June 24, 2009

Finally – a simpler FAFSA

Posted in FAFSA, Legislation Affecting Students, Saving for College, Student Loan News, The Financial Aid Process tagged , , , at 6:17 AM by Joe From Boston

Education Secretary Arne Duncan is expected to unveil a new, simpler FAFSA form at today’s daily White House press briefing.  This is great news for frustrated parents and students everywhere.

We don’t have too many details yet beyond the following:

  • Online form will shrink from 30 screens to 10
  • Obscure questions that target a tiny fraction of students have been dropped, such as the question about “special combat pay”
  • Questions re-phrased to sound less encyclopedic.  CNN cites the following example:
    “At any time… did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?” will now be, “Are you homeless?”

Click here to read CNN’s article.  I’ll update as more news arrives.

January 26, 2009

Stimulus bill includes education tax credits

Posted in Legislation Affecting Students, Student Loan News, The Financial Aid Process tagged , , , , at 1:04 PM by Joe From Boston

I thought you’d want to know of the proposed tax cuts in the economic stimulus bill currently being floated around the Senate:

-Create an American Opportunity Tax Credit that would provide a $2,500 higher education tax credit that is available for the first four years of college; it would phase out for individual taxpayers with adjusted gross income above $80,000 ($160,000 for couples married filing jointly).

-Allow computers to be included as qualified education expenses in 529 Education Plans.