The words advisors use — translated for parents

The tax year used by the FAFSA to calculate aid — two years before college starts. For a fall-2027 freshman, it's your 2025 return. It's why a high-school sophomore is already "on the clock." Full explainer →

A high-risk exposure — classically a teen driver — that doesn't just cost more on its own line but raises the price of your entire bundled insurance relationship (auto, umbrella, even homeowners). See the insurance move →

A commercial auto insurance policy, often owned by an LLC, that insures a vehicle on its own commercial terms instead of contaminating your personal household policy. The core of the teen-driver restructuring.

A college's total published yearly cost — tuition, fees, room, board, books, and estimated expenses. It's the "sticker," not what most families actually pay. Why sticker ≠ real price →

Expected Family Contribution — the old name for the figure estimating what a family can pay. As of recent FAFSA changes it's been replaced by the Student Aid Index (SAI).

The Free Application for Federal Student Aid — the form that determines eligibility for federal and most institutional aid. Filed annually; reads your base-year finances.

New Jersey's Higher Education Student Assistance Authority, which runs the state's grants and scholarships, the NJCLASS loan program, and NJBEST. NJ aid programs explained →

The section of the Internal Revenue Code allowing deduction of the ordinary and necessary expenses of carrying on a trade or business. The century-old foundation for legitimate business deductions. What it means for an LLC →

Limited Liability Company — a legal business structure. By itself it lowers nothing; benefits follow only when a genuine, profit-motivated business operates inside it. LLC & tax strategy →

College money awarded for a student's academic, athletic, or other achievements — independent of financial need. Some schools lead with it to attract stronger applicants.

A New Jersey income tax deduction for tuition paid to a New Jersey college or university, subject to an income test. How it works →

New Jersey's 529 college savings plan. Since tax year 2022, contributions can be deductible on your NJ return if you meet the income test. NJ college tax deductions →

New Jersey's state-run student loan program, offered through HESAA. Payments of principal and interest can be deductible on your NJ return if you qualify. The NJCLASS deduction →

Student Aid Index — the figure the FAFSA now produces (replacing the EFC) to estimate a family's ability to contribute toward college costs.

A college's published cost before aid. With an average private-college tuition discount over 56%, only about a quarter to a third of families pay it.

The share of published tuition a college gives back as institutional grant aid. The national average at private colleges now exceeds 56% (NACUBO).

Extra liability coverage sitting above your auto and homeowners limits. A burning layer like a teen driver can put your umbrella at risk of higher cost or non-renewal.