Section 529 Plan
The successor to the original Coverdell ESA, or Education Savings Account, a Section 529 Plan is an educational savings account that offers tax-free distributions for qualified education expenses.
These expenses could include anything from tuition, books, materials, electronics for schooling, vocational equipment, and much more.
New regulations upcoming may even offer expanded options for retirement. 529's offer incredible flexibility when it comes to education. Click below to learn more about the Connecticut Higher Education Trust, Connecticut's state-sponsored plan!
Coverdell ESA
An Education Savings Account or Education IRA, is the predecessor to a 529 Plan.
An ESA also allows for tax-free distributions on qualified education expenses with possibly less restriction during a beneficiary's primary education phase. However, ESA's may have further restriction on an annual accumulation basis.
Dept. of Education Resources
FAFSA - The Free Application for Federal Student Aid is a free form available to prospective and current college students. This form is the primary determinant of a student's eligibility for federal student aid and grants. This form is very useful for a student and should be completed annually.
StudentAid.Gov - The main hub regarding federal student loans, grants, and exit counseling. Whether in or out of school, this hub functions as a very important record center for those who have taken federal aid. It also functions as a place for loan consolidation simulations and features links on resources related to affording college.
Niche
By taking an unorthodox approach, Niche.com is a very helpful site in the world of college planning.
Niche presents real student reviews on campuses, academics, majors, athletics, student life, and much more.
Niche should be used be all prospective students to gather a better idea of a school's culture from those who have studied there before.
The College Board
A great resource for students to use to study for the SAT.
Also featured are the AP's and CLEP's, which are far less known but hold impressive weight.
Passing such tests allows students to bypass certain college pre-requistes while in high school, a simple way to advance in one's degree early and save money in the long run.
College Admissions by Khan Academy
Heralded from one of the most respected online learning centers, the Khan Academy college admissions guide is a spectacular resource for college admissions.
The guide features learning portals for entrance essays and admissions interviews, so you or your student can master them today. A must-checkout resource for those gearing up for school.
Expected Family Contribution Calculator
An EFC, or Expected Family Contribution Calculator, generates a dollar figure per year of schooling of what a family may be able to pay based on annual income, student test results, etc.
Along with a net price calculator, an EFC is a must-use tool before considering any school.
Net Price Calculator
Almost every college offers a net price calculator. We have linked CollegeBoard's below.
A net price calculator is a tremendous tool for determining what a school may actually cost for a student. Every student is different. Thus every tuiton bill will be too!. Use an NPC along with an EFC for help determing your dream college's net cost.
American Opportunity Tax Credit
The IRS AOTC may be available to students and their families within specific restrictions.
The credit allows for a maximum tax credit of $2,500 to eligible students per year within a four-year bachelor's window.
Please see the link below for more specifics and to see if you qualify.