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If you plan to attend graduate school, it's important to understand the costs up front. As a graduate student, relying on grants, scholarships, and fellowships is better than taking out loans to pay for school. As you gear up for graduate school, it's time to find grants, scholarships, and fellowships to cover the cost. Example comparing school costs with and without grant and scholarship aidPaying for graduate school is often not as simple as finding a single grant to cover the entire cost. Alternative ways to pay for grad schoolGrants and scholarships aren't the only way to pay for school.

Persons: —, Trinity Owen, you'll Organizations: Service, Federal Student Aid, Fulbright, College Board

☆ What is a 529 plan? How you can score a tax break while saving for future college expenses
▼ + stars: | 2023-05-29 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +7 min

And what better time to think about a college savings account than 529 College Savings Day? Unlike college costs, however, your 529 plan funds can only go toward tuition for primary and high school. On top of tax-free growth, some states allow taxpayers to deduct or get a credit for 529 plan contributions on their taxes. Drawbacks of 529 savings plansOne of the main drawbacks of saving in a 529 plan is that you owe a penalty if you use the funds for an ineligible expense. The Free Application for Federal Student Aid (FAFSA) does take 529 plan savings into account when determining your expected family contribution (EFC), but not at face value.

A typical in-state four-year degree is around $100,000 on average, but there are ways to make it cheaper. Dual enrollment, in-state schools, and community college will all be cheaper than many expensive options. Experts have six tips for paying less in tuition, fees and other higher education expenses this year. Earn college credits in high schoolCollege consultant Chad Dorman of Leonard Andrew Consulting says that, in many cases, high school students can earn college credit via dual enrollment. This is especially true if community colleges in your area have reciprocity agreements with nearby four-year schools.

☆ Biden promised student-loan borrowers cheaper payments and more debt relief. The government might not have enough money for everyone to actually get those benefits.
▼ + stars: | 2023-05-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

With broad student-debt relief, many student-loan borrowers anticipate reforms to payment programs. Congress didn't increase funding for Federal Student Aid last year, and the impacts already show. Federal student-loan borrowers are facing a consequential year ahead. Alex Wong/Getty Images'We really need to be worried and concerned'The issue of a lack of funding, and how it impacts student-loan borrowers, has been on some Democratic lawmakers' radars. "That's why I'll continue to fight for the increased funding the Student Aid Administration needs to provide quality services and support at-risk borrowers," she said.

☆ Making these 5 moves can help you save big on the massive cost of college
▼ + stars: | 2023-05-04 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +7 min

As the mother of a college sophomore and high school senior, I know thinking about paying for college is daunting. Financial aid is determined by income information that is not necessarily up to date. If your circumstances are now different, that should be brought to the financial aid office's attention, he said. If you're concerned about making ends meet based on the financial aid award letter your child has already received, you can still ask for more aid. "So performing well throughout your high school career is not only important for admission but also for scholarship awards."

☆ 4 strategies for avoiding taking on too much student debt in college
▼ + stars: | 2023-05-01 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Steve Prezant | The Image Bank | Getty Imageswatch nowHere are four strategies high school seniors, and their families, can consider to avoid ending up deep in debt. "To reduce student loan debt, enroll at a less expensive college," Kantrowitz said, adding that public colleges often "provide just as good a quality of education." Families can continue saving in a 529 plan while their child is enrolled in college, Kantrowitz said. Meanwhile, more than $6 billion in scholarships are awarded to college students each year, according to Kantrowitz. According to calculations by Kantrowitz, around 1 in 8 college students has won a scholarship.

☆ How to haggle with your college over financial aid
▼ + stars: | 2023-04-28 | by ( Dayun Park | ) edition.cnn.com time to read: +6 min

In some cases, filing an official financial aid appeal may even delay the deadline for putting down a deposit. Here, according to college financial aid and admissions officers, consultants and students, are the steps to take:Email, don’t call, and handle it yourself. “If there has been a significant reduction in income compared to your application, inform the school’s financial aid office; in some cases, financial aid can increase,” said Phil Asbury, Director of Financial Aid of Northwestern University in Illinois. The opportunity to increase need-based aid depends on the accuracy of your documented financial change and the financial ability of the school to make a change,” John Leach, Associate Vice Provost for Enrollment and University Financial Aid at Emory University, told CNN. Northwestern has a “priority deadline” so that the financial office can notify students early, but students can still apply for financial aid all year round.

☆ The FAFSA is getting a makeover later this year—here's what's changing
▼ + stars: | 2023-04-11 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

If you've ever filled out the Free Application for Student Aid (FAFSA) before, you're probably familiar with the stress, confusion and possible tears that often come with it. The number gave your school and federal aid administrators an idea of how much financial support to offer. The student aid index (SAI) will serve the same purpose, but use a different formula. Federal Student Aid (FSA) published a draft of the calculations to be used to determine SAI. Aid administrators will subtract the student's SAI from their determined cost of attendance in order to assess aid eligibility and amounts, according to FSA.

☆ Millions of student-loan borrowers will face 'catastrophic consequences' like delays in debt relief if Congress doesn't give Biden's Education Department more money, 17 Democratic lawmakers say
▼ + stars: | 2023-04-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Seventeen Democrats wrote a letter to lawmakers asking them to increase Federal Student Aid funding. The Democrats said lack of funding is "catastrophic" for millions of borrowers relying on relief. Congress didn't increase FSA funding last year, causing delays in repayment reforms. They called on the subcommittee to provide $2.7 billion in funding for FSA in fiscal year 2024, consistent with President Joe Biden's budget request. "The lack of adequate resources creates more barriers for students to continue their education," the lawmakers wrote.

☆ College acceptance and financial aid letters are going out — how to understand your offers
▼ + stars: | 2023-03-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

watch nowUnderstanding the college financial aid letterOne of the first things to understand when assessing aid letters is the formula colleges use to come up with the expected family contribution. Kalman Chany financial aid consultantFurther, not all colleges include both direct and indirect expenses in the total "cost of attendance." As a rule of thumb, add an extra $4,000 for those indirect costs if they are not included in the aid offer, Chany said. Differentiate free vs. borrowed moneyIn most award letters, there are often several financial aid options, including grants, scholarships, work-study opportunities and student loans. If your circumstances are now different, that should be brought to the financial aid office's attention with documentation.

☆ 3 strategies can get you more financial aid for college
▼ + stars: | 2023-02-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Apply for financial aidIn ordinary years, high school graduates miss out on billions in federal grants because they don't apply for financial aid. Even now, many families haven't applied for financial aid. Financial aid is determined by income information that is not necessarily up to date. If your circumstances are now different, that should be brought to the financial aid office's attention with documentation. If the financial aid package from another comparable school was better, that is also worth documenting in an appeal.

☆ How Charlie Javice's Frank Sale to JP Morgan Wound up in Allegations of Fraud
▼ + stars: | 2023-01-21 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +21 min

Her financial aid startup, Frank, was featured in the New York Times, CNBC and Wall Street Journal. After leaving the University of Pennsylvania's Wharton business school, Javice traded on her reputation, bolstered by glowing profiles, as a successful entrepreneur. In a 2018 interview with Insider, Javice claimed Frank secured an average of $28,000 for its users, and was helping students get "thousands off their tuition." "Charlie's first company fizzled after 18 months, so after losing all her investors' money, she convinced every one of them to fund her next company, Frank." At Frank, Javice admitted she sometimes painted a more positive picture of the company's health than was supported by the facts.

☆ I borrowed $50,000 to pay for college 10 years ago — now I owe double. The interest fees are screwing everyone over.
▼ + stars: | 2023-01-21 | by ( Robin Madell | ) www.businessinsider.com time to read: +6 min

Lisa Sass, 31, took out $50,000 in private student loans to pay for college. At 31 years old, I never thought I'd be nearly $100,000 in debt — and that's just for student loans. Paying half allows me to afford living expenses and other bills, but my student-loan payments only cover the interest. I still owe $95,576 in loans, and it sucks that private loans were left out of President Joe Biden's forgiveness program. I think loans need to get repaid, but I don't think interest rates should be as high as they are.

☆ What's next for Goldman following deep cuts and organization overhaul
▼ + stars: | 2023-01-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

On tap we've got stories on JPMorgan's Jamie Dimon fielding questions about the bank's acquisition strategy, another bank plans to make cuts, and fast food options that won't completely crush your diet. On Wednesday the bank conducted a majority of its cuts, reducing its global workforce by about 6.5%. A few days later, on Friday, the bank reported losses of more than $3 billion since 2020 in the unit that houses the bank's consumer lending business. Meanwhile, some of the recently axed Goldman employees have been left in the dark on what's next for them, according to reporting from Hayley and Emmalyse Brownstein. Here are some fast food options that won't completely wreck your diet.

☆ JPMorgan says college-planning firm it bought lied about its scale. Consumers may have been misled, too
▼ + stars: | 2023-01-13 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

watch nowIn response, the FTC sent a warning letter to Frank, pointing out a number of claims on its website could be "unlawfully misleading consumers." Besides the problems flagged by government officials, higher education expert Mark Kantrowitz said he noticed other questionable claims made by Frank. At one point, the company said it could complete people's Free Application for Federal Student Aid, or FAFSA, in just four minutes. "If it's too good to be true, it probably is," Kantrowitz said. Student loan, financial aid help is available for free

☆ Before JPMorgan accused Charlie Javice of inventing millions of fake customers, the Frank founder settled with the federal government over accusations she was misleading students
▼ + stars: | 2023-01-12 | by ( Katherine Long | ) www.businessinsider.com time to read: +5 min

Visitors to Frank's website could get the mistaken impression that the company was affiliated with the federal government, the Department of Education said in 2017. The Department argued that Frank's website was "likely to confuse consumers." The Department stated in a cease and desist letter that Frank could be misleading applicants looking for the government's official FAFSA website. On social media and elsewhere, Frank sometimes referred to the form as "Frank's FAFSA," according to the settlement. In numerous media interviews, including with Insider, Javice has cast herself as a mold-breaking entrepreneur.

☆ Pell Grants could rise to a maximum $7,395 next year, in the biggest increase in over a decade
▼ + stars: | 2022-12-21 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Olelole | E+ | Getty ImagesAs part of its massive $1.7 trillion spending package for 2023, Congress is planning to up the maximum annual Pell Grant award to $7,395 — a $500 increase from this school year. President Joe Biden had previously called to raise the Pell Grant by even more, to a maximum allotment of $8,670 in 2023, and has said he wants to see the payments double by 2029. Pell Grants are one of the biggest sources of financial aid available to college students, and more than 6 million students received them in 2020. Each year, Congress decides how much to allocate to the maximum Pell Grant, and in some years it has reduced the payment. There's a limit to how many Pell Grants you can getCollege students typically can receive the grant for up to six years.

☆ This 529 savings plan myth is making college pricier for families, consultant says: 'It's candidly, blatantly not true'
▼ + stars: | 2022-12-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

SEATTLE — For many families, paying for college is a financial burden, and experts say education-funding myths may be adding to the student loan debt crisis. "There's often this perception that somehow people are being penalized for saving for college," said Cozy Wittman, national education and partnerships speaker with College Inside Track. Parent-owned 529 college savings plans are assessed at 5.64% when filing the Free Application for Federal Student Aid, known as the FAFSA, she said, speaking at the Financial Planning Association's annual conference on Tuesday. That means for every $10,000 of 529 plan savings, roughly $564 counts toward the parents' expected family contribution, potentially reducing financial aid by roughly the same amount, according to the College Savings Plans Network. The average 529 account value was $30,287 in 2021, the College Savings Plans Network reported.

☆ Even University Presidents Lose Their Minds When Their Teens Apply to College
▼ + stars: | 2022-11-29 | by ( Melissa Korn | ) www.wsj.com time to read: 1 min

Richard Holz filled out the Free Application for Federal Student Aid, known as the Fafsa, for his two daughters. Like many parents, he found the process baffling. “It’s like they want to know your shoe size,” says Dr. Holz. “They want to know so much, and why is it relevant or pertinent?” he adds. “It should be so much easier.”

☆ 3 steps that would help 'cure the disease' of the student-debt crisis after Biden's one-time relief, according to experts
▼ + stars: | 2022-11-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

"We really need to figure out a way to cure the disease and fix the problem," Levine said. "The rising cost of college can put valuable options out of reach for students who need them the most. Grants, when based on financial need, are a key step toward a more equitable system." Biden noted his plan was a "one-time" relief measure and borrowers would not see another broad loan forgiveness action during his term. While its implications are significant — the relief would wipe out the entire balances for 20 million borrowers — it's currently blocked.

☆ Families can get Pell Grants of up to $6,895 to help with college costs. Here's what you need to know
▼ + stars: | 2022-11-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

And it goes further for those who received a Pell Grant in college, a type of aid available to low-income families, by clearing as much as $20,000 from their student debt balance. The federal Pell Grant program, signed into law in 1965, is one of the largest sources of financial aid available to college students. Here's what families need to know about Pell Grants. There's a limit to how many Pell Grants you can getCollege students typically can receive the grant for up to six years. "The student can then use the money to pay for other college costs, such as textbooks," he said.

☆ If you want to opt out of Biden's student-loan forgiveness, you have less than a month to do so. Here's how.
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

The Education Department is notifying borrowers who are automatically eligible for debt relief. Around 8 million borrowers will receive that notice, but some of them might choose to opt out. On Monday, President Joe Biden and Education Secretary Miguel Cardona officially launched the application site for student-loan forgiveness. Here's how you would do that, according to Federal Student Aid:Determine who your student-loan servicer is by logging into studentaid.gov, selecting "My Aid," and then selecting "View loan servicer details." Contact your servicer by phone or email and tell them you do not want to receive federal student-loan relief.

☆ Biden's Education Department is notifying 8 million student-loan borrowers that they do not need to apply for debt cancellation and their relief will be automatically processed
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department is notifying around 8 million borrowers automatically eligible for relief. Those borrowers will not need to apply, but those who want to opt out must do so by November 14. Those eligible for automatic relief can also choose to submit a form if they want it processed sooner. The Washington Post first reported on Tuesday that the Education Department has started notifying those borrowers that they are eligible to have their loans wiped out automatically. Failure to do so means the relief will be processed for the borrowers after that deadline.

The Free Application for Federal Student Aid, or FAFSA, is a form used to apply for financial aid. If you're a dependent, you'll need your parents' financial information in addition to your own. Gather your personal financial informationBefore you start filling out the FAFSA, you should gather your basic personal financial information. You log in with a government ID called the Federal Student Aid ID. Work with your school's financial aid office to make up the rest.

The amount of money you can get depends on your financial need, which is determined by your college's cost of attendance minus your Expected Family Contribution (EFC). Your college's financial aid office will determine your financial aid package, which includes both federal and institutional assistance. The more financial need you have, the higher likelihood you have to qualify for more financial aid. Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses. Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses.

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