What is a scholarship? A scholarship is money that is provided to students to help them pay for higher education. Additionally, it is money that does not need to be paid back. Scholarship vs Grants Scholarships are associated with being “earned” based on academics, athletics, etc. Grants are associated with being “needed” based on financial […]
TTHC13 – 8 Components of College Planning & Test Case
Late Stage College Planning = 8 Mini Plans for Overall Planning 1) College Finances How will we pay for college? Financial Aid Need-based aid and merit aid Will you qualify for one or both or neither? Filling out financial aid forms – Fill them out correctly – Do you I need to fill out the […]
TTHC12 – Saving and Investing for College
Question: What’s the best place to save for college…a 529, the bank, an investment? Answer: It depends, based on your tax situation and whether or not your student will qualify for need-based financial aid.Here are some investments options: 1) Money in the bank Not a lot of tax benefits. Not currently paying high interest rates. […]
TTHC11 – College Planning and Divorce
There are 3 aspects of college planning affected by divorce. Planning and preparing Who will do the leg work? Research on the schools Plan and participate in school visits Determine test prep plan Financial aid Financial aid is based on income and assets of parents and the student. When completing the federal student financial aid […]
TTHC10 – 5 Last Minute FAFSA Tips and The Top Ten Financial Aid Mistakes
5 Last Minute Tips for Completing the FAFSA Complete the FAFSA and CSS Profile by the required deadline a. Use tax estimates if necessary to meet the deadline Asset strategies Pay down debts with assets from bank accounts (savings, money markets, etc) Pay bills in advance…..property taxes, vacation, remodeling projects, credit card bills. Deplete assets […]
TTHC09 – Tax planning for college with Tim Nolan, CPA, Nolan Accounting Center
Tim Nolan, a local CPA, talks about tax strategies when it comes to college. He will explain the American Opportunity Credit and tip for business owners. Nolan Accounting Center is a family business that has been in service for 48 years. They assist small business owners and individuals with their tax returns. 5 Types of […]