7 Reasons to Fill Out FAFSA — Even If You’re Rich

FAFSA Is Live as of October 1st

You’d love for your son to get loads of free money financial aid to help him pay for college, but you’re pretty sure he won’t qualify for much. Your family lives comfortably, after all. You aren’t poor.

You wonder if filling out financial aid forms is even worth your time.

Seven Reasons Filling Out the FAFSA Is Well Worth Your Time.

1. You can have a high income and still qualify for help.

You make over $200,000 per year and have significant assets? Your kid can still get free “gift aid” money to help pay for college. I’m talking about free money that need never be paid back.

Because this is true, plan to fill out the FAFSA form every October 1st that you’ll have a kid in college the following fall. Put this October date on your calendar now, so you can put your kid(s) first in line for all the financial aid money they have coming.

FAFSA

2. The FAFSA isn’t just about getting PELL grants. 

Filling out the FAFSA puts your child in line for nine separate federal student aid programs, over 600 state aid programs, and most of the college-based (institutional) aid available in the United States.

Every year, people who were sure they were too well-off to qualify for any kind of aid are stunned to see what kind of generous help they actually qualify for at some colleges.

3. The FAFSA considers many more factors than just your income.

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Is “Advanced Placement” the Best Way to Earn College Credit In High School?

Every year, millions of high school students are fed this line: “Hey, you should take Advanced Placement (AP) classes! They’re way harder, but if you do well on the test at the end, you’ll get free college credit!”

It sounds like a great deal. But is it actually true?

Advanced Placement

Actually, Advanced Placement (AP) classes are the least dependable way for students to earn college credit in high school.

Shockingly, fewer than half the students who take AP classes actually end up getting the low-cost college credit they were promised.

This Atlantic article goes so far as to tell parents bluntly, “AP classes are a scam” and “AP students are being suckered.”

The well-respected Atlantic said that? Wow.

To learn which early college option tends to be far better than APread on.

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Divorced? Perhaps Do This by Sept 30 and Save a Bundle on College

Are you divorced from your child’s other parent?

If so, there are specialized strategies you can use to reduce your kids’ future college costs.

Here’s just one.divorced

1. Figure out which of your child’s parents has the lower household income.

Is it you, or is it your ex-spouse? (Be sure to include the income of any new spouses when you calculate this income amount.)

2. Ask yourself, “Could my daughter possibly go to live with her lower-income parent, starting on September 30th of her 11th grade year?”

Think, would it be safe and healthy for your daughter to sleep 183 nights (or more) at her lower-income parent’s house between September 30th of her 11th grade year and September 30th of her 12th grade year?

Could she keep up this living arrangement until she goes away to college?

There are dramatic financial aid benefits for divorced parents who do this.

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Why You Should Never Cosign a Student Loan

And How to Save Yourself If You've Already Done It

Parent, I urge you: DO NOT cosign a student loan for your child.

Today I’m featuring information from an article by nationally syndicated radio host and author Clark Howard. I consider this to be must-read info for every parent. After you read below, you can find articles by Clark Howard, listen to his radio show, view his videos, and sign up to receive his money-saving advice right in your email inbox at ClarkHoward.com.

Are you considering cosigning a loan for an adult child who needs a car, a student loan, or a credit card?

Here are 6 deeply concerning things you need to be aware of before you pick up that pen.

cosign a student loan

1. If you cosign a student loan, you may unwittingly strain future family relationships.

Nobody likes to think about this, but there’s an almost four in 10 chance that when you cosign a student loan, you will be the one who has to pay off the balance. A CreditCards.com survey found that of the cosigners they surveyed, 38 percent had to pay some or all of the loan balance or credit card bill because the primary borrower did not, 28 percent experienced a drop in their credit score because the person they chose to cosign for paid late or not at all, and 26 percent said the cosigning experience damaged their relationship with the person they cosigned for.

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Your Job Change COULD Save Your Kid $40,000 on College Costs

Parent, might you be ready for a job change by the end of this summer?

If you make this job change decision strategically, you could save your kid $40,000 on college costs.

job change

“Really? How could my job change save my kids money on college costs?”

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Which Colleges Are Still Taking Applications?

5 Cautions For You If Your Child is Headed to College in 1-3 Months

Ben and his parents sat up late at their dining room table, combing through all of Ben’s college financial aid numbers one more time. Ben’s dad ran his fingers nervously through his hair. The problem? It was already summer, and every college that had accepted Ben for the coming fall was requiring him to commit to loads of student loan debt in order to attend.

Colleges are still taking applications

“Is it too late to just try to go to a different college?” Ben asked. “I don’t know,” Ben’s dad said. “Are there any other colleges still taking applications?”

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In Just 5 Minutes — Change Your Future Grandchildren’s Lives

grandchildren

Last year, I climbed a mountain in Zion National Park.

My husband, the avid hiker, gave me a set of hiking poles and these instructions: “When you start to feel exhausted,” he said, “just concentrate on your next step. Where’s the next, best place to put your foot? Carefully put your foot there, and before you know it you’ll be at the top.”

Many of us get through parenting in this exact same way.

Exhausted, we survive day-to-day by focusing on the bare minimum required next step in our parenting journey. Just getting through until bedtime, or until Saturday’s soccer game, or until the next school break. We limit our thinking to the immediate, the urgent, and the short-term—because that feels productive. It feels like we’re getting somewhere.

In truth, taking just 5 minutes to look at the long view can be exhilarating.

When I was climbing that mountain in Zion, the moments that took my breath away happened when I stopped, lifted my head, and looked out over miles of sheer cliffs and valleys, all the way to the misty distant horizon.

Taking 5 minutes to look toward the parenting horizon can be both exhilarating and transformative.

For 5 minutes right now, think, “What could we as a family do this year, that could impact our descendants 100 years from now?”

Is there something you could do now related to education, to money and debt, or to moral and spiritual development, that could pay off for generations to come?

Our culture is currently plagued and limited by a short-term thinking mindset. You don’t have to be.

Ari Wallach, in this powerful TED Talk, urges us all to transform our children’s and grandchildren’s futures by breaking free of the 3-5 year “short-termism” that, he says, “permeates every nook and cranny of our cultural reality.” Wallach calls us all to practice “longpath” thinking that asks this important question: “To what end?”

What is the purpose in what we’re doing? Where are we going with this?

How will these decisions we’re making today impact our family 100 years from now?

What could we do this year that could pay off in huge ways…for generations?

Carefully consider these words, which I consider to be the most important in Wallach’s TED Talk: 

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Two Extra Years in College Could Cost Your Kid $300,000

Here are 7 Proven Ways To Get Through College FAST

When you imagine your daughter’s future, you probably don’t envision her spending extra years in college.

Yet, according to the National Center for Education Statistics, only 40% of college students earn their bachelor’s degrees in four years. And only 60% of college students receive a degree in six years!

Yikes!

extra years in college

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“Can I Take a Full Load of College Classes in High School and Still Have a Full ‘High School Experience’?”

Yes.

A 10th grader contacted me recently and asked me this great question about taking college classes in high school.

“Jeannie, I know that you strongly recommend dual enrollment college classes in high school for kids who want to get through college debt-free. I want to do dual enrollment full time in 11th and 12th grades so that I’ll have two years of college done by the time I graduate from high school. But my parents are trying to steer me toward doing dual enrollment only just part time. They’re worried that if I take a full load of dual enrollment college classes in high school, I’ll miss out on ‘the full high school experience.’ What do you think?”

My answer is below. college classes in high school

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Must-Listen 9-Minute Dave Ramsey Rant Against Student Loan Debt

Caution, Though; Dave's Wrong About Two Things!

I love Dave Ramsey’s video rant about student loan debt, which you can watch at the link I’ve provided below.

(Listen for my favorite Dave line in this rant: “I missed where the lady got helped.”)

If you’ve got 9 minutes to listen to this while getting ready for work in the morning or while cooking dinner, please do!

As you listen, though, be aware that Dave Ramsey is wrong about two things:

1. Dave Ramsey’s wrong when he says that your in-state college or university is automatically your bargain choice.

microphone

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