Parents should “have a good financial plan for themselves, then budget how much they can give their kids,” saidCarolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida. Sign Up for Our NewsletterYour Wealth Weekly advice on managing your m...
In China, most college students are financially supported by their parents and have no awareness of financial management. Some students think it unnecessary to arrange the finance until they have their own income but others hold the opposite opinion. What do you think about it Write an essay of...
While traditional student loans require students to meet specific eligibility criteria including full-time enrollment, credit score and proof of income, Ascent's Parent Loan offers an alternative for families who do not meet all of the requirements to apply for, or be awarded, a loan...
When people ask how I ended up becoming a money expert, I say it's a combination of luck and intentionality. I studied finance and journalism, which helped. But my expertise began earlier in my childhood, when my parents would talk about money openly. They didn't shy away from having se...
Sometimes college students are required to file their own returns even if their parents claim them. Students and parents should check the rules for dependent filing and determine whether the student is required to file their own return based on their gross income, says Kathy Pickering, chief tax...
Mark Kantrowitz, an expert on student financial aid, stated that there is an asset allowance, or APA, that protects a portion of the parent’s assets, based on the age of the parent when determining financial aid. Financial aid is taken into account depending on the parent’s income and ...
it almost always makes sense to tap out federal student loans in the student’s name that don’t require a credit check or cosigner first. That’s because federal student loans come with low fixed interest rates and federal protections like deferment, forbearance, and income-driven repayment pla...
If the money is not used for qualified expenses, income taxes and a 10% penalty on the earnings will apply. There's no age requirement for the beneficiary of a 529 plan, so parents can open it when they see fit. People who are not yet parents but plan to have children can open...
(both related to the level of income), nor with their child's living arrangement (fully or partly with parents). Half of the non-savers (about a third of the sample) reported a lack of sufficient income to save, but the others claimed to have no financial goals or specific motives to...
Leigh, a 27-year-old in Maryland, first saw her parents’ income statements when she was a child and quickly realized something wasn’t adding up. Though her parents were trying their best to be financially responsible, their bills were too high compared to their unstable income, and they ...