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The FAFSA’s Student Aid Index gets a lot of attention, but net cost is what you should pay attention to.
Here's a suggestion: instead of focusing on which college your student should apply to or go to, think about why you want them to go to college. Why college opens doors.
UTMA accounts are great for a lot of things. Financial aid isn't one of them. Here's what you need to know if your student has a UTMA.
Highlights
What is and isn’t an asset on the FAFSA? Here’s a quick “is it or isn’t it?” for you.
We’re almost there: acceptance letters are arriving and the May 1 decision day is right around the corner. For most families, how much schools cost is part of the decision making process.
Happy 2023! Last year I made a New Year’s Resolution and kept it. That makes me a self-appointed expert on New Year’s resolutions. Here are some resolutions for parents planning for college— and my expert advice on how to keep your resolutions.
Parent assets seem to be the area that most families and planners focus on, despite the fact that they typically have the smallest impact on the formula of each of the components. Strategies and tactics to minimize parent assets abound, but for most families these result more in nibbling around the edges than actually making a significant dent in SAI.
The College Board’s annual Trends in College Pricing and Student Aid report was released recently. Among the headline findings: college tuition prices increased at extremely low rates for the second year in a row, reflecting both a combination of continued impacts of the pandemic and enrollment pressures from demographic trends.
Filing the FAFSA raises tons of questions for divorced parents. Here are some answers.
Happy FAFSA Day! Are you completing the FAFSA for the first time this year? While you’re waiting for the site to load, here are some resources that will help you get through it with a minimum of chaos and maximum of financial aid.
I think Oregon is one of the last places in the US that starts school after Labor Day so my apologies if you’re no longer in back-to-school mode. Here are some resolutions your family might make for the coming school year. And, here’s hoping they don’t get broken as quickly as the typical New Year’s diet-and-exercise resolutions!
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529 Plans: How to get Money Out
My socials are full of prom and graduation pictures, which means it’s time to talk about how you get money out of the 529 plan to which you’ve been diligently (or otherwise) contributing.
7 More Uses for 529 Funds
Should you find yourself in the fortunate situation of having more 529 dollars available than needed, there are several things you can spend those dollars on that you might not have thought of:
Choosing a 529 Plan
A recent survey showed that while almost two-thirds of parents were saving for college, only about one-third are saving in a 529 plan. That’s unfortunate, since 529s are usually the best choice for savings, for a lot of reasons. On the other hand, it’s not unexpected, given that the vast array of often confusing choices can be a barrier to use. So, how do you choose?
Superfunding a 529
A contribution to your child’s 529 account is, according to the IRS, a gift to your child. This means that it’s subject to annual gift limits: any individual can gift another individual $15,000 in 2021 without reporting it anywhere or paying any taxes on it. In 2022, the limit– or exclusion amount– goes up to $16,000.
How Much Can You Contribute to a 529?
How much can you contribute and how much should you contribute?
Podcast Interview on 529 Plans
Changes to OR 529 Plan Tax Benefits
Changes to Oregon’s 529 Plan Tax Benefits that go into effect in 2020.
Choosing a 529 Plan
529 plans definitely fall under the heading of Not All Created Equal. The good news is, if you’re in a bad one, it’s pretty simple to make a change and the only cost should be your time to make the change.
Rebalancing 529 Accounts
You can rebalance your 529 plan account twice a year. Just because you can, should you? If you’re in an age-based investment option, you don’t need to rebalance to maintain the correct asset allocation. Learn more…
Grandparent College Savings
One question I get a lot in my financial planning practice is “How should I help with my grandchildren’s college costs?” There are many options: opening a 529 account on your own, gifting into the parents’ 529 accounts, UTMAs, direct payment of tuition, just to name a few. The answer, as is so often the case, is It Depends.
Rebalancing 529 Plan Accounts
If you want to change any of your 529 account investments, now is a good time to do so. That’s because you’re allowed to make changes to your investments twice a year. If you make changes now, you’ll still have both opportunities in 2016. If you wait until January, you’ll be using one of your 2016 changes.
529 Plan Withdrawals
Strategies for using your 529 savings plan to pay for college expenses once the bills start showing up.