GREENSBORO, N.C. — Pretty much every parent says the cost of college is always hanging over their head. The average in-state tuition and fees is about $19,000 a year. On average private schools in North Carolina will cost $65,000. However, there are new changes to the FASFA form that could help you get more financial aid. That is the document you must fill out which determines your income levels.
Federal lawmakers passed the FAFSA Simplification Act in 2020. It streamlines the form to encourage more people to fill it out.
Starting next year, the line asking how much money you have in your retirement account goes away. That means your 401K will not be factored in anymore. So, you can put more money into your 401K to lower your income level and qualify for more financial aid.
There is one catch though: the FASFA factors the past two years of income. If you have a child in high school, you want to go ahead and start contributing more to your 401K as soon as possible.
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