Curious about how AI answers work in personal finance? Hint: not very well. In fact, so bad that you could really hurt your finances.Robert joined the Stacking Benjamin's podcast to discuss AI in Finance, including sharing the results of The College Investor's recent AI Study.Check out the full interview here!

President Trump generally does not support student loan forgiveness and would likely seek an end to some student loan forgiveness programs. But can the President claw back student loan forgiveness that has already been granted?It's sparked a lot of concern in recent weeks, especially as President Biden has continued to propose new student loan forgiveness plans and already has set a record during his presidency for the most student loan forgiven.As of November 2024, President Biden has provided $175 billion in student loan forgiveness for 4.6 million borrowers, more than any previous president. For borrowers that have already received forgiveness, the question looms:Could Trump claw back student loan forgiveness that has already been granted? The answer is generally no.Let's break it down and learn why past loan forgiveness is likely protected, but future loan forgiveness could be in jeopardy.

How much ​your student loan interest rate really matter when it comes to repaying a student loan? What is the impact of interest rates on loan payments?The truth is: not that much.One of the most popular "alternatives" to blanket student loan forgiveness has been the argument that the federal student loan interest rate should be set to 0%. But given the wide array of student loan forgiveness programs and other assistance - does your student loan interest rate really matter?Let's look at how the interest rate impacts your student loans.

According to a new report from John Burton Advocates for Youth (JBAY), College Cash Uncovered, there are significant discrepancies between colleges’ published cost of attendance (COA) budgets and the actual expenses students face. These discrepancies contribute to college affordability challenges and inadequate financial aid. This leaves some students with financial gaps of $10,000 or more.John Burton Advocates for Youth (JBAY) is a nonprofit organization that focuses on improving the lives of youth who have experienced foster care or homelessness. They work on policy advocacy and providing resources to at-risk youth, including stable housing, education, healthcare and financial support. The organization tries to address higher education access, financial aid and foster youth transitions into adulthood.

Today's episode is an interview Robert had with Shellee Howard from the College Ready podcast. He talks about financial literacy for teens and parents, the ROI of college, how to think about student loans, 529 plans, and more!We hope you enjoy the episode. If you want to learn more about the College Ready podcast, check it out on your favorite podcast platform.

In 2011, some protestors encouraged borrowers to refuse to repay their student loans as part of Occupy Wall Street. They said that if enough borrowers joined this protest, the lenders would have no choice but to cancel the student loan debt.Few people participated, and even those that did only lasted for a month or two. Nobody went into default as part of this protest.More recently, after the U.S. Supreme Court blocked President Biden’s broad student loan forgiveness plan, some student loan protestors are once again urging their fellow borrowers to intentionally default on their federal student loans as a form of debt disobedience.This kind of strategic default on federal student loans was a dumb idea then and it is a dumb idea now.When a borrower defaults on their federal student loans, the only one hurt is the borrower, not the federal government. Borrowers can’t force the federal government to forgive their student loans by refusing the repay them. Borrowers have no leverage, not even if they act together as a collective.Even if the borrowers had some leverage, the U.S. Department of Education does not have the legal authority to forgive student loans, just as it doesn’t have the authority to incarcerate defaulted borrowers. Only Congress has the ability to pass laws to forgive student loan debt.

Being placed on a college admissions waitlist can create a mixed bag of emotions for applicants. On one hand, it isn’t an outright rejection, but on the other, it can feel as though you're being left on the sidelines.After all the effort you’ve put into essays, interviews, and extracurriculars, being placed on a waitlist can be discouraging and frustrating. But understanding how a waitlist actually functions—and more importantly, what your odds of getting in might be—can help ease some of that uncertainty and inform your next steps.We’ll dig into how the college waitlist process works, factors that influence acceptance from a waitlist, and what you can do to improve your chances. We’ll also look at real data from UC Berkeley's 2022 admissions cycle to give you a sense of how waitlist odds play out in reality.

Many people wonder just how much money they actually need to retire. In fact, it’s actually one of the most common questions people ask in regard to retirement. However, it may not be the easiest question to answer, as there are so many variables—many of which are unknown.You can begin to grasp how much you will need to retire, though, by considering the following questions.

Debt settlement is widely talked about as a way to get out of debt, but not many people truly understand how it works.You may have recently experienced a financial hardship and are strongly considering consolidating your debts to relieve some pressure. Before bankruptcy, there are two main debt consolidation options to consider. The first is a debt consolidation personal loan. This is often for those who still have a good credit score and debt-to-income (DTI) ratio. The second is debt consolidation via debt settlement, which is what we will cover today. The debt settlement industry has had many companies that have been unscrupulous. In fact, the Consumer Financial Protection Bureau (CFPB) has repeatedly warned borrowers that dealing with debt settlement companies can be risky. Does that mean that all of these companies are bad and you should never work with one?​Let's look at how debt settlement works, its pros and cons, and the most common scams and red flags of unethical debt settlement companies. Here's what you need to know.

Here's our financial checklist of the best money moves you can make by the end of the year to maximize your savings and investments while minimizing your taxes.The end of the year can be a whirlwind. But the actions you take over these final months can have large impacts on your tax bill next April and your long-term financial health. By taking proactive steps now, you can ensure that your financial life is organized and primed for success as you head into the new year. Wondering which items are most important to add to your end-of-year financial to-do list? Below are nine money moves to make before the new year to boost your bottom line.

Embarking on the journey to higher education is a life-changing decision. One of the first and biggest challenges many prospective students encounter is whether to pursue a college education in-state or out-of-state. As you know, the average cost of tuition has been on an upward trajectory since sometime around the 1980s. College tuition at a public four-year university increased 9.24% between 2010 and 2022, averaging a 12% increase each year in that period. Not only does higher tuition mean greater costs for education, but it also means greater likelihood of finding yourself graduating with larger student loans. This is particularly concerning when the average student loan debt of recent graduates is $33,500. In this episode, I’ll dive into the reasons why opting for an in-state college might prove to be a better long-term decision for you. From location and affordability to in-state benefits and quality of education, I aim to shed light on the advantages of keeping your educational investment in-state.

This Halloween’s most terrifying stories have more to do with your money than goblins and zombies.In light of this spooky season, we’re sharing some scary financial statistics and facts about money that could happen to you. But no need to run screaming, we give you a few recommendations to help you if you’re ever caught in any of these situations.

Should you pay extra to have your tax prep fees taken out of your upcoming tax refund? It sounds like an appealing offer - paying nothing out of pocket. But is it really worth it?The help of a tax preparation service can make your life easier and potentially lead to savings on your tax bill, but having to pay up front for tax prep services can feel like a hit to your wallet. One option is to allow the company to take your tax preparation fees directly from your future tax refund. We explore when it makes sense to pay for tax preparation services, when it doesn't, and the logistics of paying.

If you’re a business owner, the end of the year can be a very busy time.With the holiday season on the horizon, you may be juggling the demands of your business while making space to spend time with family and friends. There are several things you can do by the end of the year to end on a high note and get ready for tax season. With only 12 weeks left, here are some things business owners should do before the end of the year.

More and more people are learning how to make money using AI (artificial intelligence). The impact of AI on freelancing has been the subject of plenty of discussion as artificial intelligence begins to transform how freelancers operate and get paid. With a wide range of tools available on several platforms, you can now leverage AI to improve your productivity and provide clients with cutting-edge solutions.In this article, we'll explore how AI can be used to perform various side hustles and freelance work, from content writing to affiliate marketing to video creation via YouTube.

How much will college cost for students aiming to enter in the fall? The most recent data on the average cost of college is out, and we're breaking down the details.If you’re a millennial or Gen Zer, you might have heard people in their 50s and 60s talking about working their way through college and graduating with little debt. Today, that seems impossible. And that has contributed to students graduating with an average of $30,000 in student loan debt.How much does college cost today? Is it worth it to pay that much for a college degree? Well, we have the data through 2023 (the most recent available), so let's break it down.In today’s post, we’ll talk about the average cost of a college education over time and how you can get the most for your money as you research and decide on which colleges to attend.

Most people should not refinance their student loans. However, for some niche situations, it can make sense to refinance your student loans.There are various potential benefits and drawbacks to student loan refinancing. So when you're trying to decide if you should refinance your own student loans, there are multiple factors to consider.The decision will often heavily depend on the type of loan that you have, whether federal or private. If you have federal loans and are currently taking advantage of one or more federal benefits, you might want to avoid refinancing so that you don't lose them.But even if you aren't currently utilizing any federal student loan benefits, that doesn't necessarily mean that you should rush to refinance your loans right now. Here's how to decide when you should refinance your student loans and how to get the lowest rate when you do.

If you have access to a reasonably reliable car, then congratulations! Making money driving is one of the best side hustles!A decent car is the biggest asset most Americans own, other than their houses. And there are a lot of ways you can make money driving or with your car!  In fact, I've seen some people try to raise fast cash by selling their cars.But what you might not realize is that there are a lot of other ways to make money using your car. If you have a car and don't mind driving it around, then you're well on your way to earning hundreds of dollars on the side every month.This has been true for decades — a paper route or a pizza delivery job has always meant using your own wheels — but the app-based gig economy and the Internet generally has vastly expanded the ease of getting paid to drive your own car. Without further ado, here are some of the best ways to start making money driving your car today.If you want other money-making ideas, check out our Side Hustle Ideas post.

The FAFSA – or Free Application for Federal Student Aid – is required for students who want help paying for college. The application is managed by the Department of Education and helps federal, state, and college-level programs allocate financial aid. This includes grants, federal work-study, and eligibility to qualify for student loans.How much aid a student receives depends on a number of factors including their personal finances. Because many college students receive support from their parents, the entire family’s financial situation is also taken into account as part of the application process.Filling out the FAFSA correctly is important if you’re expecting to receive financial aid to help pay for college. Small errors can impact how much you receive or whether or not you receive financial aid at all. These are the 10 biggest FAFSA mistakes you’ll want to avoid.

I was recently asked a question by a reader about the drawbacks of getting a private student loan.She asked why she shouldn’t get a private student loan, when interest rates are so low right now. She would need to cosign with her daughter on the loan in order to get the best rate.My advice was as follows: the biggest danger of a private student loan is that the cosigner is also liable for the debt. So, should something happen to her daughter, and she can’t graduate and earn income, she will be on the hook for the debt.However, there are options to protect parents when it comes to paying their children’s tuition – tuition insurance.Below, we’re giving you our best insights into tuition insurance and sharing our top picks for tuition insurance providers.

Let's talk about $10,000... how to get there and make it happen. Why $10,000? Because it's a number that's big enough to make a difference, but small enough to be achievable by most people who set out for it. And there are some crazy ways to make $10,000, so this will also be pretty fun!We recently discussed how to pay down $10,000 in debt in just one year. One of the strategies is to earn more money - but many people don't think they can earn $10,000 extra in just one year.Today, I'm going to show you some of the more unique ways that you can do it. In reality, there are countless ways to earn $10,000 more in a year. That breaks down to just $833.33 per month. If you don't like these more extreme ideas, here's a list of 50 ways you can do it more of "the old fashioned" way.Believe it or not, these have happened. And people can make good money doing it.

If you’re listening to this, you probably either have student loan debt or you’re about to incur student loan debt and you're looking for ways to minimize your student loans.With student loan debt balances on the rise, your best bet is to pay off your student loan debt as quickly as possible, or better yet, stop the debt from piling up by taking the preventative measures. Many graduates have to put their life on hold because of common student loan mistakes. Avoid making these mistakes and get rid of your student loans in 3 easy steps!According to USA Today, up to 68% of college graduates enter the workforce with student loan debt. Our study found that the average student loan debt at graduation is roughly $30,000. To minimize the impact, follow these 3 simple steps to avoid unnecessary debt from accumulating.

With college costs and student debt on the rise, students and their parents need to think about ways to cut the overall cost of higher education. Even if a student wants to attend a four-year university, starting at a two-year university can conservatively lead to five-figure savings. Students who decide against earning a bachelor’s degree can gain a credential (associate’s degree) while spending less time and money than they would in a traditional public university.Whether a student’s goal is to start a career as soon as possible or to earn a bachelor’s degree and beyond, using community college to save money and get ahead can be a smart move. In fact, attending a two-year college may be the most broadly-accessible method to reduce costs while still getting a head start on education.

Today's episode is an interview Robert had with Chuck Jaffee from the Money Life Show. He helps answer a reader question: what happens if you have money saved for college in a 529 plan, but then your child (or niece or nephew) don't actually go to college. What are the options? If you're starting from scratch, should you still consider a 529 plan?We hope you enjoy the episode, and if you want to learn more about the Money Life Show, check them out on your favorite podcast platform.

Did you know that your student loans could get you fired?Imagine this: One day your boss pulls you into his office, sits you down, and says there is a problem. However, your work itself has been flawless. But he doesn't want to talk to you about work — he wants to talk to you about your credit report.You see, when you were hired, you agreed to let your employer run your credit report (maybe unknowingly, simply signing a form in your hiring packet). And now, for whatever reason, your boss lets you know that HR has concerns about your debt. Suddenly, you go from star employee to looking for a job.You already know that student loans suck. It's a fact of life. But did you know that your student loan debt can get you fired? It's happened, and here are eight reasons why, and what you can do to prevent it.

A FERPA waiver, when signed by a student, allows parents to gain access to academic records during college. However, this raises an interesting question: should parents push their college-bound children to sign?Many parents, accustomed to having access to their child’s academic records throughout high school, are surprised when they no longer have the same access once their child enters college. As a result, some parents may consider requesting – or even pressuring – their child to sign a FERPA waiver. But is this a good idea?We’ll explore the nuances of FERPA, the implications of signing a waiver, and the potential consequences of forcing a college student to comply.

One of the biggest fears families have about using a 529 plan to save for college is the dreaded 529 plan penalty.There are many ways to save and pay for college, and the absolute best way to do it varies depending on your specific situation. A 529 plan, which is designed to help you with higher education expenses, is a type of tax-advantaged account that allows you to save and invest money.As long as you withdraw that money for qualified expenses, you can do so without paying taxes on it. However, if you don't use the funds in your 529 plan for qualified education expenses, you may be assessed a tax penalty.Thankfully, it's fairly straightforward to avoid this 529 plan penalty, as long as you take a few precautionary steps.

What is a grandparent-owned 529 college savings plan? How do they work? What do you need to know about them and what changes should you know about? A grandparent-owned 529 plan is a type of 529 college savings plan where the account owner is a grandparent, as opposed to a parent. The grandchild is the beneficiary. Another alternative would be a custodial 529 plan account, where the grandchild is both the account owner and beneficiary, but the grandparent serves as custodian. There is no limit on the type of 529 plan where grandparents can make contributions. Grandparents can contribute to grandparent-owned 529 plans, custodial 529 plans, and parent-owned 529 plans. Keep in mind that grandparent-owned 529 plans have a different impact on eligibility for need-based financial aid than parent-owned 529 plans. Here's what you need to know if you're interested in a grandparent-owned 520 plan. 

Low-income students are half as likely to enroll in selective colleges as compared with high-income students with similar grades and test scores. This is called undermatching. These students are often academically talented and likely to be admitted.¹ ² Still, many end up at less-selective colleges, such as lower-cost public colleges and community colleges. Some don’t enroll in any college at all.Public policy advocates have claimed that very selective colleges are more affordable for low-income students, despite the higher cost of attendance. For example, Matthew M. Chingos wrote in a Brookings Institution article, “For low-income students, these colleges will generally cost them and their families less than a less-selective institution with a lower sticker price but fewer resources for financial aid.” But is this true? Does generous financial aid really make selective colleges more affordable than lower-cost colleges? Or are selective colleges just trying to shift blame for their failure to enroll more low-income students? Below, we take a deep dive into the data to answer those questions.

I don't know what to do after college!?! It's one of the most common questions I hear - from high school grads, to college students, to even some nearing college graduation.If you find yourself saying, “I don’t know what to do after college,” you are not alone.The truth is, most college grads have a "now what" moment. You've basically lived your entire life to-date in some type of educational setting. Even if continuing on to grad school or some form of post-baccalaureate education is not in your immediate future, and a job is not exactly what you are looking for, there are ways to live life after college that will still make you a productive member of society.I'm going to share with you my thoughts on what to do after college. Maybe you think these are basic - fine. But maybe they will give you some food for thought.

Are you ready to take control of your financial future?You don’t need a financial advisor to develop your own financial plan. In fact, YOU are the best person to put one together.When you’re directly involved in mapping out your finances you’ll be more likely to actually stick with your goals. Plus, you’ll have a keen awareness of where you stand financially and what it’s going to take to get you to the next level.Here are six elements of a strong financial plan.

Demonstrated interest refers to the ways a student indicates interest in a specific school. This includes visiting campuses, reaching out to admissions officers, participating in prospective student events, and even interacting with the school’s online resources.Let’s face it: the college admissions process is notoriously competitive. Over the past few decades, getting into college has become increasingly difficult, with the average acceptance rate hovering just under 70% across the US.Gone are the days when admissions officers only looked at a prospective student’s grades and test scores. Now, students face a whole list of factors that schools secretly look for.Demonstrated interest is on that list. 

If you drop a class or drop out of college, you may have to repay all or part of the financial aid you received. How much depends on the type of financial aid and when you dropped the class or left school. Even though the Federal Pell Grant is a grant that normally does not need to be repaid, you may have to repay all or part of it in certain circumstances. And let's face it, even the best students may drop a class here and there. So here's what you need to know about the impact on your financial aid if you drop a class or even drop out.

The average cost of tutoring can vary based on a number of different factors. While it used to be something only the wealthy could afford lower costs and new technologies are making it more accessible.For example, working with a private tutor in a large city, will likely be more expensive than working with a tutor remotely. This article dives into tutoring costs and some of the things you’ll want to consider before you begin working with a tutor.

Today's episode is a live stream interview with GradGuard CEO John Fees. We talked about tuition insurance and when it makes sense, and then covered dorm room renters insurance. There was some listener Q&A mixed in!Enjoy! Let me know what you think.

Did you know that you can start investing with $100 or less? Most people think that you need thousands of dollars to get started investing, but that's simply not true. In fact, I started investing with just $100 when I started working my first job in high school (yes high school). It's possible to start investing in high school, or in college, or even in your 20s.Even more food for thought - if you invested $100 in Apple stock in 2000, it would be worth $25,000 today. Or if you invested in Amazon stock at that same time, it would be work over $3,500 today. And that's just if you invested $100 once. Imagine if you invested $100 monthly since 2000 in Apple stock? You'd have well over $4,000,000 today. Seriously.

Life during college often comes with many ups and downs. Sometimes, life throws an unexpected curveball that requires students to withdraw from school mid-semester. If you’ve already paid for classes, you might not get a refund. That’s where tuition insurance can help.Whether you are a parent or student, tuition insurance can be a worthwhile way to secure your investment.In partnership with GradGuard, let’s take a look at five common reasons you should consider tuition insurance. GradGuard is a leading tuition insurance provider and they can help you protect your college financial investment. Get a quote here and see how affordable tuition insurance can be >>

As high school graduation approaches, you might find yourself at a crossroads. Should you take the conventional route and go straight to college, or have you been dreaming about taking a break from school to try something new?Either option holds its value. While fewer than 5% of high school students in the U.S. choose to take a gap year before enrolling in college, the Gap Year Association reports that “students who had taken a gap year were more likely to graduate with higher grade point averages than observationally identical individuals who went straight to college.”In this article, we focus on common pros and cons of taking a gap year and identify some ways to help you take your next step, regardless of your decision.

A tuition payment plan is a lesser-known way to pay for college as you go. It breaks your tuition bill up into smaller payments, allowing you to pay in installments over time. Remember, how you decide to finance your college education is going to be one of the most important decisions you make in your life.While a lot of students opt for student loans or financial aid packages, that isn’t the only way to pay for college. In this article we’ll dive into how tuition payment plans work, how much they cost, and some things you’ll want to be aware of before you enroll in one.

Did you know: marital status can be a factor when determining financial aid eligibility.If you are making your way through college after tying the knot, your financial situation will likely look different than that of your single peers, which could impact your access to financial aid.But everyone’s situation is unique. We explore some of the potential benefits for married college students below. 

The college admissions process is notoriously competitive. The last several decades might even indicate that getting into college has become harder, overall. College acceptance rates hover at a national average of 68%, though the rate at some of the nation’s top institutions is a shocking 3%.Let’s put that into perspective, though. Of course, acceptance rates drop when more students are applying, and colleges have largely seen nonstop growth since the mid-twentieth century. There are roughly two million more students enrolled in college today than in 2004 and just over seven million more enrolled today than in 1984. In only four decades, that’s nothing to sneeze at!And while colleges tend to emphasize the importance of an applicant’s academic performance, extracurricular involvement, and personal essay, there are more covert factors taken into account that are not discussed publicly. Read through these less obvious yet significant aspects that could play a role in your admissions decision.

In recent years, many colleges and universities have adjusted their campus pet policies to meet the changing needs of students.Having a pet in college was once a rarity, but pet-friendly campuses are now more common as colleges work to create a more supportive environment for their students.That said, having a pet as a college student is a big commitment in terms of financial responsibility and time commitment. From explaining common pet policies to reviewing current trends on campuses, we break down the ins and outs of owning a pet as a college student to help you make the most informed decision for you and your pet!

Ever wonder which schools are considered "Ivy League", and where the term came from?Ivy League schools are an elite group of eight private universities based in the northeastern U.S., best characterized by their historical campuses, rigorous academic programs, and strong alumni networks.From explaining the term “Ivy League” to discussing the current global influence of this network of schools, we’ll walk you through the history of Ivy Leagues over time, including how they’ve impacted higher education and how relevant they are in the current age of expanding access to college.

It can be confusing to understand whether you're a dependent or independent student for FAFSA and financial aid purposes.Given the current cost of higher education, college students need all the help they can get when paying for college. There are a variety of different ways to pay for college, including paying your own way, scholarships, grants, and student loans.Nearly all forms of financial aid start with filling out the Free Application for Federal Student Aid (FAFSA) form that is made available by the U.S. government. And one of the key sections of the FAFSA form is determining whether you are a dependent or independent student.

Getting an inheritance is the epitome of a mixed blessing. You receive a financial windfall, but the cause is the death of a loved one. On top of complicated emotions, you may be dealing with the largest sum of money you’ve ever seen.Nobody is born knowing how to handle an inheritance, and few people are prepared to handle one. But if you’ve received an inheritance, you can take a few steps to use the money wisely.

College meal plans are a way to prepay for your meals while on campus. This can be a convenient way to get food, as most college dorm rooms do not have kitchens. Depending on the college, they may offer a variety of different college meal plans, ranging from pay as you go to an all-inclusive meal plan that covers all of your meals.

If you're looking for additional funds to pay for college, you may be looking at Federal vs. private student loans.After you're admitted to college, you’ll receive a financial aid package that breaks down your cost of attendance minus any grants, scholarships, or other sources of financial aid you’re eligible for. This financial aid package includes federal student loans.Many students choose to cover their college expenses with Federal student loans, but it's not the only way (or you may need to borrow more than Federal loans offer). You can also use private student loans. There are pros and cons to consider before going the private route, but it might be the right decision depending on your financial situation.We explore the differences between federal vs. private student loans and what you should consider before signing on the dotted line.

Sharing a living space with someone for the first time, whether it’s your best friend or a total stranger, can be exciting and intimidating at the same time. There’s a lot to navigate that exists outside of your control: habits, personalities, cuisine, culture, and a number of other lifestyle factors shared in a tight space.You’re not alone in your concerns, though, and it’s likely your roommate has been thinking something similar. Finding harmony in your college roommate experience requires a number of soft skills to foster a positive relationship and safe living environment. And I bet that if thousands of students have successfully navigated this before you, you can do it, too!Here are our tips for living with your first college roommate!