Key Points Only 42.5% of high school seniors have competed the FAFSA, a decrease of 14.4% compared to the prior year Nevada, Florida, Utah, Arizona, and Alaska are the states with the lowest completion rates Lower FAFSA completions means that fewer families will receive need-based financial aid for college (or even attend college to being with) Only 42.5% of the high school class of 2024 has completed the FAFSA as of May 24, according to the latest data from the National College Attainment Network. This is 14.4% below the completion rate of the class of 2023 at this same time last ..read more

Should you get college student life insurance? This question is about life insurance. Many families wonder if they should get college student life insurance as their son or daughter heads off to school. The answer is: maybe. There are a few situations where it can really make sense to have life insurance as a college student. But for many college students, it's simply an unnecessary expense until later in life. Here's when you should get college student life insurance. When Does A College Student Need Life Insurance? There are three main situations when a college student needs life insu ..read more

Sallie Mae and College Ave are two well-known lenders that offer student loans for undergraduates as well as graduate programs. Figuring out which one to choose ultimately depends on your personal financial situation and your goals after college. While federal student loans are a common choice for many students, they aren’t the only way to finance your education. Loans from private lenders can help you bridge any gaps you have in your funding while also providing resources to set you up for success after you graduate. This guide dives into both Sallie Mae and College Ave and some things to ..read more

529 plan investment strategies can be hard to navigate. College and retirement savings plans often involve dynamic investment strategies, such as age-based and enrollment-date asset allocations for 529 college savings plans and target-date funds for retirement.  They start off with a high percentage invested in high-risk, high-return investments like stocks, and gradually shift the mix of investments to a lower-risk asset allocation as time passes. In most cases, dynamic investment strategies use a linear glide path, where the percentage invested in stocks drops by a fixed amount each y ..read more

What are the best college loan types? This question is about student loans. There are multiple college loan types, and many families wonder - which is best? The answer, like so much else in personal finance is, it mostly depends. There are two main types of student loans: federal student loans and private student loans. Federal student loans are offered by the government, and come in multiple variations. Private student loans are offered by private lenders, including banks, credit unions, and state non-profits. The best college loan type depends on your needs and situation. Some loa ..read more

Signm is an AI-powered tool for analyzing investment sentiment. When it comes to choosing the best portfolio of stocks, picking winners isn’t always necessary. Rather, you need a system to remove the losers out of your portfolio quickly.  Passive stock investors typically use index funds to achieve this objective, but individual stock investors need something better. Signm is a company that is devoted to bringing the wisdom of crowds to individual investors. It analyzes social media mentions, news sentiment, financial data, and more to help investors better curate their i ..read more

Bankruptcy is a legal process that clears out your debts or creates a payment plan to creditors, allowing you to catch up.  Businesses, farmers, municipalities, and individuals can file for bankruptcy. While wiping out your debts might sound appealing, there are downsides. Plus, some debts, like student loans, are notoriously difficult to get removed in bankruptcy. But in some cases, it might be the best option. Let's dive into bankruptcy and see what it all means. Table of Contents What Do The Numbers/Types Mean? Chapter 7 Chapter 13 Can It Really Help? What About Student Loans? F ..read more

Key Points Synapse Financial Technologies, a banking-as-a-service provider, has declared bankruptcy, causing neobanks that use their services to be unable to access customer funds. Popular banking apps like Yotta, Juno, Copper, are impacted, with some shutting down. Over one million Americans may be affected and unable to access their money. Neobanks like Yotta, Juno, and Copper had grown in popularity over the last few years. These banking apps were not actual banks - rather they were banking services that used technology to connect their apps to real bank accounts at partner ban ..read more

The Solo 401(k) auto-contribution tax credit can earn you $1,500 over three years by just enabling automatic contributions to your solo 401(k) plan. Solo 401(k) plans are a type of retirement plan that allow solo business owners to save on taxes while putting away funds for retirement. While most people associate 401(k) plans with larger businesses, even the smallest businesses with a single employee can create a 401(k) plan for their business. The Solo 401(k) auto-contribution credit regulations are quite complex, so we're sharing what you need to know to receive up to $1,500 in tax credits ..read more

Key Points The Biden Administration is canceling $7.7 billion in student debt for 160,000 borrowers. This brings the total number of beneficiaries to 4.75 million, with each receiving an average of over $35,000 in relief. President Biden announced today that his Administration is canceling $7.7 billion in student loans for 160,000 borrowers. This latest action brings the total number of Americans who have benefited from debt relief measures under Biden to 4.75 million, each receiving an average of over $35,000 in debt cancellation. The newly canceled debts include those of indivi ..read more