Source: Fidelity Investments *This hypothetical example illustrates the potential value of different regular monthly investments for different periods of time and assumes an average annual return of 4.5% rounded to the nearest $50. Contributions to a 529 plan account...
Interest rates on new federal student loans are rising again this year, which means it will be even more expensive to borrow money for Massachusetts college students Undergraduate loans will now carry a rate of 5.50%, up from 4.99% last year. Graduate student direct...
If you borrow for college for your Massachusetts children with federal student loans and you fail to repay them, you should know that the federal government may reduce your annual Social Security income by an average of $2,500. We say “may” because there are scenarios...
529 plans can make it easier for Massachusetts families to save for their children's college educations thanks to the tax breaks they offer. But the accounts have always had a pretty significant drawback: If you withdraw money from them to use for anything other than...
Massachusetts parents are continuing to save for college with 529 plans as the fate of President Joe Biden’s student debt loan relief program is awaiting a Supreme Court decision in June. These plans, which are advantaged savings plans designed to encourage saving for...
Over 20,000 Massachusetts babies have already begun saving for college. BabySteps, a program from the Office of Economic Empowerment that jumpstarts families into saving for their children’s higher education, has cleared the new signup milestone. The program, run by...
Student loan borrowers in Massachusetts who are in default may see their Social Security benefits diminish. The Social Security Administration (SSA) can take up to 15% of benefits to pay off student loans in default, according to the Legal Aid Society of Cleveland....
According to Forbes, a Massachusetts family or spouse can apply for a loan discharge if the deceased borrower has any of the following federal student loans: Direct subsidized loans, Direct unsubsidized loans, Direct PLUS loans and Direct consolidation loans. The same...
The question of when student loan payments will resume, along with “if” those payments will resume for all borrowers, is still on the minds of lawmakers, lenders, and borrowers. Although Joe Biden has repeatedly extended the loan pause, that may end on Aug. 31, 2022...
The beginning of the school year is a good time for a reminder of the tax benefits for education available to Massachusetts residents. These benefits can help offset qualifying education costs. Here is information about two tax credits available to those who pay...