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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 Basics: What’s NOT Included
I spent the weekend dropping my daughter off at college and I’m still glowing from UChicago’s amazing orientation weekend for incoming students and families. Now I have to pay her tuition bill which is helping me to make the mental transition back to real life.
FAFSA Basics: An Example
Having gone through the FAFSA formula, let’s take a look at how it works with a few scenarios that illustrate how small changes can have big impacts on EFC, or alternatively, how big changes can have small impacts.
FAFSA Basics: Parent Income
Parent income tends to be overlooked in FAFSA planning, which is unfortunate because for most families it’s the biggest piece– and one that has some real planning opportunities.
EFC Formula Guide 2020-2021 & FAFSA Basics
Last week, the Department of Education released the FAFSA Formula Guide for the coming FAFSA. Before I give you that link, I want to share some basics about the FAFSA. I’ll also break out each section of it in depth in the coming weeks– hopefully before the new FAFSA arrives on Oct. 1.
Loan Payments in Grace Period
Loan payment strategies to help you reduce your long-term loan balance.
Better EFC Strategies
I get tons of questions about strategies for reducing EFC, especially those related to the Asset Protection Allowance. And there are plenty, but sheltering assets is typically the lowest bang-for-the-buck strategy out there: Every $1,000 you shelter will only reduce your EFC by $54. And that assumes that the school will meet your full need. Here are some better options…
What to Expect in the 2020-2021 FAFSA
Last month– as it does every May– the Department of Education released its Needs Methodology for the coming FAFSA.
Community College as a Pathway to a Four-Year Degree
Community colleges are often promoted as a great way for students to start on the path to a four-year degree: they’re lower cost than four-year colleges and it’s more likely the student can live at home to save additional money.
Financial Checklist for High School Grads
Here is a great article by Ron Lieber in the New York Times highlighting things every graduating senior should do, many of which would benefit from some coaching from the adults in their lives. And now I’m off to graduation!
Unemployment Rates
With college tuition increases outpacing inflation by a substantial margin, it’s normal to ask whether a college degree is worth the cost. One metric for determining that is whether a degree results in lower unemployment.
Co-Signing Student Loans
If you’re among the 2/3 of families that will borrow to pay for college, you may be looking at private student loans as one of your options. Unlike federal direct student loans, private student loans typically require a co-signer. It’s vital that parents and others asked to co-sign understand what they are actually doing when co-signing a student loan.
FAFSA Verification
Every year, about 1/3 of FAFSAs filed are selected for validation, which could be described as FAFSA’s version of an audit. Some FAFSAs are chosen at random for verification, whereas some schools– especially those funding need-based aid out of an endowment– will verify every application.
What is Work Study?
Many financial aid awards include work study. Typically work study is awarded in a dollar amount per academic term, for example $1,000 per quarter. Which leaves a lot of people wondering what it means and how you get it.
Coalition App
The Coalition App is similar to the Common App in many respects, including allowing students to create a single application for multiple colleges, but it has some key differences.