facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause

Join our Mailing List



Latest From Our Blog

%POST_TITLE% Thumbnail

BFG In the News: Victor answers readers’ questions about College-Savings Accounts and Financial Aid

Victor Cannillo is quoted on this topic in an article on NJMoneyHelp.com by Karin Price Mueller, originally published on July 30, 2020. A 90-second read by Victor Cannillo: If you are a grandparent who has set up a college-savings plan for your grandchild, you may be concerned as to how it could affect their financial aid eligibility. Here are some things to consider.

College Planning Baron Team Insights
%POST_TITLE% Thumbnail

BFG In the News: Does Gifting Money Affect Financial Aid Possibilities?

A 45-second read by Victor Cannillo: If you want to help a relative pay for college, you can pay the money to the college directly without incurring any gift taxes. However, you need to ask the school if this would affect the need-based aid eligibility of the student because each school handles this differently. For example, if the school views the money as a payment of the student’s account, then most likely it would not affect financial aid. But if the money is treated as a resource, then it will reduce the student’s aid “dollar-for dollar.”

Financial Planning Taxes College Planning