Category Archives: Cost saving strategies

FAFSA Income Surprises

Friends are having a FAFSA nightmare: their daughter’s EFC came back as 60% of their income. They suspect the reason for this is that he consolidated his retirement accounts, rolling several over into a single larger account, and that some or all of that rollover is showing as an IRA distribution. Fortunately they have the records to show that this was Continue reading FAFSA Income Surprises

What Colleges Can You Afford?

As fall kicks into gear, students begin looking in earnest at colleges. Kids tend to focus on a few core aspects of colleges when creating and narrowing down a list: majors available, location, big vs small. Later in the school year, I get calls from panicked parents whose students have fallen in love with and often been accepted to wonderful Continue reading What Colleges Can You Afford?

Summer Jobs and FAFSA

The FAFSA’s new timing– fall instead of spring and prior-prior income year– means that many students’ summer jobs will have a bigger impact on their EFC. That’s because any amount of money they made that is still in their bank account when they fill out the FAFSA is an asset that will be assessed at 20%. (Remember, students don’t get an asset protection allowance.) Need-eligible families may want to consider a couple of steps to Continue reading Summer Jobs and FAFSA

Can You Use a Roth IRA for College? Should You?

Today’s post is written by a fellow fee-only advisor, Greg Phelps, CFP®, CLU®, AIF®, AAMS®, of Redrock Wealth Management

Saving for a child’s college education is perhaps one of the most noble things a parent will ever do. It’s also one of the toughest financial goals to tackle, because similar to healthcare costs, college expenses have risen across the board at 5% per year. Continue reading Can You Use a Roth IRA for College? Should You?

Colleges Still Have Openings for Fall ’17

Further confirming that college can be a buyer’s market, the National Association for College Admission Counseling’s annual College Openings Update: Options for Qualified Students (a list of schools still accepting applications after May 1) shows an increase in the number of schools still accepting applications compared with last year. In fact, the number has gone up every year since 2013; it increased by about 20% from 2016 to 2017. Continue reading Colleges Still Have Openings for Fall ’17