The FAFSA (the Free Application for Federal Student Aid) for the 2018-19 school year launches on October 1. [Just like Common App went "live" on August 1, that doesn't mean you should complete and submit the first day, or even the first couple of weeks. Give FAFSA time to work out the kinks, like the issues with the IRS Data Retrieval Tool, which was hacked last year.]

YES, you WILL be submitting the FAFSA, regardless of income and assets, real or perceived. Colleges use the FAFSA to calculate...

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Yes, FAFSA! Required by every college, not only for student loans, Work-Study, and federal grants, but, in many instances, for institutional aid, including the colleges' own scholarships and merit awards!

FAFSA FACTUAL

FAFSA COMES EARLY FOR 2017-2018! Launch is October 1 of current year, rather than January 1 of next year.

Who must submit FAFSA? YOU must submit FAFSA!

Incoming freshmen/Current high school seniors. Complete and submit your first FAFSA for the 2017-18 school year on or after Octobe...

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Yes, FAFSA! [Free Application for Federal Student Aid] Required by every college, not only for student loans, Work-Study, and federal grants, but, in many instances, for institutional aid, including the colleges' own scholarships and merit awards!

FAFSA FACTUAL

Who must submit FAFSA? YOU must submit FAFSA!

Incoming college freshmen/Current high school seniors. Complete and submit your first FAFSA for the 2016-17 school year on or after January 1, 2016*.

Those already in college. Graduate students...

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Much has been bantered about, in social media, on campus, and around the family dinner table, on the subject of paying for college. Rightfully so, at a time when college seems out of reach for all but the uber-wealthy and those living in abject poverty.

So the question is often asked, "Do colleges consider financial need when making admission decisions?"

Many colleges, in fact, most, boast that they are "need-blind" in the admissions process, meaning that they do not consider whether you will n...

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“...How can I be a millionaire.. and never pay taxes? First.. get a million dollars...” -- Steve Martin

The financial aid “gurus” love to tell you that they can lower college costs, get you more money for college, and find a pot of gold at the end of the rainbow.

Everything from shifting assets to Aunt Dottie and Uncle Moe, to deferring contributions to your retirement accounts, in the collegiate equivalent of the street corner shell game. Now you see money for college. Now you don’t!...

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College scholarships. Read as, FREE money for college!

You’ve read about them. You’ve heard about them. You may even get emails, texts, and Tweets to apply for them. But what are you doing to actually get a college scholarship -- or two, or three, or four?

In all likelihood, not much, if anything at all.

“Oh, no one every wins those.” “You have to be poor to get a scholarship.” “Too much work.” “Wait. There are scholarships?”

You’ve heard the excuses. And no, it may not be e...

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Welcome to February! The Ground Hog has seen your college application and... Okay, you tell me what the Ground Hog said. 

Meanwhile, on the financial aid front, a few tips and critical reminders:

- You MUST submit a “CORRECTED” FAFSA once you have filed your 2014 income tax returns. [The FAFSA Data Retrieval Tool (DRT) is now available. It may be utilized approximately 10-days after you file your federal tax return, if filed electronically.]

- If you will be attending a college physically lo...

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Factored into what colleges you should apply to, and, ultimately, which college to attend, must be the cost of four or more years of higher education. [How's that money tree doing?]

So, how does one cut through that seemingly bottomless pit of calculating the true cost of college, let alone comparing the bottom line of one college to another? And, once the cost of college is revealed, where does one find the funds to foot the bill?

First Step, College Cost Calculators. All coll...

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We all know just how important it is to plan for college. Choosing the right colleges to apply to, and, ultimately, that one college that is the right fit for you. Developing and writing a compelling essay. Finessing those college applications and supplement. Conquering the Common App. Avoiding the pitfalls. Navigating the detours. Handling the stress and anxiety. Keeping from being overwhelmed by that crazy whirlwind of a ride they call the college application and admissions game. [Of course...
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College Connection, your one-stop source for college planning, counseling, guidance and support, is now scheduling appointments for the preparation and submission of FAFSA, the Free Application for Federal Student Aid.

Applying to college for the fall of 2014? YOU NEED TO SUBMIT FAFSA!

Already in college and planning to attend college or grad school in the fall of 2014? YOU NEED TO SUBMIT FAFSA! [Yes, FAFSA MUST be submitted each year for the following school year.]

Been awarded a scholarship fr...
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We recently reported on the efforts of Senator Elizabeth Warren (D-MA) to link federal direct student loan rates to the discount rates paid by banks (currently 0.75%).

Now comes Senator Kirsten Gillibrand (D-NY) with a measure of her own -- one which would permit students to refinance their government loans at 4%.

While we certainly prefer 0.75% to 4%, these rates are better than 6.8% (current rate for unsubsidized loans, and rate to which subsidized loans will climb on July 1 unless Congress a...
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It's no secret that banks pay ridiculously low rates to borrow money (currently 0.75%, based on the discount rates banks pay to the Federal Reserve). At the same time, college students pay considerably more in interest (3.4% for subsidized loans and 6.8% for unsubsidized) when they borrow money for school under the feds direct student loan program.

Imagine that. Big banks -- the folks who brought our nation's economy to the brink -- get a most favorable, nearly unheard of rate from the feds, w...
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As college acceptances (beyond those already in hand) begin to trickle in by snail mail and email, thoughts turn from "applying to college" to "which offer of admission do I accept?"

Decisions. Decisions. And all of them good!

Before making any decision [National College Decision Day is May 1], consider your options, giving weight to factors that are important to you and your family (including financial aid, academic programs, home or away), and give a read to an interesting and informativ...

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With billions of dollars of scholarship and grant money (read as, "free money you never have to pay back") out there for the taking, and everyone from Guidance Counselors to financial planners telling you how to get your hands on a good chunk of it (not that you listen :-), we figured we'd tell you how to go about NOT getting any money for college.

That's right. Here's the consummate "How NOT To" when it comes to paying for college!

Just follow these simple steps and you will be guaranteed to g...
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It's time once again to apply for the College Prowler "No Essay" $2000 Scholarship! [Actually, it's that time once every month!]

And speaking of scholarships...

Whether you're in college, applying to college or only beginning to think about college, you should be searching and applying for scholarships, grants and other "free" money via scholarship search engines such as fastweb, MeritAid and Zinch. Remember, you've got to be in it to win it! [There are many other avenues for college gelt shoul...
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S.C. of Merrick, NY writes: I'm hearing so many things about changes to student loans, particularly the Stafford loans. I'm so confused. Could you clear the air?

The College Whisperer replies:

Clearing the air, as far as Congress is concerned, would take a heck of a lot more Febreze® than student loans could possibly pay for. That said, here's the low down on the changes to Direct Student Loans the feds enacted effective July 1, 2012, courtesy of our friends at the Student Loan Network:

No more...
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We said it before, and we'll say it again. The best way to get out of college debt is to avoid it in the first place! Fewer (if any) loans. More grants and scholarships. Attending colleges that are within reach, both academically and financially.

Of course, until there's a cure for college debt, with colleges assessing reasonable, common sense tuition, financing that college education is a significant undertaking, and a major worry.

Though certainly no panacea in eliminating college debt in its...
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From time to time, The College Whisperer publishes posts of guest bloggers, whose musings may be of interest and/or benefit to our readers.

Today, a guest post from Maureen (no last name, like Cher and Madonna, just Maureen) on the timely (and costly) topic of paying off college loans.

Enjoy!
- - -

How To Have Someone Else Help Pay Off College Loans
By Maureen

One of the biggest recent changes in college education is the level of debt that many students build up while they get their degrees. ABC ...

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J.R. of Albertson, NY writes:

I've heard talk of a Bill in Congress that would provide much needed relief to college students in the form of student loan forgiveness. Could you elaborate?

The College Whisperer replies:

Much more than just talk on the college loan forgiveness front. Indeed, the House of Representatives has before it key legislation -- know as the Student Loan Forgiveness Act of 2012 -- which would, in effect, erase college loan indebtedness for many students.

In part, the Act wo...
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Interest rates on home loans may be at the lowest levels ever, but the feds are tightening up, raising rates and limiting grace periods on Direct loans to students, many of whom are already over their heads in college and graduate school debt.

Note the following changes to Direct Student Loans:

Direct Subsidized loans will not be eligible for an interest subsidy during the six-month grace period.

• Subsidized loans are loans for which the borrower is not responsible for the interest while t...

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The New York Times reports that which most college students -- and their parents -- already know too well: Student loan debt is out of control! [Read, A Generation Hobbled by the Soaring Cost of College.]

More than $1 trillion in outstanding student debt, and that number is rising.

Of course, with tuition alone topping $50,000 at some colleges, and rising every year, despite an ailing and stagnant economy, and internal scholarship dollars as awarded by these same institutions shrinking, is it a...
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The National Association for College Admission Counseling (NACAC) will host a FREE Webinar on Wednesday, December 7 on the essentials of the Free Application for Federal Student Aid (FAFSA), while also highlighting application and program changes to the 2012-13 FAFSA.

 

The annual completion and submission of FAFSA is required by almost every college and university in order to be considered for scholarships, grants, Work-Study and Federal Loans (including Stafford Loans).

 

Learn more a...