News
FAFSA’s Social Security number error causing issues? Here’s how to work around it
Amid the chaos surrounding the rollout of the newly designed federal student aid form, a ray of hope has emerged for some college applicants who have been impacted by a Social Security number snafu.
The FAFSA (Free Application for Federal Student Aid) is a crucial step for many students seeking financial support to afford their college education. The aim of simplifying the application process through an overhaul by the U.S. Department of Education was commendable, but the transition to the new system was marred by delays and technical glitches. One of the groups most severely affected by these issues were low-income families with a parent or student who lacks a Social Security number.
However, a recent announcement by the California Student Aid Commission offers a glimmer of hope for these students. The commission revealed that an alternative financial aid application option would be available for U.S. citizens with at least one parent lacking a Social Security number. These students can now utilize the California Dream Act Application to seek financial assistance for attending a University of California, California State University, or a California community college.
While the Department of Education stated that the problems had been resolved for students from families that include immigrants, some individuals continued to encounter obstacles. To address this issue, students now have until May 2 to complete a Dream Act application and access the financial aid they need.
This workaround represents a proactive step by the state to alleviate the challenges faced by students relying on financial aid to pursue higher education. The troubles surrounding the FAFSA rollout have been a long-standing nightmare for many students.
Further relief came in the form of an extended deadline for submitting applications for state financial aid in California. The deadline for Cal Grants and other state aid programs, which collectively distribute over $2.3 billion, has been pushed back to May 2 following the enactment of legislation last month.
As the deadline extension and alternative application option provide respite for students grappling with the FAFSA turmoil, the education landscape in California is gradually moving towards smoother financial aid processes for those in need.
Smith is a reporter for EdSource, a nonprofit, nonpartisan journalism organization covering education in California. Times staff writers Howard Blume and Teresa Watanabe contributed to this report.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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