This morning on Money 911, we answered a variety of your money questions. For help with anything from overdraft fees and 529 plans to banking security and more, watch the clip below. Have a different question? Submit it to me here!
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We’re well into summer, and in just a few short months, your kids may be heading off to college – many for the first time. I know the to-do list is a mile long at this point, on it everything from purchasing a shower caddy to sorting out those student loans.
But at some point before you drop your freshman off, I encourage you to sit down, together, and make a budget. Whether she’s getting a job, you’re providing her with spending cash, or a combination of the two, you want to make sure that the well hasn’t run dry come October. Here’s a crash course in how to do it, as well as some sample budgets and a worksheet to get you started. More…
What is a Uniform Gift to Minor Account, and how does it differ from a 529 Plan? How can I pay for my wedding and avoid building more credit card debt? How can I remove old accounts from my credit report to boost my score? I helped the Money 911 panel answer these questions (and more!) on the TODAY show this morning. Watch the clip below for our money advice.
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“A dear and generous family friend recently sent my three daughters $10,000 each for their college education. We live in Nevada, and want this money to cover room and board, books, and other living expenses. My daughters are in 6th, 8th, and 9th grade, so we have a little time to invest this money and make it go further once they get to college. What exactly would you do with this money?” – Kerry, Nevada
Dear Kerry,
How great would it be if every family had friends like yours! You’re right that you don’t have all that much time to invest the money — particularly for your ninth grader. So, as you decide what to do with it, I’d keep two things in mind. More…
Over the weekend, I spoke to a group of high school students in New Jersey, and promised them I’d post a PDF of the college budget worksheet from my latest book, Money 911: Your Most Pressing Money Questions Answered, Your Money Emergencies Solved. Here it is, not only for those students, but for anyone else who is heading off to college at the end of the summer – or for parents who are sending a kid off to college. As you prepare, you’ll no doubt be up to your ears in shower caddies, miniature refrigerators, and extra-long sheets. But don’t forget to add a little financial education to your list. It will go a long way, I promise.
Where can I find the money to help my kids get through college? How can I cover my credit card bills when collecting unemployment? Under what conditions can I withdraw money from my 401(k) without penalties? For the answers to these questions (and more!) watch the video from this morning’s Money 911 below.
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“My niece is stuck in a 20% private student loan that wants $800 a month. She has contacted them several times for options and they tell her there are none. She has put the loan into forbearance twice. There has got to be a solution. She wants to pay, but she can’t afford that much — she only makes $1000 a month. She has several other federal loans that are in repayment & she is handling those, but this one pushes her over the top.” – Sheri
Unfortunately, this is a common situation these days for students trying to pay off private student loans. The fact is, when you have private loans, you have fewer options for adjusting the repayment plan than you do with federal loans. That being said, going into forbearance is not a good choice – the interest will still build up while the payments defer. More…
If you have a child either in or about to enter college, you likely know that we’re in the midst of FAFSA season. This one form – the Free Application for Federal Student Aid – gets the ball rolling on any financial aid your child may receive for school. In order to qualify for Pell grants, Stafford loans, PLUS loans, and work-study programs, you must fill it out.
Unfortunately, it’s also a form that has many parents pulling out their hair, year after year. If that’s you, I’ve compiled the top five ways to simplify the process. Much like doing your taxes, it’s never going to be painless, but these tips will certainly make it easier: More…
“I recently graduated college, and have been living at my parents’ house for the past few months while I get settled into my new job. I am hoping to move out into my own apartment soon, but am worried that I can’t afford it. How do I know what I can afford to spend monthly on rent and bills?”
-Victoria, New York
Living at home — as so many recent grads are these days — gives you a great opportunity to build a savings cushion. But you’re right, before you move into your own place, you need to understand what it will actually cost you to live there.
Generally, I like a budget to break down like this:
35% Housing — this is not just the rent or the mortgage, More…
I am the co-signer on my daughter’s student loans that she has defaulted on. It has gone to the collection agencies and they are demanding that I pay them $68,000 right now. I don’t have that kind of money. What can I do? Do I have any options?
- Audrey, Illinois
Defaulting on a private student loan can have serious effects: legal action can be taken against you, your wages may be garnished and your credit score will likely take a hit. “Just like federal education loans, private student loans are very difficult to discharge in bankruptcy,” adds Mark Kantrowitz, publisher of the websites FinAid.org and FastWeb.com.
My advice to you? Pick up the phone, call your lender and explain your situation. “If your financial situation is so destitute that there really isn’t any reasonable opportunity for you to repay the debt, you should be open More…
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