Education Planning
FAFSA Changes Benefit Grandparent 529s
FAFSA stands for the Free Application for Federal Student Aid. It is the main form used by universities and colleges that determines a student’s eligibility to receive financial aid. To simplify, there is a formula that assesses the income and assets of both parents and students. This formula is used to calculate […]
For College Savings, 529’s Are Hard to Beat
Raising kids is hard enough, so why not make things easier for yourself when it comes to saving for college? Ideally, you want a savings vehicle that doesn’t impose arbitrary income limits on eligibility; lets you contribute a little or a lot, depending on what else happens to be going on financially in your life […]
How to Land a Better Financial Aid Package
Your child has applied to several colleges, and the financial aid awards are starting to arrive. But when you take a look, they’re less than what you expected. Or maybe your returning college student got less aid than he or she did last year. Is there anything you can do to get more financial aid?
First, […]
When Should I File the FAFSA?
The FAFSA, which stands for Free Application for Federal Student Aid, is the federal government’s financial aid application. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA before distributing their own need-based aid and, in some cases, merit-based aid.
For the 2020-2021 school year, the FAFSA […]
What’s New in the College World?
If you’re the parent or grandparent of a current or prospective college student, you might be interested to learn what’s new in the world of higher education.
Higher college costs
For the 2018-2019 school year, average costs for tuition, fees, room, and board were:
- $21,370 at public colleges (in-state)
- $37,430 at public colleges (out-of-state)
- $48,510 at private colleges
The following table […]
Financial Advice for Recent College Graduates
You’ve put in the hard work as a college student and finally received your diploma. Now you’re ready to head out on your own. And though you may not have given much thought to your financial future when you were in college, you have new financial challenges and goals to consider. Fortunately, there are some […]
What is a college income-share agreement?
A college income-share agreement, or ISA, is a contract between a student and a college where a student receives education funding from the college today in exchange for agreeing to pay a percentage of future earnings to the college for a specified period of time after graduation. The idea behind ISAs is to minimize the […]
Rules on Opening a 529 Plan Account for College
Year over year, participation in 529 plans continues to rise.1 Anyone can open an account, lifetime contribution limits are typically over $300,000, and there are tax benefits if the funds are used for college. Here are some common questions on opening an account.
Can I open an account in any state’s 529 plan or am I […]
Are My Student Loans Eligible for Public Service Loan Forgiveness?
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program. The PSLF, which began in 2007, forgives the remaining balance on federal Direct Loans after you have made 120 monthly payments under a qualifying repayment plan while working full-time […]
Should I Consider Requesting A Deferment or Forbearance for My Federal Student Loan?
Did you take on a large amount of debt to pay for college, and are you struggling to pay it off? If so, you are not alone. According to the Federal Reserve, 20% of individuals with outstanding student loans were behind on their payments in 2017.1 You may want to consider requesting a deferment or […]
