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A money market fund is a kind of mutual fund that invests only in short term securities such as bankers' acceptances, commercial paper, repurchase agreements, and government bills.

A money market fund is a kind of mutual fund that invests only in short term securities such as bankers' acceptances, commercial paper, repurchase agreements, and government bills.

You have probably heard that your bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC). You may be surprised to learn that, while your money market deposit account is insured, your money market mutual fund is not. The SEC does not guarantee mutual funds. The FDIC does not guarantee mutual funds either, and this is true even if you purchased your mutual fund at a bank. In fact, when you purchase a mutual fund at a bank they are required to tell you that your investment is not FDIC insured and that your investment is not guaranteed by the bank.

The money you earn from Federal Work Study is generally subject to Federal and State income tax but exempt from Social Security taxes. This is provided you are enrolled full time, and work less than half-time.

Yes. If you are receiving any kind of financial aid from the university or college or government sources, you must report the scholarship to the financial aid office. Generally, the university or college will adjust your financial aid package to compensate.

The Federal formula for computing the "expected family contribution" is different from those used by many colleges and universities. Specifically, the Federal formula does not consider home equity as part of the assets formula.

No. Parents will only be responsible for your educational loans if you are under 18 and they cosign your loan. In general you and you alone are responsible for repaying your educational loans. Parents are responsible for the Federal PLUS loans only. If your parents want to help pay off your education loans, you can have your billing statements sent to their address. Also, if your lender provides an electronic payment service where the monthly payments are automatically deducted from a bank account, your parents can agree to have the payments deducted from their account. Your parents are under no legal obligation to repay your loans. If they forget to pay the bill on time or decide to cancel the electronic payment agreement, you will be held responsible for the payments, not them.

Yes. Most Financial Aid offices require that you apply for financial aid every year. If your financial circumstances change, Your financial aid may change and you may get more or less aid. After your first year you will receive a FAFSA Renewal Application which contains preprinted information from the previous year's FAFSA form. Your eligibility for financial aid may change significantly, especially if your parents work situation has changed or you have a different number of family members in college. Renewal of your financial aid package also depends on your continued satisfactory academic progress toward a degree, such as earning a minimum number of credits or achieving a minimum grade point average.

The financial need analysis process for financial aid uses your family's income, assets and tax information from the most recent tax year. This is called the base year. It is used to evaluate your eligibility for need based financial aid during the upcoming academic year This is called the award year. Since the "base year" ends December 31st, you cannot submit a financial aid application until January 1. Your parents may earn a year-end bonus or realize huge capital losses from selling stocks before December 31st. Financial aid applications sent before January 1st will be rejected.

No. You can apply for financial aid any time after January 1st. It is strongly recommended you apply as soon after January 1st that you can. You can use the prior year’s tax return to estimate the amounts required on the application form. To actually receive the financial aid you must be admitted and enrolled at the college.