For many students, pursuing higher education is a worthwhile investment in their future. However, this pursuit often comes with the financial burden of student loans. Beyond the immediate challenges of repayment, it’s crucial for parents and students to understand how these loans can have a lasting impact on students’ credit scores. In this blog post, we’ll dive into the intricacies …
The Student Aid Index: The New Way to Calculate College Aid
The U.S. Department of Education (ED) is about to fundamentally change how eligibility for college financial aid is calculated. Here’s what you need to know and a link to a free calculator to estimate eligibility for college aid using the new methodology. Background On December 27, 2020, Congress passed the FAFSA Simplification Act to simplify the financial aid application form …
Student Loans Can Help Build Strong Credit Scores
College students and graduates can use student loans to build a great credit score. These three steps will help you understand the credit scoring process and how student loans can help young consumers build a high credit score and open opportunities for future borrowing. Step 1: Understand the players and how credit scores are calculated Equifax, Experien, and TransUnion are …
529 Plans: A Bad Name for a Great Way to Save for College … and More
In the 1990s, Congress started 529 college savings programs to help families create a nest egg for college. Although marketers would surely advise against naming a program after a section of the tax code, Section 529 in this case, “529s” grew into a preferred way of saving for college. And now the 529s can be used for more than just …
Understanding And Appealing Financial Aid Award Letters
For gardeners, April showers bring May flowers. For high school seniors, the bloom may already be off the rose. The joy of getting college acceptance letters often quickly fades as the reality of comparing colleges and determining “the one” comes into focus. A great college fit means finding the best collective academic, social, and financial match. But what happens if …
Left on the Table: The Saga of Unclaimed Pell Grant and Scholarship Money
Consider the tried-and-true axiom for the lottery: “You need to be in it to win it”. Well, when it comes to applying for federal financial aid, nearly two million high school students annually are deciding not to play the game whatsoever, a decision that is costing almost half of them the chance for some much-needed assistance in the form of …
Help Me Understand Financial Aid
Paying for college can be overwhelming. Knowing the options and identifying sources of money for your family to pay the college bill is half the battle and there’s no time like the new year to get a handle on the details, especially with financial aid season on the horizon. For most families, the options to pay for college boil down …
Saving for Higher Education is Better than Borrowing
There is no magic, one-size fits all way to pay for college. The trick is finding what works best for your family. Most families use a combination of savings, financial aid, and current income to pay the college bill. Current income is helpful to reduce total college borrowing but is often limited because there are so many other needs for …
How to Fill a Larger College Tuition Gap: Clarify Your Options
Student loans can make your academic dreams attainable. Unfortunately, the financial aid letter can come short of affording your top-choice school. Know the details regarding all of your financial options to avoid borrowing heavily. Having a secure cosigner is a great way to potentially lower your loan interest rate and therefore your overall loan payments. Before we dive into the …
Savvy Strategies to Pay the College Bill
Is your family anticipating a college bill, but a little uncertain about how much you actually will owe or exactly how you will pay? Well, you’re not alone. For too many families, the joy of being accepted into college is quickly replaced with the dread of paying the bill. We’ll help you create a strategy and payment plan that makes sense for your family. What are the best sources of money to pay for college?
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