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Graduating? Here’s What to Know About Your Student Loans

The New York Times – Ann Carrns

“Whether the speaker at your college graduation is the Apple chief executive Tim Cook (M.I.T.) or the actress Eva Longoria (Knox College), the event signals the end of your undergraduate career — and moves you that much closer to having to repay your student loans. Most federal student loans come with at least a six-month grace period, a time during which you don’t have to make monthly payments. For spring graduates, that means repayment is likely to begin sometime in November or December. That gives new graduates some breathing room — to find a job, rent or buy an apartment, or buy a car — before starting to make payments. But many borrowers, despite studying hard to earn a degree, are uneducated about the type of loan they have, how long it will take to repay, what their monthly payment is likely to be and other important details, according to research from Prudential Financial. So they may be caught off guard when it comes time to begin repayment.”(more)

What science says about avoiding student debt

USA today – Jen Zettel

“Researchers at the Wisconsin HOPE Lab study how people pay for college, whether college is considered affordable and how public policy affects universities, students and their families. The lab is composed of people from various disciplines — economists like Anderson, sociologists, public policy analysts — who ask questions about college in Wisconsin and find the answers. A few of the Wisconsin HOPE Lab’s findings.”(more)

The Best Time to Start Saving for Your Child’s College Education

Kiplinger – Scott Vance

“Imagine dropping your kid off at college for the first time. It’s bound to be an emotional day for everyone—just ask any parent who has already done it. Now imagine that same day, and add worrying about whether you can afford all the costs that come with higher education.”(more)

Hey Students, Applying For College Aid Is Easier! (But Still Hard)

NPR – Cory Turner

“When the Obama administration announced last year that it would overhaul the Free Application for Federal Student Aid, or FAFSA, prospective college students (and their parents) cheered. “Today, we’re lending a hand to millions of high school students who want to go to college and who’ve worked hard,” said Arne Duncan, who was at that time U.S. secretary of education. “We’re announcing an easier, earlier FAFSA.” And it is both.”(more)

These Are the ‘Building Blocks’ That Lead to Smart Money Decisions

Time Money – Dan Kadlec

“These three skills are essential, and should begin to be understood as young as 3 years old. How do kids learn sound money practices? The answers have eluded financial educators for years, and the lack of clarity as to what works best has fueled resistance to pouring more resources into the effort, especially in schools. Critics make many valid points. But they also jump to a faulty conclusions. And as Richard Cordray, director of the Consumer Financial Protection Bureau, said recently: “I have never found [the resistance] convincing. To me, all it says is that we simply have not yet been at this work long enough.” The need for broad financial education has never been more apparent.”(more)

Scientific Secrets To Keep Kids In College

NPR – Anya Kamenetz

“Ideas42 — a nonprofit research-into-action lab — designs policy interventions to help people make better decisions about their lives. Its primary method is through what’s called “behavioral science” — applying insights from psychology and other social sciences to real world problems. Their high-profile scientific advisors include Richard Thaler, behavioral economist and co-author of the book Nudge: Improving Decisions About Health, Wealth, and Happiness ; and Daniel Kahneman, psychologist and Nobel Laureate and author of the book Thinking, Fast And Slow. Education is one of several program areas at Ideas42, along with health, poverty and development, consumer finance, and sustainability.”(more)