Tune in below to hear Tim and Yanely chat about this week's topic for FinCap Friday: Major Changes to FAFSA! As usual, the episode will end with a few tips for students about how to take action now to prevent themselves or their family members from taking on an exorbitant amount of student loan debt:
The quick discussion explores questions like:
1) Which major changes should we expect in 2022? Which changes will be implemented later?
2) Why is it so important to keep teaching students about FAFSA over and over again?
3) What parts of the proposed plan for student loan forgiveness apply to borrowers of the next generation?
Question of the Day: How much free financial aid is lost to families who do not file the FAFSA?
FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most
RESEARCH: Finding Scholarships & Grants
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
Born and raised by Dominican, immigrant parents in Brooklyn, Yanely is a proud product of NYC public schools. She graduated from Fiorello H. LaGuardia High School in 2007 before going on to receive her bachelor's degree at Brown University in 2011. As a Teach For America corps member, Yanely taught third and fourth grade in Canarsie, Brooklyn. She received her master's degree from Relay Graduate School of Education in 2013. She spends her spare time making YouTube videos about personal finance on her channel, MissBeHelpful. Yanely also loves to dance, sew, paint, listen to podcasts, and babysit her 10 nieces and nephews!