Question: “What can parents do to help their children apply for financial aid?”
Answer: It is important for parents to realize that their child’s federal financial aid result is directly dependent on the information provided on the Free Application for Federal Student Aid (FAFSA). The 2012 – 2013 FAFSA became available last week. It is imperative that both the parents and their children fill out the FAFSA together to make sure that the information is accurate.
Question: “How do I save for retirement and my child’s education?”
Answer: The truth is, saving for your retirement and your child’s education at the same time can be a challenge. But take heart – you may be able to reach both goals if you make some smart choices now.
Know your Financial Needs: The first step is to determine what your financial needs are for each goal.
Question: “What funding considerations are specific to graduate students?”
Answer: Many graduate students utilize their employer’s tuition reimbursement benefits to help fund graduate school (each year the first $5,250 is excluded from your income). Although tuition reimbursement is a nice benefit when offered, it usually means the student is working at least half-time and attending graduate school on less than a half-time basis – a situation that makes the student ineligible for federal student loans and possibly other loans.
Question via our Facebook Page. Denise Sonnenberg, who studied marketing at Michigan State University, asks: “How much can you borrow each year for an MBA? Is it the same for each school?”
Answer: When it comes to graduate school and financial aid, there are a few differences compared to undergraduate college and financial aid. Though most of the established financial aid programs are available to all students, a select few are not available to graduate students. “Financial aid” refers to loans, grants, scholarships and work-study.
Posted in Financial Aid
Tagged Ask the Expert, Ask the Financial Expert, Federal Student Aid, Financial Aid, Financial Expert, Graduate School, Grants, Marketing, MBA, Michigan State University, Pell Grant, Scholarships, Scott Goodman, Student Loans, Supplemental Educational Opportunity Grant, Work-Study
Question: ”What happens if our child’s college does not give us all the financial aid we need?”
Answer: You must make up the difference. A common misconception is that if your child qualifies for financial aid, he or she will receive 100% of the aid he or she needs. In creating financial aid packages, colleges are not obligated to meet all of a student’s financial need. Colleges have limited financial aid budgets and tend to offer the most aid to those students who meet their specific enrollment goals.
Question: ”How can I lower the cost of college?”
Answer: You can lower the cost of college in a number of ways. The deciding factors in achieving your cost goals may be limited only by your flexibility.
Question: “How can I save for my child’s college education?”
Answer: It’s recommended that you start saving for your child’s college education as early as possible, preferably with regular, manageable contributions that increase over time. Continue reading
Question: “How does the federal financial aid process work?”
Answer: For the federal government to determine a student’s financial aid eligibility, the student must first complete its aid application known as the Free Application for Federal Student Aid (FAFSA). The FAFSA requires specific income and asset information from both the parents and student. Independent students do not need to list their parents’ information. Continue reading
Posted in Financial Aid
Tagged Ask the Expert, Ask the Financial Expert, Campus Explorer, FASFA, Financial Aid, Financial Expert, Scott Goodman
