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Browse Expert Financial Aid Advice Articles

  • +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 almost 3 years ago | Rated: +8
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    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 almost 3 years ago | Rated: +8
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    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 almost 3 years ago | Rated: +8
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    How Does Bankruptcy Affect Eligibility for Student Financial Aid?

    How does a chapter 13 bankruptcy affect financial aid? Would it be difficult to get financial aid for my child because my husband and I filed chapter 13 about 2 years ago? — C. F. A previous bankruptcy can affect eligibility for some education loans but it does not affect eligibility for other forms of financial aid. The Bankruptcy Reform Act ...
    Published almost 4 years ago | Rated: +8
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    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 over 2 years ago | Rated: +8
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    Can Parent PLUS Loans Get Income-Based Repayment and Loan Forgiveness?

    You've mentioned previously that while Parent PLUS loans are nominally eligible for public service loan forgiveness, they are not eligible for IBR or ICR, which leaves nothing left to forgive. Is there no relief for Parent PLUS loans altogether? Or, is there any way for Parent PLUS loans to qualify for loan forgiveness? — Anonymous Federal Parent PLUS loans are not ...
    Published about 2 years ago | Rated: +8
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    Help for Retired Parents Repaying Parent PLUS Loans on Fixed Income

    Help!!! My Parent PLUS loans are presently in a forbearance that will end in a few months. My expected installment payments are more than my monthly income. I am retired and my husband is on disability retirement. We have another son presently attending college. What options are available to me (if any)? Do I ask for an extended repayment, or continue ...
    Published over 4 years ago | Rated: +8
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    Year in Review: Ups and Downs for Student Financial Aid in 2011

    2011 was an eventful year for student financial aid, student loans and scholarships. This article summarizes the major events, positive and negative, for student aid in 2011. It also provides a few highlights of developments that are anticipated for 2012. The Department of Defense and Full-Year Continuing Appropriations Act, 2011 (P.L. 112-10, April 15, 2011) ended the year-round Pell Grant program ...
    Published over 3 years ago | Rated: +8
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    Tips for Evaluating Financial Aid Award Letters

    Financial aid award letters provide college students with information about college costs and the types and amount of financial aid the student will receive. Families rely on the financial aid award letters to help them understand college costs and compare costs among different colleges. But financial aid award letters can sometimes be confusing. Fastweb surveyed about 580,000 college freshmen and sophomores ...
    Published over 4 years ago | Rated: +8
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    Emergency Dental Care for an International Student; Reporting a New Spouse's Income and Assets on the FAFSA

    I am not a US citizen. I came to the United States a month ago to begin graduate school. Unfortunately I got a severe toothache a week ago. As a teaching assistant I have health insurance provided by my school, but it doesn't cover dental care. No matter how bad it gets, the toothache will not be considered an emergency. The ...
    Published over 4 years ago | Rated: +8
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    Can a Stepdaughter be Counted in the Household If She Lives with the Other Parent?

    My stepdaughter used my husband's tax return to file her FAFSA because her mother had said that his taxes needed to be used because he claims her on his income tax return. From what I know, the parent that the child lives with most of the time should be used. Am I right or wrong? She got denied financial aid when ...
    Published almost 4 years ago | Rated: +8
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    How Do Grandparent-Owned 529 College Savings Plans Affect Financial Aid Eligibility?

    How Do Grandparent-Owned 529 College Savings Plans Affect Financial Aid Eligibility?
    Only 529 college savings plans that are owned by the student or the student's parents are reported as assets on the Free Application for Federal Student Aid (FAFSA). So a 529 plan owned by a grandparent or other third party will not be reported as an asset on the FAFSA. However, qualified distributions from such a 529 plan are treated as ...
    Published about 3 years ago | Rated: +8
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    FAFSA Questions Concerning Assets and Legal Guardianships

    I am an incoming freshman in college and my single mom is worried about the Free Application for Federal Student Aid (FAFSA). We recently sold our house and are currently living in a rented apartment. The money from selling the house is in her savings account. We are currently looking for a new house. My mom is worried that if we ...
    Published over 5 years ago | Rated: +8
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    Should a custodial account held by a grandparent be reported on the grandchild's FAFSA?

    Does a parent need to disclose (on the FAFSA) funds in an UGMA or UTMA account in the student's name with a grandparent as custodian? If so, how does this affect a student's eligibility for financial aid? Are there penalties for not reporting such an account, even if the parent and student have no knowledge of its existence? Would it be ...
    Published over 5 years ago | Rated: +8
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    Why Do Some Merit-Based Scholarships Require the FAFSA?

    I am a 38-year-old student who returned to junior college after being laid off and being unable to find a comparable job. Because I was a "good saver" in my 20's, I was able to do this while only working part-time. Approximately 60% of my expenses are paid with my savings. I am ready to transfer into a 4-year institution. However, ...
    Published almost 5 years ago | Rated: +8
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    Students Lose Financial Aid for Failure to Make Satisfactory Academic Progress

    I have been attending college for some time now. Ever since my mom passed away I have been really shaking with some of my classes. Last semester I did decent: I got an A, two Cs and a D. But my appeal for financial aid got denied. I had to pay out of pocket for the spring semester and I won't ...
    Published over 3 years ago | Rated: +8
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    Fastweb Wins Award for Financial Literacy Education

    Fastweb Wins Award for Financial Literacy Education
    For nearly 17 years, Fastweb has worked to become the leading online resource for paying and preparing for college, and recently, our site soared to new heights with the EIFLE Award! Fastweb was named 2012 Organization of the Year by the Institute for Financial Literacy on Wednesday, April 18, 2012. The Institute for Financial Literacy announced the winners of the 2012 ...
    Published about 3 years ago | Rated: +8
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    Congress Proposes Cutting Student Financial Aid in FY2012 Federal Education Budget

    The U.S. House of Representatives and U.S. Senate are considering proposals to cut student financial aid in the FY2012 federal education budget. Rep. Denny Rehberg (R-MT), chairman of the House Appropriations subcommittee with oversight over education spending, released draft legislation (H.R. 3070) on Friday, September 30, 2011, which includes several changes to student financial aid for college. The legislation was referred ...
    Published over 3 years ago | Rated: +8
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    Timing of an Appeal for More Aid and Appealing the Asset Value of Unsold Real Estate

    How soon after filing the FAFSA can I request a professional judgement review (without seeming overanxious)? We tried to sell our previous home last year without success. The home is vacant and not used for rental. Naturally we have to list this as an asset which makes our total assets look like more than they are. Furthermore, the value we used ...
    Published about 4 years ago | Rated: +8
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    Can a Parent Count a Child in Household Size and Also Report Amounts Paid in Child Support on the FAFSA?

    I am the custodial parent for my son and college-bound daughter. It seems like the form assumes that only non-custodial parents pay child support! However, I still pay their mother child support of over $1,600/month (they are with her slightly less than half the time). Do I report those child support payments on the FAFSA where it asks for "child support ...
    Published over 3 years ago | Rated: +8
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