Student Loan Consolidation & Refinancing Programs Tips

First things first. There are legitimate ways to temporarily postpone federal loan payments, such as deferments and forbearance before considering consolidation. If the student does not qualify for either, then they should consider consolidation through the Direct Loan program or shop around for private consolidation loans carefully for a low or fixed interest rate if they can find one, and read all the fine print. The student should never consolidate federal loans into a private student loan, or they will lose all the repayment options and borrower benefits.

FYI, there is no financial benefit to consolidating federal loans, other than having a single monthly payment and access to alternative repayment plans. In addition, consolidation is a bad idea when the student has only a couple more years or a few thousand more dollars to go until they pay of their loans. Switching to a new lender might eliminate any benefits they have earned, like lower interest rates for on-time payments over the years.

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Multiple 529 Plans For College Financial Planning

I was recently ask a question regarding multiple 529 plans. As a general rule, I don’t recommend parents should utilize multiple plans. However there are occasions that call for multiple 529 plans: If your children are more than a couple of years apart in age, you will most likely have different investment objectives for their […]

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10 Things You Have To Do Before Going Off To College

We know it’s an exciting time. You’re about to move away and start college. While you’ve probably already done everything you need to do, you should double check. Sometimes we can forget something — minor or crucial — because we’re so excited, nervous, scared or in shock. Here are the top 10 things you should […]

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Pell Grant Changes Affect Students

Congress wants to weaken the Pell Grant program that helps parents and student afford college tuition.  The Pell is important form of financial aid that allows millions of low income students to pursue their college education. What about  the Federal Supplemental Educational Opportunity Grant (FSEOG)? The author does not elaborate on this Grant. Many students who […]

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Best Tips For 529 Plans

Over the years we have seen many clients who utilize 529 plans. These are some of our best tips for 529 plans we think every parent should consider when they invest. The 529 plan should always be in the parents name and never in the students name. Parents assets are assessed to a much lesser […]

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How Much College Can You Afford?

Many factors come into play when comes to how much college tutition a family can afford. What colleges is the student applying to? What is families’ liquid asset situation like? How much was saved for college. What financial aid forms are required? Many colleges require more forms than the FAFSA. Who is completing the forms? […]

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529 Plans Are Good For Parents

Many families do save for college but do not do it correctly for a variety of reasons. One is that they don’t save enough for the appropriate school that the child deserves to attend (private schools). They underestimate the true cost of education. Another mistake, saving the wrong way, a general savings account. Parents should […]

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Private Scholarships Are Not Worth It

The private scholarship decision is real consideration to many students every year. We know from 25 years of experience the student does not come out ahead. There are things you can do to prevent this from happening. If you are dealing with this situation, contact our office for more information. Private Scholarships — A Billion-Dollar […]

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Tips For Students On How To Pay For College

Through the years we have seen a number of things students can do to lower their out of pocket cost for their education. First students should always walk into the financial aid office the first day they are on campus and ask if there are any “in house” scholarships they can apply for. Many times […]

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Did Your College Financial Aid Award Fall Short?

Our students are continuing to receive their initial financial aid offers. Unfortunately many of the financial aid awards from the colleges are falling short. Knowing what makes a good and fair award and how to appropriately appeal, will make an immense difference in what the out of pocket cost the family will incur. We continue […]

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