Seniors College Prep Checklist
Hi Friend,
It’s September, the school year has officially begun! As your family returns to regular routines and your student is one year closer to college, now is a good time to review your college financial plan.
If you have saved money in a 529 college savings plan, these are the first funds you should use to pay for college. Did you know that purchasing a computer is a qualified 529 expense? Make sure you are aware of all the qualified expenses for a 529 plan.
Knowing what to expect and how to plan for college can be overwhelming. High school seniors can benefit from this college prep checklist. Using these guidelines will help keep them on track.
For graduates who’ve had their federal student loan payments on hold, it’s time to start repaying your student loans. These loans began accruing interest again on 08/31/2023. Borrowers should receive an email from their loan servicer with loan payment information. Make sure you review all of your payment plan options including a new income based repayment plan, SAVE (Saving on a Valuable Education), which includes multiple new benefits for borrowers.
Now that school is in session, it’s a great time to set your family’s college financial plan in motion. Sign up for a complimentary college funding consultation today!
– Trixie
What Are Qualified Expenses for A 529 Plan (And What Doesn’t Count)?
Opening a 529 plan to save for your child’s college expenses can be a great way to build savings while reaping tax benefits.
Some of the benefits of a 529 plan include tax free growth and tax free withdraws if the money is used for “qualified education expenses”. But one thing that stops many would-be 529 owners is understanding what exactly a 529 plan will cover – what exactly are qualified education expenses?
Preparing for College: A High School Seniors Checklist
For high school seniors with college in their sights, getting prepared for this next chapter of life is key to success.
Keeping up to date with deadlines and requirements can be a big undertaking for students and their family members. By using our college prep checklist, they can stay on track and be ready to take on college with confidence!
Preparing for Federal Student Loan Repayment
Federal student loan borrowers should receive a billing statement in the mail at least 21 days before their first payment due.
The interest accrual on federal student loans will resume on Sept. 1, 2023, and payments will be due starting in October.
SAVE Repayment Plan Offers Lower Monthly Loan Payments
The Saving on a Valuable Education (SAVE) Plan, like other income-driven repayment (IDR) plans, calculates your monthly payment amount based on your income and family size.
The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.
How to Survive Paying for College Free On-Demand Webinar
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- Expected Family Contribution (EFC)
- Cost of Attendance (CoA)
- FAFSA and CSS profile
- Public versus private costs
- How you can afford college without jeopardizing retirement
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Westface College Planning is here to help ensure your planning is where it needs to be. Contact us with any questions you might have for the years to come!
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!
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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.