If you have a college student, you (or they) probably received a form 1098-T. Schools are required to send this to any student who paid qualified higher education expenses. Here’s what you need to know about your 1098-T: Continue reading What’s a 1098-T?
The recent tax bill that went into effect this year included a change allowing parents to use up to $10,000 annually from a 529 account to pay for private high school expenses. Parents considering taking advantage of this provision should weigh another consideration besides whether or not they have saved enough in their 529 to pay for high school in addition to college: Does your state offer the same benefit? Continue reading 529s and Private High School Tuition
Did you make a New Year’s resolution to save (or save more) for college? If so, you may be increasing the odds that your student will attend and graduate. Research shows that, across income levels, students who have savings designated for college are more likely to attend and graduate. Overall, the study showed that children who were “expected” to Continue reading College Savings and Education Outcomes
The final version of the tax bill has some changes to the education-related items that caused a bit of an uproar in previous versions. Here is a quick summary: Continue reading College and the Tax Bill
Both versions of the tax bill– House and Senate– include changes to education tax benefits. One area of both change and confusion is college savings plans. The bills aim to consolidate some of the education plans: loans, tax credits and tax-preferred savings accounts. Continue reading College Savings Plans in the Tax Bill
The change in the FAFSA’s timing from winter to fall has some potentially unforeseen consequences. One is student summer jobs. Even at minimum wage, a student who worked full-time for the summer may have earned $3,000 or more. Students who saved their summer income with the intent to spend it over the course of the school year may Continue reading What to do with Summer Job Money?
Q: I won’t qualify for financial aid. Do I need to fill out the FAFSA?
A: Yes! Regardless of whether you think you’re eligible for aid, you should complete the FAFSA. You have to complete it if you (or your student) intends to take out federal student loans, which are available to anyone regardless of need. If you have any intention of borrowing, the Direct Student Loan should be your starting point. Plus, some Continue reading FAFSA FAQs 2
Here is an article I wrote for another advisor’s site on college affordability.
Should you find yourself in the fortunate situation of having more 529 dollars available than needed, there are several things you can spend those dollars on that you might not have thought of: Continue reading 7 More Uses for 529 Funds
Many of you have already made your first tuition payment; apologies if this is coming too late! If you’re getting to the point of making college payments, you need to make sure the relevant bank accounts are attached to your 529 plan. If you’ve been contributing to the plan, it’s pretty likely that yours is already. But your student’s probably isn’t, and if you want money from the 529 distributed to them (here is a previous post on why you Continue reading Getting Money out of Your 529