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  • +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 2 years ago | Rated: +8
  • +3

    Student Loan Debt Clock Reaches $1 Trillion

    Student Loan Debt Clock Reaches $1 Trillion
    The student loan debt clock reached the $1 trillion milestone at about 6:40 am ET on Tuesday, May 8, 2012. Although the student loan debt clock is for entertainment purposes only, reaching this milestone demonstrates that student loan debt is a macroeconomic factor, with the potential to affect the economy, albeit modestly at present. Student loan debt will not derail the ...
    Published almost 2 years ago | Rated: +3
  • +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 over 3 years ago | Rated: +4
  • +6

    Family Incorrectly Reported 529 Plan as a Student Asset on the FAFSA

    I have two questions which I assume you've been asked a million times and I just want to make sure I'm understanding the write-ups about them correctly. We have a regular UGMA/UTMA savings account for our daughter where we are the custodian. In the FAFSA application, should this be entered under the student or the parent? Am I assuming correctly that ...
    Published about 2 years ago | Rated: +6
  • +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 over 1 year ago | Rated: +2
  • +4

    Does Home Equity Affect Eligibility for Financial Aid? What If You Sell the Family Home?

    Ask Kantro: Does Home Equity Affect Eligibility for Financial Aid? What If You Sell the Family Home? Is home equity considered an asset when determining eligibility for aid? — Steve The net home equity of the family's principal place of residence (the family home) is not reported as an asset on the Free Application for Federal Student Aid (FAFSA). However, ...
    Published over 2 years ago | Rated: +4
  • +8

    How Can I Fill the Gap Between Financial Aid and My Ability to Pay?

    I'm a soon-to-be college freshman. My tuition is close to $40,000 but financial aid only covers $19,000. My mother is a single parent making only $18,000 a year and I was wondering if there are any other options I can get besides loans that financial aid can help me with. — D.V. Something doesn't add up. The amount of financial aid ...
    Published almost 3 years ago | Rated: +8
  • +8

    People Retiring with Student Loans May Save Money with Income-Based Repayment

    I'm 68 years old, have worked for the last thirteen years in a state psychiatric hospital and after consolidating all my loans, have never missed a payment to Direct Student Loan in the last ten years. My original paper work says that I will need to make payments until 2031, when I'll be 88. I would like to think about retiring ...
    Published over 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 over 1 year ago | Rated: -1
  • +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 over 1 year ago | Rated: +1
  • -1

    Is tuition refund insurance worthwhile?

    College is a big investment, as expensive as buying an automobile or a house. You insure your car and your home, why not insure your child's college education? Tuition refund insurance provides a full or partial refund of college costs -- including tuition, fees, room and board -- in the event your child is forced to withdraw midway through the school ...
    Published over 4 years ago | Rated: -1
  • +13

    How Do You Calculate Individual Income From a Joint Return for the FAFSA When the Parents Are Separated?

    In your answer to How Does Income Tax Filing Status Affect Student Aid?, you address the question of which parent is responsible for completing the FAFSA. However, I'm very curious as to how the filing status of separated parents affects how the FAFSA is processed, once the primary/custodial parent has completed it. That is, is it more advantageous for separated parents ...
    Published about 3 years ago | Rated: +13
  • +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 2 years ago | Rated: +7
  • +5

    Borrowers with a Recent Bankruptcy are Ineligible for the Federal PLUS Loan

    Borrowers who have had a bankruptcy discharge in the last five years are generally not eligible for the Federal PLUS loan. They remain eligible, however, for Federal Stafford, Federal Perkins and Federal Consolidation loans. Section 428B(a)(1)(A) of the Higher Education Act of 1965 [20 USC 1078-2(a)(1)(A)] specifies that borrowers of a Parent PLUS or Grad PLUS loan may not have an ...
    Published about 2 years ago | Rated: +5
  • +8

    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 3 years ago | Rated: +8
  • +6

    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 2 years ago | Rated: +6
  • +3

    Student Debt Guide: Budgeting and Credit Cards

    Student Debt Guide: Budgeting and Credit Cards
    By now, we’re all aware that managing money can be quite difficult. Here are some surefire ways, straight from nationally recognized financial expert Mark Kantrowitz, on how to help stay on track when it comes to pinching pennies. [gate] First, exercise control over your money by increasing awareness of your spending habits. Start by preparing a descriptive budget, where you track ...
    Published over 1 year ago | Rated: +3
  • +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 almost 2 years ago | Rated: +7
  • +6

    How is retirement income and past due child support reported on the FAFSA?

    I am trying to fill out my FAFSA. My father retired last year and I am confused as to what to put for his financial answers, for example, gross income, taxes, etc. Do I fill out a separate form because he is retired? Will they know that he is retired? I am so lost and getting frustrated. Please help! — Alexa ...
    Published over 4 years ago | Rated: +6
  • +3

    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 about 2 years ago | Rated: +3