Coronavirus College Updates, Tax Strategies And More!
Our daily lives have changed so much since our last newsletter and we hope that you are healthy and safe. This trying time has created many concerns for families, especially for high school students and college students returning home. Please know we are staying on top of the latest news so we can best inform you. If you have any questions, please don’t hesitate to reach out.
During this time of financial strain, one issue many now face is the repayment of student loans. The government recently passed the CARES Act and has suspended repayments and interest charges through September 30, 2020! Learn more about these important changes and what they mean for you in the months to come.
High schools and colleges are managing the upheaval across the country and bracing for future complications for extended school closures, financial aid, and admissions. The coronavirus has “really thrown a wrench into a number of things.”
April is the time for high school seniors to choose their college. This year, even more than typical, families are concerned about making a sensible and affordable college decision without jeopardizing retirement. If your financial circumstances have changed since you applied for financial aid last fall, you want to let the colleges know and ask them for help before accepting a college offer.
If you have questions about the current situation, taxes or a financial aid appeal, give me a call at 360-818-7728, or sign up for a complimentary college funding consultation or educational webinar today!
I look forward to talking with you soon, and please stay safe!
~ Trixie
Beatrice Schultz, CFP®
Westface College Planning
WA: (360) 818-7728
CA: (650) 587-1559
www.WestfaceCollegePlanning.com
In College News
What Is A CARES Act Impact On Student Loan Repayment
On Friday, March 27th, the President signed the Coronavirus Aid, Relief and Economic Security (CARES) ACT. PayforED has reviewed the CARES Act impact on student loan repayment and the changes are significant.
The CARES Act helps most individual federal loan borrowers. There is a provision for student loan assistance programs that will benefit all student loan borrowers, but Private and FFEL loan borrowers need to contact their lender or servicers to see if they offer this new benefit.
Read more about these changes at PayForED.
Graduation, Financial Aid, Admissions –
For This Year’s College-Bound,
The Future Is In Turmoil
This spring was supposed to be an exciting time for Xander Christou. He’s a senior in high school in Austin, Texas, and was looking forward to all the fun: prom, senior skip day, and of course, graduation.
But all that’s now out the window. “There’s a sense that it’s incomplete,” says Christou. The school district has closed until April 3rd and Christou says he has this feeling that a unique chapter in his life — senior year — is slipping away. “They’re just parts that we may never get to experience.” One big disruption: any attempt at making plans for next year. “We’re in the midst of college decisions,” he says, and the coronavirus has “really thrown a wrench into a number of things.”
Continue reading about the impact on NPR.org.
Announcement
We are thrilled to introduce Theresa Treadway, our new client service specialist at Westface College Planning. With a background in accounting and administration, she is an excellent fit for our team. We look forward to working with her and supporting her journey for her upcoming graduation from Washington State University in 2021.
Tips By Trix
Tip #1: When filing taxes, be sure to deduct student loan interest you’ve paid (up to $2500) on qualified student loans.
Tip #2: If the college your student is interested in offers merit aid, they might need to submit a separate application. Have them check beforehand so they can meet all the necessary deadlines.
Tip #3: I recommend everyone file the FAFSA and long before the deadline. Doing so puts your student in the best position for grants, scholarships, merit aid and work-study positions.
Want more helpful tips on how to create a college funding plan? Contact us today for a complimentary consultation!
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- Expected Family Contribution (EFC)
- Cost of Attendance (CoA)
- FAFSA & CSS profile
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Fun College Facts
- The land the University of Glasgow (Scotland) sits on was almost developed into a cemetery
- Only .4 percent of undergrads attend an Ivy League School
- In 2004, Sacha Baron Cohen gave his commencement speech address at Harvard University in his Ali G persona
Tips For Parents
Are Scholarships Taxable? Rules To Know Now
First, congratulations on winning that scholarship! You’ve made a great stride in paying for college and reducing your student debt. Now that tax time is approaching, you might find yourself asking, “Are scholarships taxable?”
This is an excellent question! Most scholarships and grants are considered “free money” and not taxable, but there are exceptions. To get started, I’ve outlined when scholarships are taxable and additional tax filing tips.
Learn more about this topic on Westface College Planning.
Ready for your own success story?
If you’re a typical parent with college-bound students, you’re probably overwhelmed. You want to help your sons and daughters make the right choices and prevent overpaying for their education. You’re not alone! We’re here to help. Schedule your free consultation today – click below to get started!
Catch our free, on-demand webinar:
How to Survive Paying for College
Join Beatrice Schultz, CFP® for our on-demand webinar, where she provides parents with the exact steps that often greatly lower the cost of college, even if there’s little time to prepare.