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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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