Why a 529 plan is a bad idea?
Why a 529 plan is a bad idea?
A 529 plan could mean less financial aid. The largest drawback to a 529 plan is that colleges consider it when deciding on financial aid. This means your child could receive less financial aid than you might otherwise need.
Which colleges offer the most merit aid?
Most Students Receiving Merit Aid
| School | Location | Percent of students receiving non-need based aid |
|---|---|---|
| Webb Institute | Glen Cove, NY | 88% |
| Franklin University Switzerland | 6924 Sorengo (Lugano, null | 57% |
| Franklin W. Olin College of Engineering | Needham, MA | 53% |
| Trinity University | San Antonio, TX | 53% |
Does Swarthmore give merit aid?
Unlike financial aid, merit aid is a need-blind financial award provided to students on a purely academic or achievement-driven basis. Only 1.7% of Swarthmore students without financial need will ultimately receive merit aid, with the award averaging $850 per student.
Can you make too much money to qualify for financial aid?
But you might be surprised to learn that no income cutoff determines your eligibility for aid, said Desjean. A family with a household income of hundreds of thousands of dollars, for example, could be helped by other factors in the FAFSA formula, including school cost and the number of siblings also attending school.
How much income is too much for financial aid?
For any amount above your income protection allowance, roughly every $10,000 in extra income lowers your financial aid qualification by another $3,000. Once the income is above $100K roughly 1/5th to 1/4th of income will be counted towards your EFC.
What majors is Swarthmore known for?
The most popular majors at Swarthmore College include: Social Sciences; Biological and Biomedical Sciences; Mathematics and Statistics; Computer and Information Sciences and Support Services; and Psychology. The average freshman retention rate, an indicator of student satisfaction, is 98%.
Can upper middle class families get financial aid?
Can Upper-Middle Class Families Still Qualify for College Financial Aid? The short answer is: YES! It’s a common misconception that upper-middle class families simply make too much to qualify for any sort of aid when paying for college. A lot of families think they’re simply stuck paying the sticker price for school.
Is it better for a parent or grandparent to own a 529 plan?
Parent-owned 529 plans, however, are not considered income to the student, but rather assets set aside for education. Because of this distinction, grandparent-owned 529 plans can reduce the amount of financial aid that a student is able to receive.
Is Swarthmore a good school Reddit?
It is an amazing school, and students are given such great access to world class professors + has a beautiful campus. Not to mention, it is literally one of the biggest feeders for the top graduate schools in the world.
Does Swarthmore College give merit scholarships?
Also, there are a few merit-based scholarships available to Swarthmore students each year. While 99% of their scholarships are need-based, the Special Scholarships page offers information about four merit-based scholarships available to students at Swarthmore College.
Why is EFC so high?
For most students, a high household income will be the reason for a high EFC. This makes it perhaps the most important factor in the EFC formula. The EFC formula takes into account both parents’ incomes and the student’s income, with higher-income families expected to contribute more to their student’s education.