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Information provided on this page is informational only. Nothing posted here should be considered investment advice. Please review your financial situation with a qualified financial professional before taking action. For more information please see our disclosure.

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What Can I Do with a 529 Plan if My Child Doesn’t Need It?

During this back-to-school season, parents are covering their children’s education expenses by dipping into the accumulated balances in their 529 plans. These parents who saved for their children’s education costs are benefiting from the tax-free compounding that 529 plans provide. Even with the high cost of education, some parents may find that they have excess savings in the 529 plans they have set up for their children. Over-saving, unexpected scholarships, children deciding not to attend college, and the total cost of education being lower than expected are all reasons why this might happen.

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Will Your Federal Student Loan Be Forgiven?

Federal student loan borrowers have been afforded some relief during the pandemic, starting in March 2020 when all federal loans went into automatic forbearance. This relief is coming to an end on January 31, 2022, but questions remain about whether the Biden Administration or Congress will follow through with proposals made to forgive $10,000 or more of the federal student loans of all borrowers of that amount. In the meantime, the Department of Education has been working on other initiatives to make already existing student loan forgiveness programs easier to take advantage of.

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Student Loan Payments: Know your Options!

At more than $1.7 trillion, student loans have become the second largest source of debt in the United States, behind only mortgage debt. The average student debt borrower, as of 2019, owed more than $29,000 and had a monthly payment more than $300/month1. The figures are even worse for students in New England, with New Hampshire averaging the highest amount of student loan debt out of any state with $39,400/student. Connecticut, Rhode Island, and Massachusetts are also in the top 102. With debt levels on the rise, and the cost of college increasing, student loans are one of the top financial issues facing many young professionals.

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Need a Last Minute Gift Idea? - How About a Future College Education

We all know that college is expensive. We also know that the last thing on a child's mind is how they are going to pay for college, 5, 10, or 15+ years from now. To help the funding hurdle many parents and grandparents use 529 college savings plan accounts to help pay for this, possibly quite large, future expense. Although to a child, a contribution to a college savings plan isn't as fun or exciting as a hot new toy, but we adults know that saving a little for the future can go a long way.

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Going Back to College? - Some 529 Tips For Funding College Expenses

As summer comes to a close, it signals a time when college students across the country begin their return to school. Although in the age of COVID-19 the "return" to school may not mean physically going back to campus but popping open the books remotely in their childhood home. In whatever situation your child ends up, unless they're lucky enough to get a full scholarship, college costs are not free. For the many proactive parents who established 529 accounts to fund their child's college education, this is a time where these tax-friendly accounts get their most use. While the tax benefits of a 529 account are nice, it's important that you follow the rules and take your withdrawals correctly. Otherwise you may be greeted with an unwelcome surprise by the IRS come tax time. Here are a few things you should know about taking withdrawals from your 529 accounts.

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What's The Value of a Financial Advisor Anyway?

In today's digital age, almost anything you could ever want to know can be found online. Have a leaky faucet? Watch a YouTube video on how to fix it. Want to find high-interest fee-free savings accounts? Just Google it. Have the urge to learn how to code? Enroll in a free course online. With the wealth of information found on the internet this begs the question, do I really need a financial advisor?

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