Thursday, September 27th, 2007
President Bush signed the law into affect. His major focus during the signing ceremony was the impact that it has on low to moderate income families. One of the benefits we love about the bill is that it is increasing the Pell Grant maximum up to $5400 per year. Pell Grants are offered as a need based grant that are not required to be paid back by the student. If you are in the process of consolidating, please check with your lender to make sure they are going to fund your consolidation loan. If not, you may be required to continue making payments on your student loans and begin looking for a new company to consolidate your federal student loans.
If you have any questions or need assistance in making sure that your loans are being handled feel free to email us directly at studentlsc@gmail.com
Posted in Legislation | No Comments »
Thursday, September 27th, 2007
What is a 529 plan?
It’s an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. As long as the plan satisfies a few basic requirements, the federal tax law provides special tax benefits to you, the plan participant (Section 529 of the Internal Revenue Code).
529 plans are usually categorized as either prepaid or savings, although some have elements of both. Every state now has at least one 529 plan available. It’s up to each state to decide whether it will offer a 529 plan (or possibly more than one), and what it will look like. Educational institutions can offer a 529 prepaid plan but not a 529 savings plan (the private-college Independent 529 Plan is the only institution-sponsored 529 plan thus far).
Posted in The Basics | No Comments »
