How Many Years Can I Receive Financial Aid for College?

It takes 4 years for a student to complete a typical undergraduate degree, right? Not necessarily. Today, students are taking longer to graduate for a variety of reasons, from a decline in personal and institutional resources to indecision about choice of major at the time of enrollment. If you’re currently weighing options for a fifth year (or more) of college, we’ve provided a few things to consider as you manage your college payment plan.

150 Percent Rule for Subsidized Direct Student Loans: A new federal regulation may impact students who receive Federal Subsidized Direct Loans. These programs are now available for only 150 percent of the semesters that the college publishes as the typical time it takes students to complete their degree or certificate. This “150 percent rule” means students in a four-year degree program will be eligible for subsidized student loans for the equivalent of six years.  Eligible fifth and sixth year students should be able to benefit from this loan program as long as they meet the college’s definition of Satisfactory Academic Progress (SAP) and are on track to graduate within this time frame.

This is part one of an ongoing series we’re launching on the Insider blog on “Kids and Money.” As you prepare to send your child off to college, you should also be thinking about how to foster in them the skills necessary to build financial independence. In this series, we’re going to discuss how students can earn, spend, save, borrow, and protect their money in a way that aligns with personal and family values. Type “Kids and Money” into our Search Box to find all installments of the series.

Whether your child is old enough for a “traditional” summer job or not, there are definitely ways that kids of all age—teens, tweens, and younger kids—can make money during the summer, put their time to good use, and start saving.

In the world of college admissions, nothing may be more frustrating than the waitlist offer. “Thanks so much for applying. I know you were expecting an answer, but we need you to wait for yours just a little bit longer than everyone else.” On this episode of Getting In: A College Coach Conversation, we’ll offer some perspective by reviewing the waitlist trends we saw last year and offering suggestions for how to approach your own waitlist status.

How to Instill a Spirit of Saving in Children

As parents, we understand the value of saving. We also know that the earlier one begins to stash money away, the better off one will be in the long run. Teaching children financial literacy concepts and encouraging them to save early is key. How, then, do we instill a spirit of saving in our children? I’ll share a few ideas that have helped my children learn—and get excited—about saving.

At the dawn of the New Year, many parents resolved to make 2019 the year they kick their college savings into gear. Some parents hesitate to save, however, assuming their savings will cost them financial aid. Is this a correct assumption to make? Former St. Olaf College financial aid officer, Kathy Ruby, tells us in the latest installment of our video series, Ask the College Finance Expert, when she answers the question, “Will Saving for College Cost Me Financial Aid?”

Airing on November 1^st, the latest episode of Getting In: A College Coach Conversation congratulates those seniors who submitted applications for an early round deadline! Pressing “submit” on that first application is almost as exciting as receiving the first offer of admission! Host Elizabeth Heaton and her guests cover the following topics in their conversation this week: reducing stress and mindfulness during the application process, using life insurance as a college savings vehicle, and how to handle disciplinary infractions on your applications.

On the latest episode of Getting In: A College Coach Conversation, guest host Ian Fisher discusses intriguing first-year abroad programs for college freshmen and tackles loads of listener questions regarding SAT scores, student loans, the AP Capstone program, and recommendation letters.

Divorce is never easy, and paying for college is no cake walk either. Combine these two situations and things can get very complicated very quickly. If you are experiencing a separation and/or a divorce, we thought it would be helpful to give you some tips on how you might approach this major financial decision, what the rules are in the financial aid process, and, finally, how your situation affects various aspects of college financing once your child enrolls in college. Given the complexity of the topic, this will be a two-part series. In Part One, we’ll discuss your first steps and the financial aid application process.

So let’s get started!

On the latest episode of Getting In: A College Coach Conversation, host Elizabeth Heaton continued our new series on summer opportunities for high school students. This installment was dedicated to opportunities for the high school writer. In addition, Beth invited guests to talk about the differences between 529 college savings and prepaid tuition plans, and to explore the admission process at Fordham University. Listen to the complete show on VoiceAmerica or wherever you get your podcasts.

‘Tis the season—for holiday parties, shopping, and preparations. But for high school seniors, it’s also the season for finishing up their college applications. And with that in mind, the latest episode of Getting In: A College Coach Conversation has some help for those students working on the Columbia University application. Host Beth Heaton covers that topic, as well as soliciting some great advice on the role that leadership plays in an MBA application and also some guidance for parents getting a late start on saving for college.