Parents have until June 30 to apply for federal financial aid
Today’s parents are all too aware that higher education comes with a sky-high price tag, but financial aid can offer a real lifeline when it comes to mounting college costs. Completing the Free Application for Federal Student Aid (FAFSA) may lead to considerable education savings through federal grants and work study funds — but many Americans never even apply for fear they won’t qualify.
What these parents don’t know is that the FAFSA process takes into account a number of different variables, which means you may receive more financial aid than you expect. What’s more, the FAFSA is a prerequisite for certain other funding types, like federal student loans. I know nobody enjoys the prospect of extra paperwork, but I believe the FAFSA application process is definitely worth the effort.
The FAFSA deadline is approaching
As I mentioned last year, the 2017 FAFSA timeline was moved up, opening on Oct. 1, 2016, instead of Jan. 1, 2017. However, if you haven’t already applied, it’s not too late to submit your FAFSA before the 2017 window closes on June 30, 2017. Now that the FAFSA requirements have changed to allow parents to reuse an earlier tax return for next year’s FAFSA filing, you can begin the application process without having to wait for your 2017 tax returns to be ready.
Don’t forget to talk with your financial advisor, as well. He or she can provide valuable guidance to help you make the most of any financial aid or college savings plan assets you have to help fund your child’s higher education.
To learn more about the FAFSA process, visit the Federal Student Aid website.1
Discover how 529 plans and financial aid can work together.
Read more expert views on college savings plans.
1 This link takes you to a site not affiliated with Invesco. This site is for informational purposes only. Invesco does not guarantee or take any responsibility for the content.
Director, Retirement and Education Strategies
Thomas Rowley is director of retirement and education strategies and one of Invesco’s most frequently requested speakers. He provides analysis of the evolving retirement landscape and develops actionable strategies to help investors and financial advisors maximize their retirement-planning opportunities. Mr. Rowley regularly shares his insights online at invesco.com/us in addition to his speaking engagements.
Mr. Rowley’s insights reflect more than 20 years of experience in the investment industry. He translates his comprehensive knowledge of retirement planning into lively, clear explanations of the complexities of legislative, investing, tax and social issues.
Mr. Rowley shares his analyses of retirement-related issues through regular personal appearances, continuing education webinars and Web-based commentaries.
Mr. Rowley has been director of retirement business strategy since 2010. Prior to joining Invesco in 2010, he was in charge of individual retirement plan products and Retirement Marketing at Van Kampen.
Prior to joining Van Kampen in 1996, he was a 401(k) regional sales director with an investment firm. His experience also includes seven years in retirement plan operations and three years as head of a brokerage firm’s retirement help desk. He began his career in the Treasury bond futures pit at the Chicago Board of Trade.
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For more information about CollegeBound 529, contact your financial advisor, call 877 615 4116, or visit CollegeBound529.com to obtain a Program Description, which includes investment objectives, risks, charges, expenses and other important information; read and consider it carefully before investing. Invesco Distributors, Inc. is the distributor of CollegeBound 529.
The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
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