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☆ People feel financially worse off than their parents—but say their kids will be better off
▼ + stars: | 2024-04-03 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +6 min

It makes sense then that just 36.5% of adults say they feel they're better off financially than their parents, according to CNBC's International Your Money Financial Security Survey conducted by SurveyMonkey. A greater share — 42.8% — say they're worse off than their parents, while the remaining 20.7% say they're faring about the same. Here are three ways younger generations are financially worse off than their older counterparts. More equality Younger generations have navigated adulthood with more freedoms than a lot of their parents may have had. Gender and racial pay gaps, along with other barriers to wealth-building, certainly still affect Gen X and millennials.

Persons: they're, Gen, Xers, Clever, Gen X, Tara Unverzagt, I'm, millennials, Louis Fed, Unverzagt Organizations: Financial Security, SurveyMonkey, Education Data Initiative, CNBC, Pew Research Locations: U.S

☆ 3 smart money moves to make in your 20s to be more successful
▼ + stars: | 2024-03-27 | by ( Annie Probert | ) www.cnbc.com time to read: +3 min

If you're questioning how to put your money to use in your 20s, here are three smart money moves to set yourself up for success later in life, according to two certified financial planners. The most common forms of debt for twentysomethings include credit cards, auto loans, student loans and personal loans. High interest rates have made paying off debt even harder, and in 2023 people under 29 carried an average of nearly $3,000 in credit card debt. To tackle credit card debt, Rossman recommends either signing up for a 0% balance transfer card or consolidating your credit card debt if you have several balances on different cards. Student loans are another common burden for many young people, with nearly 35% of adults ages 18 to 29 carrying student loan debt, according to the Education Data Initiative.

Persons: you've, Z, Andrew Fincher, Joe Conroy, Ted Rossman, Rossman, Fincher Organizations: Financial, CNBC, Education Data Initiative Locations: what's

☆ FTC to send $4.1 million to over 27,000 borrowers defrauded by student loan forgiveness scams
▼ + stars: | 2024-03-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

The Federal Trade Commission announced on Wednesday it is refunding $4.1 million to 27,584 consumers who fell victim to student debt forgiveness scams. Fraudsters "tricked students into paying hundreds to thousands of dollars in illegal upfront fees and pretended to lower consumers' monthly student loan payments," the FTC said in a press release. Additionally, the operators claimed to take over the servicing of consumers' loans and thus, often pocketed consumers' monthly payments, the agency said. Scammers lure student loan borrowers by offering ways to lower their monthly payments or even eliminate their balances. Use these tips to avoid losing money to a student loan scammer.

Persons: Fraudsters, it's, scammer Organizations: Federal Trade Commission, Mission Hills Federal, Federal Direct Group, Data Initiative, FTC, Department of Justice

☆ $1 million donation set to wipe school lunch debt for 7,000 US students, says report
▼ + stars: | 2024-01-28 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +2 min

Read previewThe Arby's Foundation has committed $1 million to wipe the lunch debt burden for tens of thousands of students across the US, including 7,413 students in Georgia. AdvertisementAn estimated 30.4 million students have student lunch debts, totaling a combined debt of $262 million per year, according to the Education Data Initiative. AdvertisementAn elementary school in Ohio came under fire last year when it excluded indebted children from buying ice cream on "Ice Cream Friday." Kids with outstanding school lunch debt were prohibited from buying ice cream even if they came with the necessary $1. The debt problem persists despite legislative efforts such as the School Lunch Debt Cancellation Act of 2023.

Persons: —, Rita Patel, Arby's, Insider's Juliana Kaplan, Tiffany Haddish Organizations: Service, Business, Atlanta, Education Data Locations: Georgia, Ohio, Boardman , Ohio

I value both saving for retirement and saving for my son's college, but retirement is my first priority. Recently, I spoke with Ashley Rittershaus, a CFP and founder of Curious Crow Financial Planning, a fee-only comprehensive financial planning firm. Advertisement"Some common advice is that it's more important to save for retirement than college because your children can take out loans for college, but you can't take out loans for retirement," says Rittershaus. "Setting your child up for financial success can come in forms other than paying for college," says Rittershaus. Ultimately, I don't want to be a burden on my child later in life, so it's crucial that I continue saving for retirement.

Persons: he'll, —, Ashley Rittershaus, Rittershaus, we're Organizations: Service, Curious, Education Data Initiative Locations: Tennessee

The student loan payment match program can benefit employees actively paying down student loan debt. The new student loan match program certainly can put employees in a better situation to start paying down student loan debt. How to get a 401(k) match for your student loan paymentInvesting platforms and third-party administrators have already begun adding student loan matches to existing employer-sponsored retirement plans. For example, Betterment launched a student loan 401(k) match benefit to its automated 401(k) plan, Betterment at Work. Secure 2.0 student loan match program — Frequently asked questions (FAQs)What is the Secure 2.0 Act student loan match?

Persons: —, Teresa Greenip, you'll, Greenip, Sarah Levy Organizations: Employers, Service, Federal, Education Data Initiative, IRS, Fidelity, Secure, Chevron Locations: Aspiriant, Chevron

☆ Millennials have become their own worst enemy in the housing market
▼ + stars: | 2023-12-02 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

The housing demand from millennials has made it harder for the generation to get into the game. Meanwhile, housing prices are still high but have started to pull back recently in some areas of the country. In September, Zillow reported that the total US housing market reached a record value of $52 trillion, a 49% jump since before the pandemic. AdvertisementMillennials are in danger of creating a housing bubbleThe research from Indiana University warns that the larger millennial population could lead to a housing bubble and a crash in the housing market. Demand from this generation is expected to wane just as baby boomers start to leave the housing market.

Persons: —, millennials, Zillow, ZIllow, Paul Bradbury, Millennials, boomers, Ariel Skelley, Xers, Tom Grill Organizations: Service, Federal Reserve, Indiana Business Research Center, IU Center, Real Estate, Getty, Education Data Initiative, National Association of Realtors, Indiana University Locations: millennials

☆ Saving for your child's college education? Here’s how to invest for the next 10 years, according to the pros
▼ + stars: | 2023-10-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Parents thinking of saving for their children's college education in around a decade could be in for some sticker shock. Breaking down the costs U.S. college tuition inflation averaged 12% annually from 2010 to 2022, according to T. Rowe Price, citing research by Education Data Initiative . Even assuming a more modest 5% annual inflation rate, the estimated total college cost could be as high as $383,823, she said. That college tuition bill 10 years from now — taking the $165,000 as a baseline and assuming a 3% normalized inflation rate and tuition inflation of 6% — could hit $295,000, according to Ebright. "It is important to maintain some exposure to growth assets as tuition inflation has traditionally been higher than the broader economy," Shen said.

Persons: Laura Suter, AJ Bell, Rowe Price, Wenting Shen, Shen, Alan Ebright, they're, AJ Bell's Suter, Rowe Price's Shen, Berkshire Hathaway, Suter Organizations: CNBC, AJ, Education Data Initiative, College Board, Check Capital Management, University of California, Securities, Berkshire, Fidelity Emerging Markets, Companies, Fidelity Locations: U.S, Asia, Britain, United States, Berkshire

☆ No college, no problem. Tiffany's wants Gen Zers to make luxury jewelry.
▼ + stars: | 2023-10-05 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

The company's owner, luxury goods giant LVMH Moët Hennessy Louis Vuitton, is expanding a program that trains people to become artisans who can make Tiffany's high-end jewelry. The company said Thursday it's begun a two-year bench jewelry apprenticeship program involving Tiffany and the Rhode Island School of Design. The move comes as Gen Zers rethink the idea of college as costs skyrocket and US student-loan payments are resuming following a pandemic hiatus. The programs work with colleges and universities to help conduct the training. LVMH has used apprenticeship programs to help develop the skilled artisans it needs for its brands.

Persons: Tiffany, —, Moët Hennessy Louis Vuitton, Gena Smith, it's, Smith, LVMH, Johnny Vacar, It's, they'd Organizations: Service, Tiffany, Rhode Island School of Design, Data Initiative, Tiffany's, Louis Vuitton Locations: Europe, North America, Island, York, LVMH's, Japan, San Francisco

The short answer is that, yes, it is possible to get a grant to help you pay off your student loan debt. Citizens Bank Student Loan Refinancing is one of many strong options for student loan refinancing, particularly because the company allows you to refinance up to $300,000 and to apply with a co-signer. Bottom lineGetting a grant or some other form of loan forgiveness can make a huge difference in your student loan management journey. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan refinance products. See our methodology for more information on how we choose the best student loan refinance companies.

Persons: Harris, refinanced Organizations: Education Data, Biden, CNBC, Citizens Bank Student, Citizens Bank, Loan, Federal Reserve Bank of New, AK, IL, CNBC Select's, Facebook, Twitter Locations: California, Federal Reserve Bank of New York, MN, NH, OH, TN, TX

☆ The housing market is about to take a hit as student loan payments restart
▼ + stars: | 2023-09-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The restart of student loan payments is about to hit the housing market. 58% of polled experts believe that the resumption of student loan payments could have a significant impact on mortgage affordability, according to a recent analysis conducted by Pulsenomics. Student loan payments will kick back in at a time when housing affordability is already strained. The effects of the student loan payment restart may be felt for years to come, too. AdvertisementAdvertisementStudent loan payments are set to resume on October 1, ending a three-year payment pause that began during the pandemic.

Persons: Morgan Stanley, That's Organizations: Service, Pulsenomics, Inside Mortgage Finance, US Department of Education, Education Data Initiative Locations: Wall, Silicon, delinquencies

☆ 15 cities where getting a graduate degree pays off the most
▼ + stars: | 2023-08-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The San Jose area has the largest pay gap between holders of a graduate degree versus a bachelor's. Some top law schools cost over $200,000 over the course of the program, while medical schools average nearly $219,000 a year. SmartAsset found the average graduate degree holder made $72,000 a year. For cities including The Villages, Florida; Prescott, Arizona; and Morristown, Tennessee, graduate-degree holders made less than $55,000. Florida has two metropolitan areas in the top 15 for graduate-degree income difference, though neither Texas nor New Jersey ranks in the top 25.

Persons: SmartAsset Organizations: Trenton, Service, Education Data Initiative, Park, San Locations: California , Alabama, Utah, San Jose, Huntsville , Alabama, Princeton , New Jersey, Wall, Silicon, Sunnyvale, Santa Clara, California, Princeton, New Jersey, Jose, San Francisco, Huntsville, Trenton, George , Utah, Zion, Provo, Orem, Merced, Fresno, Tuscaloosa , Alabama, Elizabethtown, Fort Knox, Kentucky, Florida, Prescott , Arizona, Morristown , Tennessee, Florida , Texas, New Jersey . Florida, Texas

It’s not too late to apply for financial aid or appeal the financial aid amount that was given. “It doesn’t mean that we run out of funding,” said Phil Asbury, Director of Financial Aid at Northwestern. With the financial aid office, students shouldn’t brag or boast about grades. Explain what has changed in your situationAt Emory University, “students can contact the Office of Financial Aid at any point” with what’s called “a special-circumstances appeal,” said John Leach, Associate Vice Provost for Enrollment and University Financial Aid. Inform the school’s financial aid office right away and in some cases, financial aid can increase, he said.

Persons: It’s, ”, Phil Asbury, “ Don’t, Lissett Bohannon, “ It’s, University of Chicago’s Youssef Hasweh, Hasweh, shouldn’t, what’s, John Leach, Leach, ” Leach, FAFSA, Vicki Vollweiler, Vollweiler, Miranda McCall, Duke, ” McCall, “ Organizations: CNN, Columbia University, University of Wisconsin, University of Colorado, Education Data Initiative, Northwestern University, Aid, Northwestern, University of Chicago’s, Federal Student Aid, Emory University, Financial, Enrollment, University Financial, College Financial, “ Locations: New York City, Madison, University of Colorado Boulder, United States, Illinois

☆ Why college is getting more expensive
▼ + stars: | 2023-07-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

After adjusting for currency inflation, college tuition has increased 747.8% since 1963, the Education Data Initiative found. But the net price of college — that’s the amount that students and their families are actually shelling out — has been decreasing. The average student at a private four-year college paid $32,800 for tuition and room and board last year. When adjusted for inflation, the actual price paid for private college has dropped by 11% over the past five years, according to College Board data. In a 6-3 decision the Supreme Court struck down the Biden administration's student debt forgiveness program in Biden v. Nebraska.

Persons: Brian Snyder, ”, Megan Brenan, Catharine Hill, “, —, couldn’t, ’ ”, they’ve, Kevin Dietsch, Joe Biden’s, Biden Organizations: New, New York CNN, College, US News, Harvard University, Harvard, Reuters, Education Data Initiative, Georgetown University Center, Education, Gallup, Vassar College, “, ”, National Education Association, Foreign Relations, Economic, Institute, luxe, ” Colleges, American, of Trustees, NEA, College Board, U.S, Supreme, Biden, . Nebraska Locations: New York, Cambridge , Massachusetts, United States, “, Washington , DC, .

☆ Pay student loans or invest in your 401(k)? You may soon be able to do both at once
▼ + stars: | 2023-07-07 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Following the Supreme Court's ruling on President Joe Biden's student loan forgiveness plan, interest on student debt will begin to accrue in September, with payments due in October. Borrowers with federal student loan payments currently owe $37,338, on average, with a median monthly payment of $250, according to the Education Data Initiative. But for certain workers — especially those with piles of student debt — finding room in the budget to invest for retirement can be difficult. Under the new law, employers can make matching contributions to workplace plans — including 401(k)s, 403(b)s, 457(b)s and SIMPLE IRAs — based on an employee's qualified student loan payments. In order to qualify for the match, workers must simply certify that student loan payments have been made.

Persons: Joe Biden's Organizations: Education Data

☆ The Supreme Court justices paid an average of $42,539 to go to college. Today, they'd have to pay around $320,531.
▼ + stars: | 2023-06-30 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +6 min

The Supreme Court struck down Biden's student loan forgiveness plan. Student loan payments will likely resume in October. For the justices behind the decision, the cost of an undergraduate degree was much cheaper when they were in school. According to EDI, there was a 2,807% increase in the average student loan debt at graduation between 1970 and 2021 before adjusting for inflation. Student loan borrowers gathered at the Supreme Court today to tell the court that student loan relief is legal on January 2, 2023.

Persons: —, Joe Biden's, Biden, Clarence Thomas, Wally McNamee, Samuel Alito, Sonia Sotomayor, Elena Kagan, John Roberts, Ketanji Brown Jackson, Roberts, Jackson, Brett Kavanaugh, Neil Gorsuch, Amy Coney Barrett, Larry French, Thomas, Gorsuch Organizations: Service, Republicans, White, Education Data Initiative, The College of, Princeton University, Harvard, Yale, Columbia University, Rhodes College, Associated Press, AP

☆ 'I did not lose hope': How it feels to have $19,000 in student loan debt forgiven
▼ + stars: | 2023-05-17 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

But in 2022, they got a major boost: Francis had $19,000 in student debt erased through Public Service Loan Forgiveness (PSLF), despite being previously rejected. The program allows borrowers who work for government or nonprofit organizations to have their federal student loan balances cleared after 120 qualifying monthly payments. But currently, routes to student debt forgiveness are limited. To earn PSLF, borrowers have to make monthly payments — and continue working for an eligible employer — for 10 years. As of 2019, she had worked for the federal government for 14 years and made regular student loan payments.

The young entrepreneur made waves as a teenager by scoring over $2 million in college scholarships, which allowed her to graduate debt-free from Princeton University in 2022. Through brand deals, digital products and private consultations, her business, Growing With Gabby, earned $177,000 in 2022. Gabby Carter, 22, earned $133,000 last year from her corporate job and her business, Growing with Gabby. But throughout high school and during college, she won 35 different scholarship awards totaling over $2 million — enough to graduate debt-free and with over $100,000 in savings. "That made people very curious about how I was able to have scholarship success."

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). See Insider's picks for the best student loan refinance companies »Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. APR Variable: 5.38% - 8.99%, Fixed: 4.99% - 8.99% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 4.74% - 9.99% with AutoPay, Fixed: 4.49% - 9.99% with AutoPay Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Actual rate and available repayment terms will vary based on your income. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Show more Variable: 4.99% - 8.94%, Fixed: 4.96% - 8.99% (with AutoPay discount) Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Apply now Apply now Apply nowGetting the most bang for your buckI was an English major at Berkeley.

☆ How to haggle with your college over financial aid
▼ + stars: | 2023-04-28 | by ( Dayun Park | ) edition.cnn.com time to read: +6 min

In some cases, filing an official financial aid appeal may even delay the deadline for putting down a deposit. Here, according to college financial aid and admissions officers, consultants and students, are the steps to take:Email, don’t call, and handle it yourself. “If there has been a significant reduction in income compared to your application, inform the school’s financial aid office; in some cases, financial aid can increase,” said Phil Asbury, Director of Financial Aid of Northwestern University in Illinois. The opportunity to increase need-based aid depends on the accuracy of your documented financial change and the financial ability of the school to make a change,” John Leach, Associate Vice Provost for Enrollment and University Financial Aid at Emory University, told CNN. Northwestern has a “priority deadline” so that the financial office can notify students early, but students can still apply for financial aid all year round.

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). The Secure Act 2.0, signed into law last year, makes it easier to prepare for retirement when you have student loans. Secure Act 2.0 allows employers to match employees' student loan payments with retirement contributions. The average monthly student loan payment is $460, according to the Education Data Initiative. Personally, I have [ insert student loan total here ] in student loans, and my monthly payments are [ insert monthly student-loan payments here ] .

☆ Ron DeSantis will spend up to $4 billion on school vouchers for Florida families to challenge 'woke' public schools
▼ + stars: | 2023-03-29 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Ron DeSantis is waging a war against 'woke' public schools. On Monday, the governor signed universal school vouchers into law, which both conservatives and liberals expect to hurt public schools. Public school enrollment has only dropped a few percentage points, from 89.6% to 87.2%, since Republican Gov. Now, however, DeSantis' move to broaden the voucher program to all Florida families could meaningfully threaten funding for public schools. Spar fears universal vouchers "will literally siphon money away" from public schools because it's all under the same education budget.

☆ The Supreme Court justices deciding whether to axe Biden's student loan relief program paid an average of $42,539 to go to college. Today, they'd have to pay around $320,531.
▼ + stars: | 2023-03-01 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +8 min

The Supreme Court heard oral arguments for Biden's student debt relief on Tuesday. The cost of getting an undergraduate degree was significantly cheaper when they graduated than now. When Roberts graduated in 1979, it cost $21,400; in 1992 when Jackson earned her undergraduate degree, it would have cost $75,360. When Roberts graduated in 1979, it cost $21,400; in 1992 when Jackson earned her undergraduate degree, it would have cost $75,360. Student loan borrowers gathered at the Supreme Court today to tell the court that student loan relief is legal on January 2, 2023.

☆ Studying abroad can cost over $16,000 per semester—here's how students plan to pay for it
▼ + stars: | 2023-01-31 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +4 min

As a result, many students are turning to other options to pay for studying abroad — if they're available. The cost of studying abroad may be one of the biggest deciding factors in who gets to go. Black students made up just 4% of students who studied abroad in the 2020-21 school year. While the share of non-white students studying abroad increased by 10 percentage points between the 2010-11 and the 2020-21 academic years, white students still make up 68% of students studying abroad, according to the Institute for International Education. While white students and Black students take out loans at similar rates — 40% of white students use loans to pay for college compared with 50% of Black students, according to Education Data Initiative — Black students often have a harder time paying back their loans.

☆ Earning less than $30,000 a year is a 'deal breaker' for daters, new survey finds
▼ + stars: | 2023-01-28 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +1 min

This is especially alarming because, as it turns out, people do have financial deal breakers when it comes to seeing someone as a potential partner. Here are two financial deal breakers, according to the study. Salary deal breaker: Less than $29,878This is well below the median annual salary in the United States, which is $37,522, according to 2021 data from the U.S. Census Bureau. Student loan debt deal breaker: More than $28,076This is below the average amount of student loan debt someone with a bachelor's degree has, which is $37,574, according to data from Education Data Initiative. Personal loans and credit card debt were also a source of friction while dating, according to the survey.

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