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Browse Expert Financial Aid Advice Articles

  • +8

    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 almost 2 years ago | Rated: +8
  • +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 over 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 over 2 years ago | Rated: +7
  • +7

    Does Parental Support Affect Independent Student Status?

    I am 19 and have a baby (1 month old) and I am living with my boyfriend and his mother. I am confused about whose tax information to use on the FAFSA. My boyfriend's mother is in Section 8 housing and put me in it and in her food stamps. — J.F. A student who has one or more dependent children ...
    Published about 2 years ago | Rated: +7
  • +7

    Does Cash from the Sale of the Family Home Count as an Asset on the FAFSA?

    We just sold our house and have not yet found our new house and have a lot of cash on hand. We will use the cash to buy a home in the next couple of months. The cash is a false representation of our savings, but since we don't have a mortgage, it looks like we do. We need to keep ...
    Published about 2 years ago | Rated: +7
  • +7

    Is the Non-Custodial Parent a Parent for Federal Student Aid Purposes?

    I am divorced and the custodial parent of two children who live with me. Both kids have Coverdell Education Savings Accounts. My soon-to-be college student daughter's Coverdell lists her father (my ex-husband) as the account owner. My son's Coverdell lists me as the account owner. How do I report my daughter's Coverdell on the FAFSA? The fund will not give me ...
    Published about 5 years ago | Rated: +7
  • +7

    Options for a Student Whose Parents Refuse to Complete the FAFSA

    I have been financially independent from my parents since I was 19. I'm 23 now. I've been working two jobs and taking 12 hours in school. My school says that I cannot file a FAFSA without my parents' information. My parents will not give me their tax information or even fill it out online. I don't have the stamina to work ...
    Published about 5 years ago | Rated: +7
  • +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 over 2 years ago | Rated: +7
  • +7

    How to Qualify for a PLUS Loan Despite an Adverse Credit History

    I'm currently an MBA student who has a VERY adverse credit history. Part of which includes a defaulted Federal Loan. I'm halfway through my first year of business school and find myself needing more money. I've found someone who does not have an adverse credit history who is willing to cosign. I'm worried that I still won't receive the loan. What ...
    Published almost 2 years ago | Rated: +7
  • +7

    US Department of Education Publishes College Cost and Net Price Rankings

    As required by Congress, the US Department of Education is now publishing lists that rank the most and least expensive colleges. Colleges are ranked according to tuition and fees as well as net price within each college type category. The US Department of Education is also publishing lists of colleges with the greatest increases in tuition and fees or net price. ...
    Published over 3 years ago | Rated: +7
  • +7

    Drowning in Six-Figure Debt for a Low-Paying Field of Study

    I am going to be attending a New York university this spring as a music major. My ultimate goal is to get a doctorate of ethnomusicology and to teach at a university while also completing fieldwork research. My loan debt will be very high (at least $100,000). Do you know how to attempt to get a high-paying college job right out ...
    Published about 4 years ago | Rated: +7
  • +7

    Is a Student with Children But No Income Considered to be Independent?

    I am under 24 years of age. I did not have any income the year before last. I have 2 children and live with a partner of 6 years. He is the father of my children. We are not married. He supported us on his income; my mother did not. I was a stay at home mom. My school is telling ...
    Published about 3 years ago | Rated: +7
  • +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 over 2 years ago | Rated: +7
  • +7

    Ask the Expert: Why Not Borrow from My 401(k) for My Daughter's College Tuition?

    QUESTION: Why not borrow from my 401(k) for my daughter's college tuition, as there will be less to lose in this economic crisis? -- Betsy Thomas ANSWER: Borrowing from your 401(k) is almost always a big mistake. It may seem innocuous, since instead of paying back a bank loan, you're paying yourself. But you've lost the opportunity to earn further returns ...
    Published almost 6 years ago | Rated: +7
  • +7

    Ask for a Professional Judgment Review for Job Loss or Other Changes in Income

    I lost my teaching job last June and got a half year's salary instead of a full year. I did not get a job in the fall, so our household income was operating on half of my income. My husband's work status is the same, so we are at three-quarters. This year I do not have a job. Is there any ...
    Published about 4 years ago | Rated: +7
  • +7

    Impact of Tax Filing Status on Income-Based Repayment for Married Borrowers

    We married in January of last year, after my husband graduated with a Master's degree in December. His loans total $65,000 and he earned $20,000 last year. I graduated in May with a doctorate in physical therapy and $175,000 in debt. My income last year was $33,000. Our combined AGI was $53,000. For our federal loans we want income-based repayment. But ...
    Published almost 3 years ago | Rated: +7
  • +7

    Advice to Parents Whose Child will be the First in the Family to Go to College

    My wife and I are looking for help in getting our son into college. He is a junior in high school. His mother and I are on disability. My wife is fighting stage four breast cancer. I was hurt at work two years ago. We would like to see our son go to college but there is no way we would ...
    Published almost 3 years ago | Rated: +7
  • +7

    What are the Downsides and Upsides to Unsubsidized Federal Student Loans?

    As a guidance counselor, I have many families asking me if there's any downside to taking out a federal unsubsidized loan. They need loan money either way and the rates for the private loans are much higher than the government loans. Most advice sites and articles are very general in nature. Can you provide any specifics on what would be the ...
    Published almost 3 years ago | Rated: +7
  • +7

    Year-End Financial Aid Moves

    As the year draws to a close, there are several steps families can take to get more need-based and merit-based financial aid. Prepay Next Year's Tuition Taxpayers can claim one of two education tax credits based on amounts paid for qualified higher education expenses, such as tuition and fees. These are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning ...
    Published about 2 years ago | Rated: +7
  • +7

    FAQs about Financial Aid

    FAQs about Financial Aid
    FAQs about Financial Aid Here are some of the most commonly asked questions about financial aid. Topics: 1. General Questions about Eligibility and Applying 2. FAFSA Questions 3. Home Schooling and Financial Aid 4. Divorce and Financial Aid 5. What is the relationship between bankruptcy and financial aid? 6. Miscellaneous and Unusual Questions General Questions about Eligibility and Applying 1. I ...
    Published over 4 years ago | Rated: +7
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