student loans – The Statement

College Savings or Retirement – Which Should you Save for First?

Which should you save for first – your child’s future college tuition or your personal retirement? As a parent, this is a very emotional question – saving for your children’s continuing education to help them incur less debt and get a good education or financially preparing yourself and securing your future.

Many parents have decided that college savings should come first and are not only forgoing putting money in a retirement account, but they are dipping into their retirement savings to cover the costs of tuition. Yes, saving for college is important, but it is actually a luxury. How much you save for your child’s tuition is not a direct correlation to how likely it is that they will graduate. And don’t worry, your child can find other ways to pay for school: scholarships, grants, financial aid, part time jobs, or even finding a more affordable school.

Why every millennial should have a Roth IRA

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There’s often a debate over which retirement fund you should choose: a Traditional or Roth IRA? As a millennial, there is a definite advantage to choosing one over the other. Continue reading “Why every millennial should have a Roth IRA”

When should you refinance your student loans?

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Taking out student loans for college tuition and room and board is commonplace these days. If you recently graduated from college or decided to take a break from classes, be prepared to start paying back those loans 6 months from the time you leave school. While many students don’t pay close attention as those loans accumulate year after year, the lender does, and once you hit that 6-month threshold, expect those payment notices to start rolling in! Continue reading “When should you refinance your student loans?”

Saving for college – how much is enough?

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While there’s no concrete answer or definitive number on how much you should be stashing away for your children’s college fund, there are some guidelines that can help keep you on track. Keep in mind that the price of tuition, room and board, and fees are always in flux, and you may need to adjust accordingly as these costs continue to rise. There is also a significant cost difference between public and private schools. According to College Board, the current cost of a four-year in-state public university is estimated to be $20,770 per year versus an annual cost of $46,950 for a four-year private college. Continue reading “Saving for college – how much is enough?”