Student Loans Resources

Year over year, participation in 529 plans continues to rise.1 Anyone can open an account, lifetime contribution limits are typically over $300,000, and there are tax benefits if the funds are used for college. Here are some common questions on opening an account.

Can I open an account in any state's 529 plan or am I limited to my own state's plan?

Answer: It depends on the…

Outstanding student loan debt in the United States has tripled over the last decade, surpassing both auto and credit card debt to take second place behind housing debt as the most common type of household debt.1 Today, more than 44 million Americans collectively owe more than $1.4 trillion in student debt.2 Here are some strategies to pay it off.

Look to your employer for help

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529 plans were created 22 years ago, in 1996, to give people a tax-advantaged way to save for college. Roth IRAs were created a year later, in 1997, to give people a tax-advantaged way to save for retirement. But a funny thing happened along the way — some parents adapted the Roth IRA as a college savings tool.

Tax benefits and use of funds

Roth IRAs and 529 plans have a similar tax…

College students and their parents need all the help they can get to pay for college. Here are four college-related federal tax benefits that might help put a few more dollars back in your pocket when you file your 2016 tax return.

American Opportunity credit

The American Opportunity Tax Credit is worth up to $2,500 per year for a student's first four years of college. The credit…

With all of the costs in maintaining a household and paying for ongoing living expenses, the single most important and critical to the future of the country is that related to the raising of children.

Since 1960, the U.S. Department of Agriculture (USDA) has provided estimates of expenditures related to raising a child from birth to age 17. Related expenses range from food and housing…

 

A recent study from the Pew Research Center found that on virtually every measure of economic well-being and career attainment, from personal earnings to job satisfaction, young college graduates are outperforming their peers with less education. Moreover, the findings show that when today’s young adults are compared with previous generations, the disparity in economic outcomes…

College savers need to be aware of many details when choosing a 529 plan, yet often the information either isn't provided or takes too much digging to find. A recent Morningstar study of 529 plans' disclosure found that the typical 529 plan website and plan document provide only high-level descriptions of the investment options. Basic information, including the name and tenure of the…

The arrival of a baby is an exciting event, but it also brings additional financial challenges and decisions for the whole family. Outlined below are four key financial considerations to help new parents prepare for many of life's unknowns.

Prepare for the Unexpected: Check your individual health insurance policy for specific guidelines on adding coverage for your newborn (most plans…

Thirty-four states offer some sort of tax deduction or tax credit for contributions made to a 529 plan. But in 29 of those 34 states, the tax break is available only for contributions made to an in-state plan. Only Arizona, Kansas, Maine, Missouri, and Pennsylvania give residents a tax break for contributing to any state's plan. If you own an out-of-state 529 plan, you may be missing out on…

Loan (Photo credit: Philip Taylor PT)

These days, borrowing to pay for college has become a lot more defensive. Not only may student-loan terms be less attractive than they were in the past, but new graduates may also get squeezed if they have to begin repaying their loans before they land a job. Owing in no small part to the still-anemic economic recovery, the student loan default rate…