Are you the parent of a high school junior? If so, 2014 is your “base year” for financial aid purposes. What does that mean? It means that your initial financial aid applications—FAFSA and/or CSS PROFILE—will be based on your income and assets for 2014. Now is a good time to make plans or adjustments that will help you in aid…
Many parents who aren’t sure if their children will pursue 4-year degrees think that 529 plans are therefore not for them. If that sounds like you, you may be surprised to learn that funds in 529 plans can be used at a wide range of schools including community colleges, technical, trade and professional schools. Any school that is eligible for…
Last month, a bill was introduced in Congress that would make some great changes to 529 plans. One of the best is this: it would allow account holders to roll up to $25,000 in leftover 529 plan funds into a Roth IRA with no taxes or penalty. There are some conditions, such as that the account must have been open…
Since it’s college acceptance season, there are a lot of great articles out there about evaluating offers. Apologies for offering less original content here but reinventing the wheel doesn’t help. Here is a great article from the New York Times that will help you be a more informed consumer of your various offers.
If college is in the near but not immediate future and you want to estimate your family’s EFC, you can use the FAFSA4caster here to do so. But if you want a more accurate estimate and you have your tax documents handy, use the actual 2014-2015 FAFSA worksheet to do it. That is available here. Make sure you use the…