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  • +5

    Are There Any Fees for Filing the FAFSA?

    Is there a fee to complete the FAFSA and if so, how much? — T. Smith There is no fee to file the FAFSA. As the name suggests, the Free Application for Federal Student Aid (FAFSA) is a free application. You can file the FAFSA online for free at www.fafsa.ed.gov. Section 483(a)(6) of the Higher Education Act of 1965 bans the ...
    Published about 4 years ago | Rated: +5
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    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 3 years ago | Rated: +5
  • +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 3 years ago | Rated: +4
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    Impact of the Super Committee Stalemate on Federal Student Financial Aid

    On November 21, 2011 the Joint Select Committee on Deficit Reduction, also known as the super committee, announced that it had failed to reach an agreement to reduce the deficit. The super committee was charged with cutting the budget deficit at least $1.2 trillion over the next 10 years. One side was unwilling to increase revenues while the other side was ...
    Published almost 4 years ago | Rated: +4
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    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 3 years ago | Rated: +4
  • +4

    Kantro's Tips to Save You Money!

    Kantro's Tips to Save You Money!
    Financial Aid Guru Mark Kantrowitz has compiled his top tips on repaying student loans, saving money and alternatives to student loans. Any wise student will heed this advice! Repaying Student Loans • Sign up for auto-debit with electronic billing, where the monthly loan payments are automatically debited from your bank account. Many education lenders offer a 0.25% or 0.50% interest rate ...
    Published about 5 years ago | Rated: +4
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    What Happens When Retirement Money isn't in a Qualified Retirement Plan?

    I am a single parent, age 56 and my daughter will be applying for college next year. I make less than $60,000, but have just over $100,000 in savings and mutual funds that I have saved towards retirement as I am self employed. (I just recently found out about other self employed retirement options.) Will my daughter receive less financial aid ...
    Published over 2 years ago | Rated: +4
  • +4

    Does Moving a 529 College Savings Plan into a Roth IRA Make Sense?

    Does it make sense to move our $40,000 529 college savings plan into a Roth IRA for our children who are both in college to shield the money from our asset consideration? We have a gross income of about $100,000 and no debt. They have some merit scholarships, but we have not qualified for need on the FAFSA. — Carolyn W. ...
    Published over 3 years ago | Rated: +4
  • +4

    When A "Free" College Education Isn't Really Free

    When A "Free" College Education Isn't Really Free
    Some of the protesters at Occupy Wall Street are demanding that a college education be provided for free. But even if their request is granted, which is unlikely, it might not actually be free. The definition of "free" is straightforward enough. A product or service is free when it is available without any cost or charge. But marketers often distort the ...
    Published over 3 years ago | Rated: +4
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    Quick Answers to Common Questions about Financial Aid

    Financial aid is an inherently complicated topic. Sometimes students and parents have questions that may seem obvious to people who have more experience with financial aid. But they can't find the answers they need. This week's Ask Kantro column addresses several such questions. Hi. I was wondering how or where you can apply for the federal supplemental educational opportunity grant. I ...
    Published over 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 3 years ago | Rated: +4
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    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 3 years ago | Rated: +4
  • +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 3 years ago | Rated: +4
  • +4

    How to Minimize the Impact of a Student's Brokerage Account on Financial Aid

    We have an UTMA mutual fund for our son who is a senior in high school (17 years old). It is approximately $19,000 and was intended to help pay for college costs. When we opened it we weren't aware of the impact it could have on financial aid. I realize it's too late to fix anything for his freshman year next ...
    Published almost 3 years ago | Rated: +4
  • +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 over 3 years ago | Rated: +4
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    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 almost 4 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 almost 6 years ago | Rated: +4
  • +4

    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 over 3 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 almost 5 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 about 3 years ago | Rated: +4
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