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CollegeFinancialLady

Divorced Parents and Aid Applications

Divorced parents tend to have a number of questions about aid issues and college applications in general. Let’s start with the basics: Do both parents’ incomes count? And what about new spouses’? As is so often the case, the answer is different depending on the aid form. The FAFSA is simple so let’s start there. The FAFSA only counts the…

Student Loan Interest Deduction

One piece of good news with student loans: The interest you pay on them may be deductible. The Student Loan Interest Deduction gives eligible taxpayers a deduction for interest paid on qualified student loans. That’s pretty straightforward, but there are a couple of nuances: –          A “qualified student loan” is one that’s used exclusively to pay for qualified higher educational…