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Your Kid’s at College – Do You Keep Insuring the Car?

Should you keep your college student on your car insurance policy or have them take out their own car insurance policy when they go away to school? There’s not one right answer. For college students, car insurance premiums can vary widely due to factors such as vehicle type and age, the miles the student drives each year, where the vehicle is garaged, the grades he or she gets in school and driving record. All of which raises the question, are there reasons to keep my college student on my car insurance policy? Or is is better to have them take out their own policy? What if they don’t even take the vehicle they drove through high school to college? As you might expect, there is no single answer. But there are some basic guidelines for making the right decision. Reasons to Keep Your College Student on Your Car Insurance Policy…

A Debt-Free College Degree? Yes, It’s Still Possible

Chances are your Facebook feed is lined with cute pictures of the first day of school. And everywhere you turn, there’s a back-to-school promotion. Too bad there aren’t any sales on college education. Quite the opposite, in fact. The average cost of tuition, room and board at American four-year colleges has more than doubled in the past 20 years, while the Consumer Price Index rose only 35 percent. With average costs at $11,970 (public 2-year), $20,770 (in-state public 4-year), $36,420 (out-of-state public 4-year) and $46,950 (private 4-year) per year, it’s no wonder Americans carry a larger student loan debt burden than ever. About 44 million people are on the hook for over $1.48 trillion in student loan debt. For perspective, total U.S. credit card debt is “only” $860 billion. If you or your college-bound child want to avoid the average $35,000-plus debt burden on graduation day, here are 10 ways…

Early and Consistent Saving Is Key to Paying for College

If you have a child, or are even thinking about starting a family, you may be wondering how to afford to raise and educate your son or daughter with the cost of living ever increasing. Thinking about financing an education for your children is the first step in securing their future. But act – don’t just think. Start a college savings plan right now, no matter the age of your children, or even if you are just in the family planning stage. The earlier you start, the better off you’ll be when it comes to paying for the astounding cost of college. Tuition Shock If you’ve done no research lately on the cost of a college education, it’s time for a reality check. In its most recent survey of college pricing, the College Board reports a moderate college budget for an in-state public college for the 2017–2018 academic year averaged…

Insurance Protection for College Students

Term life insurance likely isn’t on the radar for college students. They are focused on hanging out with friends, finding an internship and keeping up with social media. After all, they’re young and healthy and any vague thought about an untimely death is scary business and best avoided. Financial experts, on the other hand, advise that term life insurance for college students is extremely important to at least these categories: Students whose parents have co-signed a student loan. Students with a family or financial obligations like a mortgage or other debt. Students with dependent families. The High Cost of Education Consider, first, that college education is a huge investment that may require a student loan. Check out these average costs of tuition and fees for the 2017-18 school year: private colleges – $34,740; state residents at public colleges – $9,970; out-of-state residents attending public universities – $25,620. Multiply those dollars by…

College and Insurance: Insurance Entrance Exam for Kids on College Campuses

If you have a child living away at college, you’ve probably been through an extensive checklist in getting him or her prepared and moved to campus for the fall semester. Amid the flurry of planning and packing, have you thought about college and insurance? Although still your dependent, your child living away from home may have additional insurance needs to protect their belongings and their well-being. Consider these areas: Auto Insurance Fewer than half of college students have cars on campus, so if your child doesn’t have wheels, let your carrier know. Your student may be eligible for a “distant driver” discount, especially if the college is more than 100 miles from home. The discount may be as high as 20 percent. Keep your child on your auto insurance policy so coverage continues during school breaks and visits home. If your child does have a car on campus, report this…

Which College Degrees Produce Higher Pay?

If you’ve been in the workforce for a few years or even a couple of decades, you may be thinking about going back to college to earn an advanced degree. Many people gravitate toward the MBA degree, but it’s not your only option. The Science of Advanced Degrees Careers in the STEM fields (science, technology, engineering and math) are a hot trend and offer high pay, low unemployment and growth potential. STEM careers include jobs in labs, clinics, offices and classrooms. While education has an intrinsic value, if you are seriously considering graduate school, you may want to project your return on investment. Graduate school is expensive and takes a huge commitment in terms of time and energy. Students pay between $30,000 and $120,000 for a master’s degree, depending on the university and the degree program itself. So what’s it worth to have that advanced diploma? A master’s degree in…

Why Spending a Year at Home is a Brilliant Financial Move for Millennials

After graduating from college, society says it is time to get a job, an apartment and start on your way to the American dream. But what if that plan is outdated and a year at home after college makes more sense? The math shows that a year back home makes financial sense and it is losing the stigma it had only a few years ago. Let’s take a look at recent trends and why a year in your childhood bedroom may pay dividends for years to come. More Millennials Moving Back Home A recent TD Ameritrade survey found 26 percent of millennials in college plan to move back home when they finish school, according to the Pew Research Center. As of last summer, Americans in the 18-34 age range are more likely to live with their parents than any other living situation. It is the first time in 130 years…

5 Tips to Prepare Your Kid for College

Getting ready to send your kid off to college can be daunting. After you’ve scoured countless shops for the perfect pillows and performed many demonstrations on how to separate the darks and lights, there’s the (really important) part about getting them ready to navigate their time and responsibilities on their own. Preparing your kid for the college years doesn’t have to be as big as the pile of laundry they will bring with them their first trip home. The key is helping them dial up the skills they already have to be ready for college life. Maximize Productivity College is a juggling act. Between classes, homework, socializing and work, it’s easy for students to let responsibilities drop. However, the reason some students thrive while others flounder is usually tied to productivity. You can help your son or daughter by showing them the tricks you use (e.g., batching work, scheduling breaks)…

5 Smart College Savings Options for Millennial Parents

If you’re a Millennial with kids, then you know how expensive they can be. And if you choose to send your kids to private school, then you’ve probably realized that education costs will comprise some of your heaviest financial burdens as a parent. These costs can begin as early as preschool, and continue as late as graduate school. While Fidelity’s 2015 College Savings Indicator Study revealed that 69 percent of Millennials in the US are actively saving for their children’s college education, it also indicated that these same families are on track to meet just 27 percent of their savings goals by the time their kids are ready to enroll. With tuition costs on the rise, it’s crucial that you maximize your college savings today. These five savings options will improve your chances of meeting your children’s tuition costs between now and their freshman year. Coverdell Education Savings Account Generally…

5 Housing Tips for College Grads

It’s graduation season, which means thousands of Millennials all over the country are currently figuring out not only how, but also where to live now that they’re out of college. While Accenture reports that more than 40 percent of American college graduates plan on moving back in with their parents, becoming a “boomerang kid” doesn’t have to be the only option for the class of 2016. Whether you’re a Millennial yourself or the proud parent of one, here are five housing tips for college grads from higher education to the real world: Start Online While friends and relatives can be great resources for finding a place to live, a more reliable option is to start with sites such as Trulia, Zillow or StreetEasy. All offer property reviews by local residents, as well as price trends and crime reports for a particular area. Another helpful site is Padmapper, which filters apartments by price…

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