Many people asked, after my last post, how EFC gets calculated or divided with multiple children in college. It’s not a strict 50/50 division; some adjustments get made first.
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A friend whose son is my twins’ age was surprised recently when I told her some of the colleges my daughter was applying to. She thought they seemed unlikely choices given my constant messaging of finding affordable schools. Her son was interested in some of the same ones and the net prices they found were quite high. The answer: we…
My daughter just forwarded me an email—appending exclamation points and smiley faces—from one of the schools she applied to, saying they’ll be sending out acceptances between March 1 and March 15. She’s nervous about acceptances but excited for her next steps so she was thrilled to learn she’ll get at least one answer really soon. For me, a moment of…
It’s easy to explain to parents of younger children why 529s make sense: Contribute now and your account grows tax-free for 18 years until college. If you live in one of the more than 30 states that offers a tax deduction, that’s an even bigger incentive. Here in Oregon, for example, we get a tax deduction for the first $4,865…
(and what isn’t) A 1098-t is a tax form that serves several purposes. It reports qualified tuition and fee payments made to your college, as well as scholarships received to offset those costs. But qualified expenses is a big tent-type of phrase that means different things in different situations. All by way of saying, your 1098-t is not an exhaustive…