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How To Lower Your EFC To Qualify For More Financial Aid

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How To Lower Your EFC To Qualify For More Financial Aid

On the subject of protecting the prices of upper training, your Anticipated Household Contribution (EFC) is among the largest components that comes into play. The U.S. Division of Schooling describes the EFC as “an index quantity used to find out your eligibility for federal pupil help,” and the method used to calculate it considers your loved ones’s earnings, property, and advantages.

Discovering out your EFC begins with filling out the Free Utility for Federal Scholar Assist (FAFSA), which needs to be filed by all school college students for yearly of college it doesn’t matter what. After filling out the FAFSA, colleges use the EFC to find out federal help eligibility and monetary help awards for college kids.

Typically talking, households desire a decrease EFC since meaning they’ll qualify for extra monetary help and probably pay much less out-of-pocket for greater training in consequence. Happily, there are a handful of methods practically anybody can use to perform this purpose.

Preserve Your Household Earnings In Thoughts

In line with pupil mortgage skilled Mark Kantrowitz, need-based monetary help relies on monetary want, which is “the distinction between the price of attendance (COA) and anticipated household contribution (EFC).”

With that in thoughts, it may make sense to keep away from artificially growing your loved ones earnings through the base yr for the FAFSA, which is the prior-prior yr. For instance, Kantrowitz says you’ll be able to keep away from capital beneficial properties or offset them with losses. Additionally chorus from exercising inventory choices and defer any office bonuses to the extent you can.

Within the meantime, do not take distributions from retirement plans — not even a tax-free return of contributions from a Roth IRA, he says.

Preserve Your Belongings In Thoughts

Kantrowitz additionally says it is best to maintain any property you take into account, in addition to how they’ll affect your potential to qualify for monetary help. Typically talking, this implies minimizing your reportable property as a lot as you’ll be able to.

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Examples of steps you’ll be able to take on this realm embody spending down property to repay debt you may have. For instance, you may spend down money in an emergency fund to pay down high-interest bank card debt.

Kantrowitz additionally says it may make sense to shuffle property between youngsters and oldsters in some circumstances.

“Shift property from the kid to the mother or father by saving within the mother or father’s identify and spending down baby property first,” he says.

Be Strategic With Your Investments

Wealth advisor Greg Middendorf, who can be a Licensed Faculty Planning Specialist, provides that folks needs to be strategic in the best way they’re investing for the longer term since some parental property will not depend in opposition to them in the case of the EFC.

For instance, dad and mom ought to maximize saving in retirement accounts like 401(ok)s and IRAs vs. investing their further money into brokerage accounts after they can.

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“Not like cash saved in your taxable brokerage accounts, cash in your IRAs, 401(ok) and different certified accounts is not counted in the direction of EFC,” he says.

Embrace Grandparents In The Planning

If grandparents are interested by serving to with greater training bills, it is sensible to ensure they achieve this in a strategic means as nicely.

For instance, Middendorf says you’ll be able to encourage grandparents to redirect their items to college-bound grandchildren to the dad and mom of the school pupil. This may also help decrease the household’s EFC because the reward shouldn’t be thought of a pupil asset at that time, which has a higher affect on help than parental property do.

“The grandparents may additionally simply deposit property in a 529, which is assessed at a a lot decrease price than direct items,” says Middendorf.

Actually, grandparent-owned 529 plans will quickly don’t have any affect on the EFC.

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Particular Circumstances Can Be A Issue

There are extra components to bear in mind in the case of getting essentially the most pupil help, a few of which can or could not apply to your scenario. For instance, Kantrowitz says that college students whose dad and mom are divorced ought to stay with the mother or father who has a decrease earnings throughout school. Additionally contemplate dependency standing since a change in dependency standing may also have an effect, he says.

Within the meantime, households who’re going by way of particular monetary circumstances ought to file an attraction for extra monetary help,” he says. These particular circumstances may embody something that has modified the household’s potential to pay for faculty, akin to a change in earnings or a job loss, excessive unreimbursed medical bills, or excessive dependent care prices for a particular wants baby or aged mother or father.

Kantrowitz, who’s the creator of the e-book Methods to Enchantment for Extra Faculty Monetary Assist, additionally presents a free tip sheet on this matter.

Double-Verify Your FAFSA

Monetary advisor Danielle Miura of Spark Financials provides that, it doesn’t matter what, it is best to double examine all of the figures in your FAFSA earlier than you submit it.

Authorities varieties might be difficult, she says, so it could even make sense to have a pupil mortgage skilled or a highschool counselor assessment your paperwork to see in case your info is right.

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That mentioned, you should not dilly dally on submitting your FAFSA both since federal pupil grants and loans are offered on a first-come, first-served foundation.

Households ought to contemplate submitting as early as potential because of this, says Miura.

Additionally by no means assume you do not qualify for help, and keep in mind that many universities don’t present educational scholarships with out accomplished FAFSA varieties.

Be Conscious Of The Upcoming Modifications

With all this being mentioned, you also needs to bear in mind that among the methods households are utilizing to get extra help now could not work in a couple of years. That is as a result of there are sweeping adjustments coming to the FAFSA for the 2024-25 faculty yr, together with the alternative of the Anticipated Household Contribution (EFC) with one thing referred to as the Scholar Assist Index (SAI).

Modifications you’ll be able to count on when this occurs embody:

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  • Growth of Federal Pell Grants to extra college students
  • Repeal of the lifetime restrict for occasions a borrower can obtain backed loans of as much as 150% of program size
  • Elimination of the variety of members of the family in school from the calculation
  • Permits a minimal SAI of $-1,500

You possibly can learn extra in regards to the FAFSA Simplification Act and the way adjustments can be carried out on the U.S. Division of Schooling web site.

Finance

Former state Senator Artiles found guilty of campaign finance and registration violations

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Former state Senator Artiles found guilty of campaign finance and registration violations

Former Florida Sen. Frank Artiles, an ex-Marine who more recently has shaped political campaigns as a lobbyist and consultant, was found guilty Monday of campaign finance and voter registration violations in a trial that showed the underbelly of Florida politics.

It took a Miami-Dade jury just over six hours to reach a unanimous verdict in a case built around political operatives and a “ghost candidate” who likely tipped a tight election. Sparked by a scheme to help Senate Republicans flip a seat in 2020, the two-week trial engrossed Florida’s political establishment from Miami to Tallahassee.

Artiles and his attorneys stood stoic as the verdict was read, their hands clasped in front of them, family members and friends standing along rows of benches behind. The former senator was fingerprinted but not handcuffed — his family surrounding him blocking the view — before being released by Miami-Dade Circuit Court Judge Miguel M. de la O.

Artiles wouldn’t comment as the group made its way out of the courtroom. Defense attorney Frank Quintero thanked the jurors, then promised an appeal. As he addressed the media, Quintero said he found it helpful that jurors listed all the instances they considered excessive contributions from Artiles to Alexis Rodriguez, an independent candidate whose only purpose in the race was to hurt the Democratic incumbent.

“They were actually business transactions that he [Rodriguez] screwed Mr. Artiles for,” said Quintero. “It’s going to be a long fight. This fight is not over.”

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Artiles, 51, married with two daughters, was found guilty of excessive campaign contributions, conspiracy to commit excessive contributions and falsely swearing an oath, all felonies that could carry five-year sentences. He was cleared of a fourth charge, aiding a false registration.

His convictions could land him in prison for as many as 15 years, though that long a term is unlikely.

Miami-Dade State Attorney Katherine Fernandez Rundle applauded the jury for understanding the case’s complexities and realizing that Artiles was the “mastermind” of the “ghost candidate scandal.”

“These felony convictions show that the jurors agreed that we can not tolerate the violation of our laws to gain a political advantage,” she said in a prepared statement.

Judge de la O is expected to sentence Artiles some time after Oct. 21.

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Judge Miguel de la O reads the jury instructions during the closing arguments of the Frank Artiles trial inside Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, Sept. 30, 2024, in Miami, Florida.

Judge Miguel de la O reads the jury instructions during the closing arguments of the Frank Artiles trial inside Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, Sept. 30, 2024, in Miami, Florida.

READ MORE: Lobbyist said she heard Artiles brag about election win.

During the two-week trial, it was explained how a long-time Republican party operative reached out to Artiles for help in the 2020 race for the District 37 Senate seat, which at the time covered a large swath of Miami-Dade County from Miami Beach south and through Palmetto Bay and Cutler Bay.

Lead prosecutor Tim VanderGiesen explained to jurors how the former state senator — after working out a contract agreement with the owner of a Gainesville-area Republican political research and marketing firm — engineered a plan to run and promote a machine parts salesman as a third-party candidate in the race in order to siphon votes from the Democratic front-runner.

The plan worked.

Ileana Garcia, a former Spanish radio host and founder of Latinas for Trump, defeated Democrat Jose Javier Rodriguez by a mere 32 votes after a recount. VanderGiesen told jurors that Alexis Rodriguez — the ghost candidate running as an independent — was promised $50,000 by Artiles. In a race decided by less than three-dozen votes after a runoff, more than 6,000 residents voted for Alexis Rodriguez.

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State attorney Timothy M. VanderGiesen gives the State’s closing argument as Judge Miguel M. de la O, right, listens inside Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, September 30, 2024, in Miami, Florida.State attorney Timothy M. VanderGiesen gives the State’s closing argument as Judge Miguel M. de la O, right, listens inside Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, September 30, 2024, in Miami, Florida.

State attorney Timothy M. VanderGiesen gives the State’s closing argument as Judge Miguel M. de la O, right, listens inside Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, September 30, 2024, in Miami, Florida.

The payoffs came in different forms, prosecutors said. Besides four payments totaling $22,000 in cash, Alexis Rodriguez was given another $22,000 through tuition payments for his daughter, money alleged to be going to the purchase of a truck for Artiles’ daughter and reimbursements. In total, the state said Alexis Rodriguez collected $44,708.03 in cash and gifts.

Artiles was paid $90,000 to help win Miami races by Data Targeting founder Patrick Bainter, a top consultant for Florida’s Senate Republicans. Bainter placed another $100,000 in a political action committee associated with Artiles.

READ MORE: ‘Knock yourself out.’ Top Florida GOP operative blessed Artiles’ ‘ghost candidate’ pitch

SENATE SEAT UNRAVELED QUICKLY

Artiles served three terms in the Florida House before winning a Senate seat in 2016. His senate term unraveled quickly. He resigned less than a year after being elected and after using racial slurs and uttering profanities while talking to a group of Black elected leaders in Tallahassee.

Then, just over a year after Garcia’s unexpected 2020 victory, Artiles was charged with the four felonies. Alexis Rodriguez was charged with the same four felonies, but avoided conviction in exchange for his testimony against Artiles.

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During closing arguments Monday morning, defense attorney Jose Quiñon told jurors the plot to unseat Democratic incumbent Sen. Jose Javier Rodriguez began with the Florida Republican Senatorial Campaign Committee, the main campaign vehicle for Florida’s Senate Republicans. The committee contacted Bainter, and Bainter, looking for information on the ground in Miami, reached out to some folks he knew in West Palm Beach. They recommended Artiles.

Jose Quiñon, left, gives the defense’s closing argument during the Frank Artlies trial in Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, September 30, 2024, in Miami, Florida.Jose Quiñon, left, gives the defense’s closing argument during the Frank Artlies trial in Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, September 30, 2024, in Miami, Florida.

Jose Quiñon, left, gives the defense’s closing argument during the Frank Artlies trial in Courtroom 4-1 at the Richard E. Gerstein Justice Building on Monday, September 30, 2024, in Miami, Florida.

Aritles, who knew Alexis Rodriguez through a family member, promised him he would be coached and wouldn’t have to campaign.

Under Florida law, none of that is illegal. Directly giving a candidate more than $1,000, however, is.

And Monday, on the verdict form, jurors wrote out exactly which acts they believe Artiles committed that were illegal. They listed six instances when the lobbyist gave the candidate money or gifts totaling $26,812.92. Among the payments: $2,000 to cover the registration fee to become a candidate, $6,784.39 to cover tuition for the candidate’s daughter’s private high school, a $2,400 rent payment and $9,000 from Artiles’ brother-in-law.

During the trial, Alexis Rodriguez said the only reason he agreed to change his party affiliation and run in the race was because he was broke and just divorced. He told jurors he was ashamed and said the only reason he agreed to the plan was because he needed money.

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Garcia, the unexpected victor, has always been controversial. She once said she believed people could outgrow being gay, but later apologized. She also authored a bill to spend $5 million on former President Donald Trump’s legal bills. The bill didn’t pass. Jose Javier Rodriguez now works as an assistant secretary for the Labor Department in Washington D.C.

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Tesla Financing: In-House And Third-Party Options | Bankrate

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Tesla Financing: In-House And Third-Party Options | Bankrate

Key takeaways

  • Tesla offers in-house financing in several states, along with the option for borrowers to secure their own loan through an outside lender.
  • The Tesla financing process requires borrowers to arrange for funds ahead of vehicle delivery.
  • The most competitive auto loan rates tend to be reserved for borrowers with strong credit history.

Tesla remains one of the most popular routes to driving electric, with the automotive brand’s share of EV sales just below 50 percent in the second quarter, according to Cox Automotive. However, with prices around $40,000 for those wanting to purchase new, securing an auto loan is the right first step for most drivers.

Consider the available options for getting behind the wheel of a Tesla and whether in-house or third-party financing is best for your needs. 

Tesla in-house financing

Tesla offers its own financing through its online platform. Buyers can finance and arrange vehicle delivery all in one place. While this option is not available in all states, it can be a good option for shoppers who prefer convenience. 

Tesla outlines a few basic steps for drivers who choose in-house financing: 

  1. Submit an application: Once you have started your online order and designed your Tesla, you can prequalify for financing. This is done under the ‘Payment Method’ section of your account. Once you choose ‘Tesla’ as your financing option and provide how much you would like to borrow, you can submit your application.  
  2. Receive confirmation: Following the application step, your credit will be reviewed and a decision will be made in the “Payment Method: section of your account. 
  3. Accept offer: You can accept the offer within your account and a Tesla Advisor will connect to arrange for vehicle delivery. If you have not received approval, an advisor will contact you within one business day. 

Tesla does not charge any prepayment penalties or fees. It also allows borrowers to choose a preferred monthly payment in the application process. It’s smart to calculate how much you can afford ahead of applying with an auto loan calculator. 

However, do not focus solely on the monthly payment. Remember that a longer loan term will result in a smaller payment but more spent over the course of the loan. More than that, every extra dollar that goes toward interest over a longer period of time is a dollar not going into an emergency fund or an investment portfolio. If you are worried about overextending your budget and having less available for your savings, consider a shorter-term or a less expensive vehicle. 

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Third-party Tesla financing 

If you live in one of Tesla’s serviced states, in-house financing can be a strong option. However, to get the best auto loan rate, it is smart to compare auto loan rates with other lenders.

Lender APR Loan terms Loan amount
Tesla financing  Starting at 1.99% 36 to 84 months Not specified 
Tenet 6.39%-15.75% 36–84 months $15,000–$95,000
myAutoLoan Starting at 7.24% 24–84 months Starting at $8,000
Autopay Starting at 4.99% 12–84 months $8,000–$150,000

If you are opting for a third-party auto loan, applying with a lender is necessary before you can purchase through Tesla.

  1. Secure loan approval: Before your vehicle can be delivered, you must apply for and secure financing. If you have a relationship with a bank or credit union, it can be wise to start your shopping there. Otherwise, compare offers from online lenders and loan aggregators. 
  2. Share lienholder information: After you have secured approval with a lender, you must share that information with Tesla. The institution will have a lienholder address that needs to be confirmed and shared. 
  3. Arrange for payment: Lastly, you will be asked to share the payment with Tesla as soon as it is arranged to be delivered. You are responsible for submitting the amount due and the balance ahead of delivery. Also, at this point, it is important that you sign the provided Motor Vehicle Purchase Agreement.  

Benefits and risks of financing a Tesla

As with any sort of loan, there is an inherent risk that comes with financing a Tesla. But if you have crunched the numbers and feel confident in your ability to keep up with the monthly payments, it is a sound way to purchase an EV. Consider the pros and cons of financing a Tesla. 

Pros

  • Can help you afford the most advanced Tesla available.
  • Spreads out the high expense over time rather than all at once.
  • The car will be yours once the loan ends.
Red circle with an X inside

Cons

  • Puts you at risk for damaged credit in the future.
  • You will be stuck with a Tesla for longer than if you chose to lease.
  • Expensive monthly payments.

Next steps 

Buying a Tesla is an attractive option for shoppers who want to cut down on gas costs while also preserving the environment. But luxury comes at a cost. If you choose to finance a Tesla, determine which auto loan fits your needs and keep up with your payments to mitigate any future financial issues.

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After 25 years in corporate finance, Italian host nation employee returns to Army

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After 25 years in corporate finance, Italian host nation employee returns to Army








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Remo Romiti is a material handler and forklift operator at Army Field Support Battalion-Africa, 405th Army Field Support Brigade. The 63-year-old Italian local national employee said he enjoys working at Leghorn Army Depot, Italy, with AFSBn-Africa because every day there’s something new and he’s always busy.
(Photo Credit: U.S. Army courtesy photo)

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Remo Romiti, a material handler at Army Field Support Battalion-Africa, 405th Army Field Support Brigade, moves items with a forklift at Leghorn Army Depot, Italy. His job as a material handler and forklift operator includes spending much of his time in the shipping and receiving area.
(Photo Credit: U.S. Army courtesy photo)

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LIVORNO, Italy – He started working for the Army in Livorno in 1980, but after 10 years in ammunition surveillance as a material handler he decided to leave and take a corporate job in business finance and insurance.

Practically tied to a desk for 25 years, Remo Romiti longed to return to the Army and the Camp Darby military community. After applying for more than a couple of vacancies, the Italian host nation employee was selected to work as a material handler and forklift operator with Army Field Support Battalion-Africa at Leghorn Army Depot in 2016. And he’s been there ever since.

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The 63-year-old local national employee in the Directorate of Supply said he enjoys working at Leghorn with AFSBn-Africa because every day there’s something new and he’s always busy. His job as a material handler and forklift operator includes spending much of his time in the shipping and receiving area at Leghorn.

“For example, my work includes palletizing material and completing all the required documentation for shipment. I also receive shipments, and when I do, I check to ensure everything is correct,” said Romiti. “I’ll verify all the serial numbers, stock numbers and quantities by checking the items and the paperwork before delivering the material to the various locations at Leghorn.”

If everything is correct, Romiti said he calls his supervisor and “we bring all this material to the designated areas. We have a lot of material and equipment in many warehouses across Leghorn, all divided up by UIC [unit identification code]. For example, if we receive some parts for UIC whiskey mike charlie three alpha alpha, we must bring this material to the right warehouse as soon as possible so the maintainers and mechanics can begin making the repairs or upgrades, immediately.”

“I tried and tried to get back to working with the U.S. Army many times so when I was hired as a material handler, I was very happy. I love working for the U.S. Army,” said Romiti, who has a 29-year-old daughter and is from Castiglioncello, Italy, just 20 miles south of Leghorn on the Mediterranean Sea,


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Remo Romiti, a material handler and forklift operator with the Directorate of Supply, Army Field Support Battalion-Africa, said when he’s not working at Leghorn Army Depot, Italy, he enjoys riding his bicycle and participating in road races. For the last 15 years, he’s averaged three big races per year.
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Remo Romiti, a material handler and forklift operator with the Directorate of Supply, Army Field Support Battalion-Africa, shows off his first-place finish in the master’s division of the Campionato Italiano VV.F. di ciclismo su strada bicycle road race. For the last 15 years, the Italian local national Army employee averaged three big races per year during his free time.
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When Romiti is not working at Leghorn or spending time with friends and family, he said he enjoys riding his bicycle and participating in road races. For the last 15 years, he averaged three big races per year.

“It’s a good way to stay active, and I enjoy it,” Romiti said. “It’s my number one hobby.”

AFSBn-Africa, one of four battalions under the command and control of the 405th Army Field Support Brigade, is charged with receiving, maintaining, and storing Army Prepositioned Stocks-2 at Leghorn Army Depot, which includes 16 warehouses with 749,000 square feet of humidity-controlled storage plus four maintenance facilities as well as 1.5 million square feet of outside storage.

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Organizations AFSBn-Africa directly support – helping to enable readiness across two theaters of operations – are U.S. European Command, U.S. Africa Command, U.S. Army Europe and Africa, Southern European Task Force-Africa, the 173rd Airborne Brigade, and other strategic partners and allies.

The 405th AFSB is assigned to U.S. Army Sustainment Command and headquartered in Kaiserslautern, Germany. The brigade provides materiel enterprise support to U.S. forces throughout Europe and Africa – providing theater sustainment logistics; synchronizing acquisition, logistics and technology; and leveraging the U.S. Army Materiel Command materiel enterprise to support joint forces. For more information on the 405th AFSB, visit the official website and the official Facebook site.

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