Headlines abound about the value of college. So, what about saving for college? Why bother saving if there is question about the value of college to start? And what about the argument that saving for college will kill my kid’s chance of getting financial aid? First, that last argument is no argument at all. It is nothing more than a …
Two Financial Hacks to Wring Long- and Short-Term Risk out of Paying for College
College is expensive. Parents would feel better about investing for their child’s education if they could mitigate some of the future financial risks. Two of the most concerning risks: run-away inflation and fear of a student unexpectedly leaving college. But these fears can be alleviated or even eliminated! How? Prepaid college savings plans can help control future run-away inflation costs. …
Five Things to Consider When Paying the College Bill
Paying for college can be daunting for any family or student, but with the right strategies, planning, and information, you can make it more manageable. Here are five essential things to consider when planning to pay for college: Knowing the Cost in Advance Understanding the true cost of college is the first step in financial planning primarily because it can …
Federal Student Loan Rates Are Soaring – Here’s What To Do
Paying for college has always been a challenge but this year may be the worst ever. To top off a difficult financial aid season, interest rates on Federal Direct Loans for students and parents are set to increase, a lot. This article will tell you why the interest rates are going up, offer some strategies to borrow at the least …
Five Key Qs & As About Finding College Scholarships
College can be expensive. Discovering ways to decrease the cost by finding free money could make the difference between graduating with mountains of debt or not. In this blog post, we will answer five key questions about grants and scholarships. What is the difference between a grant and a scholarship? These terms are often used interchangeably to note an award …
The Ripple Effect: Understanding How Student Loans Impact Your Student’s Credit Score
For many students, pursuing higher education is a worthwhile investment in their future. However, this pursuit often comes with the financial burden of student loans. Beyond the immediate challenges of repayment, it’s crucial for parents and students to understand how these loans can have a lasting impact on students’ credit scores. In this blog post, we’ll dive into the intricacies …
The Student Aid Index: The New Way to Calculate College Aid
The U.S. Department of Education (ED) is about to fundamentally change how eligibility for college financial aid is calculated. Here’s what you need to know and a link to a free calculator to estimate eligibility for college aid using the new methodology. Background On December 27, 2020, Congress passed the FAFSA Simplification Act to simplify the financial aid application form …
Student Loans Can Help Build Strong Credit Scores
College students and graduates can use student loans to build a great credit score. These three steps will help you understand the credit scoring process and how student loans can help young consumers build a high credit score and open opportunities for future borrowing. Step 1: Understand the players and how credit scores are calculated Equifax, Experien, and TransUnion are …
Federal Student Loans – What You Need to Know
Interest rates have increased noticeably over the past year, which means that Federal student loan interest rates will climb as well. When? By how much? Will the rate on this loan increase more in the future? Is there a better option for undergraduate students to borrow for college? These are all questions into which potential college students and their families …
529 Plans: A Bad Name for a Great Way to Save for College … and More
In the 1990s, Congress started 529 college savings programs to help families create a nest egg for college. Although marketers would surely advise against naming a program after a section of the tax code, Section 529 in this case, “529s” grew into a preferred way of saving for college. And now the 529s can be used for more than just …
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