Oyin Adedoyin

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1,572 appearances 36 recordings 1 series first heard Mar 2023 last heard Feb 2025

Oyin Adedoyin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · New Fafsa Application Changes Could Boost Your Financial Aid · 7 Nov 2023 podcast

That put families and students in a tough position. matched

Parents had to decide between contributing to their own financial aid accounts and contributing to their kids' college funds. matched

Among qualified retirement plans managed by Vanguard, nearly 60% of participants with income of more than $150,000 contributed the maximum amount allowed last year. matched

When you compare that to people making about $75,000 and upwards of $99,000, only 4% of those participants contributed the maximum amount to their retirement accounts. matched

It can. matched

And for many years, families placed retirement over saving for a college fund. matched

But for the first time last year in a survey by Fidelity, college savings ranked higher than retirement. matched

And this is largely because of inflation and how much pressure that's put on families, as well as just the rising cost of college in general. matched

The new plan takes effect in December, but the interesting thing about FAFSA is that it collects tax information from two years before the application. matched

If you contribute more to your retirement accounts this year, it won't have an impact on the financial aid award for 2024 to 2025 school year, but it will affect the amount of your award for the 2025 to 2026 academic school year. matched

to maximize the number of federal dollars going towards students for free financial aid and also, in some cases, institutional aid as well. matched

Families that are making around $100,000 or less are likely to benefit the most because max contributions to your retirement accounts can dock you down to about $80,000 or less, which kind of opens you up for more financial aid. matched

This means that families can get more money for college and therefore keep more money in their wallets. matched

Some families could save anywhere between $5,000 and more than $10,000 on the cost of college each year, depending on how much they make. matched

So some colleges use the FAFSA, the federal formula, when they institute their own institutional aid. matched

But other colleges, typically those that are wealthier or private, use something called the CSS profile, which is their own form that they use to get a holistic picture of what a family's financial aid situation is like. matched

So those colleges are less likely to make this change when it comes to retirement contributions. matched

They're going to factor them right back in. matched

Yes, exactly. matched

The new FAFSA is going to be a lot shorter. matched

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