As September rolls around and school begins, no matter what age you are, it always feels like it is the beginning of a new year. It’s also a good time to review your finances and make any changes before the end of the year.
College is a necessary, but expensive, endeavor in the life of any young American citizen. Higher education helps propel individuals into economically stable and rewarding careers. However, Forbes points out that the nation's nearly $1.2 trillion in student loan debt is crippling students, their families, and the economy.
Scott M. Kahan, CERTIFIED FINANCIAL PLANNER™ professional and President of Chappaqua’s Financial Asset Management Corporation, offers suggestions for getting one’s financial planning under control and making the whole college process a little less stressful.
Perhaps the two greatest financial goals of adults with families are comfortably retiring and confidently sending their children to college. Guiding your children into adulthood and relaxing after they’ve flown the coop are major life events that should be reflected upon with joy and happiness.
The figures out last year show that the average amount of student loan debt a student graduates with is $18,625. Most graduates are carrying multiple student loans from multiple sources, and the cost and complexity of managing them can become overwhelming, especially if they are unable to secure steady employment with sufficient cash flow to make the payments.