Families May Have to Make College Decisions Before Knowing Full Cost
The revamped Fafsa and rushed timeline are complicating college planning. Click here to read more.
What to Know About the 529 Grandparent Loophole
What to Know About the 529 Grandparent Loophole Jess Ullrich Wed, October 5, 2022 at 9:00 AM How the 529 Grandparent Loophole Works A 529 plan can be a powerful way to save for college, offering tax-free growth and other tax benefits. These accounts are so powerful, in fact, that many grandparents choose to open them for their grandchildren. In the past, there was a downside to a grandparent 529, though. Distributions from these accounts were included on the Free [...]
Count Down to College
As a parent, you of course want to give your child the best opportunity for success, and for many, attending the “right” university or college is that opportunity. Unfortunately, being accepted to the college of one’s choice may not be as easy as it once was. Additionally, the earlier you consider how you expect to pay for college costs, the better. Today, the average college graduate owes $37,172 in debt, while the average salary for a recent graduate is $50,944.1,2 [...]
FAFSA Simplification Act
FAFSA Simplification Act Learn about how legislative changes can help you finance your loved one’s education. As a parent or grandparent, you know firsthand the challenges of funding a child’s education.The Free Application for FederalStudent Aid (FAFSA) Act was passed at the end of 2020 and has changed some of the qualifications for students to receive financial aid. These changes will affect those applying for financial aid for the 2023-2024 school year. You’ll notice these changes on October 1, 2022, [...]
College Funding Options
College Funding Options You can plan to meet the costs through a variety of methods. How can you cover your child’s future college costs? Saving early (and often) may be key for most families. Here are some college savings vehicles to consider. 529 college savings plans. Offered by states and some educational institutions, these plans allow you to save up to $15,000 per year for your child’s college costs without having to file an I.R.S. gift tax return. A married [...]