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  • +19

    Avoiding the Average...

    Avoiding the Average...
    ...When It Comes to Your Student Debt So, what’s the deal with debt these days? Well, a lot actually. And, unfortunately, it’s not good news. According to a recent report released by the Institute for College Access & Success’ Project on Student Debt, which also appeared on CNNMoney, the average debt for a student in the class of 2012 was $29,400. ...
    Published over 1 year ago | Rated: +19
  • +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
  • +34

    Money Saving New Year's Resolutions

    Money Saving New Year's Resolutions
    It's about to be 2015, which means that everyone is about to make their New Year's Resolutions. That means, the timing could not be more perfect to focus on resolving to focus on your education and, of course, a way to pay for it! Here are some suggestions of resolutions you can take on this year to improve your financial situation: ...
    Published 7 months ago | Rated: +34
  • +5

    Questions about Qualifying for the Federal Parent PLUS Loan

    My son has been accepted to an expensive private non-profit college for the fall. We have been awarded a pretty generous financial aid package from the school (approximately $30,000) which leaves me with about $20,000/year left to finance. I make about $50,000/year. I will be applying for the Parent PLUS loan and have several questions. I'm in the process of refinancing ...
    Published over 2 years ago | Rated: +5
  • +4

    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
  • +5

    How Should Divorced Parents Split a Child's College Costs?

    I am the custodial parent for my daughter who will go to college this fall. It will be her first year. My income was reported on the FAFSA. This included child support, although my ex-husband has recently stopped paying child support. Now the ex-husband wants access to half of the funds available through the FAFSA to use toward his half of ...
    Published about 4 years ago | Rated: +5
  • +5

    Should Parents Pay Off Credit Cards Before Applying for College Loans and Other Aid?

    Why is it better for parents to pay off credit cards (if one can) before obtaining loans for a child for college? — Diane H. Most forms of consumer debt, such as credit cards and auto loans, are ignored on the Free Application for Federal Student Aid (FAFSA). Even education loans are ignored. The only exception to this rule occurs when ...
    Published about 4 years ago | Rated: +5
  • +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
  • +5

    Can a Dependent Student File the FAFSA as Independent if the Student's Parents Don't File Federal Income Tax Returns?

    The next several Ask Kantro columns will answer questions about the Free Application for Federal Student Aid (FAFSA). The FAFSA may be filed starting on January 1. The FAFSA is used to apply for student financial aid from the federal and state governments and from most colleges and universities for the award year that runs from July 1 to June 30. ...
    Published over 3 years ago | Rated: +5
  • +6

    Can a Student Receive a Pell Grant for a Second College Degree?

    I am a 25-year-old woman looking to go back to school for a second degree in a different field of study than my original degree. I am married to an enlisted sailor and currently unemployed. For my first degree I did not fill out the FAFSA and therefore I did not receive any federal aid in the form of grants or ...
    Published almost 3 years ago | Rated: +6
  • +28

    Money Matters to Tackle While You're Still a Student

    Money Matters to Tackle While You're Still a Student
    Each day, you’re nearing closer and closer to becoming a real, live adult. Technically, you may be considered an adult in the eyes of the law, however, as far as student status is concerned, you’ll actually feel like an adult once you start to take on adult responsibilities. We’re talking about tasks like paying off student loans, planning for retirement and ...
    Published 6 months ago | Rated: +28
  • +11

    Dealing with the Debt Deal and Downgrade: Practical Tips for Students and their Families

    Title: Dealing with the Debt Deal and Downgrade: Practical Tips for Students and their Families Standard & Poor's (S&P) downgraded US long-term debt one notch from AAA to AA+ after the stock market closed on Friday, August 5, 2011. This is the first time the United States has lost its AAA rating. The downgrade triggered a panic sell-off when the ...
    Published almost 4 years ago | Rated: +11
  • +12

    3 Things You Need to Know About Financial Aid Now

    3 Things You Need to Know About Financial Aid Now
    Now that your college applications are in, it’s time to turn your focus to financial aid. Unfortunately, as much as college applications are nerve-wracking, financial aid documents are mind-boggling. But they are a “necessary evil.” Students hoping to pay for school with financial aid resources are required to fill out these forms, and the sooner the better. Here are a few ...
    Published 5 months ago | Rated: +12
  • +8

    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 over 3 years ago | Rated: +8
  • +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 over 4 years ago | Rated: +13
  • +3

    Confusion about Reporting Custodial 529 College Savings Plan Accounts on the FAFSA

    My daughter is a freshman (in college) and lives more than 50% of the time with her mother who is the custodial parent. Her mom and I have been divorced for the last 10 years. I personally had an UGMA account set up for my daughter years ago. But two years ago I converted my daughter's $25,000 UGMA account to a ...
    Published over 2 years ago | Rated: +3
  • -1

    Congress Passes Fiscal Cliff Legislation, Extending American Opportunity Tax Credit

    Congress Passes Fiscal Cliff Legislation, Extending American Opportunity Tax Credit
    Congress passed the American Taxpayer Relief Act of 2012 (H.R. 8) late on Tuesday, January 1, 2013. The measure passed with bipartisan support in the Senate by a vote of 89 to 8 and in the House by a vote of 257 to 167. President Obama is expected to sign the legislation into law. This legislation addresses some aspects of the ...
    Published over 2 years ago | Rated: -1
  • +7

    Can a Student Receive Both Need-Based Grants and Merit-Based Scholarships?

    If a child does receive FAFSA can they still receive scholarships and grants? — Y.P. The Free Application for Federal Student Aid (FAFSA) is used to apply for need-based financial aid from the federal government, state governments and most colleges. The financial aid will include a mix of grants, loans and student employment. The terms grants and scholarships are often used ...
    Published about 3 years ago | Rated: +7
  • +9

    Free Money for College Savings

    There are a variety of national, state and local programs that encourage families to save for college by providing families with free money. There are two main types of such programs: 1. Birthday Present. Such programs provide contributions of $100 to $1,000 as seed money in the college savings plan when the parents open a new 529 college savings plan before ...
    Published over 4 years ago | Rated: +9
  • +6

    Repayment Begins for Students Who Graduated in May and June

    Students who graduated in May or June are nearing the end of the six-month grace period. The first monthly loan payment is usually due in November or December. Don't Be Delinquent Unfortunately, about a third of borrowers are late with the first payment on their federal student loans. This is called a delinquency. There are a variety of reasons why students ...
    Published almost 4 years ago | Rated: +6
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