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From investing to debt to budgeting, 19 financial mistakes millennials should avoid

USA Today – Staff Writer

“The money moves you make when you’re young are going to set the stage for future financial success — or make it harder for you to achieve your dreams. While focusing on financial responsibility may not seem like much fun, young people have the benefit of time and a clean slate when it comes to money matters. If you make good choices from the start, you can make the magic of compound interest work for you and set yourself on the path to success. But, it’s important to avoid mistakes that could cost you.” (more)

Two Student Loan Studies Everyone Missed

Education Next – Jason D. Delisle

“Novel research that focuses on student loans tends to receive considerable attention these days. Yet two recent studies with big implications for the federal student loan program have gone largely unnoticed. Perhaps that is just a coincidence. Or perhaps it is because these studies contradict popular narratives about student debt that imply the loan program ought to be more generous and lenient. Each paper is summarized below, followed by a discussion of what the findings imply for policy reforms.”(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)

The Tangled World of Teacher Debt

Education Next – Alexander Holt and Jason D. Delisle

“Say you’re a 3rd-grade public school teacher with $50,000 in student-loan debt. The federal Stafford Teacher Loan Forgiveness program sounds like a great idea: teach for five years while you make monthly payments right-sized for your income, and the government will forgive $5,000 of what you owe. But then comes the fine print. Accepting the $5,000 resets a different loan-forgiveness clock—the one that would have erased your outstanding debt entirely after 10 years, since you’re a public employee. To access that benefit, now you’re stuck with another decade of payments, or 15 years in all. It’s hard to follow, and would be even if the explanation were not buried in Section 8 of the “Public Service Loan Forgiveness Employment Certification” form in the third paragraph of the subsection titled ‘Other Important Information’.”(more)

Class of 2017: Get a jump on adulthood with these 7 tips

USA Today – Teddy Nykiel

“College prepares students to be everything from accountants and teachers to government workers and health care technicians, but not all students learn basic money management skills. Here’s advice for this year’s graduates on how to succeed financially.”(more)

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)