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  • +4

    Should Wealthy Parents Cut Family Income Tenfold to Help their Children Qualify for Need-Based Student Financial Aid?

    My wife and I make about $150,000 in combined income. We have probably $350,000 in home equity, $100,000 in rental property equity and $500,000 in retirement accounts. We have three kids in college and a fourth starting in the fall a year from now. We hope to quit our jobs at some point and move to Nicaragua (or another Central American ...
    Published almost 3 years ago | Rated: +4
  • +4

    Understand Your Student Aid Report

    If you've never set eyes on a Student Aid Report (SAR) before, it can be a dizzying experience. What do all those acronyms and numbers mean? It all looks so official and important. If you've recently submitted a Free Application for Federal Student Aid (FAFSA) you can expect to receive a SAR in return. And while the SAR is long on ...
    Published almost 7 years ago | Rated: +4
  • +4

    Will Filing Income Tax Returns as Married Filing Separately Affect Eligibility for Student Financial Aid?

    My husband and I separated last year and are living at separate addresses. We have not filed for divorce yet or a formal separation. We are considering filing our taxes as married filing separately. I am currently a student at an online university and will need to fill out my FAFSA soon. Although my soon to be ex-husband makes about $75,000 ...
    Published over 3 years ago | Rated: +4
  • +4

    How does bankruptcy affect PLUS loan eligibility?

    I applied for a Parent PLUS loan for my son's education starting this fall. I was turned down due to filing chapter 7 four years ago this October. They said I would not be able to get funds until October of 2010. My lawyer, who helped me file chapter 7 said that he believed this was discrimination and not allowed. Is ...
    Published over 5 years ago | Rated: +4
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    How will a Parent's Financial Troubles Affect the Student's Eligibility for Student Loans?

    My 17-year-old daughter is eager to begin college. We have some difficult financial situations to contend with and could use your advice and direction. Her dad and I are divorced. I have poor credit due to excessive debt, and late payments. I am considering a debt settlement plan right now on two of my debts. I have outstanding student loans, and ...
    Published almost 3 years ago | Rated: +4
  • +4

    How the Increase in Financial Aid Applications Will Affect You

    How the Increase in Financial Aid Applications Will Affect You
    Colleges all over the country are seeing a rise in applications for federal financial aid. In 2008, more than a million more students applied for financial aid, marking a 10.5% increase from 2007. In the first quarter of 2009, applications for financial aid are up 20.8% as compared with the first quarter of 2008. Not only are more students applying for ...
    Published about 6 years ago | Rated: +4
  • +4

    Are UGMA and UTMA Accounts Reported as Investments on the FAFSA?

    Tuesday, May 29 is National College Savings Day (i.e., May 29 is 5/29, a cute reference to 529 college savings plans). To commemorate the occasion, Mark Kantrowitz answers a question about saving for college. After submitting our FAFSA for my son, we got back an EFC of 23207 on the SAR. I have been told by admissions that that is extremely ...
    Published almost 3 years ago | Rated: +4
  • +4

    Student Debt Guide: Budgeting and Credit Cards

    Student Debt Guide: Budgeting and Credit Cards
    By now, we’re all aware that managing money can be quite difficult. Here are some surefire ways, straight from nationally recognized financial expert Mark Kantrowitz, on how to help stay on track when it comes to pinching pennies. [gate] First, exercise control over your money by increasing awareness of your spending habits. Start by preparing a descriptive budget, where you track ...
    Published about 2 years ago | Rated: +4
  • +4

    How to Complete the FAFSA when a Parent Didn't File her Federal Income Tax Return

    I have a problem with my FAFSA. My mom didn't file her income tax returns last year. What do I use when I fill out my FAFSA form? — Erica H. There are four common scenarios in which someone might not file a federal income tax return: 1. Not required to file. The taxpayer is not required to file a federal ...
    Published over 4 years ago | Rated: +4
  • +4

    Which Parents are Responsible for Completing the Financial Aid Application Forms?

    Both of my daughters' parents have re-married. Whose income is counted for financial aid? Just biological parents or their spouses too? Does primary parent fill out the paperwork or the parent with the lowest (or highest) income? — M.J. When a student's biological/adoptive parents are divorced, only one of the two parents is responsible for completing the Free Application for Federal ...
    Published almost 3 years ago | Rated: +4
  • +3

    Who Really Graduates with $100,000 or More in Student Loans?

    Who Really Graduates with $100,000 or More in Student Loans?
    Newspaper headlines suggest that many students graduate from college with hundreds of thousands of dollars in student loan debt. But is this really the case? A new report, Who Graduates College with Six-Figure Student Loan Debt?, finds that only 0.2% of undergraduate students and 6.4% of graduate students graduated with $100,000 or more in student loans in 2007-08. Far from being ...
    Published over 2 years ago | Rated: +3
  • +3

    How is a Life Estate Treated on the FAFSA? Do the Restrictions Matter?

    How is a life estate reflected on the FAFSA? A student's parent has a deed with student's grandparent having life use of the property through a life estate. Please be New York state specific with the response. — T.G. A life estate involves an irrevocable grant of a future interest in a property while reserving a present interest in the property. ...
    Published about 2 years ago | Rated: +3
  • +3

    When is Real Estate Reported as a Business Asset on the FAFSA?

    For parents who are self-employed and own real estate as one of their businesses, should they list the real estate assets as their assets (since they are self-employed) or as business assets? Does it make a difference one way or other? When we listed $350,000 in property as our assets, it made a huge difference but we are not sure how ...
    Published over 2 years ago | Rated: +3
  • +3

    Will Differences in Parent Assets Due to the Omission Sibling-Owned Custodial 529 Plan Accounts Cause Problems on the FAFSA?

    Since siblings' UTMA 529s don't get reported on the FAFSA, but the student's UTMA 529 is counted as a parent asset, each of my kids would have a different amount listed on the FAFSA as parent assets. The amounts would be vastly different because most of my son's money will have been used by the time my youngest starts college. We'll ...
    Published over 3 years ago | Rated: +3
  • +3

    Does a "Safety Net" Affect Eligibility for Student Financial Aid?

    We are parents of a high school junior looking to learn about the best places to put our money for when we fill out that first FAFSA in two years. My husband insists that we have a "safety net" of at least $10,000 in an account for emergencies (like large car maintenance costs, accident deductibles, etc.). Currently that money is in ...
    Published about 3 years ago | Rated: +3
  • +3

    Why Do We Owe the College Money After the Student Dropped Out?

    My son was awarded an amount from FAFSA and also money from the LIFE and Pell grants. We paid the remainder of his tuition out of pocket. He started his freshman year and started having some medical issues. He withdrew from school during the second drop period. The university sent us a letter explaining how this money was sent back to ...
    Published about 3 years ago | Rated: +3
  • +3

    What are the Downsides to Using Home Equity to Refinance Student Loan Debt?

    I have almost $200K in student loan debt at interest rates from 6.5% to 8.5%. My parents are offering to take on $70K of my debt that's at 8.5% by way of a mortgage they have access to at 3.5%, provided that I am able to pay it off in 3 years. Given my current job situation, I can handle the ...
    Published over 2 years ago | Rated: +3
  • +3

    When Should a Child's UTMA or UGMA Account be Moved into a 529 College Savings Plan Account?

    I have an old UTMA account for my daughter with Janus, with approximately $5,000 in gains. I opened this before they even had 529 college savings plans. I was thinking of transferring this to a 529 account with NYSaves.com. My daughter is 13. Is it worth transferring this UTMA account to a 529 and paying capital gains now, or is it ...
    Published about 3 years ago | Rated: +3
  • +3

    How the Average Joe Can Pay for School

    How the Average Joe Can Pay for School
    Meet College Joe. He attends a four-year university and is going to graduate in May. Unfortunately, College Joe had to take out a lot of loans to pay for his education. When he graduates, he'll be roughly $21,000 in debt. What's worse is that College Joe has no "real world" job prospects. In fact, he's been hearing from most of his ...
    Published almost 6 years ago | Rated: +3
  • +3

    Should Married Borrowers File Joint or Separate Federal Income Tax Returns with Income-Based Repayment?

    I have a question about a joint consolidation loan and income-based repayment (IBR). My wife and I consolidated our loans jointly about 10 years ago (when such things were allowed). My name is at the top of the loan. My wife and I both individually had about $70,000 in loans and our joint loan was $140,000. It is currently at about ...
    Published over 2 years ago | Rated: +3
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