Student Loans Amidst Dept. of Ed. Downsizing

 by Katherine O'Brien, MA, Certified College Planning Specialist, Founder and CEO of Celtic College Consultants, providing expert knowledge on the journey to college since 2004.

30-40% of college students take out student loans. Consequently, recent drastic personnel changes at the department of education have caused many people anxiety.

With half of the Department of Education (DOE) gone, questions about federal student loan programs abound. At this time, while President Trump said he wants to move the federal student loan system to the Small Business Administration (SBA), no executive order has been signed. However, such a move would likely require an act of Congress and could breach existing borrower contracts, leaving the plan vulnerable to lawsuits.

The Department of Education remains legally responsible for managing student loan programs under the Higher Education Act of 1965 (HEA). Until Congress acts, that legal authority cannot be transferred to another federal agency.

Even if enacted, any transfer from the DOE to the SBA would take months (or years) to happen and would not change current repayment terms or borrower obligations. At the same time, the SBA is also facing significant staff reductions of its own. Last week, it was announced that the SBA would cut its workforce by 40%. After those cuts, the agency may not have the capacity to absorb the complex and demanding responsibilities that comprise management of the federal student loan and collection programs.

Despite the headlines, student loan borrowers should know that nothing has changed for now. The Department of Education remains the legal administrator of federal student loans. The terms of existing loans remain in place. No loan transfers are happening, and no payments are due to the SBA.

Even if the administration wanted to shift the loans to the SBA, it may not be able to do so without Congress amending the HEA or passing a new law.

Be Careful!

In times of uncertainty, scams become more prevalent. Be sure to consult official sources of information and work with credentialed, seasoned professionals like myself.

 

 

 

Paying for College: Financial Aid Forms - FAFSA & PROFILE

 by Katherine O'Brien, Certified College Planning Specialist

1.    FAFSA – the Free Application for Federal Student Aid

This form is the key that opens federal aid, including Pell grants (which have recently expanded to many more students!), SEOG grants, and federal student and parent loan programs. Many states also use the FAFSA to determine eligibility for their aid programs. Additionally, the vast majority of colleges use this form to allocate their need-based aid programs.

 

Who is your Parent for the FAFSA?

 

A key question – for the FAFSA, who is considered your parent when you are an unmarried undergraduate student

-If your biological or adoptive parents and you live together, whether they are married or not, then they are your FAFSA parents

-if you live with only one parent because the other is deceased, that parent (and his or her spouse) is/are your FAFSA parent(s)

-if your biological or adoptive parents do not live together, the parent who provides more of your financial support (and his or her spouse) is/are your parent(s) for the FAFSA

-If you don’t live with either of your parents and have not been adopted or set under a guardian, you still need to include the information for your parent(s) on your FAFSA.

 

Parent & Student must CREATE an FSA ID to electronically sign the form

 

You and ONE of your parents need to create FSA IDs. This is a code you will use to electronically sign your FAFSA form, as well as any federal loan forms. You can set one up here: https://studentaid.gov/fsa-id/create-account/launch

 

File the FAFSA online:

 

The FAFSA is available here: https://studentaid.gov/h/apply-for-aid/fafsa

File it in October of senior year for freshman year. It will need to be filed again annually in advance of each year of college. Be sure to CHOOSE the FAFSA form for the CORRECT SCHOOL YEAR – for a HS senior in the Class of 2025, choose 25/26 FAFSA, since that is your freshman year in college.

 

The FAFSA will pull tax information for both parent and student, for the calendar year two years before the school year starts. For the 25/26 school year, the 2023 tax information is used (2025-2=2023). Current asset information will be entered in by parents and the student.

 

Avoid Common FAFSA Mistakes

 

Say YES to Work/Study. It is program through which you can earn money toward your college costs.

 

File for the correct school year.

 

Only include the correct assets (see below)

 

Indicate your parents’ education level correctly. If neither parent has a bachelor’s degree, you are considered a first generation student and there’s more aid available. Be sure to indicate high school as their highest school completed.

 

List in-state public universities first in the college section. Search by college name, not abbreviations. Verify that you have listed the correct colleges. Unless you are sure you’ll be living at home or off campus, list on campus as your housing plan, even if you aren’t sure.

 

Be sure the student questions get student answers. When Mom sees “marital status?” she is thinking of her own, not the student’s, but the question is about the student’s marital status.

 

Look at the help (?) to determine the number of people in your household. While this number is no longer used in the federal formula, states and colleges get this information and can take it into account.

 

Watch your email after you file the FAFSA. The student will receive an email indicating the FAFSA has been filed. Also, if the student is required to “verify” their FAFSA, an email will let them know. So, KEEP AN EYE ON YOUR EMAIL. If you don’t check it regularly, set a reminder to check it every couple of weeks from when you file until the time you get financial aid awards. If a verification email comes in, deal with it right away.

 

The FAFSA MUST BE FILED for EVERY YEAR YOU ARE IN COLLEGE AND WANT AID.

 

What is an Asset for FAFSA?

 

Assets are your savings, investments, your liquid assets. NOT the house in which you live, car(s), or other possessions. NOT your retirement savings or life insurance. YES your second home, YES your stocks and bonds and 529 accounts (for the student), YES your business are assets.

 

What happens next??

 

Once you file the FAFSA form, and both parent and student have submitted it, the student will receive an email. If that doesn’t happen, the FAFSA didn’t get filed.

 

What is verification?

 

About 1/3 of FAFSA filers are selected for verification. If you are selected, you’ll need to do what is asked of you.

 

You’ll get your SAI, (formerly called the EFC), the Student Aid Index. It can be -1500 to 999,999. The lower the number, the more aid you are eligible to receive.

 

2. CSS PROFILE

 

About 250 colleges and universities require the CSS PROFILE form in addition to the FAFSA form. The PROFILE form is used to disperse the college's own funds. File the form in the fall of senior year. Full information and deadlines is available through each college's website.

 

The list of the colleges that require the PROFILE form is here. 

The PROFILE form requires significantly more information than the FAFSA. Income for two years before the college school year starts (just like the FAFSA, for 25/26 it would be the 2023 year), the year before the college year starts (for 25/26, it would be 2024, which might not be finished yet when the form is filed), and an estimate of the next year's income (2025).

Assets for the PROFILE form: Nothing is excluded. In addition to the many questions on the PROFILE form, some colleges include additional questions, which will be shown at the end of the form.

IDOC - the Institutional Documentation Service

IDOC is used by some of the PROFILE schools as the secure platform to upload various financial documents.

 

 

Paying for College, Part One: Scholarships

 by Katherine O'Brien, Certified College Planning Specialist

Confusing. Stressful. Complicated. That's how most people feel about the whole topic of paying for college.

Parents are afraid. Students are clueless, not having any concept of the meaning of money, of the real cost of anything.

 

Parents are afraid, unsure what is real – there is SO much conflicting and confusing information out there! In part, this is the case because the rules keep changing and there are variations from college to college and, even, alarmingly!, from year to year.

Scholarships Basics

Some Recent Stats

$46B scholarship dollars awarded in 2023, per the DOE. Scholarships and grants typically cover around 29% of college costs. Of that 46B, $8.2B was private scholarship dollars. Therefore 17% of scholarship dollars in 2023 were awarded by private organizations. The other 83% came from the colleges themselves.

 

Scholarships often enable students to afford a more expensive college than they could have attended without receiving the scholarships.

A greater percentage of scholarship recipients were attending very or moderately selective colleges than those who don’t receive scholarships (85% v. 75%). Students who enroll at very selective colleges are twice as likely to have won scholarships than  students at open admission colleges (17.7% v. 8.5%).[1]

 

Students with GPA over 3.5 is more likely to win scholarships. Also, students who file the FAFSA are more likely to have won scholarships than those who do not file the FAFSA (17% v. 9%). 85% of students who receive scholarships file the FAFSA v. 72% of students who do not receive scholarships. Also, students at private colleges are more likely to have won scholarships than those at public universities (19% v. 14%). Lastly, while more students majoring in STEM fields win scholarships than those with other majors, it’s not a significant difference (16.6% v. 14.6%)

 

About 1/7^th of students receiving scholarships receive them from private organizations. The total number of private scholarships has increased (20% from 2015/16 to 2019/20, per the National Postsecondary Student Aid Study). The total amount of private scholarships has also increased. The average private scholarship amount in 19/20 was just over $4,900 amongst students in bachelor’s degree programs.

 

Want a Full Ride?

 

Be aware that only 1.4% of undergrad receive gift aid covering their full cost of attendance (COA). Gift aid includes all types of grants and scholarships. 3% have enough gift aid to cover 90% of the COA.

Financial Aid impact

 

Simply speaking, this is how need based financial aid eligibility is determined:

 

COA – SAI – Resources = Need

 

Scholarships affect need based eligibility dollar for dollar. COA is the complete cost of attending a particular college for a particular year. It is an official number determined by the college. It might vary from major to major or college to college within a university, but not student to student. The COA includes tuition, fees, room, board, as well as a school determined amount for transportation, books, equipment, supplies, and miscellaneous expenses. SAI is the Student Aid Index, which is determined by the FAFSA (Free Application for Federal Student Aid) formula. The SAI is determinative for federal aid and most state aid; many colleges also use it to allocate their own need-based aid funds. Resources include monies paid by “outside sources.” This includes grandparents and other people as well as scholarships not directly granted by the college.

 

Because scholarships directly impact need-based aid eligibility, it is ESSENTIAL that you know whether you will be eligible for need based aid at colleges your child might attend. We’ll discuss this further in part two of this series.

 

Some scholarships are awarded for four years, while others are for one year only. Four year scholarships typically have requirements which must continue to be met in order to continue to receive them. Most important among these are the requirements of how many credits per term must be taken and the minimum GPA the student must achieve. Together these are called Satisfactory Academic Performance (SAP).

 

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[1]  https://thecollegeinvestor.com/44670/odds-of-winning-a-scholarship-increasing

 

15 Huge Financial Aid & FAFSA Mistakes

by Katherine O'Brien (and Jeff Levy)

My colleague, Jeff Levy, shares some significant mistakes families make that can seriously affect their teen’s ability to maximize merit and financial aid.

 

Financial aid and FAFSA mistakes

1. Believing advice from people who aren’t qualified to give it.

I heard from a parent that an English teacher at his daughter’s school recommended “a little-known tip.” At their College Night, the teacher suggested that students select “not applying for financial aid” on their college application and wait until they’re admitted to submit the FAFSA.

This advice couldn’t be more incorrect, unethical, and potentially catastrophic to the family. If you expect to apply for financial aid, check “yes” on the college application and submit your forms well before the college deadlines.

[As a Certified College Planning Specialist, I have been trained in financial aid. I also regularly receive additional training.]

2. Deciding not to apply for financial aid because “we’ll never qualify.”

Most families have no idea whether they will qualify or not. Data consistently shows that many who are the most eligible for need-based aid never submit the FAFSA.

3. Not filing your income tax returns before applying for financial aid.

For current high school seniors enrolling in college in the fall of 2025, the FAFSA will not become available this year until December 1, 2024 because of widespread technical problems that began with last year’s release. Questions on the form will require accurate financial information from the 2023 tax year, and, in almost all cases, those tax returns will need to be provided. [They need to be submitted to the IRS AND processed before the FAFSA filing. During your FAFSA filing process, you will pull data both the parents' and the student's 2023 tax returns right into the FAFSA.]

4. Missing the college’s institutional deadline.

Some parents believe the best way to apply for financial aid is to wait until their student has been admitted. This is exactly what not to do. Be sure to submit your financial aid forms before each institution’s deadline. Keeping track of these can be annoying if your teen applies to many schools with Early Decision, Early Action, and Regular Decision deadlines. But it must be done. Going to each college’s website to gather and collate this information will take you or your child about 20 – 30 minutes.

5. Deciding not to apply for financial aid as a freshman and planning to ask for it later.

Many schools will give a full-pay applicant a bump in the admission process in exchange for the higher net revenue they bring to the institution. If such an applicant unexpectantly [sic] requests financial aid in later years, some schools will not consider that request for institutional aid; others might delay it by a full academic year. Do not make the mistake of “outsmarting” the admission office if there is even a [small] possibility you may require institutional aid in later years.

6. Not having a savings plan for college.

One of the most destructive myths about paying for college is that the financial aid formulas will wipe out your savings. People who advise this are either ill-informed or have a hidden agenda. In the needs calculation, the penalty for savings is five cents on the dollar! The best way to prepare for the cost of college is to save, and the best way to save is to use time to your advantage. Start early and save regularly, even a small amount each month.

7. Taking a work bonus in the FAFSA “base year.”

The most significant factor in determining what a family is expected to pay towards college is their Adjusted Gross Income on line 11 of Form 1040 of their federal tax returns.

Any income that can be postponed from the base year (2023 for students starting college in 2025, 2024 for students starting college in 2026, etc.) to the following year will decrease the applicant’s Student Aid Index (SAI) and increase their eligibility for financial aid.

8. Listing the 529 savings plan as a student asset instead of a parent asset.

Even though the student is the beneficiary of the 529 savings account and the parent the custodian, the Department of Education has stipulated that these savings plans should be listed as parent assets. This is an essential advantage because parent assets are “penalized” about one-quarter as much as student assets in the federal and institutional need methodologies.

9. Accumulating parent savings in a student-owned account.

While this can be a tax advantage, it is always a financial aid disadvantage. You must check with your tax advisor for the best approach. In the financial aid formulas, parent assets are penalized at about five cents on the dollar, while student assets are penalized about between 20 and 25 cents on the dollar. But check with your tax advisor about the best approach for you.

10. Allowing the grandparents to write the check directly to the college.

The FAFSA no longer asks the student if anyone other than their parents has given the student any money or paid any bills on the student’s behalf. So grandparent contributions to college costs is not a problem if the student plans to attend, or is already attending, an institution that only uses the FAFSA in the calculation of need-based aid.

However, any money paid on the student’s behalf from anyone other than parents is reportable on the CSS Profile, a second financial aid form used by about 170 undergraduate institutions. Such a payment or gift will be considered untaxed student income and could significantly reduce the student’s eligibility for need-based institutional aid.

11. When parents are separated or divorced, believing it’s the parent the student spends more time with who will complete the FAFSA.

Beginning with the 2024-2025 FAFSA [the FAFSA for the 24/25 school year], the divorced/separated biological parent who must complete the parent section of the FAFSA is the one who has provided more financial support to the student in the year to date.

12. Borrowing more than you can afford.

College is one of the most expensive purchases a family will make. Borrowing part of this cost to earn a college degree is not an unwise choice, just as borrowing part of the cost of a home can be an intelligent way to make home ownership possible. However, borrowing too much for college can be catastrophic.

Each family will need to decide for themselves how much debt is reasonable. A good rule of thumb is to keep total undergraduate loan debt below what the student expects to earn during their first year out of college. In other words, if students borrow the maximum lifetime limit of $31,000 in undergraduate federal student loans, they can successfully manage monthly repayments if their first job after college pays at least that amount annually before taxes.

13. Not taking advantage of low-interest federal student loans.

Federal student loans are generally packaged as part of the financial aid award. These are low-interest loans with many built-in repayment protections, usually far safer and less costly than private bank loans.

The federal cap on how much a student can borrow over four years of college is $27,000 (with annual caps from $5,500 to $7,500 per year) and the lifetime limit is $31,000. Repayments begin six months after graduation. I recommend taking advantage of this loan program if it helps your family meet the high cost of college.

14. “If she gets into _______, we’ll make it work!”

This thinking usually leads parents straight into the abyss of excessive borrowing. Parent loans (federal and private) have higher interest rates, fees, and stricter repayment terms than federal undergraduate student loans. Parents must think carefully about how many actual earning years they have left before going into substantial debt at an advanced age.

There are often less expensive options for college than high sticker price schools with little financial aid.

15. Not calling the financial aid office when you have a question.

These folks are not the IRS and not your enemy. They are usually happy to answer your questions and can be an excellent resource to help you navigate the complexities of the financial aid system. [Be careful. Sometimes a student worker is the one answering the phone. Be sure to speak with a trained financial aid officer when you call. Even so, remember that their primary job is to help the college meet its institutional financial goals.]

Financial and merit aid resources for students and parents

FAFSA (Free Application for Federal Student Aid)

CSSProfile

 

Link to original article:

https://grownandflown.com/fifteen-biggest-financial-aid-fafsa-mistakes/?

The Tough Talk About How to Pay for College

 by Katherine O'Brien (and Jeff Levy)

Talking with our kids about the realities of paying for college is tough, yet vitally important. He or she needs to understand the real sacrifices involved, and the realities the family faces together. As the college list is finalized and applications are prepared, the financial component is an essential consideration.

My colleague, Jeff Levy, has written on this topic. I share his article here with you...

 It's Time to Have the Tough Talk about How to Pay for College

The beginning of your child’s senior year of high school can be difficult. You have given [him or] her much room to explore [his or] her college options, but it’s time to get realistic about cost. What you want to avoid is the heartbreaking scene of your child learning on April 1 that s/he has just been admitted to the college of [his or] her dreams and you learning moments later that its price is entirely out of reach.

So, if you haven’t begun the dreaded family conversation about how much you can afford to pay for college, the time is now. But before you can sit down to talk and know which colleges will be affordable and which will not, you will need to create a budget to learn what you can pay. And just as important, what you are willing to pay. This is no time for wishful thinking or magical realism.

How much can parents pay for their teen’s college education?

You have many non-discretionary monthly expenses: mortgage or rent, car payments, insurance, groceries, healthcare costs, retirement contributions, etc. Add these up. Then, add up your discretionary expenses: restaurants, entertainment, travel, gifts, etc. Add the two figures together, and subtract it from your after-tax monthly income. Hopefully, there’s a surplus. Add to this surplus the amount you can contribute monthly from savings, and you have arrived at a figure available on a monthly basis for college costs.

 

Paying for college usually requires tightening the family belt, so if you can reduce your discretionary costs, that will help. College will be costly, but what you can contribute must be a number you can reach monthly for nine [or ten] consecutive months each year.

 

Suppose after creating your budget, you learn that you can contribute $30,000 a year towards your child’s college expenses. How big a financial aid package will s/he require? If her dream school has a total cost of attendance (COA) of $80,000, s/he will need a financial aid award of $50,000. But it’s important that you, and your child, understand long before it arrives in the mail what that package will look like.

Three parts of a financial aid award

 

At most colleges, the award will consist of three parts:

 

• Federal student loans

• Campus employment

• Institutional grants and scholarships

1. Federal student loans – typically the first dollars to be packaged because it is government money, not the institution’s.

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A few highly selective schools with large endowments have replaced loans with institutional grants, but most can’t afford to do this.

 

For a first-year student, this portion of the award will likely be $5,500, the federal first-year cap. For second-year students, $6,500. For third- and fourth-year students, $7,500. This equals $27,000, the likely amount of loans packaged in your child’s financial aid awards over four years. Monthly repayments begin six months after graduation for a repayment schedule that lasts ten years.

 

2. The offer of campus employment – the second source of dollars in the financial aid award.

 

It is a commitment by the institution that the student will find an on-campus position reserved for financial aid recipients. These jobs in the library, at the coffee shop, or in the admission office typically pay between $11 and $13 an hour, and the student would receive a weekly or biweekly paycheck to be spent however the family sees fit. A reasonable estimate of total earnings for an on-campus job of 8-10 hours per week is about $2,500. [I have seen minimum wage offered, as low as $7.25 an hour.]

 

3. Institutional grants and scholarships – The third part of the financial aid award which is free money that does not have to be repaid.

 

So our hypothetical $50,000 financial aid offer, including the “parents’ resources”, would look like this:

 

$5,500 Federal student loans
$2,500 Campus employment
$42,000 Institutional grants and scholarships

$30,000 Parent Resources

$80,000 Total cost of attendance

  

If borrowing is essential to make college affordable, as it is for many families, federal student loans are the best choice. The interest rate is low, the fees are low, repayment plans are flexible, the income-based repayment plan can keep monthly payments at reasonable levels, and there are built-in protections against loss of job, illness, injury, and even death.

 

Six things to discuss with your teen about paying for college

Now that you have done your budget and know how much you can afford to contribute towards your [son's or] daughter’s college education, it’s time for the family pow-wow. Here are some items I suggest you discuss as a family long before your child submits her college applications and hopefully as s/he is first assembling her college list:

 

1. How much can you afford to pay each month, and how much are you, the parents, prepared to take on in additional debt? Many parents are reluctant to discuss money matters in front of their children. But college is an investment in [his or] her future; s/he should be in the conversation.

2. If your child is eligible for need-based aid, it is likely that [his or] her financial aid awards will include $27,000 in student loans over four years. Is this a reasonable debt for your child to face after graduation? A helpful rule of thumb on educational debt: Do not borrow more than you expect to earn annually at your first job after college. And there is reason to believe that having skin in the game can motivate academic engagement.

 

With low-interest rates and fees and flexible repayment plans that protect the borrower against loss of job, illness, or injury, these are the first loans to take if needed. But is he aware that s/he will be taking on this debt? Is s/he aware that the loans are in his [or her] name, not yours? When repayment begins six months after graduation, who will make those payments, you or him [or her]?

3. Campus employment will likely be part of her financial aid award. Is s/he okay with a work commitment of 8-10 hours a week for 25 weeks of the school year? Are you?

4. Have you run the net price calculators for each school on your child’s list? These are located on each college’s website. Though not perfect predictors of what the college will cost you, they are a guide. And the difference between what you think you can afford and what you will be expected to pay can be startling. Are there enough affordable schools on his [or her] list? Is s/he willing to add more “financial safeties” if there aren’t?

5. Are there any additional ways your family can tighten the belt to increase your family contribution? Any other sources of funds? Will your child begin to look for outside scholarships? [Be aware that outside scholarships lower eligibility for need based aid dollar for dollar. Take that into consideration as you recalculate what you can afford.]

6. Finally, is your child prepared to walk away from an acceptance to a school that will cost more than you can afford? Are you?

 

As you see, this will be a tough conversation. But don’t focus exclusively on the financial hardships. Explore the enormous advantages that a college education bestows. It is the gateway to your child’s dreams and aspirations and probably the most important investment your family will ever make. But it is also one of the most expensive. The cost of this investment needs to be understood, managed, and embraced by all of you.

 

Link to original article: 

https://grownandflown.com/dreaded-conversation-college-cost/

Katherine O'Brien, a Certified College Planning Specialist, founded Celtic College Consultants in 2004 to provide expert knowledge for the journey to college. Her holistic, student focused program has assisted countless students. To learn more, please visit CelticCollegeConsultants.com

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