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  • +4

    Is There a Better Option for Financing a College Education than a Parent PLUS Loan?

    I have a simple question: Is there currently a better option to help finance my sophomore daughter's college education than a 7.9% PLUS loan? That just seems a bit high given the current economic environment? — Alan S. When considering how to finance a college education, there are many options, including federal education loans, private student loans and non-education loans. It ...
    Published almost 2 years ago | Rated: +4
  • +1

    What Income is Listed on the FAFSA when Separated Parents File a Joint Tax Return?

    I am praying that you may be able to advise me on the FAFSA application. I am a senior in high school and will file the FAFSA in January. I live with my mom. My dad moved out almost 2 years ago. As part of my parents' agreement, my dad is paying for our rent and utilities. My mom and dad ...
    Published almost 2 years ago | Rated: +1
  • +7

    How Will the Election Results Affect Student Financial Aid?

    President Obama was reelected on November 6, 2012, but control of Congress remains split. Republicans retained control of the House and Democrats retained control of the Senate. The Democrats may have gained two seats in the Senate, but they still do not have a supermajority. A supermajority (a three fifths majority) is required in the Senate to end a filibuster by ...
    Published almost 2 years ago | Rated: +7
  • +5

    Must the Student's Child Live with the Student for the Student to be Independent?

    I'm 23 and have a 4-year-old child. Last year I received independent status for my financial aid because I supported my child more than 51% of his needs. This year the financial aid office asked for the same documents as last year but told me that I couldn't be an independent student because I didn't have enough documented proof. I explained ...
    Published almost 2 years ago | Rated: +5
  • +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 almost 2 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 almost 2 years ago | Rated: +3
  • +4

    Must a Trust Fund be Reported on the FAFSA Even If Access to the Trust is Restricted?

    I have a friend whose mother passed away two years ago, and left her some money from an insurance policy. The money is currently in trust for her with her grandmother as the trustee. Does she need to claim this as an asset on her FAFSA? She is unable to touch it until she turns 21. — Karen A. In most ...
    Published almost 2 years ago | Rated: +4
  • +4

    Financial Aid and Scholarships for Undocumented Students

    What advice would you give on financial aid to undocumented students? — T.T. Before discussing financial aid for undocumented students, it is best for students who believe that they are undocumented to first confirm with their parents that they are indeed undocumented. A student who was born in the United States or certain territories or outlying possessions is a US citizen ...
    Published almost 2 years ago | Rated: +4
  • +4

    Can a Student Receive a Pell Grant for a Second College Degree?

    I am a 25-year-old woman looking to go back to school for a second degree in a different field of study than my original degree. I am married to an enlisted sailor and currently unemployed. For my first degree I did not fill out the FAFSA and therefore I did not receive any federal aid in the form of grants or ...
    Published almost 2 years ago | Rated: +4
  • +4

    Paying the College Directly to Avoid Gift Taxes

    Under current IRS rules, a payment made directly to an educational institution to pay for the tuition of a student does not count as a gift to the student for gift tax purposes. For example, a grandparent can avoid gift taxes by writing a check to the college for their grandchild's tuition instead of giving the money to the student or ...
    Published almost 2 years ago | Rated: +4
  • +7

    Does Joint Repayment Obligate Spouses for Each Other's Student Loans?

    I applied to have both my husband's and my student loan debt considered in determining our payments under income-based repayment. This reduced our payments significantly. My concern is that the repayment plan selection forms have a box to check that accepts responsibility for your spouse's loan. My student loan debt is considerably higher than my husband's and should I precede him ...
    Published almost 2 years ago | Rated: +7
  • +8

    Financial Aid and Scholarships for Foster Care and Adopted Children

    I adopted a special needs foster child when he was 11 years old. I have been told he does not qualify for any aid. I recently learned that if I would have adopted him at age 13 he would of received a full scholarship. My son wants to attend a private college at approximately $43,000 per year. Do you have any ...
    Published almost 2 years ago | Rated: +8
  • -1

    Potential Impact of the Fiscal Cliff on Federal Student Financial Aid

    The Budget Control Act of 2011 enacted automatic across-the-board spending cuts in the federal budget if Congress in unable to achieve specified reductions in overall spending on its own. This process is called sequestration. The White House's Office of Management and Budget released a 394-page report on Friday, September 14, 2012, detailing the specific budget lines in the FY2013 budget that ...
    Published almost 2 years ago | Rated: -1
  • +7

    Impact of a Gift Trust Account on Eligibility for Need-Based Financial Aid

    My daughter turned 18 recently, and received a $25,000 mutual fund statement with her name on it. Her aunt had put $10,000 away in 1995 in a gift trust account for a minor. This was a mutual fund account in which the interest was reinvested each year and therefore no IRS interest statements were generated. We were unaware that her aunt ...
    Published almost 2 years ago | Rated: +7
  • +2

    Excerpts from the Democratic and Republican Party Platforms on Student Financial Aid

    This article provides excerpts of the proposals concerning student financial aid for college that appear in the 2012 Democratic National Platform and the 2012 Republican Platform. Neither platform, however, contains a lot of detail about student financial aid. Some of the key differences between the two parties include the role of banks in making new federal education loans, changes in funding ...
    Published almost 2 years ago | Rated: +2
  • +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 almost 2 years ago | Rated: +3
  • +4

    Is the Pell Grant Reduced When the Student Wins a Private Scholarship?

    My daughter has been approved for a Pell Grant. She recently received notification that she has won a $1,000 scholarship. Will the scholarship reduce her Pell Grant? — Virginia M. The Pell Grant is never reduced when the recipient wins a private scholarship. Some forms of need-based financial aid are reduced when a student wins a scholarship. These include federal campus-based ...
    Published almost 2 years ago | Rated: +4
  • +1

    Paying for Tuition with a Credit Card or an Unsubsidized Stafford Loan

    I am a graduate school student at a university where subsidized loans are no longer an option. Only unsubsidized. I am now faced with a decision: which would be a better option for me to use to pay for my tuition this fall, taking out unsubsidized loans or putting it on my credit card (9.9% interest)? — B.R. Subsidized Stafford loans ...
    Published about 2 years ago | Rated: +1
  • +4

    Will a Parent PLUS Loan be Denied When Applying for Two Loans for Two Children?

    I am applying for two Parent PLUS loans because I have twins going to school at the same time. Is it possible one loan will be denied because we are applying for two at the same time? What can I do if one of the applications is denied? We have good credit 730 and 780 for each of us. — Michelle ...
    Published about 2 years ago | Rated: +4
  • +6

    Which are Better, US Savings Bonds or 529 College Savings Plans?

    We have a son who is going to be in the 10th grade this year. We also have twins who are 3.5 years old. I am trying to understand where to park my savings for elder son and the little ones. I heard if we have 529 plans, they will be included in financial aid calculations and this is not a ...
    Published about 2 years ago | Rated: +6
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