Ronald Ramsdell just completed a MarketWatch Interview on 2020 college financial aid.  They reached out to him because it looks like the majority of colleges will not be conducting classes on campus for the fall semester in 2020. If students are forced to do online classes, parents should contact the student’s financial aid counselor or one of the assistant directors of financial aid and request a tuition discount or any other discount and other appropriate adjustment(s) on their semester bill. E.g. if the student does not utilize campus housing, meal plans etc.

The unfortunate thing on campuses shutting down is that students will not be able to experience the “campus life” interacting with other students etc. Let’s hope that this does not continue into the spring semester. Students may want to consider taking a gap year in their first year. Many of our students are doing just that. There are benefits in taking a gap year(s).

If you wish to learn more about gap years or any financial aid topic, please contact our office.

Opinion: Advice to parents: Drive a hard bargain over college costs for this fall
COVID-19 has thrown the usual rules and timetables out the window
MarketWatch

The majority of college financial aid awards have been going out to students since late February 2020. We have noticed that many awards that our clients have been receiving this year are not appropriate.

For example, students who qualify for a Pell Grant are not receiving them in the awards. If a student does receive a Pell, the majority of them will not receive another grant that they will qualify for.

Moreover, how does a student or parent know if an offer is a fair one? Most don’t. That is why our services and expertise are invaluable to families. If you would like more information or would like a complimentary assessment please contact us, we would be happy to answer your questions.

Our office is starting to receive calls about the effect of coronavirus might have on college financial aid. We just received notice that U.S. Department of Education announced that it would make significant adjustments to college financial aid in response to the coronavirus outbreak.

During this time many colleges are using the ability to switch from in-person classes to distance ed and not have to go through all of the approval processes. They can just make that change right now in the middle of the term.

If an institution chooses this option, those students are fully eligible for the financial aid they have received and there will not be financial aid disruptions there would be if the institution completely closed.

In addition, some students may receive more financial aid as many families are dealing with special circumstances. For example, in cases where a parent loses his or her employment as a result of the coronavirus outbreak, financial aid administrators may be able to adjust and thereby increase a student’s aid.

The use of professional judgment where students and or their families have been affected by COVID-19/coronavirus and college financial aid is permitted, such as in the case where an employer closes for a period of time as a result of the disease.

Regarding student loans, President Trump announced that he has waived interest on all student loans held by all federal agencies until further notice.

If you would like more information about coronavirus and college financial aid and how to properly interpret any and all college financial aid changes, please contact our office.

We have been receiving many calls from panicking parents regarding FAFSA applications 2020 deadlines. Many parents are being told that the deadline for FAFSA is October 1st. Not true!

What parents need to know: As of Oct. 1, the federal government begins accepting the Free Application for Federal Aid for the 2020-21 school year. Same for the CSS Profile processed by the College Board. Another misconception is that families have until June 30, 2020 to file FAFSA which is the federal deadline. If a family follows that train of thought, they will lose out on good financial aid. The family needs to go by the college’s own deadline for FAFSA and Profile.

One more thing on FAFSA. A family should always complete a FAFSA if they think they will qualify for aid or not. Why? The FAFSA in some cases will stimulate financial aid from sources other than the college. In addition, if the family wants to utilize federal loans, the FAFSA is required.

If you would like more accurate information on financial aid and/or FAFSA application 2020 deadlines please contact one of our experts.

Parents have already started calling for 2020 student loan advice. Recently the first thing that has come to mind is an article I read about student loans. The writer states that a family who needs to utilize a student loan(s), typically is the family’s best option. Not true in many cases. What he meant to say that a Federal subsidized loan should be considered first. Regarding unsubsidized Federal loans, it should be the family’s last resort. Why? Things have changed in recent years regarding private educational loans.

We advise our clients if they need to utilize a loan(s) to take the time to shop around at local community banks, credit unions, and even the large banks. Every year I am told by clients that they have secured a private loan at a better rate compared to a Federal loan. In addition, if a student needs a Federal loan(s), a Free Application for Federal Student Aid (FAFSA) must be submitted.

If you have any additional question about 2020 student loan advice/financial aid or would like to take our advantage of our complimentary consultation just contact us now!