There’s been a great deal of chatter around the topic of free college recently. Because a lot of that chatter is along the lines of, “Why save for college? It’s going to be free!” I think it’s worth a quick review of the content of actual free college proposals. This week, Sen. Bernie Sanders and Rep. Pramila Jayapal introduced the…
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Tax Credits and Deductions
May 1 is looming, so many families are facing some big decisions. I’m trying to centralize tools for the key parts of acceptance in a single post. Below are a set of links to the key financial issues involved. First, though, I want to talk about cash flow planning: how much can you spend out of pocket every year? Most…
Good news: This time around, if you get the stimulus payment and you claim your college student as a dependent on your taxes, you will get a stimulus payment for them as well. The just-passed American Rescue Plan includes $1,400 payments to people in the following income bands, by tax filing status: Single: AGI up to $75,000; phased out at…
It’s back-to-basics week for me and time to talk about getting started saving for college. If you want your children to go to college, you need to save. Period. That’s the easy part. Harder is where and how much. People worry that they’re going to lose out on financial aid if they save. Yes, your savings will add a small…
Has there ever been a year as hotly anticipated as 2021? And among all the new year’s resolutions to get back to living our best lives as soon as we can– travel, time with friends and family, in-person school– might I suggest some resolutions for families of college-bound children? I’ve divided them by age range to make it easy for…