Three Huge Last Minute Money Moves To Make Before New Year's Eve
Shutterstock After the madness of holiday shopping and socializing settles down, year-end can also bring with it some down-time from work and other projects. Why not use the post holiday doldrums to tweak your finances? Getting it done now means fewer New Year’s resolutions (and potential regrets) later. Before popping the […]
Source: Forbes
Money Saving New Year's Resolutions
It’s about to be 2017, which means that everyone is about to make their New Year’s Resolutions.
That means, the timing could not be more perfect to focus on resolving to focus on your education and, of course, a way to pay for it!
Here are some suggestions of resolutions you can take on this year to improve your financial situation:
Credit cards can seem like a simple solution for the present, however, piling on debt to deal with later is not a solution.
As enticing as any credit card rates may seem, interest accumulates rapidly and paying off the minimum payment is not a solution.
If you do have a credit card, only spend what you actually have. That way, you will improve your credit score and never carry a balance.
It sounds simpler than it is. Saving is difficult, but if you decide to save a certain portion of your paycheck, it can be easier if you arrange for automatic deposit of that portion into a savings account.
Eventually, you will get used to your adjusted paycheck and will not even think about the amount that’s gone into your savings.
Scholarships are basically like free money for school and the more you apply for, the better your chances are of winning. Stay diligent – it’s not easy to win a scholarship and you likely won’t win one on your first try.
This year, resolve to apply for a certain number of scholarships weekly. Maximizing your chances can take you from a scholarship applicant to a scholarship winner this year.
If you can’t afford to go out, stay home. It’s that easy! You must be realistic – if you can’t afford to dine out, go out or whatever it is – why not entertain on a budget?
Go in on a cooking dinner with friends (groceries are much less expensive than eating out), playing games at home or find other budget-friendly ways to have fun. Remember, you can say no to going out and spending money without sacrificing fun!
Source: Fastweb
6 End Of Year Tax Moves That You May Not Have Thought About
Shutterstock Don’t wait until tax day to look for ways to reduce your 2016 taxes. By then, it will be largely too late no matter how good your accountant is. The best time to reduce your 2016 taxes is in 2016. As the year draws to a close, it’s time for […]
Source: Forbes
Financial Aid Award Packages Arriving Early
As the holiday cards and packages arrive, you may want to keep your eyes peeled for another significant piece of mail: your financial aid award letter. Yahoo is reporting that financial aid award packages are already starting to arrive. This is all due to the new FAFSA timeline that was launched on October 1 of this year.
The new FAFSA launch date allows students to submit the FAFSA as soon as possible after October 1 versus January 1, which lines up better with the college admissions cycle. It also allows students and their families to provide tax information for the year prior rather than estimating figures for the form. For instance, in years past, when filing the FAFSA for the 2017 – 2018 academic year, you would have had to estimate your tax information for 2016. Instead, under the new FAFSA, you’ll be able to submit your financial information for 2015.
Given the accuracy of the new FAFSA as well as the timeline, colleges and universities across the country have actually been able to compose and send financial aid award packages to students that have already been admitted, according to Yahoo. That’s nearly three months earlier than is typical. A survey from EAB confirmed that 26% of colleges will mail financial aid award packages four to eight weeks earlier and 31% plan to send them two to three weeks earlier.
Yahoo points out that the financial aid packages will most likely provide a ballpark range for aid and tuition costs given that most colleges and universities won’t set prices for the 2017 – 2018 academic year until sometime in 2017. State budgets also won’t be conclusive at this point, which could affect grant and other state aid figures on your package. But this has always been the case with financial aid award letters and isn’t necessarily reflective of the new FAFSA timeline.
So what do I do once my financial aid award letter arrives?
When the letter or package arrives, you’ll get a more accurate picture of the cost of attendance at that particular college. As financial aid offers from other schools roll in, you’ll be able to compare and contrast your offers to see which school makes the most financial sense for you and your family. Use college cost calculators to help calculate your aid package in addition to any scholarship money you have received. And if you have any questions at all about your package, now is the time to call the college’s financial aid office. The goal at this point in the game is to have the best picture possible of what attending each college will entail.
This might also help push you to seek other resources for paying for college. If you haven’t searched for scholarships, it’s not too late to start now. Fill out or update your profile on Fastweb to see which scholarships in your area, field of interest or college you qualify for and apply. The first of the year is also a great time to meet with your high school guidance counselor about local scholarship opportunities.
The great news is that you don’t have to make a final college decision until May 1 and the early release of financial aid award packages gives you plenty of time to make an informed decision.
If you haven’t applied to any colleges or completed your FAFSA, stop what you’re doing right now and get started! Many college admissions deadlines fall in January and early February so you need to apply now. There are several different components that make up the admissions application, like essays, letters of recommendations and test scores. You need to allow yourself a week or two to compile all of these pieces in order to make the best case for admission.
In regard to financial aid, many states operate on a first come, first serve basis, meaning financial aid dollars could run out if you don’t apply in time. Additionally, states have their own FAFSA deadlines, many of which fall in February and March. So to give yourself the best financial aid package, you need to submit your form as soon as possible.
This holiday break offers the perfect opportunity to work on your college admissions applications and FAFSA. This is your chance to fill out applications without having to balance homework, exams and extracurricular activities. It’s also ideal to spend some of the time with family gathering financial information and completing the FAFSA. Dedicating time now to these major college admissions to-dos could have a substantial payoff for you in the future – literally.
Source: Fastweb
Saving For Retirement Beyond The 401(k)
Shutterstock If you’re like most Americans, your vehicle for retirement savings is your employer’s retirement plan, typically a 401(k) or maybe a 403(b) if you work for a non-profit. After all, the plan has tax benefits, may offer matching contributions from your employer, and perhaps most importantly, it’s convenient as it […]
Source: Forbes
2017 – 2018 Financial Aid Deadlines
Financial aid can be a confusing topic but the most important thing to remember is to keep track of your deadlines. Deadlines can change depending on whether they are federal or state applications, so it’s important to be able to decipher between the two.
Not sure when your financial aid applications are due? It’s important to be aware that, while deadlines can vary by state, it’s easy to remember the federal financial aid application deadline, because it is the same for everyone: June 30, 2018.
Just this year, the FAFSA rolled out on its new launch date: October 1. The new date – as opposed to January 1 – allows students more time to complete the form and better aligns with the college admissions process. It also asks for financial information from the prior prior year rather than asking families to estimate their tax information.
In addition to complying with the federal deadline above, students must adhere to state financial aid deadlines as well in order to qualify. Looking for your state’s specific deadline? Don’t worry! We’ve got you covered with a complete list of financial aid deadlines, state-by-state, for the 2017 – 2018 academic year.
Before you check out the list and look for your state, it’s important to review the information below. It can help you understand all of the relayed information and ensure you note the correct deadlines for your state!
— This information is for the 2017 – 2018 school year.
— The Federal Aid Deadline for the 2017 – 2018 academic year is June 30, 2018 – no matter what state you live in.
— Online applications must be submitted by midnight Central Time, June 30, 2018.
— FAFSA on the Web applications must be submitted before or by midnight, 12:00 a.m. Central Standard Time on June 30, 2018.
State deadlines may be earlier than the federal deadline and do not replace filling out the FAFSA. You must fill out the FAFSA to receive federal student aid. In all cases, it’s best to apply early before funds run out. And, for state or college aid, the deadline may be as early as October 2016.
Note: Your school must have your complete and correct information by your last day of enrollment in the 2017 – 2018 school year.
Many states do operate on a first-come, first-served basis until funds run out, so it’s always in your best interest to submit the FAFSA as soon it’s available on October 1 of each year!
Also, be sure to check your state’s specific listing for notes so that you can make sure you know if any specific criterion applies (see below criteria)!
In some states, the following criteria applies:
— Additional form may be required. Contact your financial aid administrator or your state agency.
— Applicants encouraged to obtain proof of mailing.
— For priority consideration, submit application by date specified.
— Deadline by midnight, Central Daylight Time.
— Deadline by midnight, Central Standard Time.
— Deadline may be by date received, date postmarked or date form was processed.
Notes: Why ASAP? Awards made until funds are depleted.
Workforce Grant – check with your financial aid administrator.
Higher Education Opportunity Grant – June 1, 2017 by midnight, CST, (date received).
Additional community college Cal grants must be postmarked by September 2, 2017.
Notes: You’re also encouraged to obtain proof of mailing and additional forms may apply.
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, NOT a FAFSA form.
Notes: For priority consideration, submit application by the specified date. You’re also encouraged to obtain proof of mailing and additional forms may apply. Contact your financial aid administrator or state agency for additional information.
For DCTAG, complete the DC OneApp and submit supporting documents by May 31, 2017.
Notes: This is the date the form must be processed by, not received or postmarked so make sure to leave a little leeway!
Notes: You may need to fill out an additional form.
Notes: For priority consideration, submit application by the specified date. Also, an additional form may be required. Contact your financial aid administrator or state agency for additional information.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: Earlier priority deadlines may apply for certain programs and an additional form may be required.
Notes: For priority consideration, submit application by the specified date. Also, an additional form may be required. Contact your financial aid administrator or state agency for additional information.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: Turning it in by July 1, 2017 is highly recommended.
Notes: For priority consideration, submit application by the specified date.
HELP Scholarship – March 31, 2017 by midnight, CST (date received).
Check with your financial aid administrator.
Notes: An additional form may be required.
Notes: An additional form may be required.
All other applications – September 15, 2017 by midnight, CST for fall and spring terms (date received).
February 15, 2018 by midnight, CST for spring term only (date received).
Notes: An additional form may be required.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: An additional form may be required.
Notes: For priority consideration, submit application by the specified date.
Oregon Opportunity Grant – ASAP after October 1, 2016.
Notes: Why ASAP? Awards made until funds are depleted.
All other applicants – May 1, 2017 by midnight, CST (date received).
SC Commission on Higher Education Need-based Grants – ASAP after October 1, 2016.
Notes: Why ASAP? Awards made until funds are depleted.
An additional form may be required.
For State Lottery – fall term, September 1, 2017 by midnight CST (date received); spring & summer terms, February 1, 2018 by midnight, CST (date received).
Notes: Prior-year recipients of State Grant will receive an award, if eligible. All other awards are given to neediest applicants who have met the January 17, 2017 deadline until funds are depleted.
Notes: Why ASAP? Awards made until funds are depleted. An additional form may be required.
Notes: An additional form may be required.
Notes: Why ASAP? Awards made until funds are depleted.
WV Higher Education Grant Program – April 15, 2017
Notes: An additional form may be required.
To find out more information regarding financial aid deadlines, visit the FAFSA website.
Information compiled from http://www.fafsa.ed.gov.
To complete the FAFSA, go to http://ift.tt/1jlYGkE.
Source: Fastweb
Who Really Needs Renters Insurance?
Shutterstock Back in my single days as an apartment dweller, I had a cozy bachelor pad that consisted of a one-bedroom apartment perched on top of a garage. I arrived home from work one day to observe my neighbor who was also returning home after an extended weekend. As he pushed […]
Source: Forbes
Why Millennials Aren’t Buying Homes
Data shows that homeownership among millennials is down, but that doesn’t mean they aren’t interested in buying a home. In the last two decades, homeownership in the U.S. has declined across the board and especially so for young Americans. The rate of homeownership under the age of 35 has declined 9.8 percent since 1996. So […]
The post Why Millennials Aren’t Buying Homes appeared first on Debt.org.
Source: Debt . Org
Guidelines for Financial Freedom
When you’re a student trying to pay for school, one of the greatest challenges can be managing your finances in the best way possible.
With so many options out there, it’s difficult to decipher right from wrong and what will be best for you in the future.
Following these guidelines will help you understand how to determine what’s best for you, in terms of finances.
While it’s important to consider the overall picture, you likely won’t be able to predict exactly how you’re going to pay everything off in the long run.
As a result, take it day by day. Meaning: make sure you are able to pay all of your debts as they are due.
This ensures that your bills are paid, on time and that you will be set for the present and, if you’re in good shape for the present, you’re automatically in better shape for the long run.
If you obtain a sudden cash flow, paying more than what you immediately owe is a bonus for the long term.
This sounds like common sense but, with limited funds, students are often forced to choose between paying with what they’ve got or going into further debt.
While paying with what you’ve got might leave you breaking even, it’s always preferable to do this over taking on more debt to seemingly have a surplus.
Really, you’ll just be spending money you don’t have time and time again.
Obviously, this isn’t a good long term solution as it will just continue to pile on more debt for the future.
Always pay your bills when they are due, even if you can only afford a minimum payment. Do this no matter what it takes!
If you don’t, your credit score will decline, leaving you will a whole onslaught of issues.
Keep this in mind: if your credit score declines, your minimum payments and interest rates can raise, making it even harder to stay on top of your payments.
Not to mention that it will also make future borrowing for important “adult” things, like cars and houses, much more difficult, if not impossible.
In other words, you’ll end up owing more money for borrowing the same amount. That simply isn’t logical!
Remember, your credit score follows you through life and takes a very long time to turn around!
There’s nothing wrong with being anal retentive about your bills and payments, if you need to be.
If you find yourself forgetting to make payments, set up automatic payment methods or, at the very least, pay your bills within the week of receiving them to ensure that you won’t forget about them or put them on the back burner.
If you happen to gain access to extra funds, remember that it’s not time to go shopping or splurge on yourself!
When you borrowed, you technically started out with a negative balance since none of the money is actually yours.
Which means any additional funds that come in should go to paying off your debts, so that you’re that much closer to financial freedom.
What rules do you follow to maintain financial freedom?
Source: Fastweb
Making Smarter Student Loan Decisions
It’s no secret that college is getting more expensive by the minute.
In attempts to make college possible, many students take out student loans in pursuit of their higher education. While an investment in education is one of the best a person can make, loans can pile up and lead to large amounts of debt.
Universities are able to increase revenue based on the loan amounts given to students based on their post-graduation earnings potential. In actuality, this practice is ironic in nature, seeing as most universities openly proclaim that the value of a degree cannot be abridged to a dollar amount.
Remember, loans are not free money! You must repay them and, when you’re not unable to pay them on time, the debt begins to accumulate. This is the unfortunate situation that many students find themselves in upon graduation, about to embark on a new career.
As a result of student loan debt, many student borrowers find themselves starting out behind, rather than ahead, since they’ve obtained loads of debt which follows them throughout many years of their career.
Make sure you research and consider all of the available options before you borrow.
Ask yourself questions, such as:
• How and when are you going to repay the loan?
• How can you get rid of the high interest rates?
• Can you consolidate multiple loans into a single loan?
Once you’ve decided that a student loan is a route you’re willing to take, make sure to do the following:
• Consider Your Likely Post-Grad Lifestyle
Create a cost benefit analysis of the degree you’re working towards. Will your earned degree allow you to obtain a job that will justify taking out the loan? Will you be able to repay it? If so, how quickly?
Make sure you take interest rates, potential salary and the anticipated job market situation upon graduation.
After thinking of all these factors, you should be able to get a better sense of whether or not you’ll be able to afford to repay the loan in a timely manner.
• Consider Consolidating
Consolidating comes into account when you have taken out multiple loans. When you consolidate, it makes it much easier to repay because all of your student loans are combined into one, with a single monthly payment.
In addition to being easier to pay the bills, consolidating loans also allows lowering the payment amount options as well as the interest rate.
The hazard of consolidating your loans is that it will likely stretch out the payments for a longer period of time and, as a result, end up costing you more money overall.
• Consider Grace Periods
Different types of loans have different grace, or repayment, periods. For example, a Stafford Loan has a grace period of 6-months upon graduation, leaving school or dropping courses.
Keep in mind that private loans are vastly different. Usually, private loans don’t have a grace period. This means that, if you borrow private loans for your education, you’ll need to begin repaying upon graduation, leaving school or dropping courses.
• Consider Your Interest Rates
Federal loans almost always have lower interest rates than private loans.
If you have multiple loans, both federal and private, it’s always better to pay off the loans with the higher interest rates first, so you don’t accumulate even more debt.
• Consider Your Repayment Plan Options
Unless otherwise arranged, you’ll be enrolled into a standard repayment plan. This likely consists of a regularly scheduled payments for the amount of time it takes to repay the loan.
If you review the repayment plan options and decide to go with plans other than the standard, make sure you read and understand the agreement in its entirety. All documents have fine print and student loans are not an exception to the rule!
When considering or taking out student loans always borrow as little as possible. While it may seem helpful to have extra money at the time of borrowing, it’s easy to get into a cycle of debt that’s difficult to repay, making post-grads feel overwhelmed when it comes time to repay the large sums.
Avoid debt whenever possible – one day you will be thankful for making smarter borrowing decisions!
Have you had a learning experience with student loans? Help others learn from your situation by posting below!
Source: Fastweb
Yes, You Can Still Retire If You Start After 40
Shutterstock As a Generation Xer, one of my favorite shows growing up was Who’s the Boss? A friend of mine recently reminded me that those “cute kids” I always talk about from the show are now middle-aged. Boy, was that like a dose of cold water. Where did the time go? As […]
Source: Forbes
The One Thing You Should Do To Ease Your Stock Market Jitters
Shutterstock What if every quarter you received a statement from your mortgage company that not only showed how much you’ve paid on your mortgage but also exactly what your house was worth and whether it had gone up or down in value since the last quarter? Would you be more inclined […]
Source: Forbes
After the FAFSA: What to Do Once You’ve Submitted Yours
Congratulations! You’ve filled out your FAFSA and successfully submitted it.
Unfortunately, this doesn’t mean you should expect that a check to help you pay for school is going to arrive from the government. The process is a little more complicated than that and there may be more for you to do.
Now, learn the next steps in the process of obtaining financial aid.
Once you’ve submitted your FAFSA online, you are immediately able to check its status. If you submit a paper FAFSA, you can check the status once it has been processed, which takes anywhere from seven to 10 days after the date you mailed the form.
Once you submit your FAFSA form, the information is given to the schools you listed on the application. From there, the financial aid offices at each school will use the information you provided to figure out how much federal student aid you qualify for at their school.
Plus, if the school you applied to has additional funding opportunities, they’ll use your FAFSA information to determine whether or not you’re eligible for that as well.
The information is also given to your state’s higher education agency, along with any other agencies in states to schools which you’ve applied. That’s because many states have financial aid funding they award based on your FAFSA information.
You’ll receive a Student Aid Report (SAR), a summary of the FAFSA information you sent, anytime between three days and three weeks from the time you submitted your FAFSA. It’s important to look over your SAR in order to make sure you didn’t make any mistakes on your FAFSA.
Unfortunately, the SAR won’t tell you much about how much financial aid you’ll qualify for. But, you will get award letters from the schools you indicated on your FAFSA form. These award letters can be electronic or paper and the time you receive your award letters can vary. If you fill out the fall FAFSA, you can expect them sometime in the spring up to as late right before you start school, depending on when you submitted your information and how to school awards aid.
If you see a note on your SAR that says you’ve been selected for verification, it simply means you’ve been selected to verify your form’s data is correct. It’s not a big deal – some schools may want to verify your information or you could have been selected at random. Some schools even verify all of the FAFSA forms they receive from students.
If you are asked to verify, provide the documentation that the school asks for by their individual deadline indicted. Failure to do this will not allow you to qualify for financial aid, so ensure you submit it by the deadline!
Making corrections to your form is easiest online, but you must wait until your application has been processed. You can make corrections or updates to your FAFSA form on the Federal Student Aid website.
You are able to update your FAFSA information if your situation changes. You are also able to update your contact information (your mailing address, email or phone number) in case that changes.
You MUST update the following changes in order to qualify for the right amount of financial aid:
Dependency status – this needs to be updated if you become pregnant or if your legal guardianship changes. If your marital status needs to be updated (and only yours – the student who filed the FAFSA), contact your school’s financial aid office to see if you’re able to update the information.
Household changes – IF you’re selected for verification (and only if) you must update your FAFSA to reflect any changes in your household – whether it’s yours or your parents. If your household changes as a result of marital status (and only yours – the student who filed the FAFSA), contact your school’s financial aid office to see if you’re able to update the information.
Changes to the number of people in college in your household – IF you’re selected for verification (and only if) you must update your FAFSA to reflect any changes in you’re the number of people within your household in college.
This includes your household and your parents’ household. If this change is a result of your (and only yours – the student who filed the FAFSA) marital status, contact your school’s financial aid office to see if you’re able to update the information.
You can make changes to your FAFSA form on the Federal Student Aid website, but you have other options, too. If you want to make changes online, login to your account on FAFSA.gov. From there, you can find a “Make FAFSA Corrections” option on the “My FAFSA” page.
You are also able to write in corrections/updates on your SAR, once you receive it. There’s an address provided on your SAR to mail the correct information.
Additionally, your school’s financial aid office may be able to make electronic updates to your form. Contact them directly if you have any questions about changing your form.
Source: Fastweb
Why Should I Complete the FAFSA?
Let’s start with a little bit about what the FAFSA actually is. FAFSA stands for Free Application for Federal Student Aid; translation: it determines a student’s eligibility for need-based federal financial aid for college, which may include grants, scholarships, work-study and loans. If eligible, it can really help you pay for school!
If the words “help you pay for school” aren’t incentive enough, here are some additional details of why it’s beneficial for you to fill out your FAFSA form:
Rumor has it…I don’t have to fill out a FAFSA form if I’m not looking for federal aid.
In reality…why would you turn down help to get an education? That’s just silly!
Even still, it may be necessary if you’re applying for other forms of financial aid through the state, your college and, sometimes, privately-sponsored scholarships.
Rumor has it…it costs money to apply for money.
In reality…that’s just false! It’s free to fill out (and free to see if you’re eligible for federal aid, too!).
Rumor has it…the FAFSA is a difficult, time-consuming form.
In reality…you should forget about the tedious, time-consuming government form that FAFSA used to be – the form has been revamped and simplified!
Filling out the FAFSA is now easier than ever before and usually takes less than a half hour to complete (23 minutes on average) to entirely fill out.
Rumor has it…that my family makes too much money/my grades aren’t good enough/I’m too old, so I’ll never qualify for financial aid.
In reality…tons of students qualify for financial aid – probably a lot more than you think!
All of the above reasons not to fill out the FAFSA are falsehoods – don’t let rumors stop you from getting financial aid that’s meant for every type of student!
Don’t miss out on opportunities for financial aid!
Source: Fastweb
10 FAFSA Mistakes that Affect Financial Aid
A mistake on your FAFSA can delay the processing of your application for financial aid! About 30% of all FAFSAs are selected for verification, a process intended to identify and correct common errors. Some colleges voluntarily required 100% of FAFSAs to undergo verification. If your FAFSA is verified and contains errors, it can cost you.
To avoid these errors, get started early and use the online version of the FAFSA. The online FAFSA has built-in “edit checks” that can catch and prevent many errors. If you use a printed version of the FAFSA, be sure to proofread your application before you submit it.
The IRS Data Retrieval Tool can be used to copy the answers to some FAFSA questions directly from your federal income tax return. If you do not modify those answers, those questions will not be subject to verification. This will reduce the likelihood that your FAFSA will be selected for verification, saving you time and hassle.
Do not, however, wait until you file your federal income tax returns to file the FAFSA. Some states have very early deadlines for state grants, and some states award their grants on a first-come, first-served basis.
Use the Pre-Application Worksheet to insure you’ve gathered all the necessary information. The worksheet is updated every year, so if this year isn’t available yet, keep checking until it is.
Avoid the most common mistakes:
Make sure to fill it out right the first time, and you’ll have your financial aid award letter in no time.
Source: Fastweb
How To Improve Your Credit Score Quickly
Shutterstock Is your credit score below 760? That’s the score at which you are likely to get the best interest rates on a mortgage. If you’re not interested in buying a home but need to rent a new apartment, it will still be a challenge if your credit score is below […]
Source: Forbes
What You Need To Know Before Selling Your Home
Choosing when to buy or sell a home is one of those crucial financial planning decisions that will have a lasting impact on your journey to financial independence. For many Americans, home equity remains the single largest asset on the personal net worth statement. The current homeownership rate in the […]
Source: Forbes
