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8 Ways to Protect Your Financial Data from Hackers Dec 13, 2024

Show notes

In today's world of data breaches, online banking, and online shopping, it's essential that you take practical steps to keep your financial information secure.

Unless you’re an unbanked person, most of your personal and financial information is online.

That means it could be accessible to hackers and thieves who can cause headaches (and financial loss) as you try to clean up their mess.

Keeping your information as secure as possible will help you avoid these headache and keep your finances moving forward.

Whether you’re more worried about nameless hackers, nosy roommates, or kids who want to use your credit cards, here are a few of the best ways to secure your financial information.

How Does the College Admissions Process Work? Dec 11, 2024

Show notes

You’re reading this because it is likely that a year from now, you will be getting ready to attend a college to pursue a major you’re excited about. But how does the college admissions process even work?

At this point, you’re on an information highway that all seems confusing and blurry because of the number of things you have to think about in order to attend college next year.

PSATs, SATs, letters of recommendation, choosing a major, and visiting college campuses are most likely piling up on your agenda — or will be soon.

And hopefully, a year from now, you would have landed that coveted spot at the university of your choice. But how exactly does the college admissions process work? How do you get from here to there?

While it works differently at different colleges, there are common themes that run through the college admissions process and the goal with this post is to show you what you can expect as you go through the process.

How Much Do Federal Student Loan Servicers Make Per Loan? Dec 10, 2024

Show notes

Borrowers often believe that student loan servicers get to keep the interest on the loan. But it doesn’t work like that.

Servicing companies collect payments of principal and interest on behalf of the loan holder (the Department of Education in the case of federal loans). In exchange, they're paid a monthly fee for each loan serviced.

So how much do federal student loan servicers make per loan?

The Pros and Cons Of Tax Refund Advance Loans Dec 10, 2024

Show notes

With tax season quickly approaching, you’re probably seeing ads for refund anticipation loans. Refund anticipation loans (also known as refund advance loans or tax refund loans) are a form of secured debt.

A lender (usually a tax preparer) will give you an advance on your tax refund (often up to $3,000). In exchange, the tax preparer will pay the loan back (both principal, interest and fees) when the refund arrives at the preparer’s office. Then the remainder of the refund will then be passed to you. These are some of the pros and cons of taking a tax refund advance loan.

Now, here’s what you need to know about tax refund advances.

Will Student Loans Take My Tax Refund In 2025? Dec 09, 2024

Show notes

Student loans are back in repayment, and starting in 2025, that also means that collection activity has resumed on student loan debt. Could your student loans cause you to see your tax refund garnished?

According to data from the Department of Education, around seven million borrowers have defaulted on their student loans. Those who are in default could risk having their tax refund seized come tax time.

You might be planning on getting a tax refund in 2025 but if you’re in default on your federal student loans, your refund could be at risk. Here’s what you need to know about how tax refund garnishments work and how to stay out of default to avoid losing your refund.

Does What College You Went To Matter? Dec 07, 2024

Show notes

Deciding what college to attend is a big decision. It could potentially affect your entire life.

But will it? Does what college you go to actually matter?

Prestigious schools definitely have some benefits, such as networking opportunities and name recognition on your resume. But do the benefits outweigh the costs?

Public schools and community colleges can both offer a high quality education at a fraction of the cost. But are you giving up opportunities that a name brand school could give you?

Society values education and they may respect education from a prestigious college even more. Is there proof that prestigious universities offer more opportunities and financial footing, or is it just a dream we’re bribed to fall into?

529 Plan Ownership Rules Explained Dec 04, 2024

Show notes

529 plans offer a dedicated way to save for education costs. Generally, parents or grandparents open up 529 accounts to build up a war chest for the beneficiary to eventually use on college or other educational costs.

Since the primary contributor to a 529 isn’t the beneficiary of the account, the ownership rules might feel a bit murky.

We get clear on 529 plan ownership rules in this guide.

Where TO Cash A Tax Refund Check If You Don’t Have a Bank Account Dec 02, 2024

Show notes

It’s almost tax refund season, and if you’re anything like the average American, you’re excited to get your hands on your refund check.

But how are you supposed to cash your tax refund check if you don’t have a bank account? Using a check-cashing outlet can involve expensive fees. Plus, it’s risky to walk around with thousands of dollars in cash in neighborhoods that are often dangerous.

Want to avoid excessive fees and keep your cash safe? Here are a few ways to get your tax refund when you don’t have a bank account.

How To Use A 529 Plan For Trade School Nov 27, 2024

Show notes

If you or your family have saved money for your education within a 529 plan, you can use those funds to pay for qualified education expenses without tax implications.

But how about students who opt to attend a trade school instead of a traditional college or university? Can you still use the funds in your 529 to cover college costs.

We explore what the funds in your 529 can be used for, whether apprenticeships are eligible, and share some tips of how to fill any potential funding gaps.

Who's To Blame For The Student Loan Crisis? Nov 26, 2024

Show notes

The student loan problem is complex and has multiple underlying causes. Rising college costs, increased student borrowing, complicated repayment options, and a lack of adequate oversight have all contributed to the problem.

Several stakeholders share responsibility for this crisis: federal and state governments, educational institutions, loan servicers, private lenders, and even individual borrowers who may not fully grasp the long-term implications of their loans.

Colleges have raised tuition faster than inflation, and government grants have failed to keep pace with increases in college costs, pushing more costs onto students and their families. Loan servicers and lenders have also been criticized for misleading practices, and many borrowers lack access to sufficient financial education before taking on debt.

Solving the student loan problem requires a comprehensive strategy, not a single solution. Addressing the problem will require a multifaceted approach involving policy reforms, simplifying the student loan programs, and better regulation of college costs and lending practices. Additionally, increasing financial literacy can help students make more informed decisions about borrowing and repayment.

Ultimately, understanding the root causes of the student loan problem is key to developing effective and sustainable solutions.

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