Category: College Planning

For many families, a college education is a significant financial burden that is increasingly hard to meet with savings, current income, and a manageable amount of loans. For some, the ace in the hole might be grandparents, whose added funds can help bridge the gap. If you’re a grandparent who would like to help fund your grandchild’s college education, here are some strategies. 529 college savings plan A 529 college savings plan is one of

Many families rely on federal student loans to help pay for college. This table describes features of the most common federal loans.   Direct Unsubsidized Stafford Loan Direct Subsidized Stafford Loan Perkins Loan Direct PLUS Loan (Parent/Grad) Description A federal student loan available to students regardless of financial need A federal student loan available only to students with demonstrated financial need A federal student loan available only to students with the greatest financial need A

Surviving the College Application Process There’s no doubt about it–the college application process can be stressful for many high school students and their parents. After all, it’s easy to feel overwhelmed while trying to manage numerous applications, each with varying deadlines and requirements. If your child is applying to college, here are some things to keep in mind before he or she gets started. Application timeline For students applying under the regular decision process, college

If you’re a parent or grandparent of a college student or soon-to-be college student, you might be interested to learn what’s new in the world of higher education. Higher college costs Total average costs for the 2015/2016 school year increased about 3% from the previous year: $24,061 for public colleges (in-state), $38,855 for public colleges (out-of-state), and $47,831 for private colleges.1 Total average costs include direct billed costs for tuition, fees, room, and board; and

The FAFSA, which stands for Free Application for Federal Student Aid, is the federal government’s financial aid application. Though the thought of completing it may inspire a collective groan from parents each year, this form is the prerequisite for many different types of federal and college financial aid, including loans, grants, scholarships, and work-study. So filling it out should be one of the first things on your list if your son or daughter will need

For all you parents out there, how knowledgeable are you about college financial aid? See if you know whether these financial aid statements are myth or fact. 1. Family income is the main factor that determines eligibility for aid. Answer: Fact. But while it’s true that family income is the main factor that determines how much financial aid your child might receive, it’s not the only factor. The number of children you’ll have in college

It’s an unfortunate trend in college pricing–the average cost of tuition and fees at four-year public and private institutions are significantly higher than they were just a decade ago. For example, the average published tuition and fee price of a full-time year at a public four-year institution is 40% higher, after adjusting for inflation, in 2015-16 than it was in 2005-06. (Source: Trends in College Pricing, College Board, 2015) As a result of these rising

It has become virtually impossible for many new graduates to find a job or start a career. Even though a low cost student loan was seemingly a great idea at the time, it’s repayment time – and no job. Last year the Education department introduced a program to help. It’s called income-based repayment, or IBR. The program capped loan payments at 15% of the borrower’s income. Check out the calculator at www.ibrinfo.org Repayment Options At one time,

A student loan afforded you a good education – OK.  The loan was was made at an exceptionally low interest rate – no problem. There was no repayment until after graduation – I get it! A student loan is one of the best financing opportunities around, but now it must be repaid. For some borrowers, graduation is a happy time – a time of celebration, starting a new career, and even retiring college debts. For