One of the most baffling questions about the FAFSA is “When?” As in, “When do my assets count?” Or “When does my income count?” Or “When can I claim a tax credit?” This year’s FAFSA and CSS Profile use 2021’s income. Assets are counted at their value on the date you file. So when you file the FAFSA or Profile,…
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FAFSA
If you’re wondering what the FAFSA actually looks like or what questions it asks, or you just want to see it before you file it, here’s an onscreen walk-through of the FAFSA. Although I had to use last year’s FAFSA, I’ve pointed out changes you’ll see this year, as well as some of the FAFSA Simplification changes that will come…
The FAFSA itself will be available on October 1. In the meantime, the Department of Education has released the EFC Formula Guide for this year’s FAFSA in case you’d like to take the data out for a spin before filing. Before you do that, a few safety reminders: The FAFSA is not the tooth fairy. The only thing the FAFSA…
How do you begin the process of finding college scholarships? Step 1 is finding out what type of scholarship you’re eligible for: need-based or merit. Need-based financial aid is aid that meets the difference between Cost of Attendance (COA) at a college and your Expected Family Contribution (EFC) (which is being renamed to Student Aid Index or SAI). Your EFC…
April is Financial Literacy Month, so I’m writing about some general financial literacy topics. Today’s topic: Pre-Tax and Roth retirement savings and how to decide which to use. Saving can be hard. Not just because you have to come up with money to save, but because once you do, you have a bewildering range of choices. So many that a…