Financial aid awards come in all shapes and sizes. Unfortunately, so do financial aid award letters and comparing them can seem like comparing apples to hot dogs. Here are the key elements to look for.

Scholarships and grants are free money. Does it matter which kind of free money you get, as long as you get some? As a matter of fact, it does.

State funding for higher education increased by over 8% in the current fiscal year, while charitable donations to US colleges and universities rose by 7%. What remains to be seen is how much benefit trickles down to students once inflation factors in.

A client’s former advisor told her that she should save $800,000 per child for college. None of my initial reactions to that were appropriate for a client meeting, but how much should you save for college is an important question for a lot of families so let’s dig into that.

Public Service Loan Forgiveness is a great concept that suffers from terrible implementation. On the surface it sounds straightforward enough: Work 10 years in the public or non-profit sector, make payments on your student loan for those 10 years, and any balance remaining is forgiven.

Getting an estimate of your Expected Family Contribution is really helpful, and it's pretty easy. The Department of Education's unfortunately-named Student Aid Estimator will calculate the FAFSA's EFC for you with a few data inputs; the College Board offers one for the CSS Profile.

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:

If you’re a financial advisor, it’s hard to go an hour without talking about I Bonds right now. It seems the word is getting out to the general public now too.

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?

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.

Tis the season to put your money where your mouth is. Ways to shift from your kids getting stuff to encouraging family and friends to contribute to your 529 savings plan.

Families of college-bound students are always looking for strategies to manage their Expected Family Contribution, and I’m happy to oblige. However, lowering your EFC is no guarantee of getting financial aid. And that’s why net cost is important.

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.

I had a great time talking college applications, financial aid and scholarships on the 52 Pearls Weekly Money Wisdom podcast. Listen and learn here.