Who knew we’d be a week away from the end of the year at this point? Kidding of course. If you’re among the many who want a year-end to do list, here goes! Continue reading What to do now?
Among the apples-to-grapefruit aspects of planning for college costs is the substantial differences in what’s included in Cost of Attendance at different schools. All schools will quote costs for tuition and fees, room and board, books and supplies and personal expenses. But often, those are just a starting point. Continue reading Cost of Attendance: What’s Included?
Many families think there’s no point in doing the FAFSA because they assume they don’t have financial need. That reflects a fairly limited view of the FAFSA; in fact, there are plenty of good reasons why every family of a student who’s even potentially college-bound next year, regardless of the family’s financial position, should do it. Continue reading Haven’t Done the FAFSA Yet? Here’s Why You Should
It’s time for my annual financial aid presentation at my kids’ high school. This year the topic is Five Questions for College-Bound Students, which your families might also want to discuss. Continue reading Five Questions for College-Bound Students
Student income seems pretty straightforward on the surface. Students get an income protection allowance of $6,840 plus the same tax allowances as parents. Income in excess of the allowance is assessed at 50%. Given the prevailing minimum wage, it would appear that student income is not much of a factor. However, there are a few big items that get added into student income: Continue reading FAFSA Basics: Student Income
I’m taking a brief break from the programming I outlined for myself a week or so ago. It’s September and that means that many people are looking seriously at college for the first time. They may be parents of seniors, parents of freshmen, parents at any point who think now is a good time to start investigating this big future step. And after a few google searches or conversations with friends or counselors, they have concluded, “This is overwhelming! Where do I begin?” Continue reading “Where Do I Begin?”
Last week, the Department of Education released the FAFSA Formula Guide for the coming FAFSA. Before I give you that link, I want to share some basics about the FAFSA. I’ll also break out each section of it in depth in the coming weeks– hopefully before the new FAFSA arrives on Oct. 1. Continue reading EFC Formula Guide 2020-2021 & FAFSA Basics
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 unlike a traditional loan payment that is part principal and part interest, a payment during the grace period results in a dollar-for-dollar reduction in the loan balance. Huh? Continue reading Loan Payments in Grace Period
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: Continue reading Better EFC Strategies