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…
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FAFSA
Generally you want to file the FAFSA as soon as you can. That’s because some aid sources are available “until funds are depleted”—the early bird gets the worm, as the saying goes. However, keep in mind that your assets are calculated on the date you file. If you have assets in excess of the Asset Protection Allowance (approximately $30,000, depending…
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…
If you have a student who will be in college in the fall of 2014, now is the time to get started on the FAFSA, available online at https://fafsa.ed.gov/ . If you’re new to the FAFSA, here are some things to know: – You can file any time up until your state’s or school’s deadline. Click here to find your…