Changes to the FAFSA for 2017–2018: What Your Clients Need to Know

Posted by Patrick Noonan, CFP

June 8, 2016 at 1:00 PM

Every year as January approaches, parents of college-aged children scramble to gather the necessary information to complete their FAFSA forms (Free Application for Federal Student Aid). This annual ritual can be stressful for your clients. They hear from others that they should submit the application as soon as possible to get the most aid, but unfortunately, the tax data they need isn’t always available! After all, how many of us have our tax returns done by January 1? As a result, in previous years, applicants were forced to wait to file or to file unofficial numbers and update their FAFSA forms once their tax return was filed.

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Topics: Education Planning

How to Help Younger Clients with Student Loan Debt

Posted by Olivia Zaiya, JD

June 7, 2016 at 10:00 AM

Consider this: The rate at which college tuition costs are rising has outpaced that of health care nearly twofold. The result is a generation of young people left with the giant burden of student loan debt. But as you have undoubtedly developed strategies to help your boomer clients meet the high cost of health care, there is now an opportunity for you to work with the next generation of clients trying to manage their debt while meeting their other financial goals.

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Topics: Education Planning

How to Talk to Your Clients About Student Loan Debt

Posted by Olivia Zaiya, JD

October 14, 2015 at 1:30 PM

The cost of college has increased considerably during the last 10 years and is expected to continue to rise at a rapid pace. According to FinAid, the price of tuition goes up about 8 percent each year, which means that the cost of college doubles every nine years! About 60 percent of students take out loans to fund their education. Consequently, the average student loan debt for a 2014 college graduate was about $33,000—nearly double the average amount that students borrowed 20 years ago.

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Topics: Education Planning

How to Add 529 Accounts to Your Planning Process

Posted by Patrick Noonan, CFP

October 13, 2015 at 10:00 AM

“Over half a million dollars for three kids!” This was an advisor’s surprised response when he learned the average cost of one year at a private college: $42,419 (Trends in College Pricing 2014). Whether your clients have one child or many, college tuition is likely to be one of their most significant expenses. And with student loan debt totaling $1.2 trillion, according to a 2014 Experian analysis, creating a college savings strategy has never been so vital.

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Topics: Education Planning

Millennials and Education Planning

Posted by Maureen Baxter, CLU, ChFC

January 14, 2015 at 1:30 PM

The Millennial generation has a lot going for it. Raised on cutting-edge technology and social media, they consider themselves optimists with big plans for the future—they are generally confident, connected, and committed to doing meaningful work. Unfortunately, many also graduated from college with staggering debt; according to the 2014 Wells Fargo Millennial Survey, this generation's top financial concern—besides day-to-day bills—is paying off student loans. As a result, those with young children may find saving for future education expenses difficult.

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Topics: Education Planning

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