The Gallup organization has reported that 86% of Americans believe that a college education will soon be beyond the reach of most families. This needn't be the case. These resources can help you put together a plan that includes saving and investing as well as shopping for grants and scholarships.
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The principles of wise investing are simple, but they're not always easy to implement. Too often, our emotions take us off track. One great way to keep our emotions at bay is to write out a detailed investment plan. Committing your investment goals to paper, along with how you will go about pursuing those goals and what you will do during times of market stress, will go a long way toward keeping you on course. We lay out the steps to write a great investment plan.
Today, one in five adults has student debt, and that debt is proving to be too heavy a load for many to carry. Some 30% are either in default or are in a hardship program that allows them to temporarily suspend payments. Thankfully, with plenty of options available to struggling borrowers, there's no reason to default on a student loan.
In recent years, most people looking for a tax-advantaged way to save for college have gravitated toward 529 plans. But after years in Congressional limbo, the Coverdell Education Savings Account has re-emerged as a legitimate competitor. While the amount savers can contribute to such accounts is relatively small, the Coverdell offers a couple of very significant advantages over 529 plans.
Few things have risen in cost as fast as college tuition. Even if you've been saving diligently, you or your kids may need to borrow to fill in the gaps. Here's what the college loan landscape looks like today.
Parents currently saving toward a child's college education enjoy a much more attractive college-savings landscape than existed 20 years ago. In 1996, Congress first authorized tax-advantaged "529 plans." A year later, lawmakers added the option of Education Savings Accounts. These savings vehicles, along with another common account type not often thought of as a college-savings tool, present today's parents three great approaches to setting aside money for college.
The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 prohibits issuance of a credit card to anyone under age 21 unless the young person has an adult co-signer or an "independent means" of repayment. We explain what this means for young adults heading to campus this fall.
Along with most other investment vehicles, state-sponsored "Section 529" college-savings plans took their lumps in the '08-'09 downturn. Some 529 plan losses qualify as genuine horror stories. Should you be looking at alternatives for your college savings?
A strong sense of career direction can help young people avoid costly trial and error when planning and pursuing their educational path.