Posts Tagged ‘FAFSA’

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…

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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…

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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…

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4 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…

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Insider tips for the week of December 4, 2017

15 things every parent needs to know – A thought-provoking list from DIY College Rankings. My two favorites are 1) You set the expectation for acceptable colleges — not the rankings, your peers or your child’s peers and 2) You shouldn’t base your expectations on another family’s experiences. Take a few minutes to scan the…

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4 essential FAFSA tips

The FAFSA is now available for families of HS seniors and college students starting October 1 and will use tax info from 2 years prior to the term being applied for (2016 tax year info for students starting college in Fall 2018), which was a change made last year. We see families commonly make significant…

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Earlier FAFSA Submission Date Offers Students Better Chance At Aid

CIT’s Chris Wills was featured on WCCO TV sharing advice on the new October 1 FAFSA filing date. Among his suggestions: Families should file as close to the Oct. 1 date as possible because some of the financial aid is first come, first served. All families should complete the FAFSA, regardless of how much money they…

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New FAFSA rules help grandparents contribute

With future FAFSA forms now using tax returns from two years prior (known as “prior prior” in the college world), that adds another year that family members can help pay for college without it negatively affecting financial aid eligibility. First, some quick background: The three main factors used to calculate financial aid eligibility are Non-retirement…

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