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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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FAFSA Asset Do’s and Don’t’s
It’s the busy season for insurance and annuities hucksters who tell parents of college-bound students that spending their assets to buy an insurance policy will yield all manner of financial aid benefits. Before you start making expensive moves that end up costing more in the long run, you should figure out what will really benefit you.
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.
FAFSA Formula 2019-2020
The Department of Education has released the EFC Formula Guide for this fall’s FAFSA. The Formula Guide is the detailed calculation behind Expected Family Contribution, FAFSA version. Families who will be completing the FAFSA this fall should take a look.
Application Deadlines
Many colleges have earlier application deadlines for students applying for merit aid. So make sure you’re aware of those deadlines and apply with time to qualify.
Student Debt Plateaus, but…
A new analysis of the National Postsecondary Aid Study in the New York Times shows that while there is good news– student debt levels are leveling off and perhaps even declining in inflation-adjusted terms– the reason for that is nothing to cheer about.
What Year?
With the change to prior-prior tax year reporting on the FAFSA and CSS PROFILE, it seems that keeping track of what data dates pertain to what is becoming increasingly complicated. This table summarizes the relevant years or dates for each school year.
Some College Statistics to Pay Attention To
Link to a helpful article from DIY College Rankings that explains some statistics that lead to lower college costs.
Athletes and Grades
For scholarship purposes, college sports fall into two categories: “headcount” and “equivalency.” Headcount sports are typically the big-money sports: D1 football, men’s and women’s basketball, women’s gymnastics and volleyball, and a few others. In these sports, there is a set number of scholarships per team, and every scholarship athlete will receive a full ride– though not all athletes on the roster will be scholarship athletes.
EFC vs Net Cost
Families who are a few years out from college should calculate their EFC, but as college approaches and students start identifying schools they’re interested in, net price calculators become far more valuable.
How America Saves for College - 2018
Insights from Sallie Mae’s 2018 How America Saves for College report.
What to do this Summer
Tips on college application related things that students may want to spend some time on this summer.
Interest Rates on Student Loans for 2018-2019
If you will be taking out loans to pay for college, you probably want to know what interest rate you’ll be paying. Unfortunately, the rates for the coming school year are not available yet. They’ll be set based on the 10-Year Treasury Note from the last auction before June 1.
Your student needs more than just extra-long sheets. Here are some important documents that should be created before they head off to college.