college is a great way to prepare for your child’s future, it can also penalize you when it comes time to apply for financial aid.

The Free Application for Federal Student Aid (FAFSA) form is used by most institutions to calculate aid. It takes into account college savings and adjusts amounts accordingly.

MassLive spoke with Mark Kantrowitz, a financial aid expert, about the tricks and tips he has for how to balance receiving the most financial aid while still putting aside money to pay for higher education expenses.

“The more you save, the more flexibility you’ll have, the more options you’ll have. So every dollar you borrow will cost you about $2 by the time you repay the debt,” he said.

Saving for college is especially important as tuition in Massachusetts has surge

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