Financial Aid Advice
- Thread starter Joe4Cy
- Start date
Updates and thoughts:
1. FAFSA taken care of. Takes a drop out of the bucket for tuition. {eye roll}
2. Orientation the second week of June! My student's last day is May 31; mine is June 6. Then a fun-filled few days.
Here's a thought - and feel free to talk me off the ledge. Rather than a student loan, why not take advantage of the tax benefits and take out a home equity loan or line of credit?
Now, I haven't thought it all through but something that's been bouncing around my head... {shrug}
1. FAFSA taken care of. Takes a drop out of the bucket for tuition. {eye roll}
2. Orientation the second week of June! My student's last day is May 31; mine is June 6. Then a fun-filled few days.
Here's a thought - and feel free to talk me off the ledge. Rather than a student loan, why not take advantage of the tax benefits and take out a home equity loan or line of credit?
Now, I haven't thought it all through but something that's been bouncing around my head... {shrug}
Is Home Equity Loan Interest Tax-Deductible? - NerdWallet
Home equity loan and HELOC interest may be tax deductible if the borrowed money was used to buy, build or improve your home.
One person I read is very against parents taking out loans if the kid can take out a loan. The idea is that it’s better for the parents to save for retirement etc.
Assuming you don't qualify for any need based aid, correct? Drawing funds from a HELOC could affect that eligibility. I'd also check into whether using HELOC dollars for college vs. home upgrades would qualify for interest tax deductions.
I think everyone is getting those. We have received that at least 2-3 times. A friend has gotten it twice. It's not solid.
Yeah, I would NOT advise this. Good way to need a new roof but you can't because little jimmy is on his fifth year of 15th century basoon playing.
Don't do it - some old neighbors refinanced their house both times their kids went to college. They now owe $30k more than their original mortgage in 2006 because they used their house as an ATM. So, imagine after living in your house for 18 years, you owe more than the original mortgage just to pay for your kid's college tuition.
Your kids should take out the student loans in their name, not you taking out the loan. It allows your student to start building a credit report.
My wife is considering going back to school to become a teacher. She hasn't decided on which school yet (applied to a couple schools and waiting to hear back on transfer credits from her previous school). Can she apply for FAFSA even if she doesn't know which school she should go to?
She'll need to fill in at least one school. If she doesn't know which one she'll be attending, she can enter the names of several schools that she's considering, just to be safe. But yes, she'll need to enter schools for it to process.
Yes - she can have it sent to multiple schools. Most traditional students do this if they are undecided so that they can get the full picture of financial aid.
Did everyone who needed fafsa get it done? A young gal I work with said the application was not good and she and her dad never got this to work. She tried getting loans at local banks, but that didn’t work out either. She would be a freshman and oldest of the kids. Things are not working well so far.
A friend had a signature problem. So his kid didn't receive any fin aid for his last year that is upcoming. I had to sign like 3 times for some odd reason but I stayed on top of it. It was complete sheetshow. Not sure why they changed it but they made it way worse than it was. I used to just input the info from my taxes on their, pretty simple. Now the child has to sign up and complete theirs, then you get an email to sign in and when you do you log in and a request has to come.
Basically they added a couple confusing steps and then had a glick with the signature stuff where it wouldn't take for some reason. Whoever designed it needs to be canned (whoever decided to change it to a more confusing set up should be also)
That seems more than the 2.5% increase. Did you go from a freshman to sophomore? Cause those rates are different in some majors.
Yes he will be a sophmore and also moved from LAS to Business College (No idea if that makes a difference).
