After you’ve been recruited and wooed by a college, it can be incredibly difficult to say the “no thank you” to one of them. Here's our advice for how to decline a college acceptance: 1. Say "yes!" to your chosen school First, inform your chosen school that you'll be attending. Submit your deposit before the deadline. Then, write your admissions representative a note — email is fine — to thank them for their help and give them the good news. …
One of the most productive things your student can do with all the new found free time that college affords is to find gainful employment. For some students, it can be a great way to keep their lives structured while making some extra money. For others, student work is a necessity to stay in school at all. Student Income and EFC If you have any experience with financial aid, then Expected Family Contribution (EFC) is a term you are well acquainted…
Debt, despite how essential it is for many American families trying to afford college, can be in and of itself the cause for quite a bit of stress. When you factor in the further difficulty students are having finding employment after graduation, and loan management companies that can be less than forthcoming with information that could ease your repayment burdens, the tension only grows. Wouldn't it be great if there was a trick or a quick fix to help get…
Some colleges and universities are already sending out financial aid award letters for 2018/2019. That’s great news! After all, you’ve worked hard, and it’s time you reap the rewards of that hard work. But before you sign and return that award letter, it’s essential to look at it with a critical eye. As we wrote in a previous blog, analyzing your award letters can be a complicated process, but it’s well worth your time. Is your offer clear and easy to…
The ever growing costs of college are often characterized as “an investment in one's future.” In a cruel twist of fate, the price of that investment remains on the rise, while its security begins to wane. What if we treated students as investments instead of debtors? Imagine that the amount you owe is entirely contingent on what you make. This is a reality at Purdue University and could become a well-needed alternative for students all over the country. College is very expensive, so…
Student loans are big business. Collecting defaulted student loan money is becoming an even bigger business. An Overview The federal government works with student loan servicing companies to collect on outstanding student loans. It’s these companies that deal with students once the student loan papers are signed and payments finally come due. When borrowers default, the U.S. Department of Education’s debt collectors come knocking. The federal government has given these debt collectors immense power, unlike anything an ordinary debt collector can…
Why the Parent Plus Loan is not recommended by Financial Advisors Financial Advisors who have not been informed about of all the complexities in the Parent Plus Loan program have hesitated to recommend it as a way to pay for college. There are three important reasons for their reluctance: A loan given without any consideration given to income, assets, or income-to-debt ratio is going to hurt a lot of families. Even the worst of our subprime lenders prior to the 2008 crash…
Unbeknownst to many who are struggling to pay for college, the current loopholes in the Parent Plus Loan rules allow some families to receive full forgiveness on a boatload of college debt. It’s not a viable strategy for everyone, it’s not a recommendation by any means, and there is quite a bit of controversy surrounding it, but there is a way to banish the bills from your Parent Plus Loan for good. But should you? Parent Plus Loans –…
College award letters are already fairly confusing. What's worse, they can often be somewhat misleading. This is especially problematic– considering major decisions are made based upon that first award letter; when the next one could be dramatically different. Before you accept a school’s award, there are a few steps you can take to better ensure you won't be left out in the cold later. Avoid the Bait and Switch What you see may not end up being what you get.…
Applying to college is exciting but it’s also up there among some of the most stressful things you’ll ever do. Part of the reason for that is the confusing process of applying for financial aid. If you’re like almost three-quarters of applicants recently surveyed by Citizens Bank, applying for financial aid is even more stressful than applying to colleges! So if you’re at your wits end about the aid process, you’re not alone. That same survey also revealed that over…