The College Investor Audio Show

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Pell Grants: What They Are And How To Qualify Jun 10, 2020

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Pell Grants are a form of financial aid issued by the United States Department of Education. Unlike other forms of financial aid, Pell Grants are not loans. Recipients don’t have to repay the money that they receive from the grant.

Comparing The Most Popular Budgeting And Money Apps Jun 08, 2020

Show notes

Ready to start using the best budgeting app to tackle your finances and track your net worth?

Organizing your financial life is the first step to growing wealth, and technology can help you move in the right direction - specifically using budgeting apps and money tracking apps. But with the number of apps mushrooming each day, it can be tough to know which to use.

After testing and using dozens of apps, we’ve got a comprehensive view of what budgeting apps are worth downloading, and which you can safely ignore.

Plus, it's important to think about what you need for a budgeting app or spending tracker? Do you need hard-core budgeting tools, or investment tracking? Are you looking for your credit score? Every budgeting app focuses on a specific niche, and we break down the best budgeting apps we've found any why you should consider using them.

What Is The Gift Tax and How Much Can You Gift Tax-Free Jun 05, 2020

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Gifting is a great thing for both the one doing the giving and for the receiver. But how much can you gift before the IRS comes calling? You might be surprised to know that for many people, they’ll never pay taxes on those gifts. It's all because of the generous gift tax exclusion included in the US tax law.

Due to the gift tax exclusion, you can literally shield hundreds of thousands or millions of dollars over your lifetime from income tax. And your recipients will generally never have to pay taxes on your gifts, even if you do exceed the annual or lifetime gift tax exclusion limits.

If you gave away a lot of money this year, make sure that you use a capable tax software that understands the gift tax limits and can get you the deductions you deserve. These are our favorite tax software companies. Let’s see how the gift tax works.

Best Portfolio Analysis Tools Jun 03, 2020

Show notes

Tracking and analyzing your investments can be a complicated and time-consuming task. Between expense ratios, dividend yields, management fees, tax planning, and asset allocation, there can be a lot of moving parts to keep track of.

But thankfully there are now many powerful portfolio analysis tools that can save you time and headache. Some tools are free, while others cost money. Some offer deep insights while others keep the analysis at a higher level.

While it's great that there are now many options available for investors who want to evaluate their portfolios, it can be difficult to tell which ones are the best. Don't worry. We've done the homework for you. Keep reading to see which companies made our short list of the best portfolio analysis tools available today.

401k Loans: The Good, The Bad, The Ugly Jun 01, 2020

Show notes

Looking for a fast and easy way to finance an upcoming purchase? A 401k loan is one of the most readily accessible forms of financing for diligent investors who have lots of cash socked away for retirement.

The term "loan" can be a bit misleading. Unlike just about every other type of "loan," there is no lender involved with a 401k loan. In fact, it doesn't even require a credit check. With a 401k loan, you're borrowing from yourself and repayments (with interest) are all paid right back into your employer-sponsored or Solo 401k plan.

Because of its unique features, a 401k loan can be one of the most expedient ways to cover a large expense or consolidate debt. But it could also harm your future self. Are the tradeoffs worth it? We explain the good, bad and ugly when it comes to 401k loans.

Our Top 529 Plan Tips, Hacks, And Uses May 29, 2020

Show notes

529 plan performance is tough to measure — it's not just investment returns, but also tax benefits and fees. A low-cost plan sounds great on paper, but a generous state income tax break can more than make up for a plan with higher fees.

William B. Ford Act - A Student Loan Scammers Favorite Phrase May 27, 2020

Show notes

If you've heard the phrase: William D. Ford student loan forgiveness... run! While the William D. Ford student loan program is real, many scams use this phrase to hook victims.

Student loan repayment can be a byzantine mess for all 45 million student loan borrowers in the United States. And the confusing web offers scammers a gold mine to trick borrowers out of their hard-earned money.

Posing as legitimate government workers, student loan scammers will use official sounding phrases to lure unsuspecting individuals into their traps. Phrases like “aligned with the Department of Education” or “under the William D. Ford Act” dominate the scamming landscape.

Despite the fancy sounding titles or official sound programs, scam companies are out to make a quick buck without providing any value in return. In this article we explain how to spot an “official” sounding scam, and what to do to protect yourself from scammers.

How Much Should You Have In A 529 Plan May 26, 2020

Show notes

How much you should be saving for college for your child? It's one of the biggest questions we get asked almost everyday. How much should we have in a 529 plan? How much should we save for college? How much do we need to worry about this? And the answer is tough - it depends.

The idea of a 529 College Savings Plan is great: you can contribute money into an account and it will grow tax free to someday pay for your child's education. And you can contribute a lot of money too (up to $300,000 in most states). That's not where the trouble arises.

The real trouble comes from rising tuition costs and how much every "college savings calculator" says you need to save for your child's education. According to The College Board, the average cost of a public 4-year college in 2025-2026 was $11,950 for in-state tuition. The average cost for a private college was $45,000.

When you start plugging those numbers into the college savings calculator, suddenly you're supposed to start saving over $500 per month for your child. Then, add that into your own savings for retirement, and you're not going to have anything left for yourself each month!

So let's dive in and see how much you should have in a 529 plan.

What Is A 529 Plan And Where To Open One In Your State May 20, 2020

Show notes

With the cost of college constantly on the rise, simply putting money away in a savings account for a child’s educational future may not be enough. Setting up and contributing to a 529 — a tax-advantaged savings plan for educational costs — is one of the best ways to start saving early and maximize those savings.

Average Student Loan Monthly Payment May 18, 2020

Show notes

The most recent data from the Federal Reserve showed that the average student loan payment for borrowers in 2016 was $393. Adjusting for inflation, the average monthly student loan payment in 2025 is $503.

However, the average student loan payment can vary a lot based on factors such as repayment plan, interest rate, and loan term. It's also important to note that 38% of respondents said that at least one of their loans were in deferment (meaning they weren't currently making any payments at all).

Among borrowers that are actively paying down their student loans, the average student loan monthlys payment is much higher. This article explores the average student loan monthly payment in the US and what you can do to manage your own student loan debt.

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