Last month, the Department of Education announced the release of earnings and debt levels by major and school. This is a fantastic level of transparency when a career path is already in mind. The data is available on College Scorecard.
For example, a student looking at Seattle University would see that the average annual cost is $35,006, with graduates’ starting salaries ranging from $22,000-$84,000 and median debt between $19,000-$27,650. Those are huge ranges, so not particularly helpful– owing $25,000 is not a problem if you’re making $80,000, but it probably is if you’re making $20,000. If you’re a nursing student, on the other hand, the numbers are considerably better:
Where do you find this data? Go to College Scorecard, then search for a school, then expand the Fields of Study link.
Many families think there’s no point in doing the FAFSA because they assume they don’t have financial need. That reflects a fairly limited view of the FAFSA; in fact, there are plenty of good reasons why every family of a student who’s even potentially college-bound next year, regardless of the family’s financial position, should do it. Continue reading Haven’t Done the FAFSA Yet? Here’s Why You Should→
Isn’t it horrible that organizations like US News & World Report rank colleges? Remember the good old days when you could just go to college and not worry about rankings? When admissions departments focused on finding best-fit students, not best test score students? Continue reading College Rankings→
High schools and others often promote AP, IB and dual credit classes as a way to save money on college, and for some students that’s certainly true. These classes have plenty of benefits other than saving money; however, I’m all about saving money on college so that is what I’m writing about. Continue reading Do AP and IB Classes Save Money on College?→
Student income seems pretty straightforward on the surface. Students get an income protection allowance of $6,840 plus the same tax allowances as parents. Income in excess of the allowance is assessed at 50%. Given the prevailing minimum wage, it would appear that student income is not much of a factor. However, there are a few big items that get added into student income: Continue reading FAFSA Basics: Student Income→
I spent the weekend dropping my daughter off at college and I’m still glowing from UChicago’s amazing orientation weekend for incoming students and families. Now I have to pay her tuition bill which is helping me to make the mental transition back to real life. Continue reading FAFSA Basics: What’s NOT Included→
Having gone through the FAFSA formula, let’s take a look at how it works with a few scenarios that illustrate how small changes can have big impacts on EFC, or alternatively, how big changes can have small impacts. Our hypothetical family is a family of four with two children, one a high school senior and the other a high school junior. Both parents are 48. Their 2018 household income was $106,800 and they filed married filing joint in 2018. They live in Oregon. To simplify life, let’s assume that all $106,800 is earned income. Neither student has income above the student income protection allowance ($6,840), nor does either have any assets. Continue reading FAFSA Basics: An Example→