The Corliss Online Group Financial Magazine: College pros offer tips on filing for financial aid

Just before tax season comes the opportunity for college-bound students to apply for monetary assistance via the Free Application for Federal Student Aid (FAFSA). The program collects and sends financial data to colleges that use it to award need-based financial aid to students.

Filing a FAFSA was once daunting, according to Pam Rambo, a former college financial aid and admissions professional who now works as a researcher for families and students looking to maximize their financial aid opportunities.

"It's much easier now than it has ever been," she said. "Maybe 30 minutes."

Rambo, who is based in James City County, said the most frequent mistake parents make is waiting until after they have completed their tax returns to submit the form. It's one of those rare occasions when "it's actually better to be on time than accurate," she said.

"I don't mean that you should be inaccurate," Rambo stressed. "You should file early even if you have to estimate (your tax information). Then file your taxes as early as you can, and then make your corrections. That should be easy to do."

Some families don't know they can actually file the FAFSA retroactively, Rambo said. The final deadline each year is June 30 – for the previous academic year. Colleges may have other deadlines, Rambo said, which can range from mid-February to early March. Applying sooner than later is also important because schools only have a finite amount of financial aid available.

"If you apply too late, the money all could be given out," Rambo said.

FAFSA tips

Ed Irish, director of financial aid at the College of William and Mary, offered important notes for filing correctly:

• Both the student and the parent should sign up through FAFSA's online starting place, fafsa.ed.gov, for a user identification number and password that will allow them to file and sign the form electronically.

• If you are a parent filling out the paperwork on behalf of a student, be sure to use the student's Social Security number. Using the parent's number "will create all sorts of problems, because there will be a mismatch in the system," Irish said. "It can be corrected, it will just slow down the process."

• Know the individual financial aid deadlines for each school to which a student wishes to apply.

• Also know that some colleges – among them William and Mary and the University of Virginia – require an additional financial aid form, the "Profile" form administered by the College Board. According to the College Board website, Feb. 14 is the deadline to submit a Profile form for the 2013-14 school year.

Irish urged students to file a FAFSA even if they suspect they might not be eligible for financial aid.

"You're going to need it as a minimum for student loans," he said. "If there's any chance you're not going to have the resources, complete the FAFSA."

Outside help

Susan Mickens of West Point, who has one son attending community college and another who will graduate high school in June, described the FAFSA as a user-friendly process that parents should be able to complete on their own. Still, she said, she worked with Rambo because "there's a learning curve, and when you're talking about college, making a mistake is money lost."

"It was very scary going into the process. It's something that we don't do often," Mickens said. "Sometimes we have a preconceived notion of the process being very complicated, when in fact it truly isn't."

Darla Krupski, a Yorktown mother whose son is a sophomore at William and Mary, said "FAFSA has kind of a bad name, but it's not that they don't want to help." It's just that there are so many people applying for financial assistance.

Krupski said she found it helpful to work with a consultant, especially since she and her son have what qualifies as special circumstances. Krupski, who is separated, has been under-employed since she was laid off from her full time job three years ago, and her son has a health condition requiring expensive medications. From Rambo, Krupski learned about the "special circumstances" addendum to the FAFSA.

The Corliss Online Group Financial Magazine: How to avoid financial ruin

Consumers Can Avoid Financial Ruin, National Debt Relief Provide Tips On How To Do It

National Debt Relief publishes an article on their website to reveal 8 tips that will help consumers avoid financial ruin.

Philadelphia, PA (PRWEB) January 31, 2014

National Debt Relief is intent on helping consumers avoid financial ruin. On January 28, the leading debt relief company published an article titled "8 Ways You Can Remove Financial Ruin From Your Future." This article discussed various tips that will save consumers from another financial crisis.

The article discussed how financial security still eludes a lot of consumers. Because of this, the article provided these 8 tips to serve as a guideline for the readers.

1. Do not rely on future paycheck. The article claimed that this mindset got consumers into so much debt.

2. Keep bills organized and make timely payments. National Debt Relief believe that one of the reasons why the consumer is in debt is because they lacked proper organization. If the consumer can keep their finances organized, they should be able to keep track of their debts and avoid late payments.

3. Limit credit card accounts. The article believe that the less credit cards, the less temptation there will be to spend beyond the consumer’s means. It also minimizes the need to manage the card accounts.

4. Avoid overdraft charges. Another tip is to avoid overdrafts. The consumer must be aware of their financial transactions to keep themselves from unnecessary charges and penalties.

5. Discuss financial matters with spouse/partner. National Debt Relief encouraged consumers to be open about their personal finances with their partners. This will keep them from ruining relationships because of money problems.

6. Prepare for retirement. The article advised consumers to secure their retirement money and keep it from being spent - even if it is paying for debt.

7. Do not use home equity. As much as possible, the consumer is advised by the article to keep themselves from touching the equity of their home to pay for debt.

8. Increase savings. Lastly, National Debt Relief asked consumers to grow their savings to keep them from the need to take in debt when the unexpected happens.

The article urged consumers to keep themselves from financial ruin by concentrating on financial security. This can be done by having adequate emergency fund.

National Debt Relief have been helping thousands of debt ridden consumers through debt settlement. The company is given an "A" rating by the Better Business Bureau and is a member of the International Association of Professional Debt Arbitrators (IAPDA), the American Fair Credit Council (AFCC) and the US Chamber of Commerce.

The Corliss Online Group Financial Magazine: 8 Tips for Financial Wellness

Often at the start of a new year, one of our most popular resolutions is to become more financially stable and responsible. Overspending and overextending ourselves often comes from a place of lack and not feeling as if we have enough. It is an emotional issue as much as a material one.

Sometimes we feel as if by controlling and increasing the material volume of lives, we feel more abundant. Not only is this not true, it has the opposite effect. The more we spend our money in non-constructive ways, the worse we feel and the more we spend to feel better. Vicious cycle much?

Money is a deeply personal subject and financial circumstances vary greatly from individual to individual and family to family. There are no one-size fits all rules regarding money but there are some general tips that work well for most people.

Here are 7 tips to creating the abundance and calm you deserve:

1.      Where are you over-extending? Do an honest expense report for yourself. Where are you spending too much? Rent is a common culprit -- experts say this should not be more than 20 percent of your income. Moving to a cheaper place is extremely freeing!

2.      Automate your savings. This is a trick many financially savvy people know about. Before you spend a single cent -- put away at least 10 percent of your income into a savings account. If you can, put all bonuses (or any expected income) into this account too. Name it something fun like "Round the world ticket" or "Dream Home" to remind you why you are socking cash away each month.

3.      Limit the entertainment overdose. Eating and drinking out are often the reason the old catch phrase was coined -- to have too much month left at the end of the money. Only commit to things you can afford and don't say yes to things just because you are invited.

4.      No spending one day a week. This can be played creatively like a game! If you have a transport pass, food in the fridge, coffee in the cupboard and wifi at home -- you are set. A walk outside, making lunch for your partner and Skyping a friend are all free and fun!

5.      Remember less is more -- need all those cable channels? Need that gym membership if you only go once a week? Look for cheaper alternatives. How much is a drop in exercise class? Is there a free first pass? Is Hulu a better option? Refer to your report to see where you can cut back.

6.      Carry cash. Not only does this make you feel wealthy -- you are less likely to want to dole out cash on things like cabs and the small things that add up (another mimosa, a t-shirt on sale). Swiping plastic does not have the same realization as to what you are spending as handing over cold, hard cash.

7.      Give! Paradoxically, being generous makes us feel abundant and the universe rewards us by giving us more.

The Corliss Online Group Financial Magazine: "Financial Planning Tips"

“Financial Planning Tips,” A New Article On Vkool.Com, Teaches People How To Create A Personal Financial Plan Easily - V-kool

The new “Financial Planning Tips” article on the site Vkool.com instructs readers how to create their own basic financial plan effectively.

Seattle, Wa (PRWEB) February 01, 2014

The new “Financial Planning Tips” article on the site Vkool.com delivers to people helpful tips on how to create a financial plan within a short period of time. At the beginning of the article, the author recommends people to determine their current financial situations. People need to have a thorough understanding of their current financial situation in order to formulate well-informed and realistic goals. Moreover, if people take a detailed look at their situation, they can identify specific changes they could make to change their situation and achieve their goals. Then, the author indicates that setting goals are important and usually used to measure success. The earlier people start planning for their financial future, the sooner they will reach their goals. Developing goals will give people a direction for their plan and a destination toward which they want to head. The goals should be measurable, specific, attainable, specific, realistic, and time-based. There are different types of goals, including short-term, intermediate, and long-term goals. When people develop each of these goals, they will achieve successes early in their plan while still keeping their eyes towards the future. Furthermore, when creating the financial goals, people should consider some obvious objectives, such as retirement investments or monthly savings. They also need to differentiate between necessities and wants in order to establish priorities effectively.

Additionally, this author indicates that people should know their weak points in order to avoid the triggers which make them spend more or save less. In fact, life is about change. Good or bad things could impact their financial planning. Therefore, planning for the unexpected could reduce the effects of disastrous events, including a house fire, a job layoff, or a chronic illness. In addition, the writer encourages readers to take advantages of retirement investment options in order to avoid making hasty decisions. In other words, this writing covers many other financial planning tips that people can apply instantly. After the “Financial Planning Tips” article was launched, a large number of people can create and implement their financial action plan effectively.

Quyen Dang from the site Vkool.com says that: “The new “Financial Planning Tips” article is actually informative that includes a lot of cutting-edge techniques on how to find life purposes quickly. The techniques this article delivers are simple-to-follow for most people regardless of their age and their gender.”

If people want to get more detailed information from the full “Financial Planning Tips” report, they should visit the website: http://vkool.com/financial-planning-tips/

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About the website: Be developed by Tony Nguyen, Vkool.com is the website providing readers with useful tips about many subjects, including health, fitness, entertainment, and lifestyle. Readers could send their ideas to Tony Nguyen on any subjects via email.

For the original version on PRWeb visit: http://www.prweb.com/releases/financial-planning/tips/prweb11538419.htm

The Corliss Online Group Financial Magazine: Financial Tips for Boomers Looking to Retire Abroad

As baby boomers continue to redefine retirement, many are looking to settle abroad to launch the next chapter in their life.

Whether you are seeking a warmer climate, better tax advantages or more adventure, financial planners say retiring to a foreign land can present a number of financial challenges.

To help create a retirement guidebook for boomers looking to leave the country to live out their golden years, I spoke with Michael Ward, CEO of USForex - North America and Europe, who detailed how retirees can preserve their income and avoid losing money when living abroad. Here’s what he had to say: 

Boomer: How can baby boomers retiring abroad avoid transferred retirement funds being hit by exorbitant bank fees?

Ward: The good thing for anyone looking to transfer money overseas is that there are plenty of providers to choose from. Among these, many low-cost options from reliable non-bank providers are available to convert your U.S. dollars into foreign currency.

The exchange rate for your transfer can and does vary between providers, so be sure to compare the total cost of your international money transfer. Make sure to ask providers beforehand for the "customer rate" and their fees so you can identify the best pricing options for your budget.

Also, ask if you can lock in a binding exchange rate today for a future transfer. If the exchange rate is in your favor that month, the binding exchange rate may save you a little extra.

Finally, it’s important to find out how the funds will be transferred. International wires will have intermediary banks take out their respective fees. Retirees should aim to use a provider that has domestic payment capabilities.

Boomer: What are some alternative means of currency exchange?

Ward: The money transfer space has undergone some rapid developments in recent years. Nowadays, international transfers can be done at home, online or over the phone. Non-bank providers offer the best alternatives, charging lower fees and providing better exchange rates. Make sure you select a pr            ovider with a strong global presence, good reviews and, if possible, an infrastructure that avoids inconveniences such as lining up at the bank or sending cash for pickup.

Boomer: Can you identify what steps retirees need to take to preserve most of their retirement income when living abroad?

Ward: First, retirees need to figure out what their lifestyle is going to cost them on a monthly basis and then build in a buffer. Often, there are unanticipated recurring costs, like real estate maintenance fees or escalations in property taxes, which must be taken into account.

Next, if they have an account in the US, they need to speak with a currency volatility expert. Anticipating swings in currency exchange rates can save retirees thousands of dollars per year.

Finally, retirees must be flexible in the way they transfer money from the US abroad, meaning if the exchange rate is in the retiree’s favor in a particular month, they should consider transferring more than normal for that month or lock in the day’s rate for a future dated transfer. It could end up saving them a considerable amount of money.

Boomer: How do boomers learn about limit orders on the currency exchange?

Ward: Although no one can call the market with 100% accuracy, retirees can place market orders to take advantage of currency fluctuations or to get protection. In essence, this allows them to set a target and then place an order to lock in the targeted exchange rate automatically, any time of the day or night without the need to watch the market themselves. It’s always best to have a plan for monthly/annual requirements and set some targets. It’s also important for retirees to work with a provider to assess their best options.

Boomer: Any other tips you can offer baby boomers on risk management and currency rates abroad?

Ward: Locking in a rate for a future transfer is a good form of risk management. Currency rates can be very volatile and thinking about using some risk management tools to secure an exchange rate today for a future transfer (i.e., Forward Exchange Contract) can help protect retirees from adverse currency movements.