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The new Simplified FAFSA is here! Here’s a quick video with some tips that will help you get through it with a minimum of chaos and maximum of financial aid. 🔗
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Tax Time Reporting: 1099 Q
Insights for folks who need to report 1099 q income on your tax return.
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…
FAFSA Income
While it’s true that there is an income protection allowance on the FAFSA, it’s extremely low– roughly the federal poverty line for a family of your size. The bigger issue is what is included in income and what is subtracted from it to arrive at “Available Income.”
CSS/PROFILE Question SR 160A
Perhaps the #1 most-frequently-asked question about the CSS/PROFILE is “How am I supposed to answer question 160A?” (“Enter the amount your parents think they will be able to pay for your 2017-18 college expenses.”) It’s a trap, right?
Why file the FAFSA
As many as 33% of college students don’t fill out the FAFSA. Yes, it’s tedious and time consuming, but it’s worth the effort as not doing so eliminates your ability to access financial aid and even demonstrate to schools that you’re able to pay. Need more reasons then read on…
Me Time
Most of my friends know that I advise people on college, so they often ask me what they should be doing with respect to their own kids’ educations. One of the more astute ones asks what I am doing with my own kids in terms of their college plans. Knowing that Jon will ask that periodically gets me to schedule an “eat my own cooking” date with my kids from time to time.
About Those Application Questions
Link to a helpful article by a UC Berkeley application reader.
FAFSA Income Protection Allowance
FAFSA does have a minimal income protection allowance. For parents, it tracks the federal poverty line fairly closely but has an additional variable of number attending college. For students, it’s a flat $6,420.
Student Income and Assets on the FAFSA
Breakdown of two key components of the FAFSA: Student Income and Assets and how they impact your estimated family contribution (EFC).
A lot of financial advisors tell clients not to use 529s for college savings. If that’s what yours says, you might ask whether they’re acting in your best interest.