Paying for college can be overwhelming. Knowing the options and identifying sources of money for your family to pay the college bill is half the battle.
For most families, the options to pay for college boil down to:
- Getting financial aid
Calculating a precise Return on Investment (ROI) of a college degree is less important than taking actions that will result in better returns. We can put the calculator away and think simply about how to increase the Return on Investment for education.
High school seniors are now filling out college applications. Some students have the college of their dream in sight. Others will have to make a tough choice about which college they will attend.
So, how should families wade through emotional connections to certain colleges and make a decision that is rooted in logic?
This article will:
- Tell you why filing the Free Application for Federal Student Aid (“FAFSA®”) is important no matter what your family income may be,
- Discuss the Academic Year 2022-2023 FAFSA® form, and
- Outline the likely changes to the FAFSA® form to be used in 2024-25
If you want to skip right to the finish line to get an estimate of the amount of financial aid you might eligible to receive, use this free Financial Aid Estimator.
Parents, take advantage of this huge opportunity to increase college savings with free cash from Uncle Sam!
The government is now sending eligible parents cash each month. This free money can supercharge a child’s college savings nest egg and reduce future student loan debt. As MyCollegeCorner likes to say: “Saving a dollar today is better than borrowing one tomorrow®"
Before buying expensive goods such as cars and homes, consumers have a very good idea of the purchase price and how they will pay for it. So why isn’t this true when it comes to buying a college education?
Four years of college can easily cost more than a car or even a home. But too many consumers of education do not know how much it might cost before making the purchase.
It’s time to pack up and head off to visit a college campus. How can you make the trip worthwhile?
Some visits may be as simple as an informal drive to a local college. Others may be week-long excursions visiting several schools. No matter the complexity, advance planning will help maximize the return on your investment of time, money, and energy.
Here are a few tips to make the visits fun and informative.
The historic CAREs Act has provided relief for Federal Student Loans borrowers since March 2020. With 0% interest rates and deferred payments, many students have enjoyed the benefits. However, with the program set to expire on September 30th, 2021 some students are fearing the worst- what happens if you really can’t pay?
Spoiler alert: It’s not even close. You should save for retirement first.
However - and this is a BIG however - you can do both. Setting up a college savings account alongside your retirement planning will benefit the whole family. You will give your child a great start toward college while you concentrate on building your nest egg for retirement.