Many families believe their income is too high to qualify for any financial aid, so begin making alternative plans to pay for college, and don’t complete the required forms to apply for financial aid–including the FAFSA. Regardless of the family’s perception or stories they’ve heard about other people’s experiences, always fill out the FAFSA. Let…
Tag: Student loan
Applying for Free Money (i.e. Financial Aid)
The process to apply for college financial aid requires families to complete several forms. Below is a list of the forms needed to complete the financial aid application process: 2011 Tax Returns? Check. FAFSA (aka Free Application for Federal Student Aid)? Check. CSS/PROFILE? Wait a minute…What’s that? 2012 Tax Returns, done? Excuse me, why do…
No Free Lunch: A Student Loan Borrower’s Tale
My student loans were just paid-off this year–13 years after I first assumed them**. I originally borrowed $18,500 to pay for graduate school, plus a $740 loan origination fee. I ended up repaying about $29,500, which includes interest and principal–approximately $10,260 was paid in interest alone. I’m not particularly attentive to my expenses or money…
The Six Figure Cost of College: In Dollars & Sense
The words, “financial aid,” can send chills down any parent’s spine, as they wonder, “How in the (insert expletive) are they going to pay for college, without going bankrupt?” Many American families approach college, like other purchases in their lives–dream big and figure out how to pay later. Parents often believe, “If my kid…
Guest Post: The Savings for College Challenge, Part Three – How Much to Save in a 529
About the authors: For over 25 years, Cynthia S. Meyers, CFP®, MBA, has assisted people with their Lifetime Financial Planning–helping to build and preserve wealth in every area of life. Jenny Hood, CFP® has been a paraplanner with Cynthia S. Meyers for five years and enjoys being a part of the financial planning process. _____________…
Financial Aid Reality Check (That Won’t Cost Your Checkbook)
We’re hearing from parents of seniors, who’re looking through their check registers and not seeing $30,000 to $60,000 available for next year’s college expenses, nor in their savings or investments. Actually, we’re hearing from parents of juniors, parents of sophomores, parents of freshmen and parents of pre-schoolers about the continued rise in costs and…
Guest Post: The Savings for College Challenge: Part Two – Choosing a 529 Plan
About the authors: For over 25 years, Cynthia S. Meyers, CFP®, MBA, has assisted people with their Lifetime Financial Planning–helping to build and preserve wealth in every area of life. Jenny Hood, CFP® has been a paraplanner with Cynthia S. Meyers for five years and enjoys being a part of the financial planning process. They offer…
Gaining Scholarships & Paying for College is a Process
The recent October Comstock’s Magazine–a business publication in our Sacramento region–featured Art’s & Jill’s advice to plan for rising college expenses and answer the all-important how to apply for scholarships question. Click here to read more. Financing a college education is a series of choices–sometimes over years. However, waiting until the first tuition bill arrives…
Something’s Gotta Give
Two recent charts say it all. The first shows the average growth in tuition versus income over the past 35 years. As you can see our growth in income (United States only) through 1986 kept pace with the growth in average tuition (plus fees, room and board). Since 1986 our growth in income has not…
What?!? Colleges Possibly Going Bankrupt?
The changes to higher education and its price in California are partially in response to the recent state funding cuts. Students (and their families) are being asked to shoulder more of the costs of their education–in the form of increased tuition and fees, parking costs, per campus student activity fees etc. At the same time,…
Working With Financial Aid
Financial aid from the university doesn’t work like mom & dad’s checkbook. Although mom & dad may share their concerns, generally they’ll continue sending money when kids ask or need. However, financial aid offices may not be so lenient.
Changes to Subsidized Direct Student Loans for Fall 2012
For Fall 2012 and future Fall 2013 Subsidized Direct Loan Borrowers: The Federal Government will no longer withhold interest during the six-month grace period before loans go into repayment. According to Federal Student Aid, “the interest will be capitalized (added to the principal amount of your loan) when the grace period ends.” Borrowers do not need…
College Tuition: Is a Private University Always More Expensive than Public?
According to the Wall Street Journal and the College Board, public university tuition is rising faster than private universities around the nation. “In-state residents at four-year public schools, tuition and fees are up 25.1% from the 2008-09 academic year; over the same time period, tuition and fees at private universities rose 13.2%.” While public universities…
How Are Middle & Upper Income Families Affording College?
For families with $94,000 to $205,000 in yearly income, the percentage of debt is increasing. The Wall Street Journal reports, 25.6% of these middle-upper income families incurred student-loan debt in 2010, up from 19.5% in 2007. With the costs of college increasing and use of debt is increasing, will families begin making college decisions with…
Thinking Outside the Box to Pay for College
What are you willing to risk to pay for college? Would you seriously consider these alternative methods of paying for college? If it sounds too good to be true, definitely take a second (or a third) look. From the Wall Street Journal, 7/31/2012