Under the CARES Act, payments for federal student loans are suspended through September, and interest rates are temporarily set to 0%. Read more for details on how this relief works.Read More
If you have a son or daughter who is a high school junior or senior, chances are you have been guiding them through quite a bit of paperwork lately. From college applications and scholarship essays to requests for transcripts and recommendation letters, it seems that there is a never-ending stream of forms to be completed in the college application process.Read More
As summer comes winding to an end, many families are preparing to send their children off to college. For a first year college student this is often a very exciting time in their life with the opportunity and freedom to live on their own for the first time. However, with great freedom comes great financial responsibility.Read More
If you are eligible to claim an education credit on your tax return, it could reduce the amount of tax that you owe by up to $2,500 per tax return. The two education credits that are available are the American Opportunity Credit and the Lifetime Learning Credit.Read More
It is that time of year again when parents find themselves becoming empty nesters as their kids head off to college. It is a time full of important, and not important, decisions to be made. Picking out the right towels, bedding, computer, books, clothes, and mini-fridge can quickly become overwhelming. However, there is a lot more that you should be considering and doing before you leave them in the rearview mirror.Read More
Becoming a first-time parent is both exhilarating and exhausting. For new mothers especially, it can be frightening. Caring for a newborn adds so many new things to worry about. As a new mom myself, I’ve experienced this firsthand. From the moment we brought our son home, I worried about whether he was eating enough, sleeping enough, and, dare I say it, pooping enough.
In addition to new worries, I oftenRead More
Home ownership has changed from the way it used to work for prior generations. Fifty years ago, many people bought a home and stayed in it for 30 years or longer. Far fewer take that approach today. As a result, many past “rules of thumb” need to be reevaluated. The answer to “How should I finance my home purchase?” is, as with so many financial planning questions, “It depends.”Read More
This is the season of college applications. The season of campus visits, standardized testing, and early admissions. With my oldest being a high school sophomore, I should not be aware of any of this process yet. But my daughter’s email inbox has been inundated over the last several months with communications from over 100 different colleges and universities.
As her parent, I am floored by the intensity and breadth of the marketing process involved in the College Decision. I admire myRead More
First, I must disclose to you that I actually have three sons; each has his own personality and his own ambitions. It’s my oldest son, the quintessential student, who at the age of 14 already has a strong desire and motivation to attend Notre Dame. I’m not exactly sure why he became such a big fan of the school, either, other than the fact that he is a huge sports fan, and it might have to do with Notre Dame’sRead More
Myth or Fact #1: You can only contribute to a 529 plan sponsored by your home state.
Myth. U.S. residents can take advantage of 529 plans available in any state across the country. Though there sometimes can be benefits of contributing to your home state plan, more often than not, the out-of-state choice is much better from a total cost and ease of use standpoint. Even if your home state plan offers a tax incentive for participation, make sureRead More
How are we going to keep the skyrocketing price of college affordable for parents and students? Well, as of last week it just got a lot more difficult. The U.S. Senate failed to reach a compromise in their efforts to restore lower interest rates on student loans. The result? Congress was not able to send a bill to President Barack Obama for signature, and rates on subsidized Stafford loans doubled from 3.4% to 6.8%!
Student loans were a major componentRead More
Although families are primarily responsible for covering the costs of higher education, there is a lot of flexibility as to who can receive additional support from external sources. While finding these resources is not an easy task, for parents and students who are willing to invest the time, rewards can abound. Even if financial aid is not received, the lesson a student learns from researching and putting forth their best efforts to save money will pay dividends on itsRead More
By now, most of us are familiar with the concept of a 529 plan. Parents, grandparents, or anyone else can all make contributions to these investment accounts, and the assets are able to grow tax-free, so long as they are used for approved education expenses. These state-by-state investment accounts make saving for college much easier while also providing incentives such as tax-free growth and the potential for tax deductions during the years contributions are made.
But whatRead More
Many of you know that 529 plans are a great way to save for your children’s college education. What you may not know is that there are free programs available that can help you boost your savings amounts. These programs are free to use and reward you for things you already do – they are like frequent flyer miles for college savings.
UPromise and BabyMint are two programs available that allow you to earn rebates on your purchases that can beRead More