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A college student contemplating her taxes.

Are Scholarships Taxable?

Hi Friend, Happy Valentine’s Day! February is an excellent month to treasure your loved ones and your family’s finances. Completing the Free Application for Federal Student Aid (FAFSA) is an important first step when figuring out how to pay for college. The new simplified 2024-25 FAFSA “soft launched” on Dec. 30 after a three-month delay and a…

Scholarships: Understanding the Tax Implications    

As tax season unfolds, it’s important for college students and recent graduates to organize their financial documents and understand their potential tax obligations, especially if they have received a scholarship in the past year. While scholarships are often perceived as “free money,” there are specific circumstances that may require reporting scholarships as taxable income.   Some…

The FAFSA Is Open!

Hi Friend, Happy New Year! The delayed soft launch opening of the FAFSA makes for a crunched timeline, so it’s important to submit the FAFSA as soon as possible – even if you don’t think you’ll qualify for aid.  The FAFSA is integral to unlocking need-based grants, work-study, federal student loans and institutional aid and scholarships. The FAFSA is open,…

Red envelope with stamp.

7 Tips for Navigating Financial Aid Award Letters  

Understanding and deciphering financial aid award letters is crucial for aspiring college students and their families when navigating the costs associated with higher education. Award letters outline the financial aid package offered by a college or university. These letters are often filled with intricate financial terms and unconventional abbreviations. To unravel financial aid award letters…

Father and son looking at a laptop and smiling.

Understanding Financial Aid

Hi Friend, Happy Holidays! We hope you get the opportunity to relax and recharge during the winter break.  The Department of Education has announced that the Free Application for Federal Student Aid (FAFSA) will be available by December 31, 2023. There will likely be a delay in processing the FAFSA after the updated version of the form goes…

Financial Aid Explained

At Strategies For College, we strongly encourage parents to start planning their financial strategy for their student’s higher education before their senior year of high school. This process involves quite a bit of research and should include a careful, honest assessment of your family’s financial situation. The goal is to develop a plan for college that results…