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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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AOTC And New Tax Law
One of the big changes to the tax bill was making our young adult children less valuable to their parents from a tax perspective. The dependent exemption is gone and the child tax credit for 18- to 23-year-old dependents is only $500.
Does it Matter Where You Go to College?
In 2002, a paper in the Quarterly Journal of Economics by economists Stacy Dale and Alan Krueger showed that for most students, the incremental value of attending an elite college was virtually nil.
Estimating Post-Graduation Loan Burden
Most teenagers struggle to have the foresight into the burden that student loans will cause. Help your student estimate that burden and the pros and cons of those impacts.
Pell Grants
Despite the fact that Pell Grants are one of the largest federal gift aid programs, with over $28 billion going to students with high financial need in the 2017-2018 school year, the program is limited. Learn more.
PSAT
Taking a break from the FAFSA… The PSAT is coming this week. I highly recommend that all sophomores and juniors take it. Why? Because standardized tests are quite possibly the best source of merit aid around, so the more practice you get, the more prepared you are likely to be when the real tests come around.
FAFSA for Divorced Parents
This is a big topic so for today I’m going to focus on general rules. Keep in mind the FAFSA rules are different from the CSS Profile rules; below is FAFSA only.
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.
If you really mean it when you say, “Please, no more toys!” you need to set up your 529’s gifting page.