In our previous blog, you learned what FAFSA stands for, what it is used for, and what some filing tips you should be aware of. A lot of your questions may remain unanswered though…
If you are the parent of a college-bound student, FAFSA will become a necessary acronym to know during your college search and throughout your student’s college years. FAFSA stands for Free Application for Federal Student Aid, a Federal Student Aid filing, and is used to calculate a family’s Expected Family Contribution (EFC) toward college expenses.
Many families recognize the value of 529 savings plans. 529 plans provide an easy way to put aside money for college that will earn interest tax-free (when used for qualified college expenses). Plus by setting up direct deposits, parents can create a deposit schedule for their plan and pretty much forget about it. However, when the time comes to make withdrawals from that plan, questions can arise.
Here’s Video #4, “Consider an Innovative Path”, in which Joe and Susan some alternative thinking when it comes to considering the (net) college cost, especially if it seems like it’s just too much for you.
Susan Kannenwischer, director of financial aid at Capital University, and Joe Messinger, co-founder of Capstone Wealth Partners, explain why learning a student’s Expected Family Contribution number is just the start in determining college expenses.
Check out the second post of our 5-part video series, featuring our co-founder, Joe Messinger, CFP®, and Susan Kannenwischer, Director of Financial at Capital University. In this video, Joe and Susan discuss important factors about the Free Application for Federal Student Aid, otherwise commonly known as the FAFSA.
Check out the first of our 5-part video series, featuring our co-founder, Joe Messinger, CFP®, and Susan Kannenwischer, Director of Financial at Capital University. In this first video, Joe and Susan point out the critical need to discuss college affordability as early as possible.
By now, we’ve all seen this storyline unfold before – a recent college grad is buried in six figures of student loans, has no foreseeable job prospects, and has been forced to move back in with Mom and Dad. More and more, college-educated adults are returning to the nest, putting off first-time home purchases, and delaying marriage and having children. In large part, this is because they are financially overburdened with student loans – a growing trend that isn’t good for individuals, nor our economy as a whole.
So, how’d we get here and how do we fix it?
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Capstone Wealth Partners is a fee-only independent Registered Investment Advisor in Columbus, Ohio. We are financial planners for college-bound families.
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