The Insider: College Admissions Advice from the Experts

How Can I get Tax Deductions and Credits When Paying for College?

One of the most frequently asked questions that College Coach experts are asked is, “Can I deduct the payments I make for my child’s college tuition expenses?” This relatively straightforward question does not have a straightforward answer, but with careful planning families can take advantage of tax breaks that are designed to help them pay for their family’s higher education expenses.

Small Expenses Add to Cost of College

College applications have been completed, acceptance letters have been received, and deposits have been made. Now you are receiving the first bill with the college logo on it, which will include expenses for items billed to you by the college: tuition and fees, and room and board if your child lives on campus. But your children are going to have other expenses that you must plan for as a family, like books and supplies, transportation and personal expenses. Additional college planning can help you reduce the likelihood of overspending and accumulating unnecessary education-related debt.

What do I do with my first tuition bill?

It’s hard to believe, but July is here and that means you’ll soon be receiving your child’s first college bill (if you haven’t already). Although you may have been preparing for this day for what seems like an eternity, that first tuition bill can still catch you off guard. Here are some things you should know before making any payments.

In breaking student loan news, this afternoon President Obama signed an executive order designed to provide repayment relief to struggling student loan borrowers.  Obama’s plan attempts to relieve student debt pressures and decrease defaults in three primary ways:

529 Savings Plans: How Bad are the Non-Use Penalties, Really?

Today is 529 Day, and I am sure you are seeing a lot of articles encouraging you to open and fund 529 Savings Plans for your children, grandchildren, nieces, and nephews. At College Coach, we talk to thousands of families a year who are thinking about saving for college, and 529 Savings Plans are one of the most popular ways our clients choose to save for college.

Part Two: What questions should I ask about financial aid on my college visits?

Last week we told you how to begin researching the financial aid practices of colleges you plan to visit. This week, we provide you with questions to ask an admissions or financial aid counselor that will help clarify your understanding of their processes. (Note: It’s usually not a good idea to ask these questions of student tour guides, as they will not be as well informed about school financial aid policy.)

Part One: Do your finance homework before making college visits

The car is packed and you’re ready to hit the road for a summer tour of colleges with your soon-to-be high school senior. While your student is checking out the majors offered, the size of the dorm rooms, and the quality of the food, you’re probably wondering about the price tag.  Unfortunately, you can’t learn your exact “bottom line” at a college until your child’s senior year when he or she applies for college admission, scholarships, and financial aid. However, the initial college visit is a perfect time to collect information about financial aid and pricing practices, and to establish a general idea of the aid your student might receive.

In many countries students take a gap year, or a year off, after completing high school before heading to college. The United States remains the exception to this trend, with the gap year viewed as an opportunity available only to the wealthiest students.

Everyone knows that you can’t count on a stock tip emailed to you from a stranger with bad grammar.  But did you know that you may not be able to count on the information provided about college finance in the popular press? College Coach finance experts, all of whom are former college financial aid officers, were surprised recently when we found serious inaccuracies in the article Four Accounts Every Parent Needs For Their Kids published by the financial advising website NerdWallet on NASDAQ.com .  We hope that sharing these errors with you—and explaining why the information is wrong—will help you begin to separate the good material from the bad material so that you can confidently prepare your college payment plan.

Are you experiencing sticker shock as your child begins selecting the colleges to which he or she will apply? You aren’t alone. Many families see the school’s published cost of attendance, which generally includes tuition, fees, room and board, books, and personal and transportation costs, and wonder how they will pay the bill. Some cross the school off their child’s list entirely.