Continued from [1] If you are shifting earned income (by paying your child to work for you), he or she can earn up to $3000, pay no tax on that amount, and still be claimed as a dependent on your return. But, as I explained before, the problem is that on financial aid forms parents’ [...]

One of the most commonly used income tax strategies is to shift income from your higher tax bracket to your child’s lower tax bracket. You can do this with unearned (investment) or earned (job) income, and the rules differ depending both on the type of income and your child’s age. The advantage is that this [...]

Continued from [2] Ohio State-Level Financial Aid The second source of financial aid available is through your child’s state of residence (in our case, Ohio State) in 2007 15% of college freshmen took advantage of Ohio state aid programs. These are usually based on need and generally provide funds to attend in state colleges and [...]

Continued from [1] There are four primary sources of financial aid. There is federal, state, college, and private. The federal aid programs are usually the most generous. The Federal Pell Grant First, the federal Pell Grant is based solely on federal eligibility criteria and does not have to be repaid. If you are eligible for [...]

How Much Will Your Child’s College Education Cost? How much will college cost! Now that you are in a panic, relax! A substantial percentage of students receive financial aid in the forms of grants, loans, and work-study earnings. But if start by looking at how much college will likely cost in the future the amounts [...]

Continued from [1] The problem with is that education has become so costly that it is often one of the top three most expensive undertaking in our lifetime, along with retirement and buying a home. I know many people living in Ohio who end up paying more for their child’s educations and they do for [...]

Many of us will be concerned about paying for college tuition during our lifetimes; with the American economy in its current state, education more and more is becoming a family affair with grandparents, aunts, uncles, and other relatives pooling their funds to help deserving children. The problem is that too many of us are jeopardizing [...]