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☆ President Joe Biden has forgiven over $166 billion in student debt—see how much in each state
▼ + stars: | 2024-11-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

President Joe Biden made student debt relief a focus of his administration. The mass forgiveness he promised on the campaign trail was struck down by the Supreme Court, and some of his other debt relief initiatives, like the Saving on a Valuable Education plan and his negotiated rulemaking plan, are currently tied up in court. But his administration has still managed to clear $166.5 billion in student loans, according to Department of Education data. Borrowers had an average of $38,207 of debt forgiven. "From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity," Biden said in an October statement.

Persons: Joe Biden, Biden Organizations: Supreme, of Education, Biden

☆ Maryland has the best 529 college savings plan—and you don't have to live there to use it
▼ + stars: | 2024-10-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

If your student is still years away from filling out applications, it may be wise to start contributing to a 529 savings plan. You won't owe taxes on withdrawals for qualified education expenses which include kindergarten through 12th grade tuition, college or trade school tuition and supplies and even student loans. Anyone can open a 529 plan for a beneficiary they choose — it doesn't have to be your own child and it can even be yourself. Nearly every state and the District of Columbia sponsors its own 529 plan. Your contributions may be deductible on your state taxes if you contribute to your home state's plan, for instance.

Organizations: Data Initiative, Students, Business, District of Columbia

Universal Music Group, Sony Music Entertainment and Warner Music Group sued the AI music companies Uncharted Labs and Suno this summer over software that allows users to create music from text prompts, alleging that copyrighted songs have been used without permission to train the AI. Websites like Sound Draw, Musicfy, AIVA and Boomy allow users to easily create music with AI using different inputs. AI music companies say the new ease of use allows users who might not have previously been able to easily create music to generate their own content. this is so cool.”In Denver, Speer led a course on AI music tools using Boomy for young musicians. Some of the local artists who performed at Youth on Record’s festival support integrating AI technology into music education and production.

Persons: Billie Eilish, Stevie Wonder, Nicki Minaj, ’, ”, Cassie Speer, “, ” Speer, they’re, we’ll, Musicfy, Grimes, Speer, Regi Worles, Worles, Mitchell, Boomy, Michael Merola, Michael, Genevieve Libien Organizations: BBL, Universal Music Group, Sony Music Entertainment, Warner Music Group, Labs, Universal Music, NBC, Arts Education Data, ”, Hollywood, Associated Press Locations: NBCUniversal, Boomy, U.S, Canadian, Denver, Tennessee

☆ A teacher who hoped to take a break this summer is working 3 jobs instead. She explains what she's using the money for.
▼ + stars: | 2024-07-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Rebecca Cox, 27, hoped to take a summer break following her first year as a full-time fifth-grade teacher in Kentucky. Instead of taking a vacation, Cox has been working different gigs this summer, attending trainings, and decorating her classroom. Other young teachers like Cox take on summer jobs. AdvertisementCox is putting the money from her summer jobs toward savings and classroom items. What does your pay look like as a teacher, or are you working multiple jobs as a teacher or in a different job?

Persons: Rebecca Cox, Cox, school's, we're, she's, I'm Organizations: Service, Business, Pew Research Locations: Kentucky

☆ Gen Z is harnessing 'one of the magical qualities of investing,' advisor says — how it helps them build wealth
▼ + stars: | 2024-06-14 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

More than a quarter of Gen Z, 28%, say they learned about investing in school, compared to 19% of millennials and 12% of Gen X. There's also a greater abundance of information available online and on social media that older generations did not have access to, especially at such early ages. However, experts recommend turning to a trusted financial advisor before taking advice from social media. About three-quarters (76%) of Schwab survey respondents said they don't follow any finance influencers and 65% reported that social media has no impact on their investments. Overall, respondents said they are more likely to engage with a financial advisor (57%) than social media platforms (42%) for financial advice.

Persons: Roth, Ed Slott, Schwab, Gen, There's, Williams Organizations: Stone, Roth IRA, Trust, . Department of Education

☆ The top 10 most affordable colleges on the 'New Ivies' list from Forbes—2 are private schools
▼ + stars: | 2024-05-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Going to an Ivy League school for college may help you earn a competitive salary down the line. The average tuition price across the Ivy League colleges is $64,829 — and that's before factoring in housing, food, books and other fees, according to the schools' latest available listed prices. Often, as is the case with Ivy League schools, private colleges can offer better financial aid packages through institutional grants and scholarships. These are the 10 new Ivies with the lowest average net price, according to Department of Education data:1. University of Michigan—Ann ArborOut-of-state tuition: $27,864 (figure reflects 2023-24 tuition price, 2024-25 price not available)Average net price: $16,7928.

Persons: University of Texas — Austin Organizations: Ivy League, Princeton University, Harvard College, Department, Education's, Forbes, —, CNBC, of Education, University of Florida, University of North, Georgia Institute of Technology, Rice, University of Illinois, University of Maryland —, University of Michigan, University of Wisconsin —, University of Texas —, Johns Hopkins Locations: University of North Carolina, University of Illinois Urbana — Champaign, Ann Arbor

☆ Connecticut takes aim at the college affordability crisis — 'We're trying to do everything we can,' governor says
▼ + stars: | 2024-05-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Hartford, Connecticut Sean Pavone | Istock | Getty ImagesWhen it comes to improving access to higher education, each state is largely left to its own devices. Connecticut, for example, recently rolled out several programs to establish pathways to college and lower the debt burden. Free college program"We're trying to do everything we can to make education less expensive to start with," Lamont said. Like a growing number of states, Connecticut recently introduced a free tuition program for students attending community college either full- or part-time. In Connecticut, students receive "last-dollar" scholarships, meaning the program pays for whatever tuition and fees are left after federal aid and other grants are applied.

Persons: Hartford , Connecticut Sean Pavone, Anthony Carnevale, Ned Lamont, Here's, Lamont, Joe Biden, Terrence Cheng, Sandy Baum, Baum Organizations: Istock, Georgetown's Center, Education, Workforce, CNBC, Free, Finance, Harvard, State Colleges, Urban Institute's Center Locations: Hartford , Connecticut, Connecticut, , Connecticut

☆ Some students are still struggling to access college aid amid ongoing FAFSA 'disaster'
▼ + stars: | 2024-04-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

As enrollment deadlines approach, fewer students have figured out how they will afford college next year. Ongoing problems with the new Free Application for Federal Student Aid have delayed financial aid award letters and even prevented many high school seniors and their families from applying for aid at all. As of the latest update, roughly 7.3 million 2024-25 FAFSA applications have been submitted and sent to schools, according to the U.S. Department of Education, less than half of the more than 17 million students who use the FAFSA in ordinary years. Many institutions are now issuing aid with the information they have on hand, according to the Department of Education. "Students should know that they are not going through this alone, we will remain in regular communication with schools and students and encourage students to stay in touch with us and with their colleges," an Education Department spokesperson said.

Persons: Mark Kantrowitz, it's, Sandy Baum Organizations: Federal, Aid, U.S . Department of Education, Finance, Harvard, Urban Institute's Center, Education, Department of Education

☆ Fewer students are graduating from college, but certificate programs are way up
▼ + stars: | 2024-04-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

PhotoAlto/Dinoco GrecoGetting a college degree seems increasingly less appealing. College degree earners fall nearly 3%Community college pathway is 'at risk'Historically, a two-year degree was considered an economical alternative to a bachelor's, or even a more affordable pathway to a four-year college. In fact, just 16% of all community college students ultimately attain a bachelor's degree, according to recent reports by the Community College Research Center at Columbia University, the Aspen Institute College Excellence Program and the National Student Clearinghouse Research Center. Community college as a stepping stone is "at risk," Shapiro said, and "that's very bad news." Submitting a FAFSA is also one of the best predictors of whether a high school senior will go on to college, according to the National College Attainment Network.

Persons: Shapiro, Joe Biden, it's, Sandy Baum, Baum Organizations: Community College Research Center, Columbia University, Aspen Institute College Excellence, Student Clearinghouse Research, Community, Federal, National College, Network, Seniors, U.S . Department of Education, Education, Urban Institute

☆ FAFSA is still having major issues and delaying financial aid decisions—how students and families can cope
▼ + stars: | 2024-04-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Numerous hiccups in the rollout of the updated Free Application for Federal Student Aid have upended this year's financial aid award season. By now, most of the problems with submitting the form have been resolved, but getting the FAFSA information from the ED's Federal Student Aid office to colleges has introduced another slew of issues. "Continually taking two steps forward and one giant step back is not a sustainable pathway toward getting financial aid offers out to students and families." Outside of those erroneous forms being reprocessed, FSA said as of April, schools should start receiving students' financial information within one to three business days of the student submitting their FAFSA. Still, some students may feel the pressure to commit to a school before they've seen all the financial aid offers available to them or skip the FAFSA — and potentially college — process altogether.

Persons: Justin Draeger, they've Organizations: Federal, Education, National College, Aid, Internal Revenue Service, IRS, National Association of Student Financial

☆ 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

☆ Tuition now costs a whopping $90,000 a year or more at some US universities
▼ + stars: | 2024-04-01 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

Some American universities estimate their total cost of attendance will exceed $90,000 next year. Tuition and fees at universities have continued to climb, even when adjusted for inflation. The result may be a generation of students wondering if college is worth it. AdvertisementThe price of getting a degree has continued to climb at American universities, with the cost of some schools reaching a new threshold. Out-of-state and in-state tuition and fees at public universities have risen by about 38% and 56%, adjusted for inflation, over the same period.

Persons: —, Gen, Ana Hernández Kent, Louis Organizations: Service, New York University, Tufts, University of Pennsylvania, Yale, NYU, Board, U.S . News, for Higher, of Education, Universities, Institute for Higher Education, Institute for Economic Equity, Federal Reserve Bank of St Locations: U.S

☆ A degree now costs more than $90,000 a year at some US universities, showing how wildly expensive education is getting
▼ + stars: | 2024-03-30 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe price of getting a degree has continued to climb at American universities, with the cost of some schools reaching a new threshold. This story is available exclusively to Business Insider subscribers. Out-of-state and in-state tuition and fees at public universities have risen about 38% and 56%, respectively, inflation-adjusted over the same period. In a Business Insider and YouGov survey conducted last year, 46% of Gen Z respondents said they don't think college is worth the cost.

Persons: —, Gen, Ana Hernández Kent, Louis Organizations: Service, New York University, Tufts, University of Pennsylvania, Yale, Business, NYU, Board, U.S News, of Higher, of Education, Universities, Institute of Higher, Institute for Economic Equity, Federal Reserve Bank of St

☆ 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

☆ Some New England universities and colleges break $90,000 barrier for total cost in upcoming school year
▼ + stars: | 2024-03-27 | by ( Zenebou Sylla | ) edition.cnn.com time to read: +5 min

CNN —Several New England universities and colleges have reached a pinnacle of at least $90,000 for undergraduate tuition and costs starting this fall. The nearly six-figure sums reflect the rising cost of higher education, far outstripping the average inflation for other goods and services. Schmeidel said very few Wellesley students pay the total fee, adding nearly 60% of its students receive financial aid and the average financial aid award is $67,469. Riley added 56% of domestic students received some form of aid for this academic year, with the average financial aid package being $67,000, for an average cost of attendance of $16,000. “Because this is an average, some of the students with greatest demonstrated financial need paid $0, and others paid more,” Riley said.

Persons: trumping Wellesley, “, Stacey Schmeidel, Schmeidel, ” Schmeidel, Colin Riley, Riley, ” Riley, Jeremiah Quinlan, ”, Quinlan, Patrick Collins, Collins, ” Collins, CNN’s Allison Morrow Organizations: CNN, Yale University, Tufts University, Boston University, BU, Wellesley College, Tufts, Wellesley, College, Colleges, of Education, Labor, Yale Locations: New England, Boston

☆ 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

☆ What broke the American Dream for Millennials
▼ + stars: | 2024-01-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +11 min

For their nine-month-old son, Miles, Rachael and Garrett agree: They’re not going to push him to pursue the same path. “This is the American Dream,” Rachael says. The nest egg mythA common refrain Millennials heard from their Boomer parents is that buying is always better than renting. Luke Sharrett/Bloomberg/Getty ImagesCentral to the pitch of the American Dream is a house. “I don’t think anyone could have foreseen house prices going up 20% or 30% in a three-year period,” Garrett says.

Persons: Pennsylvania CNN — Rachael Gambino, Garrett Mazzeo, —, Miles, Rachael, Garrett, They’re, ’ ”, ” Rachael, Kristen Gambino, Rachael Gambino, Deborah Brunswick, John General, America it’s, Brendan Duke, Baby, Millennials, gumming, Obama, ”, Louis, Boomer, Luke Sharrett, they’d, ” Garrett, they’re, homeownership, We’re, “ we’re, That’s, Duke, ” Duke, “, Camerota, Matthew Friedman Organizations: Pennsylvania CNN, “, CNN, Center for American Progress, of Education, America, Federal Reserve Bank of St, Bloomberg, Getty, Federal Reserve Bank of Philadelphia, Workers, Center, American Progress ’ Locations: Lansdale, Pennsylvania, America, United States, Attom, financials

☆ 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

☆ Higher pay leads to surge in STEM graduates. Science, tech majors are 'the most lucrative,' says expert
▼ + stars: | 2023-10-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Getty ImagesHighest-paying majors are mostly STEMPayscale's recent college salary report found that petroleum engineering is currently the highest-paying major overall. After petroleum engineering, operations research and industrial engineering majors are the next highest paid, followed by interaction design, applied economics and management, and building science. The growth in STEM jobs is expected to outpace that of non-STEM jobs in the coming years, Pew also found. 'You don't always need a degree'However, in some STEM-related fields, "you don't always need a degree," according to John Mullinix, chief growth officer at Ladders. A growing number of companies, including many in tech, are dropping degree requirements for middle-skill and even higher-skill roles.

Persons: Marc Cenedella, Greenberg, Eric Greenberg, Pew, John Mullinix Organizations: U.S . Census, Greenberg Educational, College Board, Pew Research

☆ 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

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