Student Loans

April 12, 2024Education savings accounts (ESAs) offer a straightforward and efficient way to set aside funds for future educational expenses. These accounts, also known as Coverdell ESAs, are tax-advantaged savings vehicles that allow you to sock away $2,000 per beneficiary per year. That money can later be withdrawn tax-free to cover a range qualified educational expenses, from… read more…

April 7, 2024The division of student loan debt is one of the most pressing financial concerns for divorcing couples – a burden that can significantly shape both spouses’ financial futures. Typically, student loan debt incurred before the marriage is the responsibility of the person who took on the debt, while a student loan taken during the marriage… read more…

March 13, 2024Federal student loan borrowers can choose from several plans that may lower their payments and ultimately forgive part of their debt. Four forgiveness plans, which are known by their initials SAVE, PAY, REPAYE and IBR, set monthly payments based on borrowers’ discretionary income and family size. After making payments for a number of years, any… read more…

December 1, 2023The average cost of tuition and fees for the 2023–2024 school year was $10,662 for in-state residents at public colleges and a whopping $42,162 at private colleges. Yet, by taking a few key steps, you will find many practical ways to prepare financially for the college education of your children. These strategies can include creating… read more…

October 27, 2023Dynasty 529 plans allow families to fund multiple generations’ college costs from a single account. Regular 529 college savings plans offer unique benefits. These can be powerfully leveraged when wealthy families take a very long-term perspective. By naming young beneficiaries and changing them over time, the assets can grow tax-free for decades. However, Dynasty 529… read more…

September 5, 2023Research from EducationData.org shows that almost 45.3 million Americans hold an average federal student loan debt balance of $37,338. Combined, student loan debt in the U.S. adds up to nearly $2 trillion. According to the same data, the average student loan monthly payment is $503. This is debt that needs a specific plan to make… read more…

November 19, 2021Student loans have become one of the most complicated aspects of modern finance. They involve large – often high interest rate – amounts of debt, typically taken on by young people with little current earnings and typically structured along 20-year repayments.… read more…

July 11, 2019Deferment and forbearance are options that people struggling to keep up with their student loans can use to make sure they don’t get into serious trouble. Falling behind on your payments can hurt your credit or lead your lenders to… read more…

July 10, 2019If you’re in search of financial help for higher education, you may have explored different scholarships and grants to pay the way. Gifted money is a great way to pay for school without having to worry about paying it back… read more…

July 10, 2019As you explore funding options for higher education, you’ll come across many different ways to pay for school. You can try your hand at scholarships and grants, but you may also need to secure federal student loans. Depending on your financial… read more…

March 6, 2018It’s hard to overstate the value of an education. According to Census Bureau data from 2016, the average worker with a bachelor’s degree earns $51,600 per year. That is roughly $22,000 more than the average worker with a high school diploma earns and $30,000 more than a worker without a high school diploma earns. But… read more…

August 8, 2017In today’s economy it can be difficult to get the best jobs without having a good education. Unfortunately, the cost of attending a four-year college is rising quickly, forcing many people to take on large chunks of debt or forgo college entirely. According to College Board, the average cost of attending a four-year public university has… read more…

April 25, 2017Education is a factor that parents often take into account when deciding where to settle down and purchase a home. That’s why most of the best places to raise a family have good schools. While education has never been the great equalizer it was meant to be for students in the United States, those who… read more…

March 8, 2017Besides comparing colleges based on their size and academic programs, high school graduates need to consider whether they’ll take advantage of in-state scholarships and grants or enroll in an out-of-state school. After, all some states do a better job of providing students with a high quality education. Wondering how your state’s public colleges compare to… read more…

January 11, 2017Not all students can cover the cost of their college education with the grants or scholarships in their financial aid packages. Some begin their college careers by taking out student loans, while others look for part-time jobs and work-study positions. Students who are trying to avoid taking on too much debt may wonder what their… read more…

October 28, 2016College students who need financial aid may qualify for various federal programs. For example, the government offers two different kinds of student loans. It also offers the Federal Pell Grant. If you’re eligible for this grant, you won’t be responsible… read more…

October 26, 2016Deciding on a subject to major in is a huge decision for most college students. There are many factors to consider, including your interests, your strengths and future career opportunies. Choosing a less lucrative career path may have its downsides, particularly if you have few job prospects after graduation and you’re buried under a mountain… read more…

September 30, 2016Many families who can’t afford to cover the cost of a child’s college education rely on student loans and financial aid to fill in the gaps. Students who want any sort of financial assistance from the federal government must complete… read more…

September 15, 2016Free college has become a mainstream topic in political debates across the country. Should every American be able to get a bachelor’s degree at no cost? What are the pros and cons of free college? If you have student debt yourself or you have kids who plan to go to college, you probably have strong… read more…

July 19, 2016We all know that it’s important to pay off our debt. But student loan debt can sometimes get lost in the shuffle when you’re trying to keep up with your other bills and financial obligations. If you happen to miss… read more…

July 19, 2016On average, in-state students who attended public four-year institutions spent $9,410 during the 2015-2016 school year on tuition and fees, according to the College Board. After accounting for room and board, that total rose to $19,548. For many students, attending a community college for two years and then transferring to a university is a much… read more…

March 2, 2016The United States is a global leader in many regards, but when it comes to education it seems there is room to improve. According to the OECD, U.S. schools rank 28th in the world based on student reading and writing performance at age 15.  That places us in the same league as European countries like Italy… read more…

February 17, 2016Higher education is always a big topic in election years. Candidates of all political stripes readily agree that our colleges and universities are a key driver of prosperity but that there are serious flaws with our current system. The most-discussed issue in higher education today is the rising cost of attendance at schools across the… read more…

January 19, 2016According to a report from the Institute for College Access & Success, the average 2014 graduate with loans owed nearly $29,000. With that much debt, paying off student loans can seem nearly impossible for a new graduate. And it isn’t just the amount of debt that can make repayment difficult. Try SmartAsset’s free student loan… read more…

January 11, 2016Many undergraduate students live on campus. However, many decide to start renting off-campus when they become upperclassmen. If you graduate and begin pursuing a higher level of education, you might need to think carefully about where you’re going to live.… read more…