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3 Reasons Your College Planning May Change Based on Your Major

Posted on Jan 6, 2018 with No comments
Many college students select a major early in their time at a university, but their experiences and changes in personal goals or interests may cause them to change majors at some point. While you need to choose a major that you are most interested in, you also need to know how this change can affect your college planning efforts.

You may think that a change in majors would not have a significant impact on your college plan, but your major selection can actually have far-reaching impacts on your educational career. These are some of the ways that your college plan could change if you select a new major.

Majors Have Different Educational Requirements


Each major has unique educational requirements. Depending on how far along you have progressed with your previous major, some of the courses that you have already taken may not apply to your new major.

Rather than counting as courses needed to satisfy degree requirements, they may only be used as extra electives with your new major. This could potentially push back your graduation date by a semester or by a much longer period of time.




If you are a business or economics major and change to a finance major, the impact may be minimal. However, if you change from an economics major to an English major, the impact may be much more significant. It’s also important to note the availability of classes at your university.

For example, if you’re at UW Whitewater College of Business & Economics and want to change programs, you can choose from what UWW offers, but you’d have to find another institution if you wanted to pursue a law degree. Changing schools is much more difficult than changing programs so you’ll likely want to get help with it.

You May Want to Take Advantage of an Internship Opportunity


With your new major, you may have different internship opportunities available. These opportunities may be essential for you to gain experience that can help you to land a great job after you graduate, and you may not want to miss out on them.

However, an internship can take up many hours of your time during the week, and you may want to take a lighter course load during the semesters when you are interning.

A New Major May Require More Challenging Courses


Each major has required courses that may be more or less challenging for some people. Each student has strengths in different subjects. Your ability to plan a reasonable work load for each semester will be based on how easy or difficult you anticipate a course to be.

If your new major has many required courses that you perceive to be challenging, you may opt to take fewer classes each semester until you graduate.

As you can see, there are many factors associated with your major that can impact your college plan. If you are thinking about changing majors, you should be aware of these impacts. However, ultimately, you should choose a major that you are most interested in and that you believe will open doors for you after graduation.


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Will the New Federal Tax Laws Effect College Education Loans?

Posted on Dec 23, 2017 with No comments
The other day, both Houses of Congress passed the brand-new tax costs, which is the very first significant modification to the tax code in 30 years. The brand-new Tax Cut and Job Act will have a substantial effect on education financing. The primary goal is to decrease taxes and streamline the procedure.

Over the past couple of months, various propositions were altered or contributed to the bill. All these modifications will impact different areas of student loan financing. Listed below are the actually details of the bill. A few of the items have a direct or indirect effect on college financing and student loan repayment.

College Funding Items


- 529 Plans-- They can now be utilized for K-12 education cost approximately $10,000 per kid. This could be extremely useful for individuals who reside in states that use a tax deduction for a contribution to a 529 Plan. It likewise consists of an arrangement for home schooling.

- American Opportunity Credit-- This tax credit stays at $2,500 per kid each year with certified college expenses. There are earnings limitations based upon the tax filing status.

- College Tuition Benefit will stay untaxed.-- Initial changes was to make it taxable. It is still thought about an outside resource for need-based financial assistance.




- Company Tuition Reimbursement will still be tax-free as much as $5,250. It was going to be revoked however was included back in.

- Coverdell Saving Plans-- Initially noted to be gotten rid of specifically after the 529 expansion. The Coverdell will stay the exact same.

- Graduate School Scholarships-- There is no change in the final bill.. This too was noted as a modification in the preliminary bill however it will stay in the law.

- Hope Scholarship and Lifetime Learning Credit-- The initial costs prepared to get rid of both of these income tax credits however they will stay the same. The objective was to have only one educational tax credit. This credit helps tax filers who were part-time students and graduate students.

- Student Loan Deduction-- This is still a permitted deduction in the bill. The original bill removed this deduction. There are limitations based upon how you file your taxes.

- Student Loan Discharge due to Death and Disability will be tax exempt-- Prior to this bill student loan forgiveness was taxable. This will stay in place however and will sunset in 2025. Other Income Drive Repayment Loan forgiveness such as IBR, PAYE, REPAY are still taxable forgiveness. Public Service Loan Forgiveness is tax-free. Modifications in these plans will be addressed in the Higher Education Act being examined now.

Indirect Tax Items Affect Educational Funding


- Elimination of Exemptions-- With the removal of the exemption reduction and a boost in the basic reduction, more analysis will be needed to optimize the American Opportunity Credit and other instructional tax credits.

- Home Equity Loan interest is not deductible. A typical borrowing scheme was to use the house equity credit lines or loans as a source for college financing. Under the brand-new bill, just your main home loan interest will be deductible.

- Kiddie Tax Rule Change-- Under the present law, unearned earnings over $2,100 for certain dependent kids are taxed at the moms and dad rates. Under the brand-new Kiddie Tax Rules, these earnings will be taxed at the trust level earnings tax rate, which are typically higher than theparents rates.

- Lower Tax Rates and Federal Income Tax paid might impact your Expected Family Contribution number.-- The brand-new tax bill has several modifications to the amount of federal tax paid. The quantity of federal tax paid belongs to the Expected Family Contribution or EFC computation.

- Minimum Tax (AMT) Remains-- A preliminary objective was to streamline the tax code and the AMT is a huge aspect of it. The earnings limitations were raised however is still part of the brand-new tax bill. The AMT is an issue particularly for couples who remain in Income Drive Loan Repayment methods.

- Other Varies Tax Changes might impact state educational financing and highly endowed colleges. These decreases might raise expenses at some schools.

Conclusion


In 2018, the college funding and student loan payment procedure will be changing. This short article addresses just the preliminary modifications in the tax code. Extra modifications are being attended to in the Higher Education Act, which is called Prosper Act. Once both are passed and signed, we will be able see the complete effect on college financing and student loan payment.


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Got A Car for College? Here Are 5 Tips on How to Save Money on Repairs

Posted on Nov 25, 2017 with No comments
As a student, you are fully aware of how much the studies and all that comes along with studying costs, especially if you are studying abroad. If you have a car, it is a great solution for you to have transportation to college and around the campus, but it can also be an expensive one if you know nothing about car repairs, and end up needing one. In this article, we are going to discuss 5 tips on how to save money on repairs.

Use the advantage of warranties


In the case that you didn’t know, most of the parts of your car have a warranty, be it limited or lifetime. This is something that you should get to know when buying the car, and it should be printed on the receipt.

Your auto store will also have this information stored in its system. So, start a file for this information and you will save greatly on car repairs. When an option for a one-time or a lifetime purchase offer is an option, you should spend money on the warranty. Someday you will be grateful that you did.

Ask for referrals


The same way that you certainly wouldn’t choose a doctor or a lawyer by browsing the Yellow Pages, you shouldn’t look for a car mechanic that way. The best solution to finding a great mechanic that you can afford is getting a referral.


Ask your friends about which car repair shop they prefer using. It’s one of the best ways to find a quality mechanic that you can put your trust in. It would also be smart to look for reviews of repair shops on a website such as Yelp. Otherwise, ask around on Facebook or Twitter.

Be prepared to do it yourself


Maybe running to the mechanic every time your car has issues isn’t necessary. Not every car repair needs a mechanic to do it, and there is a lot of simple repairs that you can do it yourself. Therefore, logically, one of the best ways to save money on repairs is to do some of the basic maintenance yourself.

It’s actually not at all hard to replace brake lights, change the car battery, replace wiper blades, change filters and oil, and so on. It may be a challenge at first, but it gets easier with practice. You can check YouTube and other websites for how do fix certain problems.

Get your own code reader


You have probably asked yourself countless times what the error code that is displayed in your car is trying to tell you. Well, if you get an error code reader of your own, you will know exactly what the cause behind your check engine light going on is.

When you take your car to the mechanic, and are already knowledgeable about what is wrong with your car, you can prevent any unnecessary repairs.


Build a relationship with a mechanic


People tend to trust their mechanics a bit too easily. The fact is that there is a number of them out there who don’t actually have your best interests in mind. You might be even ending up charged for services that you don’t even need.

According to Epping auto service, it is essential that you find the right mechanic and build a good relationship with them. That way you will know that you can trust them when you’re in trouble.

In summation


Studying today is expensive on its own. So, if you have a car for college, you should do your best so that you don’t spend more money on repairs than necessary. You can learn how to do some of the simpler repairs yourself. Otherwise, it is important that you find a good mechanic that you can trust, so that you don’t get ripped off.


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5 Savvy Ways to Save Money in College

Posted on Nov 22, 2017 with No comments
The high cost of tuition means you probably have less money left for the rest of your college expenses. Finding ways to save some money can make your life a little less stressful. Here are five savvy ways to save money in college.


Leave the Car Home


You will save a lot of money by not having your car on campus. You will not have the expense of parking, gas, insurance or unexpected car repairs if you are not driving. If you do need to take a trip off campus, check out the public transit system.

As a student, you may qualify for lower fares or even free transportation. If public transit is not an option, you can always rely on Lyft or Uber. Save even more by teaming up with a friend and sharing the cost.


Rent Textbooks


Most college bookstores sell used textbooks and might buy the books back at the end of the semester, for far less than what you paid. You may be able to slash your textbook expenses even further by renting your textbooks online.




An internet search will show you several options. All you need is the ISBN’s to be sure you are getting the books you need. Many textbooks are available in digital format.

Split the Cost of Storage


Having to haul all of your belongings back home at the end of the term, only to bring them back at the beginning of the next term is a lot of hauling. Save time and money by renting a month-to-month storage unit from a company like Wheaton World Wide Moving.

Moving back on campus will be much easier. Save money on your storage unit by splitting the cost with your roommate.

Resist Using Your Credit Card


Save money while you are in college by only buying what you can reasonably afford. While it may be necessary to have a credit card for unplanned expenses, you can save money by not racking up credit card debt and paying interest.

Not having a high monthly payment will leave more cash for necessities.

Socialize for Free


Keep your entertainment costs down by taking advantage of on-campus activities. Many campuses offer free movie nights, concerts and social activities that won’t break your budget. Get your friends together for a night out that won’t gouge your wallet.

Cutting your college expenses will leave a little more money for other necessities. Everything you don’t have to spend will add up over time. Try to give yourself a weekly budget and put away anything you don’t spend. Knowing how to save money can make college life more affordable.


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Financial Fallout: How to Deal with Unexpected Medical Bills

Posted on Nov 21, 2017 with No comments
Your health should be one of your top priorities. However, it may not make it any easier to pay for exams, medicine or other medical needs. Fortunately, there are some ways that you can deal with an unexpected medical bill without completely ruining your finances.

Ask about Sliding Scale Fees


Some doctors or other medical providers will charge you on a sliding scale. That means that you may pay less than full price based on your income. It may also mean that a portion of your treatment will be taken care of for free.

This may reduce your bill from thousands of dollars to $500 or less depending on what you need done. Working with a training hospital or free clinic may also help you reduce the cost of getting needed treatment.

Your Insurance May Cover Some of the Cost


Just because you have been billed for services rendered doesn’t mean that you are actually responsible for paying. In some cases, your insurance company may actually cover the cost of a prescription drug or for being seen by a doctor.



If you have reached your maximum out-of-pocket limit for the year, charges that you have received may be reversed.

Work with an Attorney


If you have been hurt through no fault of your own, it may be possible to seek compensation for your medical costs. An attorney like Bellotti Law Group, P.C. or someone similar may work with you to get compensation for medical bills, lost wages and other expenses. 

It may also be possible for an attorney to get your doctor or other provider to hold off on demanding payment until after your case is resolved.

Consider Bankruptcy


Filing for bankruptcy is something that should be considered a last resort if you can’t pay your medical costs. However, if you truly can’t pay what you owe, it may be possible to have medical debt discharged while retaining some or all of your property. 

While it may cause a hit to your credit score, an unpaid bill sent to collections may hurt your credit even more. Bankruptcy may also put an end to creditor or debt collector phone calls, letters or other attempts to contact you.

If you have an unexpected medial bill, it may feel like your financial world is collapsing around you. The good news is that you have many options to help handle this expense. Working with an attorney, negotiating with care providers or filing for bankruptcy may all offer ways out of your debt dilemma.


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6 Scholarship Myths That Just Aren't True

Posted on Oct 20, 2017 with No comments
It's that time of year again when high school seniors are applying for college and Mom and Dad are finding ways to pay for it. If you were smart the last 18 years you have been saving for college in a good 529 plan. Even though you have the money set aside for your childs college it's still a good idea to apply for FASFA money, every source of financing for college will be necesary.

Still there is one final thing many parents just do not do, and that is apply for scholarships. You are thinking that your child just doesn't have the grades to receive a scholarship but you may be suprised to know there are other qualifications a student posesses that will get them a scholarship.

There is a lot of bad information out there that says that scholarships are just to hard to get. Some students lose out on thousands of dollars just because of bad information. Let's break down some common scholarship myths and get more young people the money they need.




Scholarship Myths


Myth 1. Millions of Dollars of Scholarship Money Goes Unclaimed

Employer paid education benefits are included in the millions of unclaimed scholarship money and account for 85% of it. So in reality the number of unclaimed dollars is much less.

Myth 2. Competition for Scholarships is too Stiff

If you look hard enough you can find a scholarship requiring your specific talents or ideas. Not all are aimed at the student with the highest GPA or the the most community service hours.

Myth 3. Only the Best Students Receive Undergraduate Scholarships

Scholarships tend to honor those of specific majors and interests, as many universities offer full rides to students who have performed well in high school.

Myth 4. Scholarship Offers will Come to Me

This one is simple. If you do not put forth the effort, you won't reap the benefits. Scholarship agencies do not search for students. They only look at applicants.

Myth 5. Applying for a loan will Hurt My Chances for Getting a Scholarship

Every school is different, but most offer scholarships before loans can be taken out. And even if they do not necessary loans should not effect scholarship amounts.

Myth 6. Scholarships Require Exceptional Talent

This just isn't true. Many scholarships are random and based on luck, while others require simple essays about why you deserve the money.

Click Here : Free College? Great Scholarships On the Web



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Ramen Risks: 3 Reasons A Student Food Budget Should Be Part of Your 529 Plan

Posted on Oct 12, 2017 with No comments
A 529 plan is one of the best ways to help save for college. It helps you to put money away for your child’s higher education, giving them a leg up when it comes to the expensive world of college. Unfortunately, too many family members fund their 529 plans with only tuition in mind. Below are three reasons why you should make sure that a food budget is part of the plan.

Students Need to Eat


It should come as no surprise that eating is one of the major priorities for students. It might seem a bit facetious to bring that up, but it’s easy to forget that your student is going to need to eat as well as pay tuition when he or she gets to college.




If he or she doesn’t have the money to eat, there will be options—but they definitely aren’t great. If you don’t want your student to spend his college years subsisting on ramen and cheap coffee, it may be a good idea to work food into your college savings plan.

Food is Expensive


As an adult, it’s a bit difficult to remember how hard it can sometimes be to get a solid meal. If you’ve got a steady job, you are aware that you spend money on food—but it’s just another part of your budget.

As a student who has just gone to school, though, the cost of food can seem astronomical. If a student doesn’t have help paying for his or her meals initially, you can expect him or her to struggle financially. If you don’t want to bail a student out later, make sure to fund his or her food budget early on.

Removing Stress


Adding a food budget to your 529 plan is also a good way to help remove some stress from the student in your life. While he or she will always be busy studying and adapting to a much more adult lifestyle, he or she doesn’t necessarily need the added stress of worrying about where his or her next meal will come from.

This kind of stress can contribute to issues like substance abuse or even to eating disorders, and treatment for these problems can cause more financial issues in the future. It’s also worth mentioning that severe problems require inpatient services at facilities like Center For Change and can take valuable time away from classes.

Make a food budget part of your 529 plan. Failure to do so simply puts too much of a burden on a student who is already trying to adapt to a new environment. While the budget doesn’t have to be excessive, it should be enough to help him or her survive. This small change can make a big difference in a college career.


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