Get ready: the FAFSA is coming. The 2015-2016 FAFSA will be available in just a couple of days, on Jan. 1. Here are some common mistakes people make in completing the FAFSA: Not doing it: Yes, the FAFSA takes time but no, you should not skip it, even if you don’t think you’ll be eligible for aid. Why not? Because…
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Financial Aid
When it comes to financial aid formulas, there is a man behind the curtain and it’s important to find him. The FAFSA 4caster is great for getting an estimate, but it doesn’t tell you how it came up with that estimate. And knowledge is power: understanding the formulas gives you some room to adjust your financial picture to improve your…
Behold, FAFSA season is upon us! Well, not entirely– the FAFSA isn’t available until January 1. Nonetheless, confusion and questions about the FAFSA abound already. One of the more confusing aspects of the FAFSA is how retirement plan contributions are counted. “Wait,” you say, “I thought my retirement plan doesn’t count on the FAFSA!” It’s true that your retirement plan…
Colleges are either need-blind or need-aware in their admissions policies. A college that is need-blind makes acceptance decisions without considering a student’s financial need or ability to pay. A college that is need-aware will consider what the student can pay when evaluating their application. So need-blind must be better, right? Well, not necessarily. The fact that a school maintains a need-blind admissions policy…
The crazy number of pictures on Facebook of my friends’ kids graduating from high school means it’s time to talk about how you get money out of the 529 plan to which you’ve been diligently (or otherwise) contributing. First of all, a 529 plan isn’t like an HSA or medical savings account where you get a debit card to use…