15 Financial Aid Questions You Need to Ask

15 Financial Aid Questions You Need to Ask

1. What types of financial aid do you offer? What are the requirements for need-based aid and for merit-based aid?

2. How much debt do students have when they graduate? What percentage of students graduate with debt?

3. If I get a work-study job, how many hours will I be required to work per week? Are part-time jobs available to students who don’t qualify for a work-study job?

4. Do you offer a tuition payment plan that lets me pay the college bills in monthly installments over the academic year? If so, what fees do you charge for this service?

5. Does your college practice need-blind admissions? Or will applying for financial aid hurt my chances of being admitted? Do you consider financial need when deciding whether to accept students off of the waiting list?

6. If I don’t apply for financial aid this year, will that affect my eligibility for financial aid in subsequent years?

7. Does your college meet my full demonstrated financial need, or do you practice “gapping”? Will you meet my full financial need for all four years of college?

8. Do you practice front-loading of grants? Or can I expect to receive a similar financial aid package all four years, assuming my financial circumstances do not change by much?

9. If I win a scholarship, do you reduce my financial aid package? If so, does the scholarship replace loans or grants?

10. How do I apply for financial aid? Which application forms are required to apply for financial aid? Does the college require the CSS Financial Aid PROFILE or its own forms in addition the Free Application for Federal Student Aid (FAFSA)?

11. What are the deadlines for applying for financial aid?

12. How does the financial aid application process differ for early admission students?

13. When will I receive my financial aid award letter?

14. If the financial aid is insufficient or my circumstances have changed, how do I appeal for more financial aid?

15. Where can I find information about other sources of financial aid, such as state grant programs and scholarships?

Don’t forget to ask about special circumstances that are specific to your situation, such as divorce/separation or financial aid for study abroad.

See also the ten questions in Fastweb’s Quick Reference Guide to Evaluating Financial Aid Award Letters.

Source: Fastweb

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What You Need to Complete the FAFSA

What You Need to Complete the FAFSA

It’s time to fill out the mother of all financial aid forms: the FAFSA. Don’t worry, it’s easier than you think!

Before you sit down to complete the form, make sure you have all the necessary materials. You’ll find that the form seems much simpler when you’re prepared with all the information you need.

Depending on your circumstances (when you filed taxes or what tax form was used), you may or may not need the following information or documents as you fill out the FAFSA, so it’s best to have it on hand.

You’ll need:

• Your FAFSA ID (if you don’t have one, you’ll be prompted to sign up for one when you go to fill out your FAFSA).
• Your Social Security card and driver’s license, and/or alien registration card if you are not a US citizen.
• Your income tax returns, W-2 forms and 1099 forms for the previous year. If you’re married, you’ll also need your spouse’s documents.
• Your parents’ income tax returns, W-2 forms and 1040 forms for the previous year (if you are a dependent student).
• Records and documentation of other untaxed income received such as welfare benefits, Social Security income, veteran’s benefits, military or clergy allowances (if applicable).
• Current bank and brokerage account statements, including records of stocks, bonds, mutual funds and other investments (if applicable).
• Business or farm records (if applicable).
• Records relating to any unusual family financial circumstances, such as anything that changed from last year or anything that distinguishes the family from the typical family. Examples include high unreimbursed medical and dental expenses, unusually high dependent care costs (e.g., for a special needs child or an elderly parent), death, divorce, salary reductions, job loss and private K-12 tuition. (These aren’t required, but they could influence the amount of aid received.)
• Title IV Institution Codes for each school you are applying to. You can get this code from the school, or you can use FinAid’s Title IV School Code Database.

Once you’ve assembled all the necessary materials, filling out the FAFSA should be a fairly simple task.

It’s helpful to refer to a FAFSA worksheet during the process of gathering information for the application.

Remember to fill out your forms sooner than later–you don’t want to put something as important as your financial aid off until the last minute.

Also, make copies of all documents and keep them with a copy of your completed FAFSA.

The IRS Data Retrieval Tool may make it easier to complete the FAFSA.

Source: Fastweb

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This 29 Year Old Learned To Love Investing By Making It A Game

This 29 Year Old Learned To Love Investing By Making It A Game
According to 29 year old Bri Doty, micro-investing hasn’t just built her a bigger nest egg. It was exactly the hack she needed to work with and not against her own personality.
Source: Forbes

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Should You Invest In Rental Real Estate?
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How To Have A Retirement Money Date With Your Partner

How To Have A Retirement Money Date With Your Partner
What I found most people have not done was a thorough retirement spending plan with their partner to make sure both have a clear idea of how much is really needed not only to retire but to stay retired. Consider setting up a “money date” with your partner to do the following:
Source: Forbes

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When Is It OK To Borrow Against Your 401(k)?

When Is It OK To Borrow Against Your 401(k)?
While borrowing from yourself in this way can be convenient and seem relatively harmless, this type of short term fix may have some long- term consequences that are more expensive than we realize.
Source: Forbes

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Here are some ideas to cut a few corners and save more without having to feel like you’re making an extreme change.
Source: Forbes

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