You are here:Home Blog
December 8, 2015

College Is Still Worth The Cost

We all know that the cost of education has skyrocketed over the years and to make things worse, many students who graduate with a degree cannot secure an occupation with a decent salary due to a lack of positions available. So the question here is, is college worth the price? Yes and no. If I had to lean towards one answer it would be yes. Unfortunately in our country, most people need a degree to obtain a worthy profession. However, if one pursues a degree, and does so in a proactive and savvy way, the cost of education can defiantly be worth the cost. If you would like some valuable advice and tips on how to pursue a quality education at a lower cost, please contact our office.

Is College Worth the Price? Even Some High School Counselors Have Their Doubts
News Source: TIME.com

Filed Under: News
December 7, 2015

Financial Assets & How They Affect Financial Aid

The article elaborates on assets and how financial assets affect financial aid eligibility. First of all, many who are completing the required financial aid forms do not know that certain assets do not have to be reported. Second, families with certain assets can implement appropriate strategies to increase their financial aid eligibility. If you desire valuable advice from a trained professional with over 25 years of experience, please contact our office.

5 Reasons Why You Won’t Get Free Money for College
Source: gobankingrates.com

Filed Under: News Tagged With: , , , ,
November 24, 2015

Fordham University Success Story

Our client wanted my thoughts on their son’s initial award from Fordham. Based on the numbers and knowing what the school is capable of,  we felt they could do better and recommended to negotiate. After the college received a letter we drafted, they increase the 2nd award by $3,500 of a Fordham Grant for the first year.  Contact our offices if we can give you a complimentary review of your financial aid offer.

Fordham-Updated-Offer Fordham-Original-Offer

Filed Under: News Tagged With: , , , , ,
November 8, 2015

Five Tips On How To Transfer Colleges Effectively

We get a few questions every semester from students and parents interested in the details of transferring their financial aid to a new and different college or university.  Below are some of the most common pieces of advice we offer.  If you think your financial aid position might have changed please contact our offices for a complimentary consultation.

  1. Make sure that all of your credits will transfer or you may have to repeat the course(s) you have already taken
  2. After checking out course transfers, inquire about financial aid packages. Not all colleges will offer generous awards
  3. Ask about “in house” scholarships at your new school that you may qualify for
  4. Ask the admission office for an application fee waiver. FYI, many colleges will have earlier application deadlines
  5. Student loans do not transfer so resubmit your FAFSA immediately.
Filed Under: College Life Tagged With: , , , ,
September 30, 2015

FAFSA Financial Aid Fedreral & State Deadlines 2016

Federal FAFSA Deadlines

You can file a FAFSA for the 2016-2017 school year between January 1, 2016, and June 30, 2017. Online applications must be submitted by midnight Central Time on June 30, 2017. Any corrections or updates must be submitted by midnight Central Time on September 17, 2017.

However, if you’re applying to college this year, you should submit your FAFSA in early 2016 to meet state and college deadlines and to maximize the amount of aid you can receive.

Starting next year, you’ll be able to file the FAFSA as early as October for the following year. We’ll have to wait and see whether states and colleges change their deadlines in response to this recent development. For the purposes of this article, I’ll be focusing on the deadlines to receive financial aid for the 2016-2017 academic year.

State Deadlines FAFSA Deadlines

FAFSA deadlines vary for each state to be eligible for state-sponsored financial aid. Generally, state deadlines have remained the same from year to year. A number of states ask you to submit your FAFSA as soon as possible after January 1st. Then, financial aid is awarded until the state funds are depleted. Therefore, it’s essential to submit your FAFSA early if you live in one of these states.

Below I have listed all of the state deadlines for the FAFSA for the 2015-2016 school year. As I previously mentioned, these deadlines tend to stay the same. This information was taken directly from the FAFSA website.

Alabama – Check with your financial aid administrator
Alaska – Alaska Performance Scholarship- June 30th
Arizona – Check with your financial aid administrator
Arkansas – Arkansas Challenge- June 1st by midnight Central Time. Workforce Grant- Check with your financial aid administrator. Higher Education Opportunity Grant- June 1st by midnight Central Time
California- For many state financial aid programs- March 2nd- date postmarked. Cal Grant also requires submission of a school certified GPA by March 2nd. Applicants are encouraged to obtain proof of mailing their GPA and to retain a copy of their GPA form. For additional community college Cal Grants – September 2nd – date postmarked. If you are a non-citizen holding a Social Security card issued through Deferred Action for Childhood Arrivals (DACA) or for some other work authorization, you should fill out the California Dream Act Application found at www.caldreamact.org. Do NOT fill out a FAFSA. Contact the California Student Aid Commission (www.csac.ca.gov) or your financial aid administrator for more information.

Colorado – Check with your financial aid administrator
Connecticut – February 15th. For priority consideration, submit application by date specified. Additional form may be required. Contact your financial aid administrator or your state agency.
Delaware – April 15th by midnight Central Time
District of Columbia- FAFSA completed by April 1st. For DCTAG, complete the DCOneApp and submit supporting documents by April 30th.
Florida – May 15th- date processed
Georgia – Check with your financial aid administrator
Guam – Check with your financial aid administrator. Reminder that additional form may be required
Hawaii – Check with your financial aid administrator. Reminder that additional form may be required
Idaho – Opportunity Grant- March 1st by midnight, Central Time. For priority consideration, submit application by date specified. Additional form may be required. Contact your financial aid administrator or state agency.
Illinois – As soon as possible after January 1st. Awards made until funds are depleted.
Indiana – March 10th by midnight, Central Time
Iowa – July 1st by midnight, Central Time. Earlier priority deadlines may exist for certain programs. Additional form may be required.
Kansas – April 1st by midnight, Central Time. For priority consideration, submit application by date specified. Additional form may be required. Contact your financial aid administrator or your state agency.
Kentucky – As soon as possible after January 1st. Awards are made until funds are depleted.
Louisiana – July 1st recommended
Maine – May 1st by midnight, Central Time
Marshall Islands – Check with your financial aid administrator. Additional form may be required.
Maryland – March 1st by midnight, Central Time
Massachusetts – May 1st by midnight, Central Time. For priority consideration, submit application by date specified.
Michigan – March 1st by midnight, Central Time
Minnesota – 30 days after term starts by midnight, Central Time
Mississippi – MTAG and MESG Grants- September 15th by midnight, Central Time. HELP Scholarship- March 31st by midnight, Central Time.
Missouri- April 1st by midnight, Central Time
Montana – March 1st by midnight, Central Time. For priority consideration, submit application by date specified.
Nebraska – Check with your financial aid administrator
Nevada – Check with your financial aid administrator. Additional form may be required
New Hampshire – Check with your financial aid administrator. Additional form may be required
New Jersey – Tuition Aid Grant recipients- June 1st by midnight, Central Time. All other applicants- October 1st by midnight, Central Time for fall and spring terms; March 1st by midnight, Central Time, for spring term only.
New Mexico – Check with your financial aid administrator
New York – June 30th by midnight, Central Time. Additional Form may be required
North Carolina As soon as possible after January 1st. Awards made until funds are depleted.
North Dakota April 15th by midnight, Central Time. For priority consideration, submit application by date specified. Earlier priority deadlines may exist for institutional programs.
N. Mariana Islands
Check with your financial aid administrator

Additional form may be required

Ohio – Check with your financial aid administrator. Additional form may be required
Oklahoma – March 1st by midnight, Central Time. For priority consideration, submit application by date specified.
Oregon – OSAC Private Scholarships- March 1st. Oregon Opportunity Grant- As soon as possible after January 1st. Awards made until funds are depleted.
Palau – Check with your financial aid administrator. Additional form may be required
Pennsylvania – All first-time applicants enrolled in a: community college; business/trade/technical school; hospital school of nursing; designated Pennsylvania Open-Admission institution; or non-transferable two-year program – August 1st by midnight, Central Time. All other applicants- May 1st by midnight, Central Time
Puerto Rico – Check with your financial aid administrator
Rhode Island – March 1st by midnight, Central Time. For priority consideration, submit application by date specified.
South Carolina – Tuition Grants- June 30th by midnight, Central Time. SC Commission on Higher Education Need-Based Grants- As soon as possible after January 1st. Awards made until funds are depleted.
South Dakota – Check with your financial aid administrator. Additional form may be required
Tennessee – State Grant- Prior-year recipients receive award if eligible and apply by March 1st. All other awards made to neediest applicants until funds are depleted. State Lottery- fall term, September 1st by midnight, Central Time; spring and summer terms, February 1st by midnight, Central Time
Texas – Check with your financial aid administrator
US Virgin Islands – Check with your financial aid administrator. Additional form may be required
Utah – Check with your financial aid administrator
Vermont – As soon as possible after January 1st. Awards made until funds are depleted. Additional form may be required.
Virginia – Check with your financial aid administrator. Additional form may be required
Washington – As soon as possible after January 1st. Awards made until funds are depleted.
West Virginia – PROMISE Scholarship- March 1st. New applicants must submit additional information at www.cfwv.com . Contact your financial aid administrator or state agency. WV Higher Education Grant Program- April 15th
Wisconsin – Check with your financial aid administrator
Wyoming – Check with your financial aid administrator. Additional form may be required

Filed Under: FAFSA
September 16, 2015

Applying For Financial Aid Is Not Getting Easier

The article indicates that filing for financial aid is getting a little simpler. For millions of families this will not be the case. Families who file FAFSA early in the base year and the information does not reflect the actual figures, will be misled in regards to what they really qualify for. My advice to families, do not file FAFSA early. If you would like an early estimate of what you would qualify for without filing FAFSA, please contact our office.

Applying for college financial aid is getting a little simpler
News Source: Las Vegas Review-Journal

Filed Under: News
August 18, 2015

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.

Filed Under: News
July 5, 2015

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 make sure you’ve completed before heading off to college.

  1. Make sure all of your financial aid/grants/loans have gone through. Check the status on your FAFSA online and call your school’s financial aid office to ensure your everything has been processed with out issue.
  2. Sign up for freshman or transfer orientation, which will likely occur before the school semester starts. While orientations vary, many set out to achieve the following: Meet other students Discuss classes and majors with academic advisors Register for classes (if you haven’t already) Learn about campus resources
  3. Call the housing department at your school to verify your dorm situation or double checking with a landlord or roommate that you’re all set to move in to an apartment or house.
  4. Plan out which welcome week events you’ll attend. Many colleges pack the first week of college with events that orient new students to the school. Colleges welcome week events consist of: Free barbecue food and ice cream Residence hall meetings Informational sessions on academic offerings A football game Plan ahead so you won’t miss out on the events you want to attend.
  5. Don’t leave your house and hop in the car or on that plane without crucial little items, like retainers, inhalers and spare keys (for that surprise visit home).
  6. Make sure you’re registered for the classes you need and that none of none of them got cancelled. It’s rare, and you’d likely be notified, but sometimes a class may get cancelled if not enough people signed up. You’ll want to know if that happened as soon as possible, so you can replace the course.
  7. Can you even make it to your new city? Make sure the car you’re taking there is capable (get an oil change or have a mechanic take a look at it) or that your flight is booked and you have a way of getting to your new home from the airport.
  8. Colleges sometimes inform you who your dorm-mate will be. Meet this person if they live in your city, or video chat if you live in different cities. If you don’t click and have a chance of swapping for someone else, you’ll want to do that before the semester starts to avoid awkwardness.
  9. Don’t forget to buy some crucial dorm accessories if you’re living on campus. The checklist for this includes: Desk lamp Laundry bag Shower caddy Umbrella Backpack You can buy these when you arrive, but you may want to not add to your already large to-do list and buy them ahead of time. 
  10. Have a going-away party. Even if you’re the type who thinks throwing yourself a going-away party is narcissistic or arrogant, or are uncomfortable because it makes you the center of attention, it will give friends, family members and acquaintances a chance to say goodbye in person. You may see them when you visit but it’s good for everyone, including yourself, to celebrate the closing of a life chapter (and opening of a new one) together formally.

If you can check everything off of this list, then you will likely be ready to start at your new college and begin your new life. Enjoy the experience!

Filed Under: College Life
June 16, 2015

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 are Pell Grant recipients will qualify for FSEOG. Many critics claim that  programs like Pell increase the cost of college. Not true. What has increase the cost of college over the years is the vast availability of Federal  Loans especially the Parent Plus Loan which parents can borrow as much as they want minus the aid originally offered each year.

If you are looking to maximize the financial assistance for your student to attend college, please contact our office today to learn how we can help.

Congress Wants to Weaken the Pell Program. Here’s Why They Shouldn’t.
News Source: huffingtonpost.com

Filed Under: News Tagged With: , , , ,
May 27, 2015

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 degree. Parents should contribute as much as they can to any 529 Plan they start. Multiple sources should also contribute when ever possible.

Whether it’s taxable for other sources is up to the tax professional. All 529 plans utilized for education and/or purposes of education are tax free. Parents should shop competitively 529 plans across others states because they are not specific to the state of residence.

We see 4 main differences in 529 Plans across different states.

  1. To the best of our knowledge 34 states including the District of Columbia allow parents to take full or partial deduction for 529 plan contributions. Most states only offer this benefit to residents who use their home state’s plan. Arizona, Kansas, Maine, Missouri, Montana and Pennsylvania offer taxpayers a deduction for contributions to any state’s plan.
  2. Flexible low minimum contribution
  3. Ability to roll over money from one plan to another without state tax penalties.
  4. Various plans will have a maximum contributions to the plan

We advise parents on differences that do impact on how much they can save from one plan to another. Parents should always speak with 529 plan expert to utilize the most current 529 plan offerings specific to their situation.

To learn more how we can help discover additional financial aid for your child’s education contact our office today.

Filed Under: News
Google+