Paying for College takes lots of research - how does the school handle financial aid? Are there scholarships available for your major? Can you qualify for tax breaks? When should you use 529 funds? Unfortunately, while your student is researching admissions requirements, you'll need to be researching the financial aspects of the schools on [...]
One way the government encourages behavior that it sees as beneficial is by offering tax breaks. They offer a mortgage interest deduction to encourage homeownership. They offer deductions to encourage charitable giving. And, they offer tax credits for some college expenses. We wrote about the American Opportunity Tax Credit (AOTC) in an earlier post. Here [...]
Most people know that they should complete the Free Application for Federal Student Aid (FAFSA) each year that their student is in college (see this post for more info). The FAFSA will be used as the application for federal student loans and to determine your Expected Family Contribution (EFC) – or whether your family will [...]
So, your son or daughter has finished up their applications. You have the list of schools divided up into top choices, middle choices and safety schools. You’re making plans for the holidays and soon you’ll be making plans for graduation. Looking back, you’ve attended countless games, recitals and performances and scheduled around practices and rehearsals [...]
Most families won't have the funding set aside for the full cost of a 4 year degree when their students are ready for college. If you're like most families you will be looking for ways to pay for college without going broke. If your student is in high school it's time to start shifting your [...]
Every year people ask if they should complete the FAFSA (Free Application for Federal Student Aid) if they know they won’t qualify for financial aid. The answer is Yes! In general, completing the FAFSA isn’t difficult or time consuming. You might find that the toughest part is coordinating a time with your student to get [...]
It’s too nice out for a college visit - or at least for the only college visit. The sky is the brilliant blue that only seems to happen in autumn. It isn’t too hot or too cold. Here in New England and in the northern tier of much of the country, the leaves are starting [...]
The Free Application for Federal Student Aid (FAFSA) for the coming school year will be available on October 1. It’s a good idea to complete the FAFSA every year that your student will be in college. Before you are ready to sit down and complete the application (it really isn’t difficult), you will need to [...]
The Most Wonderful Time of the Year The end of summer is upon us. For many families, snippets of “It’s the most wonderful time of the year” are playing in the heads of Mom and Dad. Summer vacation seems to be just long enough that everyone is ready to get back to their friends and [...]
I am often asked this question – Should I just use my son’s 529 plan to pay for all of the first year of college? The answer is “Probably not”. What is a 529 plan? A 529 plan allows you to contribute funds to an account on an after-tax basis. The growth on the funds [...]
