The FAFSA’s new timing– fall instead of spring and prior-prior income year– means that many students’ summer jobs will have a bigger impact on their EFC. That’s because any amount of money they made that is still in their bank account when they fill out the FAFSA is an asset that will be assessed at 20%. (Remember, students don’t get…
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Need-based Aid
Today’s post is written by a fellow fee-only advisor, Greg Phelps, CFP®, CLU®, AIF®, AAMS®, of Redrock Wealth Management. Saving for a child’s college education is perhaps one of the most noble things a parent will ever do. It’s also one of the toughest financial goals to tackle, because similar to healthcare costs, college expenses have risen across the board at…
My apologies if this is a little down-to-the-wire. Then again, you might do better waiting until the last minute to negotiate an aid award. If you’re planning to do so, here are a few things you need to know. The first step is to determine what type of aid is being offered, need or merit (or a
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.
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.