This morning on Money 911, we heard from a college student who does not have student loans and has some money she’s considering investing. But is it too early for her to invest? To see what we told her, plus for information on short sales and mortgage applications, check out the video clip below.
This morning on Money 911, we heard from a man who wanted to use proceeds from his parent-in-laws’ estate towards his children’s college costs. To see what we told him about opening a 529 account, plus for information on how long it takes for a credit score to rebound, check out the video clip below.
Hi Jean, I’ve watched your financial advice chats and read them in news/magazines for years and really appreciate your views! Couple questions:
1. “Federal vs. Private” – I’m confused because no advisor ever cites examples…I have consolidated the Parent Plus loans I took out to fund the expected family contribution for my son’s college education with the U.S. Department of Education – is that “federal” or “private?” The interest rate is 7.9% so it’s not as low as my son’s consolidated with the Department of Education of his subsidized/unsubsidized loans (which is more like 4%).
2. I’m gainfully employed as is my wife, about $150k annual adjusted gross income. I’m paying the parent PLUS consolidated loan back at graduated level, $593/month for 2 years, then $640/month, then $700, etc.; graduating as my income increases (I hope). I don’t carry any credit card debt, my car loan is paid by my company, and my mortgage is $825/month for 15 years at 4.5% for 12 more years. I have maybe 20% equity in the house…credit score over 750…401(k) + pension is 10% of gross with match of
up to first 6%… Am I managing my money correctly or is there something I can do to improve my cash flow/debt burden?
3. I am 49, my wife is 60. She has no savings (relying on me). I have 200K in 401(k)/pension…no other investments besides home…maybe 3 months worth of emergency savings. She works as an independent contractor in gas industry and while the money is very good, it can be sporadic. She
thinks she wants to retire at 62 and take Social Security…but I don’t see how she can do that because I have to work at least another 12 years and since we file jointly, her Social Security will be eaten up by taxes, right? Any suggestions?
This morning on Money 911, we heard from a woman who took on debt while receiving her undergraduate degree and plans to take on more in order to go to law school. What’s her best payback strategy? To see what I told her, plus for tips on what to do with a Uniform Trust for Minors Account, check out the video clip below.
The other day, a friend told me an interesting story. Her daughter had just gotten into her pick of colleges, but her top-choice school wasn’t offering as much financial aid as the schools that were a bit lower on her list. So she was wondering – should she pick up the phone and called the financial aid office of School #1 and say: “I really want to come here, but the tuition is just too hard to swing. Can you do better?” Is it even possible to find any wiggle room in financial aid packages? In my latest Daily Finance article, I answered those very questions. Take a look!
The interest rates on a certain type of federal loan — the Stafford loan — are set to rise in July unless Congress acts soon. Last night on Nightly News, Brian Williams took a look at this country’s growing student debt, and I stopped by to provide some tips about borrowing money for college. To see the piece, check out the video clip below.
A new study found that more than half of college graduates under the age of 25 are unemployed or under-employed. Paired with the fact that students are borrowing more than ever to go to college, this is a concerning statistic. This morning, I spoke with Ann Curry about what you can do if you fall into this category — or if you’re a parent of someone in this group. To see our discussion, check out the video clip below.
As I’m sure you’ve heard, Americans collectively hold over $1 trillion in educational debt. What’s more, nearly 5 million students are delinquent on their payments. So how do you climb out of the hole if you’re burdened by loans? In my latest Daily Finance article, I give you 5 tips for paying down that student debt.
This morning, we heard from a woman who is having trouble paying off her student loans. To see what we told her about deferment, forbearance, and income-based repayments, check out the video clip below.
Yesterday morning on Money 911, we heard from a woman who wants to know she can start consolidating her daughter’s federal and private student loans. To see what we told her — plus tips on maximizing a large tax return — check out the video clip below.