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Federal PLUS Loan – Another option to pay for college

College can be unaffordable for students who cannot secure other funding options. The Free Application for Federal Student Aid (FAFSA) determines a student’s eligibility to receive financial aid. However, the aid offered through the FAFSA application will not be enough to cover most students’ school expenses. Therefore, students must secure other funding sources such as scholarships, grants, and payment plans. Once all other funding options and sources are exhausted, parents can apply for additional loan funding. Parents can ch0ose to…

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are outside scholarships worth it

Are Outside Scholarships Worth It?

The following headline was featured in the February 9, 2018 edition of Forbes: “How This Savvy Student Won More Than $700,000 In Scholarships!” While this sounds like quite the accomplishment, if you read the article in its entirety you’ll notice 2 major catches: It required the student to apply to more than 140 scholarships just to win six awards The student couldn't accept more than half of the $700,000 total because it included scholarships from schools he chose not to…

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Business Owners Have a Big Advantage When Paying For College

Business Owners Have a Big Advantage When Paying For College

Small business owners have some unique advantages when it comes to lowering the cost of college, often by thousands of dollars a year. The big drivers in determining college costs are income and assets. Small Business Not Assessed Under FAFSA Rules Under current FAFSA rules, assets (a business with under 100 employees) are not assessed when determining the Expected Family Contribution (EFC). Considering that assets are assessed at 5.64%, it can be a big advantage for many small business owners…

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asset repositioning strategies

Why Families May Want To Consider Asset Repositioning Strategies To Reduce College Costs

About 20% of middle-income families will qualify for need-based aid that is higher than their merit scholarship.   It often makes sense for these families to consider asset repositioning strategies to reduce their EFC so they are able to capture the additional gift aid that may be available to them.  Upper middle-income families, especially those that will have more than one child in college at the same time, can also benefit from this strategy—especially if their student is headed to an…

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How To Save Money For College Tuition

How To Save Money For College Tuition

“And as with any investment, but especially with college savings plans, it's always best to begin putting aside money as soon as you can.” This tagline from U.S. News says it all. It doesn’t matter what you put your money into to save for college — starting as early as possible is universally the best decision you can make. But, when exactly should your financial plan begin for funding college? Ideally, it's best to start when you're thinking about having children.…

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Meet Juno Student Loans (Formerly LeverEdge)

Finally, you've selected the right college to pursue your undergraduate or postgraduate degree! You worked tirelessly to get your application approved to secure a seat in your dream college and everything seems to be going perfectly. But now, another hurdle lays ahead of you - paying your own tuition and student loans. The student community often feels dejected because they have no say over the interest rates, which they will be paying for a considerable part of their lives. What…

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Financial Aid Workshop Opportunities With MCPT

Nearly every student will need to apply for financial aid at some point in their life. Whether it is because they have a parent who is not able to cover the cost of tuition, or because they are seeking out scholarships and grants to help pay for school, these types of educational funding are important. However, there are many different types of financial aid and scholarship opportunities that can be confusing. Luckily,  we offer numerous financial aid workshop opportunities throughout…

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What most parents don’t know about the 529 Plan!

Anyone can contribute Grandparents, aunts, uncles, and friends often want to help out with college expenses, frequently in the form of savings bonds. Although bonds can be saved and used for school, 529 contributions are often an option as well. Parents own 529 accounts and set their child as the beneficiary, but for most plans, anyone can make a contribution to the account. Reported as a parent asset on the FAFSA The 529 is reported on the FAFSA as a…

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Before Using That College Net Price Calculator, Read This

What is the Net Price Calculator About, Anyway?  In their quest to prepare for the costs associated with college, many families look to the Net Price Calculator on college’s websites to help them get an idea of how much they will have to pay for their child’s education. Net Price Calculators are supposed to calculate the amount that a student would pay to attend a college or university in a single academic year, considering any scholarships and grants the student…

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7 things to have ready before you file the 2022 – 2023 FAFSA

1. Know the deadlines - There are 3 of them! Federal - The FAFSA becomes available on October 1, 2021 for the college academic year 2022 - 2023 and the federal deadline is June 30, 2022. Link to the FAFSA form. College – Since colleges rely on the FAFSA to award student aid, make sure you know each individual school’s FAFSA deadline. Deadlines may be different for early action, early/regular decision, new students, and continuing students. State - Residents planning to attend an in-state…

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