How to Make College More Affordable

November 26, 2014

We all know that education is a key element in achieving the financial hopes and dreams that we all have, but is it possible that college education is getting too expensive? One of my colleagues calculated that when he started college at a public university in 1988, a student would have to work 34 hours a week at minimum wage to pay for a year of college. At that same school today, a student would have to work 53 hours a week to pay their way. Continue reading “How to Make College More Affordable”

The Do’s and Don’ts of Student Loan Repayments

November 19, 2014

My oldest child, Rachel, is a junior in high school, and while we enjoy having her around the house, we know that soon she’ll be looking into college. In case you haven’t looked lately, the average cost for a four-year in-state public institution is $9,139—and that’s just for tuition and fees! Over four years, that’s going to cost upwards of around $40,000. By itself that might not seem so bad, but when you consider that Rachel has three younger brothers, that price tag starts to look awfully daunting. Continue reading “The Do’s and Don’ts of Student Loan Repayments”

Are You Afraid of Your Student Loan Debt?

October 30, 2014

What’s really scaring you this Halloween? If you have student loans, getting that bill might rank pretty high on the list. After all, no one likes owing tens or even hundreds of thousands of dollars that will seemingly take forever to pay off. That doesn’t mean paying off your student loans should be your only or even top financial priority though. Here are some other goals that you might want to prioritize first. Continue reading “Are You Afraid of Your Student Loan Debt?”

How to Manage Student Loan Debt in Retirement

October 14, 2014

You’ve worked hard both in the professional world and at home raising your family and retirement is just around the corner. Now it is your turn to relax – somewhat — and do the things you love and want to do. But what if you haven’t finished paying off your student loan debt? Continue reading “How to Manage Student Loan Debt in Retirement”

Student Loan Debt? There’s an App For That

September 08, 2014

Student loans may be viewed as a form of “good debt” because of the many doors a college education can potentially open throughout our lifetime.Still, paying off student loans can become a major headache (especially if you are trying to balance other competing financial priorities like paying off credit card debt or saving for emergencies). Total student loan debt in this country now exceeds $1 trillion and 7 out of every 10 college students graduate with student loan obligations. Continue reading “Student Loan Debt? There’s an App For That”

Student Loan Debt a Major Threat

August 15, 2014

I read this article about student loan debt resulting in a portion of a man’s Social Security income being garnished. In the article, not only is the garnishment discussed but also discussed is the growing trend of older Americans still having outstanding student loan debt. If that debt is not repaid prior to retirement, Social Security payments may be impacted and the retirement lifestyle that you’re expecting may come up short. It reminded me of a couple of situations I’ve encountered in coaching sessions recently where student loan debt became a central part of the conversation. Continue reading “Student Loan Debt a Major Threat”

Say NO to Student Debt (Part II)

January 22, 2014

A couple of weeks ago, I discussed a call from a father who was trying to do the right thing by helping his daughter pay for her education through the use of parent loans, a.k.a. PLUS loans. PLUS loans are often used to help pay for education when there is an insufficient amount available through regular student loans, savings, or other forms of borrowing. In many cases, PLUS loan repayments begin within 60 days of disbursement but in some cases, repayments can be deferred until 6 months after graduation. Continue reading “Say NO to Student Debt (Part II)”

Say NO to Student Loan Debt (Part I)

January 08, 2014

My colleague, Erik Carter, and I just recently finished our 2013 research report on generational financial issues. In this report, we looked at internal and external data to see what Millennials, Generation Xers, and Baby Boomers are dealing with in terms of financial planning. As I began to look further into the lives of Millennials, I was shocked to discover just how much college debt the average graduate carries these days—averaging $35,200 according to a recent Fidelity study. Continue reading “Say NO to Student Loan Debt (Part I)”

5 Financial Blessings to Be Thankful For Today

November 28, 2013

We may have evolved to focus on the bad things in life (our more cautious ancestors were more likely to survive and reproduce) but today is a time to give thanks for the good things that we too often take for granted. This applies to our financial life too. Here are 5 financial blessings we can be thankful for this Thanksgiving and some steps you can take to make the most of them: Continue reading “5 Financial Blessings to Be Thankful For Today”

And I Thought I Was Low Maintenance…

June 21, 2013

I try hard to live a very simple lifestyle and to be relatively frugal. But my cost-conscious lifestyle gets totally blown out of the water by this guy. I’ve joked about my retirement lifestyle being one where I live in a van down by the river…BUT I’M JOKING!!! Continue reading “And I Thought I Was Low Maintenance…”

A Major Decision

May 24, 2013

It seems that lately my personal life has been dominated by questions about “next year,” “next phase of life,” “what do you plan to do after….” Actually, not so much my life, but my kids. All 3 are in the last year of their respective schools right now. Continue reading “A Major Decision”

Talking to a Teenager Now May Save Them Tens of Thousands of Dollars Later

February 15, 2013

I like to write about the things I see in my daily life as well as some of the things going on in my family, and right now the family conversations have a very common theme. My daughter is a senior in high school and recently was accepted to all of the colleges to which she applied. Now, it becomes a matter of preference, location, and atmosphere and of course, the financial aid packages offered will factor into the decision as well. She has known since she was 4 years old that she wants to be a teacher, so paying $60,000/year to go to an elite private school was not going to be an option for her. Continue reading “Talking to a Teenager Now May Save Them Tens of Thousands of Dollars Later”

I Don’t Want My Kids to be Crushed by Student Loans. Do You?

June 08, 2012

I read this article titled “This Bright-Eyed Young Man Was Utterly Demolished by Student Loans” about (can you guess?) a guy who has experienced significant financial, personal and emotional hardship because of the financial responsibility that he took on with significant student loan debt. I wish this were an isolated incident, but based on some meetings I’ve had with young people recently, I’d be lying if I said this isn’t becoming increasingly more common. Maybe not to the extreme that Nick is experiencing, but there is a growing number of young people who may not be finished with paying off student loans until they are closer to Social Security than college. Continue reading “I Don’t Want My Kids to be Crushed by Student Loans. Do You?”

Is Graduate School a Good Investment?

May 10, 2012

Are you or someone you know thinking about going back to school? If so, you’re not alone. With the job market still weak, more and more people are wondering if it makes sense to go to grad school as a way to make themselves more employable. Continue reading “Is Graduate School a Good Investment?”

Is Education the Next Bubble?

December 01, 2011

That may sound like a strange question but it’s one that a lot of people are beginning to ask. What makes a bubble a bubble is that it’s hard to tell when you’re in it until it’s too late. Let’s take a look at the housing bubble. It was based on widespread faith in home ownership as a key pillar of the American Dream that had paid off well for previous generations. It was then fueled with artificially cheap credit and government incentives that led millions of people to stretch their budget and buy as much home as they could with the expectation that rising home prices would make it a great long-term investment, even if they were barely able to afford those mortgage payments. Besides, owning a nice big home is so much fun! Substitute education for housing and student loans for mortgages, and you pretty much have the current state of higher education. Continue reading “Is Education the Next Bubble?”

Financial Lessons from a 23 Year Old

August 22, 2011

I just got off a call to our financial helpline with an amazing young woman. It is funny how sometimes you get a caller who should be teaching financial planning instead of calling the helpline; this was one of those calls. I was struck by her insight and maturity for such a young woman. She had a good idea of what she needed to do but was trying to do everything at once. I helped her take a step back and look at things a bit differently. She had all the right pieces but wasn’t sure how to put them together. The pieces themselves aren’t the important part of this story, but the wisdom behind how she was making her decisions. Continue reading “Financial Lessons from a 23 Year Old”