Dreading the FAFSA this year? Things just got better. You may have heard that the federal Student Aid office revamped its FAFSA form. This is the Free Application for Federal Student Aid, and it has historically been a doozy to complete. It has been intimidating, so much so that many have chosen not to complete it, potentially missing out on significant financial aid. Changes were made to the 2024-25 FAFSA form in an effort to
Are you planning to help your children with getting a degree someday? Financial planning for college has become a big priority for many American households. However, with education expenses on the rise, the total price tag may be much larger than you think. The average cost of attending a public college is $27,940 for in-state students, $45,240 for out-of-state students, and $57,570 for a private school per year.[1] For students seeking to earn a bachelor’s degree,
Parents with a special needs child have many of the same wishes as all other parents. They want to make memories, do the best for their family, and prepare their child for the future. They also hope to retire one day with a measure of financial peace of mind. When there’s a will, there’s a way — and that is true of financial planning for families with special needs. It is true that unique circumstances
Are you planning to help your children with getting a degree someday? Financial planning for college has become a big priority for many American households. However, with education expenses on the rise, the total price tag may be much larger than you think. The average cost of attending a public college is $27,330 for in-state students, $44,150 for out-of-state students, and $55,800 for a private school per year.[1] Add to that other major expenses like
529 plans are tax-advantaged savings accounts to save for your child’s college education. The technical name given to the 529 plan by the IRS is a Qualified Tuition Plan (QTP). Under this QTP, a contributor can prepay a beneficiary’s qualified higher education expenses at an eligible education institution — or contribute to an account for paying those expenses in the future. Distributions from 529 accounts are tax-free when used for qualified educational expenses. A great
The Michigan Education Savings Plan (MESP) recently announced important enhancements to its 529 College Savings Plans. These changes take effect on June 15, 2020. MESP is expanding the current investment lineup to include underlying investment options from Vanguard, Charles Schwab and iShares while maintaining the existing investment offerings from TIAA-CREF. In conjunction with the new investment offerings, account owners will see more of their 529 contributions put to work with a reduction in overall fees.
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