Here is an article I wrote for another advisor explaining how grandparents might be most effective in helping to pay their grandchildren’s college expenses. Should you be among those fortunate enough to have relatives willing to help, you might want to take a look.
Sallie Mae’s annual How America Pays for College report has some good news: In the 2015-2016 school year, the average amount families spent on college went down slightly, to $23,688. The biggest decline came on spending for 2-year colleges; families with students in 4-year schools reported spending about the same as in the previous year. In
The Education Department has reversed an Obama administration rule that limited fees that guaranty companies could charge distressed borrowers. The new rule allows guaranty companies to charge borrowers 16% of their loan balance, even if they agree within 60 days to make good on their debt. This article on Bloomberg details the rule change and its impacts. You can read the Education…
On Wednesday the Fed raised short-term interest rates by 0.25%, with additional rate hikes expected over the course of the year. What does this mean for student loans? Several things. First, federal student loans have fixed interest rates; those rates are fixed at the time of
If you tried to fill out the FAFSA this month, chances are it wasn’t easy. That’s because the IRS Data Retrieval Tool has been disabled. The IRS and Department of Education said in a joint statement last week that it will be several weeks until the tool is back online.