Paying for College: A Financial Aid Deadline Disaster
John was an excellent student. He studied hard in high school, was an involved student leader, aced his standardized tests, and come fall of his senior year, all of his diligence paid off: He was accepted Early Decision to a selective East Coast private college. This college also happened to be the school of his dreams.
With college costs at an all-time high, it is no wonder that parents are looking for ways to increase their financial aid eligibility. There is a lot of advice flying around the rumor mill about ways to get more financial aid—some of it true, a lot of it false, and much based in kernels of truth. Among these questionable pieces of advice is the common refrain that you ought to pay off your house in order to get more financial aid.
Why a Work-Study Program is Worth It
This is the fourth in a series of posts that college finance expert, Laurie Peltier, is writing about her own experience going through the college application and enrollment processes with her kids. Her previous posts focused on how to stay organized during the college search and final decision-making processes, and getting to know your school. Here, she discusses the benefits of the Federal Work Study program.
We’re happy to share some important news from the U.S. Department of Education. Beginning Sunday, May 10, they will be implementing a new Federal Student Aid User ID system, which will replace the 4-digit PIN. The PIN was used by students and parents throughout the financial aid process to:
While bankruptcy is never one’s life goals, the fact is it happens. Job loss, medical expenses, divorce, and life’s other financial twists and turns can lead folks who never imagined doing so to file for bankruptcy protection. Bankruptcy filings have been steadily on the rise over the past century, especially since the 1980s, with close to a million consumers seeking bankruptcy protection in 2014. With the massive financial investment that comes with college, it is no surprise that as a college finance educator, I often get questions from parents and students about bankruptcy’s effect on college financial aid. Here are the 3 most common questions I receive about bankruptcy and financial aid:
Many high school seniors and their families selected for financial aid verification are currently wondering “What could the Financial Aid Office possibly want now?” May 1, the national deadline to deposit at your chosen college is looming in the not-so-distant future, and yet some students are still submitting additional information to the aid offices on their college list. “Didn’t we already send them this?” families may wonder as they jump through what they perceive to be another hoop on the road to receiving financial aid. Remember, the financial aid process is an exchange of information for dollars: your financial information for financial aid dollars. Don’t be discouraged! Your financial aid offer is on the way, but you may have a few extra steps to take.
It’s after January 1, and if you are a high school senior, you and your parents will be completing the 2015-2016 Free Application for Federal Student Aid (FAFSA) very soon (if you haven’t already!). The FAFSA is a centralized application that allows you to complete the form and send its results to up to ten schools at a time.
With students right in the thick of college application season, and the financial aid process right around the corner (next year’s FAFSA becomes available on January 1st), College Coach’s finance experts are flooded this time of year with some variation of the question, “Do I need to complete a FASFA if I’m not going to qualify for financial aid?” The short answer to that question is “no.” The FAFSA is a financial aid application, and no student is required to apply for financial aid. Believe me, colleges will be more than happy to admit your child without providing you any financial assistance. Still, there are many reasons why you may want to complete an aid application even if you don’t expect to qualify for need-based assistance:
Though clearly consisting of five letters, the FAFSA, for some people, is a four-letter word. The financial aid application has an intimidating reputation, and many families dread completing it. The good news is that the FAFSA has been simplified quite a bit in recent years, with helpful skip-logic imbedded in the online version of the form. These days, most families are able to undergo the FAFSA completion process with little difficulty. Still, there are some common mistakes that families often make when filing the FAFSA. Take care to avoid the missteps below, and you’ll be well on your way to a smooth financial aid application process.
