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Nine Things To Know About Saving For Education

Forbes – Roxana Maddahi

“The cost of college increases by approximately 8% per year on average, making the financial burden terrifying. The average cost of a four-year private university today is $34,740. Based on those numbers, tuition at a private university could cost kids born today well over $100,000 a year.” (more)

College Decision Day Brings Relief, Excitement And Big Worries About Money

KQED News Mind/Shift – Elissa Nadworny

“Across the country, schools celebrate the achievement in different ways. Some hold assemblies where students get up and announce their decisions. In other places, students wear their college gear — a T-shirt or ball cap or sweatshirt. Walk down any high school hallway — or sit in a college adviser’s office — and you’ll likely hear a chorus of “Where are you going next year? What’s your school choice? Where are you going?” That’s what I hear in an adviser’s office at McKinley Tech High School in Washington, D.C. The room is abuzz with activity. Students are filling out scholarship prompts, trying to access their financial award letters to inform last minute decisions and announcing their final college choice to anyone who asks.” (more)

The 8 Most Confusing Things About Fafsa

The New York Times – Charlie Jarvis

“The high cost of college makes financial aid unavoidable for most students. And this means undertaking the lengthy and often complicated process of filling out the Free Application for Federal Student Aid, known as Fafsa. The form can be confusing — so much so that each year about 25 percent of Fafsa forms are abandoned mid-process, leaving billions in federal aid unclaimed. And aside from going digital in 1997, it hasn’t changed much since it was first made available in the 1970s. The form is written in a slightly counterintuitive way, to be filled out by the student rather than a parent or guardian. And there are many moving parts.”(more)

Not doing this when you apply for student loans could cost you

USA Today – Kellie Ell

“More than half of students read less than 25% of their student loan documents, according to a new study. Many skipped reading them altogether. Those are the results of the 2017 State of Student Loan Debt in America survey, which polled current college students and their parents on their attitudes about managing student loan debt and found that most of America’s college students are flummoxed by the lengthy student loan process.”(more)

Retirement plan: 70% of young parents are making this big money mistake

USA Today – Kathleen Elkins

“According to a new survey from Personal Capital, 70% of Millennial parents say they would prioritize their kid’s college education over their own retirement. Most financial advisers would call that a big mistake. You don’t want to “derail your retirement for your child’s college education when they can get a loan or scholarships,” certified financial planner Carrie Schwab-Pomerantz tells CNBC.”(more)

How freezing credit after Equifax will shut you out of some student loans

USA Today – Susan Tompor

“Here’s something student loan borrowers don’t want to hear: The Equifax data breach now could cast a shadow on applying for some college loans, too. After the Equifax data breach hit in early September, many consumer watchdogs —including the Federal Trade Commission and U.S. PIRG — advocated that consumers consider putting a freeze on their credit report if they felt their Social Security number and other data had been compromised.”(more)