If you have not yet filed the FAFSA for the coming school year, you may be stuck entering your income data manually. The IRS last week said they do not expect the Data Retrieval Tool to be available until the next FAFSA cycle begins in October, due to security concerns.
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Financial Aid
Here is an article I wrote for another advisor explaining how grandparents might be most effective in helping to pay their grandchildren’s college expenses. Should you be among those fortunate enough to have relatives willing to help, you might want to take a look.
Sallie Mae’s annual How America Pays for College report has some good news: In the 2015-2016 school year, the average amount families spent on college went down slightly, to $23,688. The biggest decline came on spending for 2-year colleges; families with students in 4-year schools reported spending about the same as in the previous year. In
If you tried to fill out the FAFSA this month, chances are it wasn’t easy. That’s because the IRS Data Retrieval Tool has been disabled. The IRS and Department of Education said in a joint statement last week that it will be several weeks until the tool is back online.
Since taxes seem to be top-of-mind for everyone, here’s a quick tip for bringing your income down on the FAFSA or CSS PROFILE: Don’t get a state tax refund. If you do, you have to report it as income. Check with your tax preparer to determine the right amount of state withholding that avoids both a refund and a penalty…