The Department of Education (DOE) recently announced the annual updates to the tables used in the statutory Federal Need Analysis Methodology that determines a student’s Expected Family Contribution (EFC) for the award year 2021-2022 for student financial aid programs. The Higher Education Act requires the DOE to update these tables for price inflation annually: Income Protection Allowance (Student & Parents) Adjusted Net Worth (NW) of a Business or Farm Asset Protection Allowance....
Read More
Young, successful professionals face a staggering statistic when it comes to paying for college. According to Investopia.com, Americans owe $1.57 trillion in federal student loan debt and another $132 billion held by private lenders! 42.9 million people currently have student loan debt, and the average balance is more than $37,500. However, young professionals with advanced degrees have to repay massive student debts of $150,000 and more. And these borrowers with high student loan d....
Read More
The Free Application for Federal Student Aid (FAFSA) will undergo significant revisions soon, and college financial advisors and their families need to be aware of these changes. Congress passed these new laws in their 2021 pandemic relief appropriations bill, which will begin in the 2023-2024 (for current high school sophomores) school year. The intent is to improve the student’s financial aid predictability in the future. Here’s a summary of these FAFSA changes: FAFSA SIMPLIFICAT....
Read More
The two top questions asked by financial advisors when looking to become a Certified College Funding Specialist (CCFS®) are, “How can I make money using college funding in my business?” To start, “college” is a subject that focuses on what your prospects love... their kids. And given today’s COVID-19 scare, students are confused as to whether to learn on-campus or at home - or whether or not to attend college at all. Yes, families have questions, plenty of questions, and have no idea....
Read More