The FAFSA gets a lot of attention right around now, but it’s only one of two financial aid forms. The other is the CSS Profile, used primarily by private colleges and universities. The Profile differs from the FAFSA in several major respects:
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High schools and others often promote AP, IB and dual credit classes as a way to save money on college, and for some students that’s certainly true. These classes have plenty of benefits other than saving money; however, I’m all about saving money on college so that is what I’m writing about.
Upon graduation, student loan borrowers have a 6 month grace period during which time no loan payments are required to be made. Sounds great, right? For many borrowers with “getting started” expenses like security deposits and moving expenses, the grace period can be a real lifeline. However, any payment you can make during the grace period is highly beneficial because…
I get tons of questions about strategies for reducing EFC, especially those related to the Asset Protection Allowance. And there are plenty, but sheltering assets is typically the lowest bang-for-the-buck strategy out there: Every $1,000 you shelter will only reduce your EFC by $54. And that assumes that the school will meet your full need. Here are some better options:
One of the bigger frustrations about 529 plans that I hear from parents is their reliance on investments to fund college. In the early accumulation years, parents don’t like the seemingly large allocations to fixed income that many plans have. As college nears, parents’ fears tend to group around two risk factors: market risk, whereby you might lose some or…