Question for the Boston Money Coach: What should I be doing now to prepare for my children's college expenses? This is the second part of an answer to this question posed by parents of two young children worried about the rising costs of higher education and student loan debts. Confused about where to start, they need help from Boston's Money Coach. Response from Boston Money Coach - Steve ... Read More
College Planning
Young Parents Preparing for College Expenses: Part 1
Question for the Boston Money Coach: What should I be doing now to prepare for my children's college expenses? I have two young children and am worried about the rising costs of higher education and student loan debts. I've read about college-savings plans but don't know where to start. Response from Boston Money Coach - Steve Stanganelli: You should talk with a financial planner who can ... Read More
Ask the Money Coach: Paying for Children’s College
What should I be doing now to prepare for my children's college expenses? Question:) I have two young children and am worried about the rising costs of higher education and student loan debts. I've read about college-savings plans but don't know where to start. Money Coach's Answer: You should talk with a financial planner who can outline your options. There is more to paying for ... Read More
College Financial Aid Insider
Too many parents find out after the fact that they could have qualified for financial aid but didn't. Why? They didn't know how to properly value their home and rental properties or investment assets. When it comes to determining eligibility for financial aid, income counts for quite a bit, but your assets are a big part of the formula, too. Now is not the time to allow your ego for a big net ... Read More
Financial Aid Myths Versus Reality
College Financial Aid Myths versus Reality Some may say that it doesn't matter. They say that they make too much money or have too many assets to qualify for aid. It’s a myth that families earning more than $50,000 will not get aid. Even families earning well into the six-figures may qualify for financial aid. Other myths I come across in my college financial planning practice ... Read More
Diplomas at a Discount
Lower the Cost of College without Breaking the Bank or Your Retirement Nest Egg School season begins once again. It’s hard to imagine but here we are at the end of another summer. Yellow buses roll. Marching bands practice. And it’s time for some high school football. While it’s hard enough to stay focused on all the classwork, homework and after-school activities at hand, there’s one more ... Read More
How to Save on the Cost of College – A Series
Graduation season is behind us. Those beaming faces seated in front of podiums eagerly awaiting their graduation certificate or diploma from middle or high school are now probably lounging by the pool waiting to begin the next phase of their school "career." For parents of middle-schoolers entering high school, the thought of college can be as oppressive as the sweltering summer heat. Not ... Read More
Ask The Adviser: Can EE Savings Bonds Be Cashed In for Tax-Free Use for Parochial School?
Recently, a blog visitor was searching on the term "EE Savings Bonds," "Tax Free" and "parochial school." Evidently, this visitor has a child in a private elementary or secondary school. With good planning and generous help from family and friends, he has a number of EE series savings bonds in the child's name. Given the tax breaks available for certain higher-education expenses and the ... Read More
Paying for College: Myths About Financial Aid That May Blow Your Retirement
For most families, paying for college for their kids rivals buying a home as the largest investment that they will ever make. College is viewed - and rightfully so - as a key to a better future. Even as the cost of college continues to escalate at a pace almost double the inflation rate (nearly 5% per year compared to the historic average of nearly 3% for CPI), there is still a high and ... Read More
Tax Impact of Divorce and Other Tips
Tax Tips for Handling Real Estate in Divorce Case Study: First-Time Buyer Credit & Divorce In 2008, Chris and Jenny purchased a home that qualified for the $7,500 first-time homebuyer credit. They were married at the time of purchase and applied for the credit on a joint return. In 2009, they divorced and Jenny received the house. Chris gave up ownership in 2009 and filed Form 5405 ... Read More
