If you are among those fortunate individuals whose parents want to help pay for their grandchild’s education, it’s worth figuring out the best way for them to do so in order to avoid the law of unintended consequences. In the college world, unintended consequences include losing financial aid as a result of a grandparent’s gift. First, you need to know…
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There’s no such thing as a dumb question, but asking questions seems to make plenty of people– myself included– feel dumb, which then causes us not to do it. For those who find themselves wishing they had asked more about 529 plans, here is a “back to basics” guide. (As an aside, there is a veritable alphabet soup of college…
While there’s a modicum of truth in this, the aid formulas really penalize you for not saving. Here’s why: Income is the biggest factor in every aid formula, and the aid formulas count more of your income than you’re likely to have available on an annual basis. Why? Because they assume that your income has been fairly consistent and linear for the…
Benjamin Franklin lived a long time ago. Had he lived in the early 21st century, his quote might have been, “In this world nothing can be said to be certain, except death, taxes and acronyms.” If you’re beginning to look at college costs, you may be overwhelmed by acronyms and jargon. Here are some common ones: FAFSA: The Free Application…