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Saving & Paying

Student Loan Interest Rates for 2021-22

Now that the May Treasury auction has taken place, student loan interest rates for the 2021-2022 school year are set. This year’s yield on the 10-year treasury was 1.684%, up about 1% from a year ago. Since student loan interest rates are fixed markups from the May treasury yield, that means student loan interest rates will go up about 1%…

College Financial Literacy

Lew De Luca is the immensely helpful Student Financial Literacy and Advising coordinator at the University of Southern Connecticut. In that role, he helps students and families understand college costs and develop workable plans to minimize debt. In my latest podcast episode, he walked me through some of the key pieces of college financial literacy. His wisdom is available here…

What is Free College?

There’s been a great deal of chatter around the topic of free college recently. Because a lot of that chatter is along the lines of, “Why save for college? It’s going to be free!” I think it’s worth a quick review of the content of actual free college proposals. This week, Sen. Bernie Sanders and Rep. Pramila Jayapal introduced the…

Required Reading Alert: Student Loans

Before your student chooses a college– or starts dreaming of an unaffordable one– here’s some data they need to see. A recent Harris Poll on behalf of CNBC Make It’s “Middle-Aged Millenials” series showed that more than half of older millenials– those aged 33-40– regret taking out student loans. Of 1,000 such adults surveyed, the average amount borrowed was just…

When do you pay college costs?

I’d put this question on my top 10 list of frequently-asked questions. When are college costs actually due, and how do you pay them? Is that actually two questions? Your first college payment is the deposit which is paid when you accept admission on or before May 1. Usually this is a nominal (relative to college costs) amount, typically ranging…

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