Sunday, December 22

Tag: Higher Education Costs

The Art of Asking Your Parents for Money
27Dec By adminNo Comments
Money

The Art of Asking Your Parents for Money

Listen to article(1 minute)WSJ’s Personal Finance team presents a series on how to fix your financial life in 2024. Up now: asking for money Hitting your parents up for cash as an adult can be awkward. But sometimes the best money move is to ask for help.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Congress’s College Financial Aid Fiasco
22Dec By adminNo Comments
Business

Congress’s College Financial Aid Fiasco

Next to paying tuition bills, parents of college-age students dread few things more than completing the Free Application for Federal Student Aid, aka FAFSA. So it would seem to be good news that the Education Department this month is rolling out a new and supposedly simpler form. But government makes nothing free or simple.Members of Congress from both parties have long complained that the FAFSA is unduly complicated and makes college less accessible. The feds use the form to determine student eligibility for Pell grants and federal loans. Many colleges use it to determine how much institutional aid to award students.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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A generous new rule for leftover 529 money: Roll it into a Roth for your child
18Dec By adminNo Comments
Money

A generous new rule for leftover 529 money: Roll it into a Roth for your child

I was on the phone with one of my girlfriends — the best way to find out about financial stuff, honestly — and she told me that there was a new rule that would allow parents to rollover unused funds from a 529 college savings plan into a Roth IRA for their child.I was like: No. Way. It didn’t seem possible. First, as many college-savings sufferers know, there are restrictions on withdrawing the money you deposit into 529 plans. Generally, you have to use 529 savings for qualified education-related expenses, or you get hit with taxes and a penalty. True: there are ways to transfer 529 money to another member of your family without being taxed or penalized. Still, the idea that you might be able to rollover unused 529 funds into a Roth IRA seemed unusually generous and forward thinki...
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How to Navigate the New Fafsa Form for College Aid
1Dec By adminNo Comments
Money

How to Navigate the New Fafsa Form for College Aid

Updated Dec. 1, 2023 10:08 am ETApplying for college financial aid will be more confusing this year for many parents and students, who will also have to fill out the forms on a much tighter deadline.Changes were made to the Free Application for Federal Student Aid, or Fafsa, this year as the result of a 2020 law. A new form was designed to be shorter and simpler to fill out, but it won’t be available for families to complete until Dec. 31, nearly three months later than normal. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Biden’s Student Loan Fraud Check
20Nov By adminNo Comments
Business

Biden’s Student Loan Fraud Check

Did the Biden Administration learn anything from the massive fraud in pandemic spending programs? Apparently not judging from a new Government Accountability Office report that found the Education Department failed to implement basic checks to prevent fraud in its student loan forgiveness plan.The Supreme Court struck down the Administration’s $430 billion debt writeoff in June, but the GAO review is relevant since the Education Department is canceling hundreds of billions of dollars in student loans via the back door. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Who’s Left Out of the Latest Student-Loan Plan? Parents
31Oct By adminNo Comments
Money

Who’s Left Out of the Latest Student-Loan Plan? Parents

Millions of parents who took out student loans on behalf of their children were left out of the Biden administration’s new repayment plans.Parent Plus loans, which account for more than $111 billion in outstanding student debt, aren’t eligible for the lower monthly payments and shorter paths to forgiveness offered under the new Saving on a Valuable Education (SAVE) program announced in January. Neither were they part of the one-time adjustment in July to other income-driven repayment programs that awarded borrowers nearly $40 billion dollars in debt relief. There is a way to convert Parent Plus loans into one that is eligible, but it is complicated.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Weaponizing Student Loan Forgiveness – WSJ
31Oct By adminNo Comments
Health

Weaponizing Student Loan Forgiveness – WSJ

No act of public service goes unpunished. The Missouri Higher Education Loan Authority (Mohela) mounted a successful legal challenge to the Biden Administration’s $400 billion student loan forgiveness. Now the Administration is dunning the student loan servicer for problems the government caused.Education Secretary Miguel Cardona and Federal Student Aid Chief Operating Officer Richard Cordray said Monday they are withholding $7.2 million in payment to Mohela for allegedly failing to send timely billing statements to 2.5 million borrowers before their loan payments restarted in October after the three-and-a-half year pandemic pause.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Student Loan Processor Mohela Punished for Millions of Late Billing Notices
30Oct By adminNo Comments
World

Student Loan Processor Mohela Punished for Millions of Late Billing Notices

Oct. 30, 2023 10:38 am ETThe Education Department will withhold a $7.2 million monthly payment for a major student loan processor because it failed to send out timely billing notices to millions of borrowers.The Monday move against Mohela, the Missouri Higher Education Loan Authority, comes as the government and the contractors who handle the billing and repayment program enrollment for federal student loans struggle with returning 28 million borrowers to repayment after a more than three-year pandemic-era pause.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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