by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Sep 13, 2022 | Loan Forgiveness
Last month President Biden announced the Federal Student Loan Forgiveness Plan (the Plan), which will cancel up to 20% of outstanding Federal student loan debt. Loan relief will be provided to about 43 million borrowers and it will eliminate the entire...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Sep 4, 2022 | Financial Aid
The cost of college has nearly tripled since 1980 and Federal financial aid has not kept pace. Pell Grants once covered about 80% of the cost of a four-year public college degree for students from working families, but now only covers a third. This erosion of tuition...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Aug 30, 2022 | Tax Planning
A Crummey Trust is one of several strategies for accumulating and protecting funds that are to be dedicated to a child’s education. None of these methods is superior to the others, but they have unique features that appeal to parents in different circumstances. In...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Aug 22, 2022 | Tax Planning
Coverdell Education Savings Accounts (Coverdell ESA) are trusts set up to pay the college expenses of a beneficiary. They involve two parties: a custodian, who manages the account, and a beneficiary, who receives distributions from the account. The parties are usually...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Aug 16, 2022 | Uncategorized
According to the U.S. Department of Commerce, the cost of college tuition is 1,447% higher in 2022 than it was in 1977. During that time, tuition has experienced an average inflation rate of 6.28% per year, so a college charging $20,000 for four years of tuition in...
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