After giving hundreds of college funding workshops in schools around the country and online, one of the most frequent questions that parents ask is some version of the following: “In basic terms, can you explain all this EFC stuff?” It’s a simple question that should have a simple answer. Per the FAFSA website, the EFC…
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This post was originally published on May 13, 2019. It was updated on November 29, 2021. Learn the Rules of the FAFSA and CSS Profile Back when I presented our college funding workshop in person, I could always count on one audience reaction: a multitude of very audible sighs once we started going through the FAFSA…
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College Is Expensive: The Soapbox The sticker shock of attending a four-year college can be enough to make many prematurely draw a conclusion that financially supporting a child or loved one is impossible. The cost of attendance for just one year can be enough to make you reach for the Alka-Seltzer. The tuition bills themselves…
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Understanding EFC & Need-Based Aid Every year families go through the tedious process of filling out financial aid forms in hopes of getting enough money to make college affordable for their student(s). Despite putting in the work, most families do not receive enough aid to help them cover the costs of college. The good news,…
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The Free Application for Federal Student Aid (FAFSA) for the 2022-2023 academic year opened on Oct 1, and as a general rule, should be submitted as soon as possible. To submit the FAFSA, go to https://studentaid.gov/. According to Mark Kantrowitz of Savingforcollege.com, “Students who file the FAFSA during the first three months tend to get…
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Happy National College Savings Month Over the past decade, Section 529 plans have become a key college funding vehicle for many families. Seeing as September is National College Savings Month, we couldn’t think of a better time to focus on this tool. Statistics show that most parents are familiar with Section 529 plans, yet only…
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Introduction to Prepaid Tuition Plans Saving for your child’s college education is one of the most daunting financial hurdles you will face. College costs continue to outpace inflation and show no signs of slowing down. As a direct response to this financial challenge, a handful of states created prepaid tuition plans. Note: Most of these plans…
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This post was updated on August 5, 2021. It was originally published on May 3, 2019. Do Washington D.C. Residents Get In-State College Tuition in All States? This is the most common question I hear when I give our live workshop, Little-Known Secrets of Paying for College. The short answer is…. No! But there is…
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Origin of the American Opportunity Tax Credit The American Opportunity Tax Credit, proposed by President Barack Obama and passed by Congress in 2009 to replace the Hope Credit, became a permanent education tax credit with the passage of the PATH Act of 2015. How Does the American Opportunity Tax Credit Work? Per the IRS, for…
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The only thing that rises proportionately with college costs is the stress of the college application process. Every year, there’s more you need to know and more you need to do to get your kid into college. The whole process is enough to make parents and students lose their minds. Take, for instance, the concept…
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