A recent Sallie Mae study shows that on average, parents begin saving for college when their child is 7 years old. This makes sense: it’s right around when a child transitions from preschool or full-time daycare to full-time school, so for many families it’s the first time that they have any financial breathing room. Continue reading Why Saving Early for College is So Important
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
The follow-up question to the Oregon College Savings Plan tax change is: Am I better off with the 2020 tax benefit or the 2019 one? The answer, as is so often the case, is “it depends.” Continue reading OR 529 Part 2: Which is Better?
Fellow Oregonians may have received an email today from the Oregon College Savings Plan about changes in the state tax benefit beginning in 2020. These changes create some opportunities for increased tax savings over the next several years. Continue reading Changes to OR 529 Plan Tax Benefits
Isn’t it horrible that organizations like US News & World Report rank colleges? Remember the good old days when you could just go to college and not worry about rankings? When admissions departments focused on finding best-fit students, not best test score students? Continue reading College Rankings
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. Continue reading Do AP and IB Classes Save Money on College?
The FAFSA offers a “Simplified Formula” that eliminates asset reporting for low-income families– those with household incomes below $50,000. There are some eligibility limitations, primarily designed to limit the Simplified Formula to those who truly have low incomes, not those who are able to manage or artificially reduce their incomes. In the past, in order to qualify for the Simplified Formula, filers must have filed or been eligible to file a 1040A or 1040EZ, or have received a means-tested federal benefit such as Medicaid, SNAP or SSI. However, the Trump tax reform of 2018 eliminated the different versions of the 1040, so the eligibility criteria changed. Continue reading Simplified Formula: Not So Simple
Now that I said that many people don’t need to rush to do the FAFSA on Day 1, there are circumstances where you do want to do it as soon as possible: Continue reading Do the FAFSA ASAP If…