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5-MYTHS

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Beware – Retirement savings rollover issue on FAFSA

There is a FAFSA issue that has been tripping up families with qualified retirement savings rollovers that can result in wildly inflated EFC’s (expected family contributions), thus reducing the amount of financial aid they qualify for. Retirement savings moved from one qualified retirement plan to another qualified plan should not be reported as untaxed income…

Why is my EFC going up?

Talk about a double whammy! Despite the rising cost of college, families are at the same time seeing an increase in their EFC (expected family contribution), which is what they are expected to contribute before any financial aid kicks in. In other words, a family with the exact same income and assets today as one…

Insider tips for the week of Nov. 26, 2018

5 tips to pay less for college – A great read worth a couple minutes from Jeanmarie Keller. I especially like #4 – build your list of colleges based on your situation and the college’s financial aid policies. Just because you need financial aid doesn’t mean the college has to give it to you.  …

Insider tips for grandparents

CIT’s Chris Wills was a featured guest on the Accredited Investors Wealth Management WiseLife Speaker Series. Chis Wills joined Accredited’s Jeremy Heckman and discussed all aspects of the education planning journey, examining not only the current details of college planning – including myths about financial aid and insights into cost reduction tactics – but also…

Top strategies to help grandchildren with college

With the holiday season approaching, there is a terrific way grandparents may want to consider spoiling their grandchildren. Today’s retirees have accumulated wealth at unprecedented levels and combined with the rising cost of college, many now are taking advantage of an opportunity to provide a legacy of education to their grandchildren. However, without understanding the proper…

Insider tips for the week of Oct. 22, 2018

5 things parents need to know about prepping for the SAT or ACT – Grown and Flown has a helpful article covering both what you should know about standardized tests and how to find the best test prep for your child.   Don’t miss – Deadlines for merit aid may be earlier! – Many families…

Tips on the 6 trickiest FAFSA questions

The FAFSA is a quintessential government form, meaning it isn’t always as easy to understand as it should be. And with over 100 questions to navigate, far too many families make mistakes that are unnecessarily costing them money. Money Magazine compiled the following tips on how to tackle the 6 trickiest questions:   Questions 24…

Insider tips for the week of Sept. 24, 2018

10 things you do to increase your child’s student debt – We’ve all heard the horror stories about crazy amounts of student loan debt, but as Michelle Kretzschmar points out, there are a number of decisions parents make that make the situation worse. Take a couple minutes to make sure you aren’t doing any of…

The 5 Myths of College Costs

  How many purchases in life would you spend hours or even days on without knowing the cost? Imagine looking at homes or vehicles and obsessing over their details to find the right one, only to then be told the seller would get back to you on the price that they were customizing only to…

Insider tips for the week of July 30, 2018

6 tips for managing your EFC – Your EFC, or expected family contribution, is a number used by colleges to determine how much financial aid you will receive and a topic most families know little about. Invest a few minutes to read Road2College’s helpful tips to potentially save your family money.     5 strategies…