Paying for College

About 20% of middle-income families will qualify for need-based aid that is higher than their merit scholarship.   It often makes sense for these families to consider asset repositioning strategies to reduce their EFC so they are able to capture the additional gift aid that may be available to them.  Upper middle-income families, especially those that will have more than one child in college at the same time, can also benefit from this strategy—especially if their student is headed to an…

“And as with any investment, but especially with college savings plans, it's always best to begin putting aside money as soon as you can.” This tagline from U.S. News says it all. It doesn’t matter what you put your money into to save for college — starting as early as possible is universally the best decision you can make. But, when exactly should your financial plan begin for funding college? Ideally, it's best to start when you're thinking about having children.…

Anyone can contribute Grandparents, aunts, uncles, and friends often want to help out with college expenses, frequently in the form of savings bonds. Although bonds can be saved and used for school, 529 contributions are often an option as well. Parents own 529 accounts and set their child as the beneficiary, but for most plans, anyone can make a contribution to the account. Reported as a parent asset on the FAFSA The 529 is reported on the FAFSA as a…

What is the Net Price Calculator About, Anyway?  In their quest to prepare for the costs associated with college, many families look to the Net Price Calculator on college’s websites to help them get an idea of how much they will have to pay for their child’s education. Net Price Calculators are supposed to calculate the amount that a student would pay to attend a college or university in a single academic year, considering any scholarships and grants the student…