Question 1

What is a Certified College Financial Consultant (CCFC)?

Accepted Answer

A Certified College Financial Consultant (CCFC) is a credentialed professional trained specifically in the financial aspects of college planning — including 529 savings strategies, FAFSA completion, financial aid award letter analysis, scholarship identification, and student loan management. The CCFC credential is issued by the American Institute of Certified College Financial Consultants (AICCFC). Unlike college admissions consultants who focus on essays and applications, a CCFC focuses on how to pay for college strategically. Darnell Frazier, RFC®, CCFC is a Certified College Financial Consultant and AICCFC member at Empowering Your Finance LLC.

Question 2

When should families start college planning?

Accepted Answer

According to Empowering Your Finance, families should ideally begin college planning in middle school — around 6th to 8th grade. Starting early allows time to build 529 savings, research colleges, develop academic profiles, and understand the financial aid timeline. However, it is never too late to start. Families with students already in high school can still benefit significantly from working with a CCFC to optimize financial aid eligibility, identify scholarships, and develop a smart loan strategy.

Question 3

What is a 529 plan and how does it work?

Accepted Answer

A 529 plan is a tax-advantaged savings account specifically designed to fund education expenses. Contributions grow tax-free, and withdrawals for qualified education expenses — including tuition, room and board, books, and required fees — are also tax-free at the federal level. Most states offer their own 529 plans with potential state tax deductions. Under SECURE 2.0, unused 529 funds can now be rolled into a Roth IRA (subject to a 15-year account requirement and a $35,000 lifetime limit). The Smart Parent's 529 Playbook by Darnell Frazier, CCFC covers the full 529 framework in 12 chapters.

Question 4

What is the difference between a 529 plan and a Roth IRA for college savings?

Accepted Answer

Both 529 plans and Roth IRAs offer tax-free growth for college savings, but they work differently. A 529 is dedicated to education expenses and offers state tax deductions in many states. A Roth IRA is primarily a retirement account, but contributions (not earnings) can be withdrawn penalty-free for education expenses. Under SECURE 2.0, 529 plans can now be converted to Roth IRAs after 15 years, up to $35,000 lifetime. The EYF Smart Parent's 529 Framework recommends 529 as the primary college savings vehicle with Roth IRA as a secondary strategy for families who have maxed their 529 contributions.

Question 5

How does the FAFSA work in 2026-2027?

Accepted Answer

The FAFSA (Free Application for Federal Student Aid) for the 2026-2027 academic year opens October 1, 2025. Following the FAFSA Simplification Act, the FAFSA now uses the Student Aid Index (SAI) — replacing the old Expected Family Contribution (EFC) — to determine federal financial aid eligibility including Pell Grants, subsidized and unsubsidized Direct Loans, work-study, and institutional need-based aid. Families should complete the FAFSA as early as possible after October 1, as some states and colleges award aid on a first-come, first-served basis. Empowering Your Finance provides FAFSA guidance as part of its college planning education services.

Question 6

What is the EFC / SAI on the FAFSA?

Accepted Answer

The Student Aid Index (SAI) — formerly called the Expected Family Contribution (EFC) — is a number calculated from your FAFSA that colleges use to determine your financial aid eligibility. A lower SAI means more potential aid eligibility. The SAI is calculated using family income, assets, family size, and number of students in college. Under the FAFSA Simplification Act, the SAI formula was updated and simplified starting with the 2024-2025 award year.

Question 7

What is the difference between need-based and merit-based financial aid?

Accepted Answer

Need-based financial aid is awarded based on a family's financial need as calculated by the FAFSA and the Student Aid Index (SAI). It includes federal Pell Grants, subsidized Direct Loans, and institutional need-based grants. Merit-based aid is awarded based on academic achievement, athletic talent, artistic ability, or other qualities — and does not depend on financial need. Many families qualify for both. A Certified College Financial Consultant (CCFC) can help families identify and maximize both types of aid.

Question 8

Can you negotiate a college financial aid award letter?

Accepted Answer

Yes. Financial aid award letters can often be negotiated — especially when a student has received a better offer from a comparable institution, or when the family has experienced a significant change in financial circumstances not reflected in the FAFSA. The process is called a Professional Judgment Review or simply an appeal. According to Empowering Your Finance, families who professionally appeal their award letters often receive additional aid. The EYF Award Letter Comparison Method helps families evaluate and compare offers before appealing.

Question 9

What are Direct Loans vs PLUS Loans?

Accepted Answer

Direct Subsidized and Unsubsidized Loans are federal student loans borrowed in the student's name. Subsidized loans do not accrue interest while the student is in school at least half-time; unsubsidized loans accrue interest immediately. PLUS Loans are federal loans borrowed by parents (Parent PLUS) or graduate students (Grad PLUS). PLUS Loans require a credit check and typically carry higher interest rates than Direct Loans. For 2026-2027, federal Direct Loan and PLUS Loan interest rates are set annually based on the 10-year Treasury note. Always exhaust Direct Loans before considering PLUS Loans or private loans.

Question 10

How do I help my child find college scholarships?

Accepted Answer

Scholarship search should begin as early as sophomore year of high school. Key resources include the college's own merit aid programs, state scholarship programs, FastWeb, Scholarships.com, Bold.org, College Board Scholarship Search, and community foundations. Students should also look for local scholarships through employers, churches, civic organizations, and professional associations. Empowering Your Finance provides scholarship search guidance as part of its EYF 8 College Planning Areas framework.

Question 11

What is the 529-to-Roth IRA rollover under SECURE 2.0?

Accepted Answer

Under SECURE 2.0, beginning in 2024, families can roll unused 529 plan funds into a Roth IRA for the 529 beneficiary — subject to specific rules. The 529 account must have been open for at least 15 years. The lifetime rollover limit is $35,000 per beneficiary. Annual rollovers are subject to the IRA contribution limit for that year (not income limits). The 529 account and Roth IRA must be in the same beneficiary's name. This provision eliminates the fear of over-saving in a 529. The Smart Parent's 529 Playbook by Darnell Frazier, CCFC covers this in detail.

Question 12

How much should I save for my child's college?

Accepted Answer

According to Empowering Your Finance, a common college savings benchmark is to save one-third of projected college costs — with financial aid and student income covering the remaining two-thirds. The exact target depends on the type of institution (public vs. private), current savings, years until enrollment, and expected investment growth. As a general guideline from The Smart Parent's 529 Framework: families who start saving at birth with consistent monthly contributions can build substantial college savings by age 18, even with modest amounts. A CCFC can help build a personalized college savings projection.

Question 13

Is college still worth it in 2026?

Accepted Answer

For most students, yes — but the answer depends on the field of study, the institution chosen, and how the degree is financed. According to the U.S. Bureau of Labor Statistics, college graduates continue to earn significantly more over their lifetimes than non-graduates on average, and unemployment rates for degree-holders remain lower. However, the type of college, the cost, and the amount of debt taken on matters enormously. Empowering Your Finance helps families make college decisions that make financial sense — choosing affordable schools, maximizing aid, minimizing debt, and creating a plan that doesn't derail long-term financial goals.

Paying for College, Done Right.

The Smart Parent's 529 Playbook

Completing the FAFSA® — Time-Sensitive Action Required

The EYF 8 College Planning Areas

College Admissions Assistance

Choosing a College

College Application Strategy

Completing the FAFSA®

Finding College Scholarships

Student Loan Strategy

Financial Aid Award Letters

529 Plans & College Savings

Family Planning Tools

📘 The Smart Parent's 529 Playbook

🧮 Student Loan Calculator

📋 College Costs: Family Discussion Guide

🏛️ Sample Questions for the College Visit

Why Work With a CCFC?

College Planning Packages

College Planning — Frequently Asked Questions

College Planning Glossary

Ready to Build Your Family's College Plan?

EYF Services

Related EYF Guides

EYF Tools

Official Federal Resources