“The drawback on federal loans is that students are limited to the amount that they can borrow each year, up to a total of $31,000 for undergraduates,” says Joe Orsolini, president of College Aid Planners, referring to dependent undergraduates specifically. “Although some would argue this is actually a plus because it prevents students from overborrowing.”
“Parents returning to school need to be aware that if they already have a bachelor’s degree, they are not eligible for federal loans, grants, or the American opportunity [tax] credit,” says Joseph Orsolini, CFP, of College Aid Planners.
WPTV [August 25, 2022] College Planning Expert Outlines What You Need to Know About Loan Forgiveness Plan
“I think the key thing is to be patient,” Orsolini said. “If you put that pile of money away, don’t say, ‘Whoo-hoo, I can spend that money!’ Until the forms are out, until everything is signed sealed delivered, assume that this may fall apart.”
“More than 90% of college financial aid is administered by the colleges, which means that most scholarship and grant money comes from the colleges through their aid process,” says Joe Orsolini of College Aid Planners
Don’t be tempted to just “look” at schools out of budget, either, cautions Joe Orsolini, president of College Aid Planners. “Too often parents let the kids pick schools and then try to figure out how to pay for it after the fact. That never works out well. The easy way to avoid the kids falling in love with these schools is not to visit them.”
US News & World Report [February 24, 2022] All About Public Service Loan Forgiveness
“Your situation may be different than your roommate’s or somebody down the hall,” says Joseph Orsolini, president of College Aid Planners Inc. “Your loan service providers are going to have all the details to your specific situation.”
Forbes [February 24, 2022] Will Student Loans Be Forgiven In 2022? Experts Say No
“There is no way the Democrats and the Biden Administration want to turn loan payments back on six months before the midterm elections,” Orsolini says. “All that would do is remind the millennials that they did not make good on their promise of student debt relief.”
Investopedia [February 16, 2022] 529 Strategies That Maximize Student Aid Options
“Low income is a relative term for people,” Orsolini says. “Dropping from $150k to $100k is a huge reduction, but in most cases, it will not result in any additional financial aid.
Sound Dollar [February 15, 2022] What Are the Different Types of Student Loans?
“The drawback on federal loans is that students are limited to the amount that they can borrow each year, up to a total of $31,000 for undergraduates,” says Joe Orsolini, president of College Aid Planners, referring to dependent undergraduates specifically. “Although some would argue this is actually a plus because it prevents students from overborrowing.”
US News & World Report [December 9, 2021] Understanding Financial Aid for College: A Guide
Prospective and returning students applying for financial aid for the 2022-2023 academic year may need to notify their college of any changes in their financial situation through a special circumstances form, Orsolini says.
You can check out any school’s net price calculator, which will help you calculate ballpark costs for your education including tuition and fees, textbooks, school supplies and more, minus any grants or scholarships you will receive, says Joseph Orsolini at College Aid Planners.
MSN Money [July 8, 2021] 21 Places Worth Seeing on College Tours
“It may not be the ‘sexy’ part of the college tour, but it is important to see what companies are interviewing on campus,” Orsolini wrote in an email. “This will give you an indication of your prospects for who is hiring that school’s graduates.”
Fox Business [May 25th, 2021] While Student Loan Payments Are Paused, Do This With the Extra Money
“The worst thing you can do is get used to spending that payment elsewhere,” Orsolini said. “With the possibility of loan forgiveness on the horizon, continuing to make loan payments may not be the best idea. Instead, put the money aside in savings and wait until payments resume or for a clearer direction on loan forgiveness.”
Online U [May 12th, 2021] The Student Debt Crisis in 2021: Everything You Need to Know
In the student loan bubble, there are no prices to reset. What resets are lifestyles, says Joe Orsolini, President of College Aid Planners.
Magnify Money [April 30, 2021] Is It OK to Spend Your Financial Aid Refund?
“Until you know for sure that you’ve made it to the finish line, hang on to that money because you never know what is going to happen,” Orsolini said.
Forbes [March 4, 2021] The Simple Ways To Save Money On Higher Education
Joe Orsolini of College Aid Planners says you should check early on whether your state offers any tax credits, which you may be able to use as quickly as 5 business days after making a contribution.
Yahoo!news [December 7, 2020] A Guide to Understanding Financial Aid for College
But according to Orsolini, “You need more than ‘I need more money’ to appeal a financial aid award.” Orsolini says families need a legitimate reason for schools to re-examine students’ financial situations.
Credit Karma [November 13, 2020] College Tax Credits and Tax Breaks Every Student Should Know
“To get an extra $2,500 is always a bonus for people,” says Joe Orsolini, president of College Aid Planners
Stash [November 12, 2020] How to Plan for Student Loan Payments in 2021
Joseph Orsolini from College Aid Planners in Glen Ellyn, Illinois, says that “borrowers that may have difficulty making their payments again should get in contact with their loan servicer about options available to them.”
Credit Karma [November 4, 2020] Married Filing Separately: some things to know
“You generally give up a lot and pay a lot more in taxes to file separately,” says Joe Orsolini, president of College Aid Planners.
Cashay [October 9, 2020] FAFSA: 3 Changes You Should Know About This Aid Form
“While you may think your income is too high and you won’t qualify for any need-based aid, many colleges use the FAFSA to trigger merit aid which is not based on income,” said Joseph Orsolini, founder at College Aid Planners Inc, a college financial planning firm. “Still, complete the FAFSA.”
nerd wallet [August 20, 2020] How to Establish Residency and Get In-State Tuition Savings
“The residency advantage gets wiped out when you consider the cost of living away from home, missed tax breaks and credits and the opportunity cost of being out of the work force that extra year,” Orsolini says.
US New & World Report [May 20, 2020] PAYE vs. REPAYE for Student Loan Repayment
Ultimately, Orsolini says, borrowers must be cautious about these plans and read the fine print. “It is best to consult your loan servicer for the program details specific to your loans,” he says. “I find that these folks are generally very helpful. Most borrowers that experience problems seem to stem from not contacting their servicers before heading down a repayment path.”
Student Loan Hero [February 25, 2020] How to Work With Your Ex to Send Your Kids To College
“Think of FAFSA rules, IRS regulations, and divorce laws as a Venn diagram — sometimes they intersect, other times they don’t,” Orsolini says.
Yahoo! [February 5, 2020] 10 Things to Consider Before Going Back to School as a Parent
“Parents returning to school need to be aware that if they already have a bachelor’s degree, they are not eligible for federal loans, grants, or the American opportunity [tax] credit,” says Joseph Orsolini of College Aid Planners.
FOX Business [February 3, 2020] Why You Shouldn’t Reduce Student Loan Payments
“While not ideal, reducing the payment is preferable to missing a payment or paying late, which will impact your credit score,” Orsolini said.
Journal of Financial Planning [January, 2020] Why the Student Loan Crisis is Everyone’s Problem
Should these clients be worried? Absolutely. Should their kids be alarmed? Of course. But these folks are not the only ones who should be concerned. We all should be. After all, the student loan bubble is becoming every American’s problem.
US News & World Report [December 23, 2019] An Ultimate Guide to Understanding Financial Aid for College
“Only about 250 colleges require the CSS Profile. Generally, it’s more elite colleges that require the CSS Profile,” says Joseph Orsolini, a certified financial planner with College Aid Planners Inc. “Bear in mind, the CSS Profile will dig much deeper into your family’s finances than the FAFSA.”
Yahoo!money [September 30, 2019] FAFSA: How to File the Most Important Financial Aid Form for College
“If you’re six figure income, the chances of getting need-based aid are pretty small unless you have multiple kids,” says Joseph Orsolini, financial aid expert at College Aid Planner, a college aid consulting service
PolicyGenius [June 12, 2018] We Asked College Aid Experts How to Pay for School
Joe Orsolini, who serves as president of College Aid Planners, says many students and parents get hung up on college rankings or where a school lands on a best-of list. As a result, they make poor decisions regarding their undergraduate education. “The reality is that nobody cares where you got your undergraduate degree,” he said. “Do you know where your doctor earned their undergraduate degree?” Probably not.
US News & World Report [June 4, 2018] 10 Key Places to See on College Tours
Joe Orsolini, the president of College Aid Planners, a company that helps families save and pay for college, says that a college tour is not complete without a visit to the college’s career center. “It may not be the ‘sexy’ part of the college tour, but it is important to see what companies are interviewing on campus,” Orsolini wrote in an email. “This will give you an indication of your prospects for who is hiring that school’s graduates.”
FOX Business [February 1, 2018] When to Claim Children as Dependents on Your Taxes
Is the child in college, or just getting started in a career? It’s often best for parents to claim a child in college because parents are typically in a higher tax bracket and will receive a greater tax benefit, explains Joe Orsolini, a certified financial planner and founder of CollegeAidPlanners.com.
Wall Street Journal [November 29, 2017] Documents You Need When a Child Turns 18
“To a parent, a kid is always their kid,” Orsolini says, “so it is not immediately apparent to them how the rest of the world looks at that relationship.”
WGN Radio – John Williams Show [September 19, 2017] Listen Here
College Aid Planners President Joseph Orsolini: “You’ve got to get it right early on”
Cheat Sheet [August 25, 2017] Top Secrets You Need to Know to Get the Most Money for College
Joseph Orsolini, president of College Aid Planners, told U.S. News, “Ideally you want your student to be in the top 25% of a school’s student population. Those are the kids that get the money.”
U.S. News & World Report [August 21, 2017] 10 Ways to Get a Tuition Discount
“I’m a big fan of legacy scholarships. Nothing like trading in your college stories for cold hard cash,”says Orsolini.
The Street [August 11, 2017] Ask These 5 Questions Before Signing Off on a Client’s Divorce Settlement
“I’ve seen parents spend $10,000 arguing over a $2,000 tuition bill,” says Joseph Orsolini, a certified financial planner with College Aid Planners, Inc. “It’s also unfair to the kids, by putting them in the middle of a money argument. The best strategy is having the cost issues ironed out before finalizing the divorce.”
WGN Radio – John Williams Show [April 24, 2017] Listen Here
Financial Expert Joe Orsolini: Acceptance into a top choice school doesn’t always make that school the right choice
Teen Vogue [March 31, 2017] 11 Things You Should Do After Receiving a College Acceptance
“There’s nothing better than going back to that school and saying ‘Hey we really like you but school B offers $3,000 more,” Orsolini says.
The Street [March 12, 2017] 5 Tax Deductions Americans Should Take, but Too Often Don’t
The other significant challenge with this tax credit is that many colleges no longer mail out the 1098-T document, he adds. “College students are expected to know to log on to the college web portal, find and print the 1098-T, and give it to their parents,” he says. “As you can imagine, that doesn’t happen as often as it should.”
Teen Vogue [December 8, 2016] The GPA That Will Double Your Chances of Qualifying for Scholarships
In fact, your ACT score may be an even better indicator of whether or not you’ll qualify for merit-based financial aid, says Joseph Orsolini, a college aid planning expert based in Glen Ellyn, Illinois.
Chicago Tribune [August 24, 2016] Before Charging that Tuition Bill, Check for Fees
Orsolini said charging tuition may make sense if a student needs to work around short-term cash flow issues or attends a fee-free school and can pay the credit card bill on time. But costs — from the service fee to interest if the cardholder fails to pay off the balance — can add up fast. If there’s a risk of carrying a balance, families would be better off with lower-interest, longer-term loans, he said.
FOX Business [August 1, 2016] Survey: Americans Say College is Worth the High Costs
“I am on the side that thinks college is a good investment, but like any investment, if you overpay for it, you will not be happy with the return from it. I think the high millennial response stems from the hope and promise that newly minted graduates have about their future,” says Joe Orsolini, a CFP professional with College Aid Planners in Glen Ellyn, Illinois.
US News & World Report [July 27, 2016] 5 Smart Investment Moves to Make Before Marriage
“I am amazed at how many people get engaged and even married without ever having a conversation on student loan debt,” Orsolini says. “This is especially important if one of couple is on an income-based repayment plan. Adding a spouse’s income will impact eligibility for IBR and may cause their payment to increase.”
WGN Midday News [April 25, 2016] Your Money Matters: College Finance Tips
The Wall Street Journal [April 3. 2016] A Q&A on Paying for College
As for wholesale loan forgiveness, it is dangerous to assume that the government will stop requiring student loans to be repaid, Mr. Orsolini says, particularly since students pay so much in interest to the government on their loans that it is a major federal revenue source: “I would not base my college plan on that happening.”
Money [January 20, 2016] 3 Steps to More College Financial Aid From FAFSA
Some private colleges even give “need based” aid to families earning as much as $200,000, says Joe Orsolini, a private financial aid counselor in Chicago.
US News & World Report [November 6, 2015] When is the Right Time to Buy Your Child a Cellphone?
Orsolini wasn’t convinced. His sons had iPads and had used them responsibly and, “remarkably, not broken or lost them, so I wasn’t concerned about that issue. What concerned me was the cost of the service and purchasing a phone.”
The Street [October 20, 2015] Hey, College Grads: Your Student Loan Repayment Clock Is Ticking
“Too many grads commit their paycheck to fixed expenses during the grace period and are hard-pressed to fit in a student loan payment when the grace period ends,” Orsolini added.
Financial Advisor [September 1, 2015] Older Parents, Younger Children
“I have three families where parents over 60 have student debt from children; that makes planning tough,” says Joseph Orsolini, a certified college planning specialist and CFP at Glen Ellyn, Ill.-based College Aid Planners.
US News & World Report [August 19, 2015] 3 Important College Funding Questions to Answer During a Divorce
Certified financial planner Joe Orsolini of College Aid Planners in Glen Ellyn, Illinois, recommends that ownership always go to the noncustodial parent.
Chicago Parent [April 15, 2015] Student Debt Worries on Many Chicago Parents’ Minds
“What happens in a student debt bubble is you get lifestyles re-setting,” says Joe Orsolini, a certified financial planner with Glen Ellyn’s College Aid Planners.
ABC7 News [February 13, 2013] Tips to Avoid a Mountain of College Debt
The Bill Moller Radio Program [September 26, 2009]
Yahoo!news [December 7, 2020] A Guide to Understanding Financial Aid for College
But according to Orsolini, “You need more than ‘I need more money’ to appeal a financial aid award.” Orsolini says families need a legitimate reason for schools to re-examine students’ financial situations.
Credit Karma [November 13, 2020] College Tax Credits and Tax Breaks Every Student Should Know
“To get an extra $2,500 is always a bonus for people,” says Joe Orsolini, president of College Aid Planners
Stash [November 12, 2020] How to Plan for Student Loan Payments in 2021
Joseph Orsolini from College Aid Planners in Glen Ellyn, Illinois, says that “borrowers that may have difficulty making their payments again should get in contact with their loan servicer about options available to them.”
Credit Karma [November 4, 2020] Married Filing Separately: some things to know
“You generally give up a lot and pay a lot more in taxes to file separately,” says Joe Orsolini, president of College Aid Planners.
Cashay [October 9, 2020] FAFSA: 3 Changes You Should Know About This Aid Form
“While you may think your income is too high and you won’t qualify for any need-based aid, many colleges use the FAFSA to trigger merit aid which is not based on income,” said Joseph Orsolini, founder at College Aid Planners Inc, a college financial planning firm. “Still, complete the FAFSA.”
nerd wallet [August 20, 2020] How to Establish Residency and Get In-State Tuition Savings
“The residency advantage gets wiped out when you consider the cost of living away from home, missed tax breaks and credits and the opportunity cost of being out of the work force that extra year,” Orsolini says.
US New & World Report [May 20, 2020] PAYE vs. REPAYE for Student Loan Repayment
Ultimately, Orsolini says, borrowers must be cautious about these plans and read the fine print. “It is best to consult your loan servicer for the program details specific to your loans,” he says. “I find that these folks are generally very helpful. Most borrowers that experience problems seem to stem from not contacting their servicers before heading down a repayment path.”
Student Loan Hero [February 25, 2020] How to Work With Your Ex to Send Your Kids To College
“Think of FAFSA rules, IRS regulations, and divorce laws as a Venn diagram — sometimes they intersect, other times they don’t,” Orsolini says.
Yahoo! [February 5, 2020] 10 Things to Consider Before Going Back to School as a Parent
“Parents returning to school need to be aware that if they already have a bachelor’s degree, they are not eligible for federal loans, grants, or the American opportunity [tax] credit,” says Joseph Orsolini of College Aid Planners.
FOX Business [February 3, 2020] Why You Shouldn’t Reduce Student Loan Payments
“While not ideal, reducing the payment is preferable to missing a payment or paying late, which will impact your credit score,” Orsolini said.
US News & World Report [December 23, 2019] An Ultimate Guide to Understanding Financial Aid for College
“Only about 250 colleges require the CSS Profile. Generally, it’s more elite colleges that require the CSS Profile,” says Joseph Orsolini, a certified financial planner with College Aid Planners Inc. “Bear in mind, the CSS Profile will dig much deeper into your family’s finances than the FAFSA.”
Yahoo!money [September 30, 2019] FAFSA: How to File the Most Important Financial Aid Form for College
“If you’re six figure income, the chances of getting need-based aid are pretty small unless you have multiple kids,” says Joseph Orsolini, financial aid expert at College Aid Planner, a college aid consulting service
PolicyGenius [June 12, 2018] We Asked College Aid Experts How to Pay for School
Joe Orsolini, who serves as president of College Aid Planners, says many students and parents get hung up on college rankings or where a school lands on a best-of list. As a result, they make poor decisions regarding their undergraduate education. “The reality is that nobody cares where you got your undergraduate degree,” he said. “Do you know where your doctor earned their undergraduate degree?” Probably not.
US News & World Report [June 4, 2018] 10 Key Places to See on College Tours
Joe Orsolini, the president of College Aid Planners, a company that helps families save and pay for college, says that a college tour is not complete without a visit to the college’s career center. “It may not be the ‘sexy’ part of the college tour, but it is important to see what companies are interviewing on campus,” Orsolini wrote in an email. “This will give you an indication of your prospects for who is hiring that school’s graduates.”
FOX Business [February 1, 2018] When to Claim Children as Dependents on Your Taxes
Is the child in college, or just getting started in a career? It’s often best for parents to claim a child in college because parents are typically in a higher tax bracket and will receive a greater tax benefit, explains Joe Orsolini, a certified financial planner and founder of CollegeAidPlanners.com.
Wall Street Journal [November 29, 2017] Documents You Need When a Child Turns 18
“To a parent, a kid is always their kid,” Orsolini says, “so it is not immediately apparent to them how the rest of the world looks at that relationship.”
WGN Radio – John Williams Show [September 19, 2017] Listen Here
College Aid Planners President Joseph Orsolini: “You’ve got to get it right early on”
Cheat Sheet [August 25, 2017] Top Secrets You Need to Know to Get the Most Money for College
Joseph Orsolini, president of College Aid Planners, told U.S. News, “Ideally you want your student to be in the top 25% of a school’s student population. Those are the kids that get the money.”
U.S. News & World Report [August 21, 2017] 10 Ways to Get a Tuition Discount
“I’m a big fan of legacy scholarships. Nothing like trading in your college stories for cold hard cash,”says Orsolini.
The Street [August 11, 2017] Ask These 5 Questions Before Signing Off on a Client’s Divorce Settlement
“I’ve seen parents spend $10,000 arguing over a $2,000 tuition bill,” says Joseph Orsolini, a certified financial planner with College Aid Planners, Inc. “It’s also unfair to the kids, by putting them in the middle of a money argument. The best strategy is having the cost issues ironed out before finalizing the divorce.”
WGN Radio – John Williams Show [April 24, 2017] Listen Here
Financial Expert Joe Orsolini: Acceptance into a top choice school doesn’t always make that school the right choice
Teen Vogue [March 31, 2017] 11 Things You Should Do After Receiving a College Acceptance
“There’s nothing better than going back to that school and saying ‘Hey we really like you but school B offers $3,000 more,” Orsolini says.
The Street [March 12, 2017] 5 Tax Deductions Americans Should Take, but Too Often Don’t
The other significant challenge with this tax credit is that many colleges no longer mail out the 1098-T document, he adds. “College students are expected to know to log on to the college web portal, find and print the 1098-T, and give it to their parents,” he says. “As you can imagine, that doesn’t happen as often as it should.”
Teen Vogue [December 8, 2016] The GPA That Will Double Your Chances of Qualifying for Scholarships
In fact, your ACT score may be an even better indicator of whether or not you’ll qualify for merit-based financial aid, says Joseph Orsolini, a college aid planning expert based in Glen Ellyn, Illinois.
Chicago Tribune [August 24, 2016] Before Charging that Tuition Bill, Check for Fees
Orsolini said charging tuition may make sense if a student needs to work around short-term cash flow issues or attends a fee-free school and can pay the credit card bill on time. But costs — from the service fee to interest if the cardholder fails to pay off the balance — can add up fast. If there’s a risk of carrying a balance, families would be better off with lower-interest, longer-term loans, he said.
FOX Business [August 1, 2016] Survey: Americans Say College is Worth the High Costs
“I am on the side that thinks college is a good investment, but like any investment, if you overpay for it, you will not be happy with the return from it. I think the high millennial response stems from the hope and promise that newly minted graduates have about their future,” says Joe Orsolini, a CFP professional with College Aid Planners in Glen Ellyn, Illinois.
US News & World Report [July 27, 2016] 5 Smart Investment Moves to Make Before Marriage
“I am amazed at how many people get engaged and even married without ever having a conversation on student loan debt,” Orsolini says. “This is especially important if one of couple is on an income-based repayment plan. Adding a spouse’s income will impact eligibility for IBR and may cause their payment to increase.”
WGN Midday News [April 25, 2016] Your Money Matters: College Finance Tips
The Wall Street Journal [April 3. 2016] A Q&A on Paying for College
As for wholesale loan forgiveness, it is dangerous to assume that the government will stop requiring student loans to be repaid, Mr. Orsolini says, particularly since students pay so much in interest to the government on their loans that it is a major federal revenue source: “I would not base my college plan on that happening.”
Money [January 20, 2016] 3 Steps to More College Financial Aid From FAFSA
Some private colleges even give “need based” aid to families earning as much as $200,000, says Joe Orsolini, a private financial aid counselor in Chicago.
US News & World Report [November 6, 2015] When is the Right Time to Buy Your Child a Cellphone?
Orsolini wasn’t convinced. His sons had iPads and had used them responsibly and, “remarkably, not broken or lost them, so I wasn’t concerned about that issue. What concerned me was the cost of the service and purchasing a phone.”
The Street [October 20, 2015] Hey, College Grads: Your Student Loan Repayment Clock Is Ticking
“Too many grads commit their paycheck to fixed expenses during the grace period and are hard-pressed to fit in a student loan payment when the grace period ends,” Orsolini added.
Financial Advisor [September 1, 2015] Older Parents, Younger Children
“I have three families where parents over 60 have student debt from children; that makes planning tough,” says Joseph Orsolini, a certified college planning specialist and CFP at Glen Ellyn, Ill.-based College Aid Planners.
US News & World Report [August 19, 2015] 3 Important College Funding Questions to Answer During a Divorce
Certified financial planner Joe Orsolini of College Aid Planners in Glen Ellyn, Illinois, recommends that ownership always go to the noncustodial parent.
Chicago Parent [April 15, 2015] Student Debt Worries on Many Chicago Parents’ Minds
“What happens in a student debt bubble is you get lifestyles re-setting,” says Joe Orsolini, a certified financial planner with Glen Ellyn’s College Aid Planners.
ABC7 News [February 13, 2013] Tips to Avoid a Mountain of College Debt
The Bill Moller Radio Program [September 26, 2009]
Yahoo!news [December 7, 2020] A Guide to Understanding Financial Aid for College
But according to Orsolini, “You need more than ‘I need more money’ to appeal a financial aid award.” Orsolini says families need a legitimate reason for schools to re-examine students’ financial situations.
Credit Karma [November 13, 2020] College Tax Credits and Tax Breaks Every Student Should Know
“To get an extra $2,500 is always a bonus for people,” says Joe Orsolini, president of College Aid Planners
Stash [November 12, 2020] How to Plan for Student Loan Payments in 2021
Joseph Orsolini from College Aid Planners in Glen Ellyn, Illinois, says that “borrowers that may have difficulty making their payments again should get in contact with their loan servicer about options available to them.”
Credit Karma [November 4, 2020] Married Filing Separately: some things to know
“You generally give up a lot and pay a lot more in taxes to file separately,” says Joe Orsolini, president of College Aid Planners.
Cashay [October 9, 2020] FAFSA: 3 Changes You Should Know About This Aid Form
“While you may think your income is too high and you won’t qualify for any need-based aid, many colleges use the FAFSA to trigger merit aid which is not based on income,” said Joseph Orsolini, founder at College Aid Planners Inc, a college financial planning firm. “Still, complete the FAFSA.”
nerd wallet [August 20, 2020] How to Establish Residency and Get In-State Tuition Savings
“The residency advantage gets wiped out when you consider the cost of living away from home, missed tax breaks and credits and the opportunity cost of being out of the work force that extra year,” Orsolini says.
US New & World Report [May 20, 2020] PAYE vs. REPAYE for Student Loan Repayment
Ultimately, Orsolini says, borrowers must be cautious about these plans and read the fine print. “It is best to consult your loan servicer for the program details specific to your loans,” he says. “I find that these folks are generally very helpful. Most borrowers that experience problems seem to stem from not contacting their servicers before heading down a repayment path.”
Student Loan Hero [February 25, 2020] How to Work With Your Ex to Send Your Kids To College
“Think of FAFSA rules, IRS regulations, and divorce laws as a Venn diagram — sometimes they intersect, other times they don’t,” Orsolini says.
Yahoo! [February 5, 2020] 10 Things to Consider Before Going Back to School as a Parent
“Parents returning to school need to be aware that if they already have a bachelor’s degree, they are not eligible for federal loans, grants, or the American opportunity [tax] credit,” says Joseph Orsolini of College Aid Planners.
FOX Business [February 3, 2020] Why You Shouldn’t Reduce Student Loan Payments
“While not ideal, reducing the payment is preferable to missing a payment or paying late, which will impact your credit score,” Orsolini said.
US News & World Report [December 23, 2019] An Ultimate Guide to Understanding Financial Aid for College
“Only about 250 colleges require the CSS Profile. Generally, it’s more elite colleges that require the CSS Profile,” says Joseph Orsolini, a certified financial planner with College Aid Planners Inc. “Bear in mind, the CSS Profile will dig much deeper into your family’s finances than the FAFSA.”
Yahoo!money [September 30, 2019] FAFSA: How to File the Most Important Financial Aid Form for College
“If you’re six figure income, the chances of getting need-based aid are pretty small unless you have multiple kids,” says Joseph Orsolini, financial aid expert at College Aid Planner, a college aid consulting service
PolicyGenius [June 12, 2018] We Asked College Aid Experts How to Pay for School
Joe Orsolini, who serves as president of College Aid Planners, says many students and parents get hung up on college rankings or where a school lands on a best-of list. As a result, they make poor decisions regarding their undergraduate education. “The reality is that nobody cares where you got your undergraduate degree,” he said. “Do you know where your doctor earned their undergraduate degree?” Probably not.
US News & World Report [June 4, 2018] 10 Key Places to See on College Tours
Joe Orsolini, the president of College Aid Planners, a company that helps families save and pay for college, says that a college tour is not complete without a visit to the college’s career center. “It may not be the ‘sexy’ part of the college tour, but it is important to see what companies are interviewing on campus,” Orsolini wrote in an email. “This will give you an indication of your prospects for who is hiring that school’s graduates.”
FOX Business [February 1, 2018] When to Claim Children as Dependents on Your Taxes
Is the child in college, or just getting started in a career? It’s often best for parents to claim a child in college because parents are typically in a higher tax bracket and will receive a greater tax benefit, explains Joe Orsolini, a certified financial planner and founder of CollegeAidPlanners.com.
Wall Street Journal [November 29, 2017] Documents You Need When a Child Turns 18
“To a parent, a kid is always their kid,” Orsolini says, “so it is not immediately apparent to them how the rest of the world looks at that relationship.”
WGN Radio – John Williams Show [September 19, 2017] Listen Here
College Aid Planners President Joseph Orsolini: “You’ve got to get it right early on”
Cheat Sheet [August 25, 2017] Top Secrets You Need to Know to Get the Most Money for College
Joseph Orsolini, president of College Aid Planners, told U.S. News, “Ideally you want your student to be in the top 25% of a school’s student population. Those are the kids that get the money.”
U.S. News & World Report [August 21, 2017] 10 Ways to Get a Tuition Discount
“I’m a big fan of legacy scholarships. Nothing like trading in your college stories for cold hard cash,”says Orsolini.
The Street [August 11, 2017] Ask These 5 Questions Before Signing Off on a Client’s Divorce Settlement
“I’ve seen parents spend $10,000 arguing over a $2,000 tuition bill,” says Joseph Orsolini, a certified financial planner with College Aid Planners, Inc. “It’s also unfair to the kids, by putting them in the middle of a money argument. The best strategy is having the cost issues ironed out before finalizing the divorce.”
WGN Radio – John Williams Show [April 24, 2017] Listen Here
Financial Expert Joe Orsolini: Acceptance into a top choice school doesn’t always make that school the right choice
Teen Vogue [March 31, 2017] 11 Things You Should Do After Receiving a College Acceptance
“There’s nothing better than going back to that school and saying ‘Hey we really like you but school B offers $3,000 more,” Orsolini says.
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The other significant challenge with this tax credit is that many colleges no longer mail out the 1098-T document, he adds. “College students are expected to know to log on to the college web portal, find and print the 1098-T, and give it to their parents,” he says. “As you can imagine, that doesn’t happen as often as it should.”
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In fact, your ACT score may be an even better indicator of whether or not you’ll qualify for merit-based financial aid, says Joseph Orsolini, a college aid planning expert based in Glen Ellyn, Illinois.
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Orsolini said charging tuition may make sense if a student needs to work around short-term cash flow issues or attends a fee-free school and can pay the credit card bill on time. But costs — from the service fee to interest if the cardholder fails to pay off the balance — can add up fast. If there’s a risk of carrying a balance, families would be better off with lower-interest, longer-term loans, he said.
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“I am on the side that thinks college is a good investment, but like any investment, if you overpay for it, you will not be happy with the return from it. I think the high millennial response stems from the hope and promise that newly minted graduates have about their future,” says Joe Orsolini, a CFP professional with College Aid Planners in Glen Ellyn, Illinois.
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“I am amazed at how many people get engaged and even married without ever having a conversation on student loan debt,” Orsolini says. “This is especially important if one of couple is on an income-based repayment plan. Adding a spouse’s income will impact eligibility for IBR and may cause their payment to increase.”
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As for wholesale loan forgiveness, it is dangerous to assume that the government will stop requiring student loans to be repaid, Mr. Orsolini says, particularly since students pay so much in interest to the government on their loans that it is a major federal revenue source: “I would not base my college plan on that happening.”
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Some private colleges even give “need based” aid to families earning as much as $200,000, says Joe Orsolini, a private financial aid counselor in Chicago.
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Orsolini wasn’t convinced. His sons had iPads and had used them responsibly and, “remarkably, not broken or lost them, so I wasn’t concerned about that issue. What concerned me was the cost of the service and purchasing a phone.”
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“Too many grads commit their paycheck to fixed expenses during the grace period and are hard-pressed to fit in a student loan payment when the grace period ends,” Orsolini added.
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“I have three families where parents over 60 have student debt from children; that makes planning tough,” says Joseph Orsolini, a certified college planning specialist and CFP at Glen Ellyn, Ill.-based College Aid Planners.
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Certified financial planner Joe Orsolini of College Aid Planners in Glen Ellyn, Illinois, recommends that ownership always go to the noncustodial parent.
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“What happens in a student debt bubble is you get lifestyles re-setting,” says Joe Orsolini, a certified financial planner with Glen Ellyn’s College Aid Planners.
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The Bill Moller Radio Program [September 26, 2009]
