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☆ 'A recipe for chaos': Student debt stakeholders react to federal courts blocking Biden's SAVE plan
▼ + stars: | 2024-06-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Summer plans may have just been dashed for federal student loan borrowers hoping to see their payments drop in July. Federal judges in Kansas and Missouri issued rulings on Monday on separate lawsuits aiming to block further implementation of President Joe Biden's Saving on a Valuable Education income-driven repayment plan. Some borrowers have already seen their loans forgiven due to the SAVE plan. "The Department of Justice will continue to vigorously defend the SAVE Plan," Secretary of Education Miguel Cardona said in a statement. Borrowers can continue to enroll in the SAVE plan if they haven't already, according to the Federal Student Aid website, which says it will provide more updates soon.

Persons: Joe Biden's, Biden, Education Miguel Cardona, Cardona Organizations: Department, Justice, SAVE, Education, Republican, Higher, Federal, Aid Locations: Kansas, Missouri

☆ 34-year-old making $400,000 at TikTok: Being let go from Meta in 2022 was 'perfect timing'
▼ + stars: | 2024-06-24 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +13 min

TubeMogul was competing for an ad tech partnership with Netflix, so Lee learned about the company's own technology and culture. Lee started working at Netflix on its digital marketing programmatic buying team in 2014, earning a salary of $110,000. "It was actually perfect timing that I got laid off," Lee says of being part of Meta's November 2022 job cuts. While she wants to continue increasing her salary, money alone isn't enough. On her TikTok, YouTube and Instagram accounts, Lee shares career and lifestyle advice based on her experiences.

Persons: Sora Lee, Lee, Mickey Todiwala, she'll, hustles, Lee didn't, she's, you've, TubeMogul, Andrew Evers, Lisa Setyon, haven't, Jackson, Tesla, doesn't, I'm, Lee isn't Organizations: CNBC, University of California, TikTok, ByteDance, Netflix, Meta, Facebook, Child, Savings, Porsche, YouTube Locations: Berkeley, South Korea, San Mateo , California, TikTok, RSUs, TubeMogul, New York, Austin , Texas, Los Angeles, Meta's, Lake Tahoe, U.S

☆ A B.A. from Columbia could cost $500,000: Here are the top 10 most expensive places in the U.S. to go college
▼ + stars: | 2024-06-22 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Over four years, the total bill may be $500,000 or more, as it is estimated to be at Columbia University, according to Self Financial. These are the 10 schools with the highest total cost for four years. Columbia University—New YorkTotal cost: $514,4422. Massachusetts Institute of Technology—Cambridge, MassachusettsTotal cost: $441,948All of the 10 most expensive schools Self Financial identified are private, which makes sense, given that those institutions typically charge higher tuition than public schools. But private colleges often offer generous financial aid and scholarships packages so your cost to attend may even be lower than at a public university.

Organizations: National Center for Education Statistics, Columbia University, Columbia, U.S . News, Bureau of Labor Statistics, Columbia University — New York, New York University — New York, Georgetown University — Washington, D.C, Harvard University — Cambridge, California Institute of Technology, University of Southern, University of Southern California — Los Angeles Total, University of Chicago — Chicago, George Washington University — Washington, Yale University — New, Massachusetts Institute of Technology, Self, Harvard, University of Massachusetts, Department, Education's, CNBC Locations: Massachusetts, California Institute of Technology — Pasadena, California, University of Southern California, Yale University — New Haven , Connecticut, Massachusetts Institute of Technology — Cambridge, Amherst

☆ 25-year-old turned down Yale for a state school in 2017—now she makes $90,000 a year and has 'no regrets'
▼ + stars: | 2024-06-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Carolina Williams went viral in 2017 for her unique Papa Johns-inspired essay that earned the teen admission into Yale University. The first member of her family to go to college, Williams didn't necessarily have her heart set on an Ivy League education. She loved both Yale and Auburn's campuses and could see herself as a member of either student body. But Auburn's analytics program, along with its much closer proximity to her home and family in Tennessee, won Williams over. Here's why she skipped the Ivy League and how it's worked out for her post-grad.

Persons: Carolina Williams, Papa Johns, Williams, I've, it's Organizations: Yale University, Ivy League, CNBC, Auburn University, Yale Locations: Alabama, Tennessee

☆ You may not have to make a student loan payment in July—what borrowers need to know
▼ + stars: | 2024-06-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

It's not often student loan borrowers are excited to see their monthly billing statement. But loan servicers have been instructed to pause payments in July for some borrowers enrolled in the SAVE plan while their new monthly payments are calculated and their accounts updated. Loan servicers have begun notifying the affected borrowers who will not need to make payments in July. The July payment is entirely skipped and borrowers won't need to make additional payments in August, the ED spokesperson confirmed. The 4.6 million borrowers who qualify for $0 monthly payments on the SAVE plan will not need to go into forbearance, the department said.

Persons: It's Organizations: of Education, New York Times, CNBC, SAVE, Public Locations: forbearance

☆ Stanford University costs over $92,000 a year—how much students actually pay, according to income level
▼ + stars: | 2024-06-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

For many college students, attending a prestigious Ivy League school is a dream come true. But many commentators and admissions experts now have a slightly wider view of schools that are on par with the Ivy League. These days, several colleges, including Stanford University, are known as "Ivy-Plus" schools. For the 2024-25 school year, tuition alone at Stanford costs $65,127. Here's how much students typically pay to go to Stanford.

Organizations: Ivy League, Stanford University, Stanford, Massachusetts Institute of Technology, The University of Chicago, Duke University, Ivy, U.S . News Locations: U.S

☆ Up to 65% of workers with these jobs are middle class—and some don't require a bachelor's degree
▼ + stars: | 2024-06-11 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

But the middle class may be more occupationally ambiguous, especially since a middle class income can range from $49,720 to $149,160 in the U.S., according to Pew Research's definition and based on the latest Census Bureau income data. Pew defines the middle class as households earning between two-thirds and double the median income, which was $74,580 in 2022, according to the U.S. Census Bureau. Since over half of U.S. households were estimated to be in the middle class as of 2022, Pew says, it makes sense the jobs that offer those middle class incomes would vary. But some positions and industries tend to have higher shares of middle class workers. Notably, many of the jobs that are likely to ensure a middle class salary may not require a college education.

Persons: Pew Organizations: Pew, . Census, Survey, Armed, Workers, Bureau of Labor Statistics, Department of Defense, Public, CNBC Locations: U.S

☆ It costs over $90,000 a year to go to Yale—but here's how much students actually pay
▼ + stars: | 2024-06-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Like any Ivy League school, a degree from Yale University has the potential to help you go very far in life. Plus, Yale students go on to command a median salary of $95,961 a decade after starting school, according to the Department of Education's College Scorecard. For the 2024-25 school year, undergraduate tuition is listed at $67,250. Additional costs, including housing, food, materials and student fees, brings the estimated total cost of attendance to $90,975 per year. Here's what students and their families typically pay for a Yale education.

Persons: Angela Bassett, Jodie Foster, George H, Bush, George W, Tom Steyer Organizations: Ivy League, Yale University, Yale, Department, Education's Locations: Haven , Connecticut

☆ These 10 places have the largest shares of middle class residents in the U.S.—4 are in the Midwest
▼ + stars: | 2024-06-04 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Depending on where you live, what's considered a middle income may not actually afford you a middle class lifestyle. Still, over half of U.S. adults self-identify as middle class or upper-middle class, according to a 2024 Gallup Poll. The organization defines middle class as income between two-thirds and double the national median household income, after incomes have been adjusted for household size. Middle income residents make up 65% of the population in Dover, Delaware — the largest share of over 200 metropolitan areas Pew analyzed. There, you need to earn between $36,292 and $108,876 a year to be considered middle class.

Persons: what's Organizations: Pew Research, Pew, . Census, American, Survey Locations: U.S, Dover , Delaware

☆ More Americans will be able to file their taxes for free through the IRS next year
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

"The Treasury Department and IRS look forward to working with states to expand Direct File for Americans across the country," Treasury Secretary Janet Yellen said in a statement. More than 140,000 taxpayers used the free filing option, the IRS reports, exceeding the agency's expectations for the pilot program. Beyond increasing access to the Direct File program to all states, the IRS is working on other ways to broaden eligibility. The IRS also announced it would extend its Free File program through 2029. "Free File was part of a successful filing season at the IRS that saw increased interest in a range of free programs to help taxpayers."

Persons: Janet Yellen, Danny Werfel Organizations: Internal Revenue Service, . Treasury, Washington D.C, Treasury Department, IRS, Treasury, Biden, CNBC Locations: Washington, filers

☆ Self-made millionaire shares 3 steps to stop overspending and save more: 'Make it automatic'
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

However, they haven't made much progress toward a better financial situation since then, they recently told self-made millionaire Ramit Sethi on his "I Will Teach You to be Rich" podcast. It's not the worst debt situation Sethi has seen on the show. Their fixed costs, including debt payments, groceries, gas and other necessities are equal to, if not higher, than their monthly income. Sethi emphasized that there are underlying emotional issues leading to the spending problem, and encouraged Elizabeth to work with a therapist. As for their shopping habits, he laid out three tips anyone can use to start getting their spending under control.

Persons: Elizabeth, Jon, Ramit Sethi, Rich, we've, We're, It's, Sethi Organizations: Walmart, Target

☆ Grads with these 10 master's degrees have the highest average starting salaries—No. 1 earns over $100,000
▼ + stars: | 2024-05-30 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Federal graduate school loans are more expensive, too, with higher interest rates than loans for undergraduate studies. On top of that, 55% of master's degree-holders have debt from both their undergraduate and graduate studies, owing an average total of over $69,000. Similar to undergraduate degrees, science, technology, engineering and math-related master's degrees tend to lead to higher-paying salaries compared with degrees in the arts and humanities. That said, these are the 10 master's degrees with the highest average starting salaries for the class of 2022, according to the National Association of Colleges and Employers. In fact, fewer than 60% of master's degree programs deliver a positive return on investment, according to a recent study by The Foundation for Research on Equal Opportunity.

Persons: FREOPP Organizations: Bureau of Labor Statistics, National Center for Education Statistics, Federal, National Association of Colleges, Computer, Liberal, The Foundation, Research, Education's, CNBC

☆ Your student loan payment could get cut in half this summer—here's what to know
▼ + stars: | 2024-05-24 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

The Saving on a Valuable Education plan is the newest income-driven repayment plan available to federal student loan borrowers, and this summer it's getting even more affordable. Currently, monthly payments on the SAVE plan are calculated as 10% of borrowers' discretionary income. Borrowers who stay on the SAVE plan can have their remaining balances forgiven in as little as 10 years of repayments. All federal student loan borrowers with direct loans are eligible to apply for the SAVE plan through their loan servicer. You can also use Federal Student Aid's loan simulator tool to see if it's the right repayment plan for you.

Organizations: Department of Health, Human Services, SAVE, Education, CNBC

☆ A college degree can lead to higher earnings—but 29% of Americans say it's not worth the cost
▼ + stars: | 2024-05-23 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

But the vast difference between the net worth of young adults with degrees compared with those without is difficult to ignore. But college graduates stood to benefit the most from both of these broader economic conditions. "Their employers are more likely to offer defined contribution retirement plans and the college-educated are more likely to participate in those retirement plans." Their stronger homeownership and retirement plan contribution rates and may be due to the fact that college graduates earn more. While nearly half of Americans say a college degree is less important today than it was 20 years ago, according to Pew, only 34% say it's very or extremely likely someone without a degree could get a well-paying job today.

Persons: Richard Fry Organizations: Pew, CNBC

☆ 1 in 10 young college graduates is 'idled'—it could affect their earnings long-term
▼ + stars: | 2024-05-17 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Just over 65% of recent college graduates — workers ages 21 to 24 — are employed and not enrolled in further education as of March 2024, according to a recent study by the Economic Policy Institute. But not all young graduates are thriving. EPI found 1 in 10 young graduates were "idling" as of March 2024, meaning they were neither employed nor going back to school. It's normal for recent college graduates to take time to figure out their next steps or look for work. EPI cited Schwandt's research on recession labor markets and their long-term impacts in its study.

Persons: EPI, Hannes Schwandt Organizations: Economic, Institute, Workers, Northwestern University, CNBC

☆ 17-year-old got into 2 Ivy League schools—her financial aid package helped her decide where to go
▼ + stars: | 2024-05-16 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Facing unknown costs of attendanceAnsah knew she needed financial aid to attend college. "I knew that ultimately the decision of where I'm going to go would be heavily impacted by the financial aid aspect." Typically, when incoming students receive their college acceptance letters, they also receive a financial aid offer if they applied and qualify for assistance. And now, as students are making college decisions, some still haven't seen financial aid offers. But neither of her acceptance letters from Penn or Princeton included financial aid award information.

Persons: —, Ansah, It's, We've, wouldn't, She'd Organizations: Princeton University, University of Pennsylvania, CNBC, Ivy League, Princeton, Penn, Federal Student Aid, of Education, Rutgers University, Howard University, University of Maryland Locations: New Jersey, Penn

☆ 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

☆ It will be even more expensive to borrow money for college this year—3 tips to cut down costs
▼ + stars: | 2024-05-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

The interest rate for direct federal undergraduate student loans disbursed after July 1, 2024 will be 6.53%, the Department of Education announced Tuesday. That's up from the current 5.5% interest rate, and the highest rates have been since 2008, according to ED data. New graduate student loans will have an 8.08% interest rate and parent PLUS loans will come with a 9.09% rate. Here are three ways to lower your overall college costs and reduce the amount you may need to borrow. Starting your college education at a community college or trade school is one way you may be able to cut down on costs while racking up course credits.

Persons: That's, Gabriella Carter, Ethan Nguonly, Nguonly hustled, Nguonly Organizations: Department of Education, Princeton University grad, CNBC, University of California — Locations: University of California — Berkeley

☆ 'The house is burning down': Money expert's advice for a couple with over $620,000 in debt
▼ + stars: | 2024-05-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Each month, they pay $3,700 for their mortgage, $3,342 on their credit card debt and $2,495 on their auto loans. 'The house is burning down'When Sethi asked Kevin and Michelle why they needed help despite their high income, Kevin said impulse buys like drinks at 7-Eleven have really added up. The couple owes $73,000 in credit card debt and $99,000 on two auto loans for luxury cars. "That's a total distraction from what's really going on here, which is the house is burning down." At the time of the podcast's recording, the couple's fixed costs came out to about 73% of their monthly income.

Persons: Ramit Sethi, Rich, Kevin, Michelle, Sethi

☆ A Harvard education costs over $82,000 a year—here's how much students actually pay
▼ + stars: | 2024-05-12 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Going to an Ivy League institution like Harvard University can pay off in the long run. Before they get there, though, Harvard students have a steep price to pay. However, many students pay far less than the sticker price. Over half — 55% — of Harvard undergraduates receive institutional scholarships, according to the school, and 24% of Harvard families pay nothing after aid and grants. Students who receive federal financial aid pay an average of $19,500 a year to attend Harvard, according to the College Scorecard.

Organizations: Ivy League, Harvard, Department, Education's, Stanford University , Massachusetts Institute of Technology, Duke University and University of Chicago

☆ Campus protests, FAFSA delays plagued college admissions this year—how it affects incoming students, from college counselors
▼ + stars: | 2024-05-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

This year's college admissions cycle is wrapping up, and it's been eventful. Before high school seniors even started submitting applications in the fall, several factors were poised to shake up the admissions season. Separately, college students and administrators' responses to the Israel-Hamas war has brought even greater scrutiny to higher education institutions. And despite issues like the FAFSA delays, some colleges still wanted incoming students to make a decision — and a deposit — by May 1. Durso Finley and Burks Becker shared insights from what they've seen working with students and families throughout this unusual school year.

Persons: it's, Jeffrey Durso Finley, Holly Burks Becker, Durso Finley, Burks Becker Organizations: Federal Student Aid, College, Harvard University, University of Pennsylvania, Columbia University, University of Southern, The Lawrenceville School, CNBC Locations: Israel, University of Southern California, New Jersey

☆ These 10 colleges may be as good as the Ivy League, according to Forbes
▼ + stars: | 2024-05-04 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

No matter where you get your college rankings, there's a good chance one or more of the Ivy League universities will be on top of the list. You don't need an Ivy League education to be successful in life, though. Forbes recently compiled a list of colleges that aren't in the Ivy League, or even in the group of schools that have become known as "Ivy-plus," for their comparable exclusivity, rigor and positive student outcomes. Aside from the eight Ivy League schools and four Ivy-plus schools — Massachusetts Institute of Technology, University of Chicago, Stanford University and Duke University — Forbes selected colleges based on exclusivity and a survey of hiring managers it conducted to establish what it is calling "New Ivies." The median earnings are among former attendees of each school, 10 years after starting college, according to the College Scorecard.

Persons: there's, Forbes, Duke University — Organizations: Ivy League, Department, Education's, Harvard, Yale, — Massachusetts Institute of Technology, University of Chicago, Stanford University, Duke University, Duke University — Forbes, University of California, Military, Forbes

☆ One personal decision can create a mess of financial challenges for transgender Americans—'it takes a lot of courage'
▼ + stars: | 2024-05-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Changing their name may be an important step a transgender or nonbinary person takes to embrace their identity. But doing so is seldom easy and can create even more problems — particularly for your finances — after the fact, according to a recent white paper published by J.P. Morgan Wealth Management. Credit reports using deadnames — former names that individuals no longer use — are common and can result in credit discrimination against trans people, J.P. Morgan says. Getting approved to rent an apartment is just one of the issues that can arise out of inaccuracies on your credit report. Potential employers, utilities and phone companies and more may pull your credit report as part of a background check to hire you or establish services at your home.

Persons: J.P, Leo Aquino, Shelby Anderson, Morgan, deadnames, —, Aquino, hadn't, Anderson Organizations: Morgan Wealth Management, CNBC, Social Security Locations: U.S

☆ How to tell if you can actually afford a major purchase: 'Most people genuinely have no idea,' says self-made millionaire
▼ + stars: | 2024-05-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Most people 'genuinely have no idea'The couple's recent major purchases include an awning and rack for their van and a vacation to Barbados. In both instances, they considered whether or not they could afford the purchase on a monthly basis, Sethi said. "This is very common, and most people genuinely have no idea how to decide if they can afford something." Like many people, Callie and Travis think about their budget on a monthly basis, rather than an annual one. "Until now, they would go on trips, charge up a bunch of stuff, and then get surprised at how much it all cost," Sethi said.

Persons: Callie, Travis, Ramit Sethi, Rich, Sethi, Skip Locations: Texas, Barbados, Alaska

☆ Young Americans' wealth grew by nearly 50% over the last 4 years—it's not just from buying homes
▼ + stars: | 2024-04-30 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The inflation-adjusted average net worth of households headed by someone age 40 or under was around $174,000 at the end of 2019. That number grew by $85,000 to hit $259,000 by the end of 2023, CAP found. But compared with where it was before the pandemic, young Americans' wealth appears to be on the come up, per CAP's analysis. Struggles to buy homes, pay off student debt and save for retirement have plagued many millennials' and other young adults' financial outlooks since they entered adulthood. But now, as the bulk of the millennial generation enters their mid-30s, they seem to be catching up.

Persons: Zers, — Organizations: Center, Federal Reserve, CAP

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