Latest news with #collegecosts
CBS News
a day ago
- Business
- CBS News
What is the maximum you can get in federal student loans?
As the cost of tuition, housing and books continues to rise, it's becoming increasingly difficult for many students to pay out of pocket for college. Right now, for example, the average cost of college in the United States is $38,270 per student, per year, when factoring in all of the expenses, like tuition, books, supplies and daily living costs. The price of college has also more than doubled over the last several decades, and that price tag continues to grow by an average of about 4% each year. To cover those expenses, many students have to piece together a mix of savings, scholarships, grants and federal and private student loans. Federal student loans, in particular, are typically the first place students turn to fill in the financial gaps left behind by grants and scholarships, as these loans are backed by the government and offer unique protections to borrowers. The lending requirements also tend to be more flexible for those with credit issues or other financial hurdles. But while federal student loans can be a smart way to borrow money for college, they come with borrowing limits that may not cover your entire bill. So, if you're planning to borrow money to help fund your education, understanding these limits — and how to fill in the gaps — is an important part of the equation. Learn how affordable your private student loan options could be today. Federal student loan limits are designed to encourage responsible borrowing and keep students from taking on too much debt. As a result, the amount you can borrow depends on several factors, including your dependency status, your year in school and whether you're an undergraduate or graduate student. Here are the current annual and lifetime limits for federal loans: These limits mean that while federal loans are a great first step, they might not be enough to fully cover your education costs, especially at private universities or for graduate and professional degrees. For example, the average annual cost right now for in-state students attending a four-year public university and living on campus is about $28,000, according to College Board data. At private colleges, that figure is closer to $58,000 per year. So, even students who borrow the maximum federal loan amount may still face a significant funding gap. Compare your top student loan offers and find the funding you need now. Federal loans typically have lower fixed interest rates and more flexible repayment options, such as income-driven repayment plans and loan forgiveness programs, so it makes sense to take advantage of these options first. But if you hit your federal loan limit and still have a balance due, private student loans can help fill in the funding gap. Offered by banks, credit unions and online lenders, private student loans allow you to borrow up to the full cost of attendance, minus any other financial aid you've received. And, the rates on these types of loans may be lower than what you can get with your federal options. For example, it's possible to find private student loans with rates hovering near 3% currently. Rates on undergraduate federal student loans are closer to 6.4% currently. Unlike federal loans, though, most private student loans require a credit check and may need a co-signer if you have a limited credit history. Interest rates and repayment terms also vary by lender, so shop around, compare offers and look at factors like interest rates, fees and borrower protections for each option. And, before you borrow, be sure you understand the repayment terms, as they can differ vastly from one loan offer to the next. For example, some private student loans require payments while you're still in school, while others allow you to defer until after graduation. Federal student loans offer affordable financing with borrowing limits designed to keep your debt in check. But while they're a solid starting point for most students, they may not cover your full cost of attendance. If you need additional funds, private student loans can help. Just be sure to approach them cautiously and borrow only what you truly need to bridge the gap. After all, building a thoughtful funding plan now can make managing your student debt much easier after graduation.
Yahoo
3 days ago
- General
- Yahoo
46 Wildly Concerning Photos That Sum Up Living In America Right Now
1.I feel so bad for kids nowadays. 2.I mean, I'm not surprised they feel this way. live in the Bad Place. cool, this doesn't sound dystopian at all! Related: if Palantir wasn't a scary enough company without reminding you that it's watching with this massive ad. not really feeling like this is a r/MadeMeSmile situation. It should not have cost $41k to begin with. it should not take two decades to pay off student loans. shouldn't have to donate plasma from our bodies to afford books for school. already costs an arm and a leg, and then they charge prices like this just to access course materials. is not the heartwarming story it's framed as. is this. of the things I hate most about Trumpism is that he's given every misogynistic, xenophobic, racist asshole permission to be a massive misogynistic, xenophobic, racist asshole in public. 14.I heard this ad recently in a taxi. For reference, over 90% of NYC taxi drivers were born outside the US, as of 2020. 15."No one wants to work anymore" for a reason, it seems. Related: want to work. But they're not even getting past the door. me again why people who work part-time (who, btw, are also probably working another job or in school), can't have time off? fact that police violence is so bad that this needs to exist is pretty damning. AI help make the world a better place? Maybe one day. But so far, AI is giving a ton of inaccurate info, creating dangerous situations, and spewing stuff like this. me who said Trump would pay for these tariffs? 21.I feel like there's an easier way to protect kids from death via gunshot wound ( gun laws?), but okay. is the state of American healthcare. is this. Related: denying someone a CANE. case you need a more damning indictment of American healthcare, here ya go. wouldn't need to have cards to remind ICE and law enforcement agents of our rights if they weren't trying to violate those rights. is concerning as hell. 28."I never thought Leopards would eat MY face!!!!" yet this is what rural states voted for. fact that this question is even being landlords deserve jail time. man, we are so, so cooked. about right for America. glad investors can benefit from this. as long as the investors are good! Related: this legal? Why are younger people paid less for the same work? is where we're at now. is why people can't buy homes. happens when we all get priced out of any housing at all? that pretty much sums it up. whole internet's full of paywalls. Since most people get their news from the all pretty much screwed. when we fought a war so that we wouldn't have a king? Look how far we've fallen. is horrifying. in the propaganda...? how is this different from the bus, and why is it more expensive? suspicious. Brother is watching, y'all. Also in Internet Finds: Also in Internet Finds: Also in Internet Finds:
Yahoo
3 days ago
- General
- Yahoo
46 Wildly Concerning Photos That Sum Up Living In America Right Now
1.I feel so bad for kids nowadays. 2.I mean, I'm not surprised they feel this way. live in the Bad Place. cool, this doesn't sound dystopian at all! Related: if Palantir wasn't a scary enough company without reminding you that it's watching with this massive ad. not really feeling like this is a r/MadeMeSmile situation. It should not have cost $41k to begin with. it should not take two decades to pay off student loans. shouldn't have to donate plasma from our bodies to afford books for school. already costs an arm and a leg, and then they charge prices like this just to access course materials. is not the heartwarming story it's framed as. is this. of the things I hate most about Trumpism is that he's given every misogynistic, xenophobic, racist asshole permission to be a massive misogynistic, xenophobic, racist asshole in public. 14.I heard this ad recently in a taxi. For reference, over 90% of NYC taxi drivers were born outside the US, as of 2020. 15."No one wants to work anymore" for a reason, it seems. Related: want to work. But they're not even getting past the door. me again why people who work part-time (who, btw, are also probably working another job or in school), can't have time off? fact that police violence is so bad that this needs to exist is pretty damning. AI help make the world a better place? Maybe one day. But so far, AI is giving a ton of inaccurate info, creating dangerous situations, and spewing stuff like this. me who said Trump would pay for these tariffs? 21.I feel like there's an easier way to protect kids from death via gunshot wound ( gun laws?), but okay. is the state of American healthcare. is this. Related: denying someone a CANE. case you need a more damning indictment of American healthcare, here ya go. wouldn't need to have cards to remind ICE and law enforcement agents of our rights if they weren't trying to violate those rights. is concerning as hell. 28."I never thought Leopards would eat MY face!!!!" yet this is what rural states voted for. fact that this question is even being landlords deserve jail time. man, we are so, so cooked. about right for America. glad investors can benefit from this. as long as the investors are good! Related: this legal? Why are younger people paid less for the same work? is where we're at now. is why people can't buy homes. happens when we all get priced out of any housing at all? that pretty much sums it up. whole internet's full of paywalls. Since most people get their news from the all pretty much screwed. when we fought a war so that we wouldn't have a king? Look how far we've fallen. is horrifying. in the propaganda...? how is this different from the bus, and why is it more expensive? suspicious. Brother is watching, y'all. Also in Internet Finds: Also in Internet Finds: Also in Internet Finds:
Yahoo
03-07-2025
- Business
- Yahoo
From 401(k) Loans to Side Hustles: The Extreme Measures Parents Take to Avoid Student Debt
As the cost of college in the U.S. continues to surge, many parents are resorting to drastic financial strategies—including pausing retirement contributions, liquidating investments, and taking second jobs—to spare their children from taking on student debt. In a survey commissioned by Citizens Bank and conducted by Researchscape, 61% of parents said they need to go beyond traditional college financing options, such as 529 savings plans and federal loans, to bridge the financial gap. Of the 1,000 respondents surveyed, 19% reported taking on a second job, 30% had borrowed against their 401(k) or withdrawn personal funds, and 26% paused investing altogether. Some said they cut back on vacations or major purchases. Meanwhile, 62% of parents said they expect to delay their retirement to help cover their children's college education costs. Don't Miss: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Maximize saving for your retirement and cut down on taxes: The Education Data Initiative reports that the average annual tuition at a public four-year college has risen 40 times since 1963. Between 2010 and 2023, tuition at four-year public universities jumped over 36%. Another EDI report estimates the average annual cost of college—including tuition, room and board, fees, and supplies—at about $38,000. "Compared to just a few years ago, the pressure has increased due to rising tuition, inflation, and greater uncertainty around future costs," Tony Durkan, vice president and head of 529 college savings at Fidelity, told Fortune. "Many families are still underprepared, often relying on rough estimates rather than clear savings goals." Pam Krueger, investment advisor and founder of Wealthramp, told Fortune that she's seen a growing number of parents refinancing homes, pulling money from retirement, or juggling extra jobs to manage college expenses. "It's coming from a place of love and a desire to protect their kids from the burden of student debt—but it's also very risky," Krueger said. "These choices can set parents back in a way that's really hard to recover from." Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Krueger added that many families make college decisions based on acceptance letters—not finances. Citizens Bank's survey results support this, showing that 20% of parents focused solely on getting their child into college without thinking about how to pay for it. The topic also remains sensitive: nearly half of the parents surveyed said they'd rather talk to their child about drugs or alcohol than college costs. Durkan told Fortune that starting early with a 529 plan can provide significant long-term benefits. These tax-advantaged accounts allow for tuition savings and can be reassigned to other family members if unused. "The earlier you begin saving, the more time your money has to grow through compounding," Durkan said. "Even small, regular contributions can add up significantly over time." Krueger recommends open conversations with children—particularly in high school—about what's realistic, including considering schools with strong merit aid programs and transparent pricing. "Sometimes the 'big name' school isn't the best financial fit—and that's okay," Krueger told Planning Experts CEO Brian Safdari told Fortune that late-starting families should focus on applying for aid, reallocating investments, and estimating true out-of-pocket costs. "Even private colleges with sticker prices over $95,000 per year may offer enough aid to cost less than a public school," Safdari said. But he also emphasized that gaps will likely remain. "The expected cost minus savings minus free money will likely still leave a gap," Safdari said. "Once we have that number, we can start figuring out how to fund it over four years, while minimizing student debt and leaving enough money to retire." Read Next: Many are using retirement income calculators to check if they're on pace — Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report This article From 401(k) Loans to Side Hustles: The Extreme Measures Parents Take to Avoid Student Debt originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
CNET
17-06-2025
- Business
- CNET
You Have Less Than Two Weeks Left to Submit Your FAFSA for the Current Year. Here's How to Do It
Time is running out if you need help paying for college this year; the Free Application for Federal Student Aid (FAFSA) deadline is June 30. designer491/Getty Images Another school year has come to a close for most of us, but there's still money you can claim to help cover any lingering costs by filling out the 2024-25 FAFSA. Is it even worth submitting the Free Application for Federal Student Aid -- especially for an academic year that's already passed? The answer is yes, you should still submit the FAFSA. You could still be eligible for financial aid that helps cover bills from this current school year. "Even if you're a latecomer, you can still be eligible to receive federal student aid -- including a Federal Pell Grant," the Federal Student Aid website says. But the deadline to apply is June 30, so there's no time to wait. Financial aid has had its own rough year, with the Department of Education has been gutted and borrowers in default being sent to collections. A proposed overhaul of student loans could reduce access to Pell Grants and the total amount a student can borrow. The FAFSA is designed to help students shoulder the cost of college by determining their family's eligibility for financial aid, including Pell Grants, scholarships, work-study programs and student loans. Most experts agree that even with all the turmoil, filling out the FAFSA is still a good idea in most circumstances. Here's what you need to know if you need help paying for the college and want to fill out the FAFSA. Is this year's FAFSA affected by the GOP plan to overhaul financial aid? The Republican proposal for overhauling federal financial aid, the Student Success and Taxpayer Savings Plan, is in its early stages and would need to approved by both Congress and the President before it becomes law. In its current form, many of the rules would affect financial aid awarded on or after July 1, 2026. Among the proposed changes are a maximum limit on how much a student can borrow each year and in total, restrictions on eligibility for Pell Grants and a restructuring of the student loan repayment program. The plan doesn't impact the FAFSA application for the 2024-25 or 2025-26 academic years, but it could potentially affect those who plan to be in college after July 1, 2026, as well as current borrowers enrolled in income-contingent repayment plans. Experts say those who are just applying for their first year of college should start planning now with these potential changes in mind. "Instead of just looking at what's my loan amount this year, what's my out of pocket and so on, they should be looking at the total timeline of the program," said student loan expert Betsy Mayotte, president of the nonprofit Institute of Student Loan Advisors. "This is something people should be doing today." What's changed with the FAFSA in the past few years? The 2024-25 and 2025-26 FAFSA forms are similar, drastically cutting the number of questions and applied a new formula to determine a family's contributions. Delays and glitches caused widespread chaos during the 2024-25 rollout. Although the 2025-26 rollout was smoother, the transition to a new administration has created questions about the FAFSA amid President Trump's call to abolish the Department of Education. If the department's duties are reassigned and another government agency takes over FAFSA processing, experts say any changes to the current year's application process likely would be minor. "There might be changes to things like where to find the FAFSA online," said Elaine Rubin, director of corporate communications for Edvisors. "If it is shifted, we'll have plenty of time to determine how it's going to be managed and processed." 🍎Extra credit Check out the PDF of the 2024-25 FAFSA (for the current school year) and 2025-26 FAFSA (for the upcoming school year) before you start the online application so you know what to expect. Although you can submit a paper application, using the online version is typically faster and easier. How does FAFSA use my info to help me get federal student aid? Based on the answers you provide to questions on the FAFSA, the financial aid office calculates your Student Aid Index. The SAI factors in the incomes and assets of the student and their "contributors" -- parents or spouse -- to determine the expected family contribution toward college costs, which can range from -1,500 up to 99,999. A lower number means there's a higher likelihood you'll receive need-based financial assistance. Schools use the SAI to calculate the amount of financial aid they offer you. Should I fill out the FAFSA? Unless you are prepared to pay for college without any assistance, it's in your best interest to fill out the FAFSA, regardless of your financial status. The federal student aid site notes that multiple factors, including the size of your family and your year in school, are considered in addition to your family's income. "Not filing just screams, 'I can pay full price,'" said Danilo Umali, founder of Game Theory College Planners. Even if you believe your family's income is too high to qualify for need-based aid, filling out the form may still be worth your time. "Some schools require FAFSA to qualify for merit aid through their school," Rubin said. 🍎Extra credit You must fill out the FAFSA each year to apply for financial aid, even if none of your information changed. Concerns about disclosing citizenship While a student must be a US citizen or eligible non-citizen to complete the FAFSA, your parents or spouse may not be. Although the site says your contributor's citizenship or immigration status won't affect your eligibility, there is concern that information submitted on the FAFSA might be shared with other government agencies. Nancy Goodman, founder of the nonprofit organization College Money Matters, said this is a valid fear for college students with undocumented parents. "Under the previous administration, sharing info between government departments was not allowed unless specified and approved," she said. "Under this administration, it continues to be unclear where information sharing is possible and with whom." If your family has concerns about citizenship and wishes to forgo the FAFSA, consider contacting colleges where you're applying to find other options to secure aid. Some may offer alternative applications or other financing options. Also consider private, merit-based scholarships, which may not require information about your parents or spouse. "Citizenship and legal permanent residency is a very complicated topic," Rubin said. "It's going to be a very personal decision on how to proceed." Here's what you need to fill out the FAFSA Before you can fill out the FAFSA, you and your contributors must each create your own FSA ID. You'll need the following: Your legal name Date of birth An email address Social Security number -- contributors who do not have a Social Security number will need to be able to answer questions about themselves to verify their identity If you have a mobile phone number, you can also add it to your account for two-step verification. Note that verifying your Social Security number for your FSA ID may take one to three days. If you plan to submit your FAFSA application by a particular deadline, make sure everyone gets their FSA IDs at least a few days before. 🍎Extra credit Make sure you'll be able to access the email and phone number you provide. If you ever forget your username or password, your email or phone number will be used for account recovery. Filling out the FAFSA: Step-by-step guide Preparation is key when filling out the FAFSA. You'll want to gather relevant financial and legal documents before you start. This will save you time during the application process. There are five sections in the FAFSA form: Student Student's spouse Parent Parent's spouse or partner Preparer (if someone other than the student, student's spouse, parent, or parent's spouse or partner completed this form on the applicant's behalf) The Federal Student Aid office recommends that students log in to to fill out their portion of the FAFSA first, then invite your contributors. You can pause the application at any time and return to complete it. You'll each need the following information to complete your sections of the form: Personal information: name, contact info, Social Security number and birth date Bank statements (for checking and savings account balances) Investment records Income statements, including W-2s Tax returns Records of any child support received You'll also be asked which schools you want your FAFSA information shared with so keep your college list handy. You must list at least one college but you can add more colleges later. If you and/or your contributors filed a US tax return, you may be eligible to transfer your tax information directly from the IRS into your online FAFSA application. Select "Proceed to the IRS" to use the IRS Data Retrieval Tool. Double-check your work throughout. All of your information for the student and contributors must match their account exactly. Don't use nicknames or suffixes (such as Jr.). Most of the information you'll need to provide about income, investments, tax credits and account balances will come from your tax returns or bank statements. Submitting the FAFSA You and your contributors must each sign and submit your portion of the form when you're finished. You can monitor the status of a FAFSA application with your account (using your FSA ID) under the My Activity page. You'll also be notified when contributors sign and complete sections. After successfully submitting the FAFSA, you'll receive a confirmation page that includes your estimated Pell Grant eligibility and estimated SAI. The schools you listed on the FAFSA will use the SAI to determine your financial aid package and send you an offer after you've been accepted. What's the deadline for submitting the FAFSA? The opening date for the upcoming FAFSA and the deadline for the previous school year's FAFSA overlap, which can make keeping track of all the dates difficult. In general, the FAFSA application period opens on Oct. 1 before the following school year. So for high school students, you can submit FAFSA for your freshman year of college on Oct. 1 of your senior year. (The 2024-25 and 2025-26 openings were delayed because of glitches with the new form.) The federal deadline for FAFSA applications is June 30 at 11:59 p.m. Central Time for that academic year. Here's a chart for FAFSA deadlines to help: FAFSA dates to know School year Application opens Federal deadline 2024-25 December 2023 June 30, 2025 2025-26 November 2024 June 30, 2026 2026-27 Oct. 1, 2025 June 30, 2027 Many states and schools have their own deadlines for accepting the FAFSA, often earlier than the federal deadline. You can find your state's deadline on the federal student loan site. Check your college's admissions site for their deadline. Although it's nearly the end of the 2024-25 academic year, it's still worth submitting the FAFSA up until the federal deadline if you need help covering the cost of college. FAQs What if I don't want to (or can't) include my parents' information/income? If a parent is responsible for at least 50% of a child's financial support, the parent's information must be included on the FAFSA form. Otherwise, the application will not be considered complete and won't be accepted. If you're an independent student, you don't have to supply your parents' information. What happens if I make a mistake? You can correct mistakes on the FAFSA by logging into your account at using your FSA ID. Information imported from the IRS cannot be changed. Is FAFSA the only way to get financial aid? Filing the FAFSA unlocks access to free Pell Grants, need-based scholarships, work-study programs, and low-interest student loans. But it's not the only way to obtain financial aid. Some colleges use the CSS Profile Form to determine financial aid awards. You can also apply for private scholarships, which may not use the FAFSA.
