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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
Many people have heard of college 529 savings plans. Every state has an option for its residents. Many states offer tax deductibility for contributions to their state plan if you are a resident. Some states even let you, as a resident, deduct contributions to any state 529 plan. 529 savings plans have taken center stage…
Read More
Growing up, my father struggled in school. His grades were not strong enough to receive any scholarships and his family could not afford to send him to college on their own dime. Instead, my dad did what he knew best when he graduated high school: he worked. Looking back at my dad’s financial situation, and…
Read More
Putting the Student Loan Problem in Perspective In total, almost 45 million Americans owe about $1.7 trillion in student debt. About 70 percent of college grads have student debt when they graduate; the average debt among all graduates now pushes $37,000. These statistics look really scary, but the story is more complicated than “everyone’s crippled…
Read More
What is a Tuition Discount? A tuition discount is an all-encompassing term that refers to any gift aid that the college offers to reduce your tuition cost. Most people use tuition discounts to describe automatic merit aid awarded by colleges. The money may actually appear on the award letter as a tuition discount, entrance award,…
Read More
This article was updated on May 4, 2021. It was originally published on July 15, 2016. Many students now attend public universities to reduce the cost of higher education. Unfortunately, students often face a huge premium if they want to attend a public university that is not in their state of residence. This can be…
Read More