Paying for College
Student Loan Borrowing Limit Changes from the new budget bill
The new budget bill has overhauled ways students and parents borrow for college. Here is a summary of the many student loan borrowing limit changes. New student loan borrowing limits for federal loans go into effect July 1, 2026. Note that the student loan changes below only apply to federal loans from the government,…
Read MoreNew budget bill expands 529 Plans
The new budget bill expanded the uses of 529 Plans. This continues the policy trend of making them easier and more attractive to use. 529 Plans are investment accounts funded by after-tax dollars where the earnings grow tax-free and withdrawals for qualified education expenses are also tax-free. Withdrawals for non-qualified expenses are taxed as…
Read MoreThe 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…
Read MoreNavigating Student Loan Changes
College Inside Track’s Chris Wills was featured on WCCO Talking Points with Esme Murphy discussing the changing rules with student loans 0:00 Navigating changing rules for student loans 1:06 Collecting on defaulted student loan payments 2:24 What is a federal direct student loan? 3:10 Cautioning against parent-plus loans 4:03 Future of Biden’s…
Read MoreFederal Student Loan Collections Resume
For the first time since March 2020, the Department of Education will be collecting on defaulted student loans beginning on May 5, 2025. The office of Federal Student Aid (FSA) will encourage borrowers to begin making monthly payments, enroll in an income-driven repayment plan, or pursue loan rehabilitation. The FSA is also restarting…
Read MoreGuidelines for student loan repayment
By Cozy Wittman, As the price of college continues to climb, for many, loans will need to be part of the larger strategy to pay for school. How to pay those back should be an important part of the discussion when the student takes out the loans. Guidelines for debt payback can help a…
Read MoreFAFSA change for small business owners
Add small business owners to the group of people impacted by the recent FAFSA changes. Previously, the value of any privately held business, including assets, with less than 100 employees did not need to be reported on the FAFSA as part of its small business exclusion. However, that exclusion has gone away as part…
Read MoreTips 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. Far too many families make mistakes that are unnecessarily costing them money. Check out the following tips on how to tackle the 6 trickiest questions: Schooling of parents The answer should be the last level…
Read MoreStudent Aid Index eligibility guide for 2025-26
The new FAFSA for the 2025-26 school year is scheduled to open on Dec. 1, 2024, (delayed from Oct. 1), and the Department of Education has provided this guide on the formula. The guide both explains the formula for the Student Aid Index (SAI), as well as eligibility for Pell Grants. The SAI number…
Read More2025-26 FAFSA delayed
Another year, another FAFSA delay. The FAFSA form for students entering college in Fall 2025 would normally open on Oct. 1, but will instead be rolled out in phases and be fully available by December 1. The FAFSA will only be initially be available for testing with a limited number of students and institutions.…
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