Paying for College
FAFSA delayed
The FAFSA form for students entering or attending college in Fall 2024 would normally open on Oct. 1, but has been delayed until sometime in December due to the significant new changes being implemented. The Department of Education needs more time to update the application and the various calculations related to the updates. This also…
Read MoreJay Benanav Q&A: Imminent Financial Aid Tasks & the 2023-2024 FA Landscape
Q: Jay, what is new and reportable in the 2023-2024 financial aid landscape? What have we learned in the last application cycle? The later you complete and submit your forms, the longer you wait to get your financial aid award. Schools are expecting them much earlier than they used to. If a school requires the…
Read More5 things most families don’t know about before taking out student loans, but should
1 $31,000 is the maximum amount dependent undergrad students can borrow in federal direct student loans. Annual limits are: $5,500 in year 1 $6,500 in year 2 and $7,500 each subsequent year until the $31,000 overall limit is reached 2 You must complete the FAFSA to access the Federal Direct Student Loans and the Parent…
Read More4 guidelines for taking on student loan debt
Identify the average starting salary for the field the student is planning to go into, and the family should not have any more than that number in total education loans. Considering a school that would leave you with $35,000 debt for an undergraduate electrical engineering degree? That would pass the test for an acceptable amount…
Read More3 ways families can lose financial aid
As if it isn’t hard enough to finance college, many families overlook the strings attached to maintain and not lose the financial aid they received freshman year. It’s easy to see how this happens. Families are grateful for any financial aid they get and simply assume it will be the same every year. But there…
Read MoreFree college for low-income Minnesota students
College Inside Track was featured on KARE 11 TV discussing the new Minnesota law that will make college free for low-income students. In the KARE 11 interview, CIT’s Chris Wills said around half of U.S. states have similar programs, some of which cover all state colleges and universities, and others only cover community colleges. …
Read More4 mistakes families make that increase the cost of college
While the rising cost is certainly a factor, it is often the decisions that families themselves make that cause them to unnecessarily pay more for college than they should (and potentially increase student debt). As hard as it might be, there are instances where a family needs to recognize a college-related decision will cost them…
Read MoreCollege Inside Track’s Education & Partnerships lead, Cozy Wittman, presents at FPAs
It’s been a busy couple of months for College Inside Track’s Education and Partnerships lead, Cozy Wittman! She spent Valentine’s Day with the Central OH FPA discussing the coming FAFSA Changes so advisors are able to help their clients. This past week, she spent a blustery Friday with the Indiana FPA sharing pertinent information on…
Read MoreUnderstanding the College Financial Aid Award Letter
College Inside Track’s Cozy Wittman was featured in the Journal of Financial Planning, discussing ways to create transparency for families in the college funding process and better understanding the college financial aid award letter. Cozy explains in detail the college financial aid award letter, tips after receiving it, elements of good and bad letters…
Read MoreFAFSA changes
The COVID relief bill passed at the end of 2020 also included some significant changes to the FAFSA. The changes go into effect for the 2024-25 school year. The FAFSA for that school year opens on October 1, 2023 and will use tax information from 2022. And because the FAFSA is completed each year…
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