As of October 1, 2020 FAFSA applications can be completed for the 2021 - 2022 academic year. And don’t forget, even if you’re already in college and you plan on attending next year you need to complete the FAFSA for each and every academic year.
College Planning Considerations for Parents
Student loans impact people of all ages, from high school through retirement. This may come as a surprise to some people, because it’s often thought that student loans are a millennial “issue”, but that’s not necessarily the case. In fact, many adults who are either planning on retirement or already in retirement are faced with student loan payments.
College Planning Through a Pandemic
We are in a period of uncertainty, in particular around the education system. Some colleges that opened their doors for in person learning have already switched to online classes, within just a couple of weeks. For future college students what does this mean for your college planning and student loans?
A Tip to Minimize Student Loans
High school graduation time is upon us! If you receive cash gifts for graduation consider using a portion of that money to directly pay for some college expenses. This will help reduce the amount of student loans you need to take out, saving you money in the long run.
Current Balance vs Payoff Amount
When you make your final student loan payment find out what the payoff amount is. The current balance shown on your account and the payoff amount are usually different as a result of fees and interest. Once you make the final payment save the receipt confirming your loan has been paid off. The month after your final payment has been made login to your student loan account to confirm that your balance is still $0. This will reduce the chance of having any outstanding balance that could result in delinquent payments.