Question: I am reluctant to get a financial planner. Will they do an analysis of your portfolio? Does that commit me to use them? How do you get their advice without hiring them as a financial planner?
Question: I'm looking for a financial planner. Should I find one with who is a Certified Financial Planner (CFP)?
A lot of jobs are in trouble in today's tough climate, but doom and gloom are the bread and butter of a personal financial planner.
The stock market hasn't been kind to investors in recent months, and that could be taking a toll on the Section 529 college savings accounts that many parents have set up for their kids. But families need to think carefully before tinkering too much with these tax-favored plans.
Patrick and Laura Matheny began saving early for their children's college education. After stashing some $50,000 in college savings accounts for their son Daniel, now 20, and their daughter Natalie, 18, they began paying down their mortgage in earnest with the intention of tapping their home equity once the bills began rolling in.
Paying for college is rarely easy, but this year parents and students could have a tougher time securing the necessary financing.
As college acceptance letters arrive this month, families will be celebrating the good news (we hope!), then bracing for the grueling process of figuring out how to pay for four years' tuition.
At first glance, Justin and Kim Ritchie seem in perfect financial sync. The couple, who grew up on the same street in Georgia and both went to college in Atlanta, are saving more than half of their combined six-figure income so they can buy a bigger house in their hometown of Bonaire, Ga., cover college tuition costs for sons Giuseppe, 2, and Gianluca, 1, and retire together before they hit 60.
We can all count on the certainty of death and taxes. But many of us can add student loan debt to that list. The average student graduates with about $21,000 in debt these days.
The credit crunch is hitting the college classroom.
Question: I am reluctant to get a financial planner. Will they do an analysis of your portfolio? Does that commit me to use them? How do you get their advice without hiring them as a financial planner?
Question: I'm looking for a financial planner. Should I find one with who is a Certified Financial Planner (CFP)?
A lot of jobs are in trouble in today's tough climate, but doom and gloom are the bread and butter of a personal financial planner.
The stock market hasn't been kind to investors in recent months, and that could be taking a toll on the Section 529 college savings accounts that many parents have set up for their kids. But families need to think carefully before tinkering too much with these tax-favored plans.
Patrick and Laura Matheny began saving early for their children's college education. After stashing some $50,000 in college savings accounts for their son Daniel, now 20, and their daughter Natalie, 18, they began paying down their mortgage in earnest with the intention of tapping their home equity once the bills began rolling in.
Paying for college is rarely easy, but this year parents and students could have a tougher time securing the necessary financing.
As college acceptance letters arrive this month, families will be celebrating the good news (we hope!), then bracing for the grueling process of figuring out how to pay for four years' tuition.
At first glance, Justin and Kim Ritchie seem in perfect financial sync. The couple, who grew up on the same street in Georgia and both went to college in Atlanta, are saving more than half of their combined six-figure income so they can buy a bigger house in their hometown of Bonaire, Ga., cover college tuition costs for sons Giuseppe, 2, and Gianluca, 1, and retire together before they hit 60.
We can all count on the certainty of death and taxes. But many of us can add student loan debt to that list. The average student graduates with about $21,000 in debt these days.
The credit crunch is hitting the college classroom.
The credit crunch may be bleeding into the student loan industry. Here's what it could mean to your wallet and how to protect yourself.
Students relying on college loans will soon feel the pinch from the subprime mortgage crisis, according to a report by financial aid guide FinAid this week.
The average total cost of a private four-year college rose to $32,307 for the current school year, but the rate of increase has slowed compared to public school prices, according to a report released Monday.
House and Senate negotiators reached an agreement Wednesday to boost aid to college students, a deal that calls for slashing roughly $20 billion in government subsidies to banks that issue student loans.
Parents beware - financial aid scams are growing. Complaints are up 60 percent last year, according to the Better Business Bureau. Here's what you need to watch out for.
Parents beware. Financial aid scams are growing. Complaints were up 60 percent in 2006, according to the Better Business Bureau. Here's what you need to watch out for.
The chairman of the U.S. Senate education committee Tuesday introduced legislation to cut government subsidies to student loan companies, but the cuts were milder than some expected and lender stocks rose.
Moving the U.S. Congress closer to overhauling the troubled student loan industry, the chairman of the Senate Education Committee Monday unveiled proposals that would affect major lenders.
Question: How do I find and evaluate a good financial planner? I have always done my own savings and goal setting, but I am not a professional. I've worked hard for my money and have always been hesitant to entrust it to someone else. - Robert, Thomaston, Connecticut
Question 1: We have over $23,000 in student loans. My husband has already consolidated when the rates were high. We are at an 8.5 percent interest rate. Is there nothing else we can do make the interest better? -Tracey, Colorado
It's a good thing you got that college education. You can put it to good use navigating the complex maze that is the student loan industry as you consider whether to consolidate your federal student loans.
The prospect is anything but appealing: You - and possibly your offspring - will have to borrow gigantic sums to pay those college bills soon coming due.
Late Sunday night, student loan giant Sallie Mae, or SLM Corp. as the company is officially known, became the latest major American corporation to succumb to the advances of private equity. Sallie will be sold to a consortium of two private equity firms - JC Flowers and Friedman Fleischer & Lowe - and two banks that have their own student loan businesses - JP Morgan and Bank of America - for some $60 a share, or $25 billion. That represents a premium of almost 50 percent based on Sallie's stock price before word of the deal began to leak.
Fifteen-year-old Connor Lewis knows a thing or two about money. He pet-sits, mows yards and earns an allowance by doing chores; and he puts half of his earnings into a savings account. He comparison shops for video games and other items and doesn't buy them until he finds the cheapest price.
A college education may be getting less expensive at some of the most prestigious schools.
Online banking pioneer ING Direct helped transform the banking industry through its high-yield savings accounts, sparking a wave of copycats competing to attract tech-savvy consumers eager for a higher return.
Question 1: Next year, we'll be in the market for a home. Please cite any sources I might find useful to help me start my search. - Stephen, Minneapolis
The House of Representatives on Wednesday voted in favor of legislation that would cut in half the fixed interest rates on need-based Stafford loans for undergraduates over five years.
On Wednesday, the House of Representatives is scheduled to vote on legislation that would cut in half the fixed interest rates on need-based Stafford loans for undergraduates over five years.
Follow these steps to make sure you collect all that you deserve.
Follow these steps to make sure you collect all the financial aid you deserve.
From the merely annoying to the budget-busters, here's what to watch out for in travel, banking, credit cards, real estate, investments and more.
When Jessica Barba was deciding where to go to college, she didn't factor how much she'd have to borrow into the equation.
NEW YORK (CNNMoney.com) - Who doesn't want to be rich? But let's face it, getting rich gets hard very fast if one or more of the following conditions applies:
After July 1, rates on student loans are set to be their highest in six years. But there are steps you can take to limit the damage.
What scares parents most when it comes to the safety of their family? Terrorism? No. Crime? Negative. Violent video games? The environment? Not even close.
If you've borrowed money from Uncle Sam to finance your education or your child's, you might be able to save yourself thousands of dollars.
What scares parents most when it comes to the safety of their family? Terrorism? No. Crime? Negative. Violent video games? The environment? Not even close.
I recently went through a divorce that ate up all of my 401(k) and left me in debt up to my eyeballs. I still own a home, although I have no equity in it, but I recently made the mistake of leasing a truck with insurance and lease payments that are the size of my house mortgage.
Dick Schwartz always knew that C-day--as in college--would come. He and his wife Shari also understood better than most parents exactly how big their son's college bill might be. After all, both ar...
Dick Schwartz always knew that C-day - as in college - would come.
As important as the college acceptance is, the financial aid awards package determines whether a dream school can become a reality.
Tax season is here, your holiday bills have left your wallet deflated, retirement seems like a distant pipedream and on top of it all college costs are going to eat away more of your savings.
College costs are going to hurt more. The government is cutting support for college loans. And in six months, interest rates on the cheapest money students and parents can borrow is going to rise.
Congress cut funding for federal student-loan program on Wednesday, raising the cost of attending college for many future students, according to a published report.
There's retirement to plan for and college tuition for the kids. Insurance. Estate planning. And, oh, don't forget a wedding for your daughter. If all this sounds familiar, it may be time for you to start shopping around for a financial planner.
Most of us would like our paychecks to stretch just a little further every week.
Prepaid tuition plans are nothing new. In fact, it was these plans that paved the way for the tax-friendly 529 savings plans that are now so popular.
Tax-advantaged 529 college savings plans are named after the section of the tax code that governs them. Now offered in every state and the District of Columbia, 529s offer a great deal of flexibility.
As nervous as college freshmen may be, their cash-strapped parents are probably trembling more.
I'm 40 and my husband is 50. We've got about $150,000 tucked away in retirement accounts, another $125,000 in home equity and $20,000 in cash and other investments.
If you are planning college visits with your kids this fall, you are probably anticipating the thrill of strolling across campus together but fearing the financial ramifications of your kid's higher education.
My wife and I, 34 and 38 respectively, are estate managers for a property in Idaho. All our expenses are paid for -- rent, food, car, gas, insurance, etc. -- plus we receive $6,000 per month.
So you've been struck by disaster. Now that the worst is over, and you're safe, start thinking about rebuilding your financial future. These eight tips are a good place to start.
It's one of the biggest investments you'll ever make: College tuition. With tuition rates increasing every year, parents will need to have over one hundred thousand dollars in the bank by the time they send their child to a four-year public college.
Wouldn't you love to have a 401(k) for college, a simple plan that lets you put aside money regularly, invest in mutual funds and watch the earnings grow tax-free? Well, you do. It's called a state...
Three months ago you were gearing up for your last set of finals and now you've secured the job you always wanted and a salary you're happy with.
As an expecting parent, you've got a million things to do before the stork arrives - getting a new crib, working out the delivery details with your doctor and not to mention picking out a name for your newborn.
You can blame many factors for our dismal savings rate--less than 1% of our disposable household income--but one is simple American optimism. Even if we don't save enough for retirement right now, ...
As Independence Day rolls around, are you free? Financially, that is.
Dear Armchair Millionaire: When I read about the cost of college these days, it seems like it will be impossible to send my two kids to college. Any ideas for how I can make it work?
Dear Armchair Millionaire: I have a ton of student loans, and I've been hearing about the advantages of consolidating them. Is this something I should consider?
With the rising cost of college, it isn't surprising that many families are feeling strapped by the financial burden of sending their children to school.
New federal guidelines that raise the bar for financial aid eligibility means some families will see their aid packages for this academic school year reduced.
NEW YORK (CNN/Money) - Come July, the rock-bottom rates on your federally guaranteed, variable-rate student loans will be going up.
NEW YORK (CNN/Money) - All good things usually come to an end. So, come July, don't be surprised if the rock-bottom rates on your federally guaranteed, variable-rate student loans go up.
First you get your kid into college. Then you get a letter from the financial aid office telling you how much the school is willing to offer in loans, which you have to pay back, and grants, which ...
College acceptance letters are coming soon to a mailbox near you. In other words, it's about that time when parents and students begin to get nervous about the final step to the college application process: financial aid.
It's that time of year again, when parents and students are anxiously waiting to hear from colleges. Well, most won't hear until April.
THE COST OF A COLLEGE DEGREE continues to climb seemingly beyond the means of many families, rising far faster than incomes or inflation. Total expenses for the 2004-05 academic year shot up 7.8% t...
Still sighing with relief after your college-bound senior got her applications out the door? Well, don't relax yet.
The cost of a college degree continues to climb seemingly beyond the means of many families, rising far faster than incomes or inflation.
A change in eligibility for Pell Grants to be announced Thursday by the Department of Education would cut some 90,000 students from the rolls of recipients and affect more than 1 million others, an education advocate says.
Dear Armchair Millionaire: I'm single, earn a pretty decent salary and even have a small investment portfolio, but I still have a hard time making ends meet most months. The money just goes out faster than it comes in, and I don't seem to have any real control over it. How can I correct this once and for all? --Wesley S.
NEW YORK (CNN/Money) - If only salaries would rise as rapidly - and as consistently - as college costs.
Wisdom
When you're saving for your children's education, keep these points in mind.
It's the end of the school year. The good news? It's the end of the school year. The bad news? It's time for college graduates to begin paying back student loans.
In today's five tips segment we dug into our e-mail bag and hit the street to find out what your biggest financials concerns are.
NEW YORK (CNN/Money) - Many Fed watchers anticipate a rate hike by summer and a gradual rising of rates in areas that directly affect consumers. But in at least one rate-sensitive area, interest rates will be setting yet another record low.
ANGELIQUE ROBERTS
Pick a fund
In the next couple of months, students all over the country graduate from college. For them, the security of the university is about to be replaced by a world full of debt, student loans, bills, and let's face it, responsibility.
There's another worrisome broker investigation going on and this one could impact your child's college savings.
Dear Armchair Millionaire: My sister just started investing in a Coverdell Education Savings Account for her kids' college. I'd never even heard of this plan before. Is it something I should consider for my own kids? -- L.C.
It's that time of year again when colleges and universities start sending out admission acceptance letters and financial aid awards. And if you're like most American families you'll probably need some help with the hefty college tuition bill.
NEW YORK (CNN/Money) - Like many college students, Jeannie Miller relies on scholarship money to help pay her tuition.
BEND, Ore. (CNN/Money) - Parents, if you hope to qualify for financial aid, apply for certain student and parental loans or put your collegiate in the running for merit-based awards, it's time to tackle financial aid forms.
The fund scandal has revealed a surprising flaw in state-run college savings plans, which manage $26 billion in assets. Nearly every state has its own tax-free 529 plan; most are open to investors ...
It's undeniable: Paying your bills online pays off. It's fast. It's easy to set up. It's cheap, if not free. It means fewer late fees. It saves you hours a month. Plus, you can cut down on the pape...
We'll go out on a limb and make the following assumption: It has been a while since you took stock of your financial well-being. We understand. Closing your eyes to how badly your various brokerage...
For parents saving for their children's college education, the past few years have delivered a harsh lesson in economics. Even as the bear market has laid waste to portfolios--the typical age-based...
TAXABLE EVENTS. It seems that everything we do these days triggers one. Still, there is nothing like April 15, the mother of all taxable events, to put your nerves on edge. Thanks to changes enacte...
I've already opened a 529 plan for my nine-year-old son, but I'm planning to open a Coverdell account for him to pay for some elementary and secondary education expenses within the next five to eight years. Which are the best investment options for such an account?
It was bad enough when the Nasdaq tanked and obliterated your kid's college fund. So why did colleges have to compound the injury by jacking up tuition?
Few investors have been hit as hard by the market free-fall as parents saving for college. If you were stashing money in stocks, you have been set back two or three years--and you may have only a s...
For parents struggling to save for their children's college bills, tax breaks have been few and frustrating.
As I report this story by day and watch the NBA playoffs by night, it occurs to me that prepaid college plans are a little like the New Jersey Nets. Both cede the spotlight to the bolder, attention...
Interest rates on federal student loans are dropping dramatically on July 1, giving new borrowers, as well as those already repaying loans, a great chance to lock in a low rate--the lowest since to...
At long last, parents struggling to save for their children's college education have received a much needed break: a tax-free way to save for college. The new tax law allows you to make withdrawals...
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