Are future college expenses weighing on your mind? If so, that makes sense because, according to the Education Data Initiative, the cost of a college degree has more than doubled during the 21st century. But wait, there’s more: The average cost of college in the U.S. is $35,551 The cost of college has an annual growth rate of 6.8% The cost of a bachelor’s degree can exceed $500,000 With skyrocketing education costs, planning for your [...]
Graduate school applications and admissions are on the rise. With more and more students pursuing graduate-level education, it begs the question, Should parents have to foot that bill, too? Maybe you’ve already committed funds to your child’s undergraduate degree. Or perhaps this is the first time your child is asking for your help with education expenses. You may find yourself in either situation wondering if you have the resources to fund any part of your [...]
If parents could describe college planning in one word, it would be Stressful! Parents have so many questions swirling in their minds, like How much does it actually cost? Where will my child go to school? How early should I start saving? Am I capable of paying the entire cost without uprooting my own financial goals? Is my child aware of the financial implications of student loans? Fortunately, hope is not lost! With a sound [...]
Applying for college is a daunting task, and figuring out how you will pay for it can be downright confusing. Your mind is likely spinning with questions like, How much does it actually cost? What do I currently have saved up? How will my income impact financial aid? Will my child be eligible for any scholarships or grants? Will they need to take out federal loans? The government is changing how you calculate your child’s [...]
Institutions have long used standardized tests to measure students' competency in specific subject areas. Some of the more common areas consist of language, math, science, logic, and reasoning. Students of all ages have come across these tests. From Common Core in elementary school to the ACT and SAT in high school, educators continuously use standardized tests to evaluate students’ intellect. ACT and SAT scores have been synonymous with college applications for years. These tests leave [...]
We’ve officially entered perhaps the highest spending month of the year! In fact, Christmas celebrations are expected to cost 17% more this year when compared to 2019 (you can thank COVID-19 and inflation for that lump of coal). Despite being “the happiest time of the year,” gifters should beware of another type of Grinch, the gift tax. Giving to others doesn’t have to result in paying extra for your generosity, but how do you give [...]
These days, parents have several financial concerns. Between spending on day-to-day necessities and investing for the future, balancing your financial priorities today and tomorrow can be challenging. This balance becomes even more critical when considering saving for college and retirement. Can you save for both goals at the same time? Which should you prioritize? What strategies could bring clarity, purpose, and direction to the process? Today, we’ll uncover the answers to these questions and more. [...]
In October 2021, the US Department of Education initiated an overhaul of the existing Public Service Loan Forgiveness program (PSLF). Per the US Department of Education: “The Department estimates that the limited waiver alone will help over 550,000 borrowers who had previously consolidated their loans see their progress toward PSLF grow automatically, with the average borrower receiving 23 additional payments. This includes approximately 22,000 borrowers who will be immediately eligible to have their federal student [...]
A Roth IRA for college planning can be an important strategy to help foot the education bill. When you think about saving for college, what’s the first thing that comes to mind (besides worrying that you’ll have enough)? The answer is likely 529 plans, as these are the most commonly discussed vehicles concerning college savings. But there are several other options to consider, like Roth IRAs. Although Roth IRAs are primarily known for retirement savings, [...]
Earning a degree is often part of the “American Dream,” making it an accomplishment worth working toward. And while graduating from college is a collective dream, the cost of obtaining it can be somewhat of a nightmare. On average, earning an undergraduate degree results in about $36,510 in student loan debt. For those earning a master’s? That number nearly doubles to $71,318 (according to educationdata.org). Keep in mind that the type of degree one earns [...]