The Biden administration’s student loan forgiveness plan will forgive up to $20,000 in debt for millions of federal loan borrowers. Does this plan apply to you or your family? Let’s take a closer look at the plan and what it entails: The Student Loan Debt Relief Plan: Who is eligible? The student loan relief plan […]
Student Loan Payments: How to Prepare
The student loan payment relief has been extended through August 31, with payments set to resume “at some point,” according to the Biden administration. But that extension might continue beyond August, as new student loan relief initiatives may not be ready in time. What does that mean for you? Depending on your degree, your loan […]
529 Plans: An Underutilized Estate Planning Tool
529 savings plans are a common choice for college savings, but they have another use that’s typically overlooked: estate planning. 529 plans have tax-deferred contributions, tax-free withdrawals (for qualified expenses,) and their contributions can be deducted from your taxable income. These features, plus the ability to change beneficiaries at any time, make 529 plans one […]
Financial Aid Changes to Know About for 2021
At the end of 2020, Congress made some changes to the Free Application for Federal Student Aid (FAFSA.) FAFSA is the application for students and their parents to receive government aid for university expenses. The main change that families should know about is that the process has been simplified significantly to make it more accessible […]
How much should you fund a college savings account?
If you’ve got young kids, you probably have a lot on your mind. You might be saving for a different home, a safer car and your retirement fund. But on top of all that, you might also be concerned about saving for college. How much should you actually save in a college savings account? There […]