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Saving & Paying

Podcast on Financial Aid Strategies

I had a great time talking financial aid and FAFSA strategies on the Hack Your Wealth podcast this week. Check it out here. Want to put this info to work for you? Sign up for The College Financial Plan masterclass. You’ll develop a detailed financial plan for college, learn strategies to maximize financial aid and merit scholarships, find out how…

FAFSA 2022-23 EFC Formula Guide

The FAFSA itself won’t be available until Oct. 1, but in the meantime you can download the EFC Formula Guide to see how the sausage gets made. If you are a parent of a high school senior who will be completing the FAFSA this fall for whom the cost of college is important, here is a suggestion for how to…

Loans: Many Choices

Families who borrow for college have a lot of choices: federal or private student loans, personal loans, home equity loans, 401k loans… How do you decide? Let’s look at pros and cons of some of these, starting with the federal loan programs. Federal direct loans– whether student or parent loans– have a number of benefits: Fixed interest rates Income-driven repayment…

How Much Can You Contribute to a 529?

That title was a trick. I’m actually going to write about how much you should contribute to a 529 first. Lately I’ve heard versions of the same question again and again: After a year of no travel, eating out or other activities, people are sitting on extra cash that they want to direct towards college. Many are wondering what’s the…

Student Loan Interest Rates for 2021-22

Now that the May Treasury auction has taken place, student loan interest rates for the 2021-2022 school year are set. This year’s yield on the 10-year treasury was 1.684%, up about 1% from a year ago. Since student loan interest rates are fixed markups from the May treasury yield, that means student loan interest rates will go up about 1%…