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The FAFSA Dumpster Fire

Good news: the Department of Education is now processing FAFSAs. Bad news: about 20% of them are being processed with incorrect tax or other data. The majority of affected FAFSAs seem to include one of the following: There may be others. Here’s the thing: the Department of Education only intends to update FAFSA data if doing so would result in…

529 to Roth IRA Rollovers

The average 529 account balance is $27,741, according to the College Savings Plans Network– about the cost of a year of in-state public college. If that’s the case, why did Congress bother creating a rule that allows excess 529 funds to be rolled tax- and penalty-free to Roth IRAs? Here’s another statistic: Less than half of families who save for…

Comparing Financial Aid Awards

Last week the Department of Education announced that it has begun transmitting FAFSA data to colleges, and will begin ramping up the volume of FAFSA data transmissions to colleges. That means it’s time to prepare to interpret financial aid award letters. For most families, how much schools cost is part of the decision making process. But comparing award letters from…

How Much Should You Save for College?

Saving for college feels like the ultimate moving-the-goalposts goal. After all, you don’t know how much college will cost until your child actually chooses a college. How does a parent of a two-year-old know how much to save? Or even of an 8th grader, for that matter? Public? Private? Scholarships? How much will tuition increase over the next 16 years?…

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