Most federal student loan payments and interest have been suspended since March 2020. After numerous extensions and introduction of a federal student loan forgiveness that was blocked by the Supreme Court as of June 30, 2023, student loan interest resumes on September 1, 2023, and payments will resume starting in October.
With college costs soaring – and student loans readily available – it’s easy for young adults to graduate without understanding exactly how much they’ve borrowed or what their projected loan payments might be. Borrowing isn’t a bad thing. It’s when you borrow too much, and get in over your head with student debt, that things can get hairy. Here’s a look at what you need to consider when it comes to paying for college costs.
Many believe that an estate plan is reserved for those with millions and mansions. This could be why only 42% of adults in the U.S. have estate planning documents in place, including wills and powers of attorney. Although you might not plan to leave a whopper of an inheritance to your loved ones when you die, an estate plan is the only way to make sure your assets go to the people or charities you love most.
If we’re honest, we don’t need research to tell us what we already know deep in our bones: We don’t always agree with our partners on money matters. Often, fights with a spouse about spending or saving can drive us right to the edge. But it doesn’t have to be this way. It’s possible to stop money fights before they bubble up. Here’s a look at some of the best ways couples can successfully navigate financial issues together.
Money can be a challenging subject to bring up with your life partner. But despite how uncomfortable talking about our finances may make us feel, the discussions eventually have to happen for you and your partner to build an honest and sustainable future together.
As the cost of college tuition continues to rise, it's more important than ever for parents to start saving for their child's education early. But with so many different college savings options out there, it can be hard to know where to start. Here are a few helpful tips and resources to get you on the right track, including helpful resources from Oregon College Savings.
For those of us on the path to financial independence, impatience is a universal emotion. It's normal to feel antsy and want to speed up the process. After all, who wants to wait years (or even decades) to reach their goal? In this article, we'll explore the different stages of impatience on the journey to financial independence. By understanding these stages, you can better manage your emotions and stay on track.
Student loan debt can be a huge burden for people, both young and young-at-heart. The good news is that there are steps you can take to make the most of your loans and minimize your payments. By following these tips, you can make the most of your student loan debt and get on track for a bright financial future!
This month, we look at creating a will. It’s not always an easy thing to think about, but preparing for your end of life will ultimately ensure your property is distributed as you wish, and to the benefit of those you care about most. In this article, we discuss why a will is important and how to create one. While creating a will may not help your personal financial fitness, it can help your beneficiaries.
Did you know you should be managing your money differently at different stages of your life? We provide an overview of what you should be prioritizing based on your age (or life stage).
In your 60’s, you have hopefully either retired or are getting close. Now is the time to enjoy life and (hopefully) worry less about finances. This is a great time to travel, pick up side income to supplement your retirement money...or both! Retirement can mean a lot of changes in your day-to-day activities, but also for budgeting and setting financial goals. That’s right—It’s never too late to set goals.
Financially, your 50’s can be low key or a bit of a chaotic rush. If you are on track for retirement, and have your debt paid down or paid off completely, there might be very little you need to think about financially. In this case, you can focus on optimizing other savings, or larger purchases to carry you through retirement. If you are still catching up on retirement, you may be concerned about meeting your goals, but it is still possible to get where you need to be by your projected retirement date.
Hopefully, by your 40’s you feel comfortable enough with your finances that budgeting and saving are somewhat automated and stress-free. If you have student loans or consumer debt, the balances should be lower or at least on the way down faster than before. You may even have a mortgage and car payments. You are experienced enough to know what you need to improve on, but still young enough to have time to supercharge your finances before retirement.
At 30, you are suddenly expected to have everything, including finances, in order. You have likely been out of trade school or college for a while now, and may even still be paying on student loans. You also may be looking to buy a home or move to a different area. You likely have been in a career for a few years, but are still younger and less experienced than your supervisors. Oh, and the pressure for having a solid retirement plan is heavy! Not to worry, we have tips to help with all of that.
At 20, it may seem like you have all the time in the world to save. There may be other responsibilities to focus on such as college, trade school, or keeping up with your new financial independence. However, now is the BEST time to start preparing for your financial future.
Along with other bills, there is one type of bill causing many Americans to worry during the Coronvirus pandemic—Student Loans. Even before COVID-19, millions of Americans were suffering under high-interest student loan debt. Now, with lower incomes and overall financial insecurity, those with student loans are wondering if they will ever recover. This article features information on how to receive financial relief during the pandemic.
They say that love is blind. But not so blind as to not notice when someone has wildly different ideas about budgeting, spending, and saving than you. When it comes to combining your finances with another person, specifically a significant other that you live with, there are some dos and don’ts that can help make it work.
Americans owe more than $1.4 trillion in student loan debt, and students graduating this year will, on average, face decades of monthly payments. Grappling with such a large amount of debt can be paralyzing, especially for recent graduates whose average starting salary isn’t six-digits. Thankfully, there are methods and steps that you can take to manage that debt, pay it off faster, and minimize the amount of interest paid over the life of the loan.
According to the Financial Health Network, 47% of Americans spend more or equal to their income every month. That can make it difficult if not impossible to save for a college education. But there are a few tips you can use as a parent and student to plan for and save money while in college.
Going to college is a huge, life-changing event. Check out some common college costs, pitfalls, and money-saving tips.
If you’re considering making the move to a better career opportunity, below are some tips to keep in mind so that your finances don’t take a hit in the process.
Guest lists, honeymoon destinations, and the perfect dress…getting married (and being married) takes a lot of preparation. Here are some things to consider.
Babies change a lot in a family, and finances aren’t immune. There is plenty you can do to prepare whether you’re a new parent or a seasoned vet.
Sending a child to college can leave you contemplating both an empty nest and an empty wallet. It’s never too early to start planning and saving…but it’s never too late, either. Whether you have several years to plan, or just a couple, Rivermark is your trusted resource during the uncertain financial times ahead.