Paychecks will be a lot lighter over the next few weeks as the Market Basket employee protest continues. Now more than 25,000 employees will be feeling even more wallet pain as their hours get reduced and quarterly bonuses shrink. As a loyal customer, former part-timer (Store #18 in Methuen) and now financial planner, I'm offering these financial planning tips for Market Basket employees to help ... Read More
FAFSA
FAFSA Time: Tips for Increasing Your Financial Aid
For many parents of college-bound juniors and seniors as well as graduate school candidates, it will soon be time to file financial aid forms. Last month I covered several strategies to lower your expected family contribution (EFC) which can be found here. For help with scholarships or other free money, you can find information at the College Board under "Fund Finder" or try some of the free ... Read More
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
Ask the Adviser: Appealing College Financial Aid Packages
Is it possible to get a college to reconsider their financial aid package? My son was accepted into his top choice and then a few of his lesser choices. The only problem is that School #1 presented us with a financial aid package that is about 1/3 less than what some of the other schools offered. Is there anything that we can do? Do schools ever reconsider their financial aid packages? Boston ... Read More
Pay for College without Going Broke
Growing up in a middle class family with parents who worked on the production lines of local factories, it was instilled in me from a very young age that education was the ticket to a better life. While times have changed parents still want to see a better life for their kids and education is still the key. American Dream: Worth Believing? As a new parent myself (my other identity is as ... Read More
College Costs More If You’re A Mushroom
College costs continue to escalate. The burden on families grows every year. Even before the Great Recession trying to balance the competing and emotional needs of paying for college while trying to save for retirement was a struggle. Let's face it: Paying for college is as much a retirement planning issue as anything else. Don't ever forget that. So how much is a college education worth to ... Read More
Ask the Adviser: Paying for College by Shifting Assets – Worth the Trouble?
As noted in previous articles and posts, whether or not your student qualifies for federal financial aid for college will depend on the Expected Family Contribution (EFC) calculation. Typically, almost all assets and income are included in this calculation by financial aid officers. There are exceptions to all rules and in this case, federal aid formulas (under the "Federal Methodology") exclude ... Read More
Improve Your Odds for Student Financial Aid
It’s never too early or even too late to start planning for ways to pay for college or post-graduate school. Myths There are a number of myths out there that can adversely impact your planning efforts: 1.) There’s not enough aid available; 2.) Only students with good grades get aid; 3.) My family makes too much money to qualify. Reality In reality, both “self-help” aid like loans and “gift” ... Read More
Skip the Allowance and Employ Your Kid
Do you own investment real estate or a business? Have you been considering buying a rental property or starting a business? Have kids going to college in a few years? If you already plan on your kids going to college, it's never too late to start planning effective and efficient ways to increase savings, lower your taxes and improve your odds for receiving student financial aid. Let's say you ... Read More
