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  • -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 almost 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 almost 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 almost 2 years ago | Rated: +6
  • +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 almost 2 years ago | Rated: +3
  • +5

    Rolling US Savings Bonds into a 529 College Savings Plan for Tax-Free Treatment

    I read your article on rolling savings bonds into a 529 plan but I am still not sure of one thing. If we are over the income threshold for tax-free redemption, can we roll the bonds into the 529 and avoid paying taxes on the bonds? Then when we take deductions from the 529 to pay for qualified expenses do we ...
    Published almost 2 years ago | Rated: +5
  • +7

    White House Releases Model Financial Aid Award Letter "Shopping Sheet"

    White House Releases Model Financial Aid Award Letter "Shopping Sheet"
    The Obama administration revealed the final design for a standardized financial aid award letter on July 24, 2012. This one-page financial aid "shopping sheet" will provide students and their families with clear and easy to understand information about college costs and financial aid. It will enable families to compare college costs and financial aid offers side by side, helping them make ...
    Published about 2 years ago | Rated: +7
  • +8

    Rolling Savings Bonds into a 529 College Savings Plan for Tax-Free Treatment

    My son is heading to college this fall and I would like to use his savings bonds tax free, although the way I read the rules I think I cannot do it. Here is the story: All of the bonds were bought from 1994 through 2001 by various family members. All of the bonds have my son's name on the "TO" ...
    Published about 2 years ago | Rated: +8
  • +4

    Government Report Reviews Private Student Loans and Recommends Statutory Changes

    The Consumer Financial Protection Bureau (CFPB) and the US Department of Education released a report to Congress about private student loans on July 20, 2012 as mandated by section 1077 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203, 7/21/2010). The report discusses the growth and changes in the private student loan marketplace, the use of private student ...
    Published about 2 years ago | Rated: +4
  • +7

    Is a 3.75% Cash-Out Refinance on a Mortgage Better than Federal Student Loans?

    I have daughter who will be attending college in the fall of 2013 (and a son in 2017). For various reasons, our savings are not sufficient to pay for college given the current costs that I see. As home mortgage refinance rates have dropped to their lowest levels in my lifetime (around 3.75%), I had the notion of conducting a refinance ...
    Published about 2 years ago | Rated: +7
  • +7

    What Kind of Financial Aid is Available for Graduate School? Will My Credit History Affect the Amount and Types of Aid?

    I recently decided to go back to school for a degree in software engineering. My short terms goal after school is to apply for a job with one of the top software application companies. My long term goal is to eventually start my own business specializing in creating custom apps for businesses and/or individuals. I am in debt from previous undergraduate ...
    Published about 2 years ago | Rated: +7
  • +7

    Vietnam Era Veteran Needs Help Paying for Graduate School

    I will soon be 60 and have returned to school to get a Master's degree in Psychology as I could not get a job here with a BA and compete with younger people. I have used up my GI bill (Vietnam era Navy vet), received a loan for money for school, but have to live off of that as well as ...
    Published about 2 years ago | Rated: +7
  • +11

    Congress Passes One-Year Interest Rate Freeze

    Congress passed legislation on Friday, June 29, 2012 to prevent the interest rate on subsidized Stafford loans to undergraduate students from doubling July 1, 2012. The last-minute legislation, which passed with strong bipartisan support, keeps the interest rate at 3.4 percent for new loans in 2012-13, instead of allowing it to revert to 6.8 percent. The Student Loan Interest Rate Extension ...
    Published about 2 years ago | Rated: +11
  • +7

    Seeking Clarification of Income-Based Repayment for Married Student Loan Borrowers

    I will begin to pay back my student loans in January. My loan debt is about $134,000 and I'm going to pay it back via income-based repayment (IBR). My husband also has student loan debt and is currently in repayment but not through IBR. I understand that if we continue to file our tax returns under Married Filing Jointly status my ...
    Published about 2 years ago | Rated: +7
  • +8

    How to Pay for College After a Recent Bankruptcy Discharge

    My daughter will be starting college in the fall (hopefully). The full cost for each year is approximately $50,000. She received a scholarship for $35,000 and she has enough saved for books ($1,000), leaving her needing $14,000. When we filled out the FAFSA it said her family contribution would be too high. Unfortunately my husband and I filed for bankruptcy in ...
    Published about 2 years ago | Rated: +8
  • Rate

    Public College Tuition Increased by 15% Last Year from Two Years Ago

    Nationwide, in-state tuition at 4-year public colleges increased by 15.0% from 2008-09 to 2010-11, according to updated college affordability data released by the U.S. Department of Education on Tuesday, June 12, 2012. (These figures do not appear to be weighted by full-time equivalent enrollment.) Tuition at community colleges increased by an even greater percentage, 16.6%. Tuition at 4-year non-profit colleges increased ...
    Published about 2 years ago | Rate This
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