Warning About “College Financial Advisory”

A company called College Financial Advisory in San Diego is sending email notifications to students and parents requesting a $59 check in order to process financial aid for the 2010-11 academic year.   This is NOT a request from the Department of Education or from Allegheny College.   The company is using a logo that looks very much like the U.S. Department of Education logo, emails a “report” that looks very much like the FAFSA Student Aid Report, is using a telephone number very similar to FSA’s toll free number, and is using terminology (such as the “Student Aid Profile Form”) that is very misleading.   Students and parents are NOT required to pay a fee for financial aid processing and should disregard any correspondence they receive from this company. 


Loan Repayment, Consolidation and Debt Management Info for Seniors

The Office of Financial Aid & Enrollment Support wants to ensure graduating seniors are successful in life after Allegheny.  Below is the information that was recently posted in the “Countdown to Commencement: Final Five” electronic newsletter.  It contains valuable financial information regarding loan repayment, consolidation and debt management.  

2010 May Graduates

Loan Consolidation

Student Loan Repayment

Understanding Credit

Contact Information/Phone Numbers

May 2010 Expected Graduates with Federal Student Loans

If you have utilized federal student loans while attending Allegheny College, an Exit Loan packet has been sent to your campus box.  The deadline for completing the Federal Exit Counseling session is April 17, 2010.

Are you aware of the current Tax Benefits for Education?

Often overlooked by taxpayers, tax deductions and tax credits are another way to save money for college.  Deductions reduce taxable income and credits directly reduce tax obligation dollar for dollar, allowing taxpayers to keep more of their money to pay for college.   For an overview of current education tax benefits, check out the comparison chart at http://www.finaid.org.   For detailed tax filing information regarding tax benefits for education, see IRS publication 970:  http://www.irs.gov/pub/irs-pdf/p970.pdf.

Allegheny College’s Cash Course

Allegheny College, with help from the National Endowment for Financial Education, is taking a proactive approach to financial education.  Allegheny’s Cash Course web site (http://cashcourse.org/alleghenycollege/Default.aspx) provides unbiased and noncommercial financial resources for students and alumni who want to develop smart money management skills. Topics include: protecting your credit, preventing identity theft, sources of financial aid and understanding insurance and taxes. Be sure to take advantage of this terrific money management resource!