Advice for Parents Archives - Page 2 of 3

Hire a College Counselor in Certain Situations

September 9, 2019 Jordan RothmanAdvice for Parents, Choosing Schools

As many people already know, applying to college is not easy. Not only are there a multitude of deadlines and forms that need to be completed in order to apply to undergraduate programs, but it is oftentimes difficult to determine which school you should attend. Since people are normally 16 or 17 years old when they apply to college, applicants often turn to parents for advice. However, it may make sense to hire a college… Continue Reading Hire a College Counselor in Certain Situations

Picking a Student Loan Cosigner

August 26, 2019 Jordan RothmanAdvice for Parents, Repayment Strategies

Many student debt borrowers need to secure a cosigner to guarantee their student loans. Students typically do not have a substantial credit history, and cosigners provide lenders an extra sense of security. A guest article (written by my brother) already teased out the issue of cosigners, but I also wanted to discuss a few considerations that come into play when picking a student loan cosigner based on my own experiences. As previously mentioned in a… Continue Reading Picking a Student Loan Cosigner

Parents Should Equally Help Children with Educational Costs

February 25, 2019February 26, 2019 Jordan RothmanAdvice for Parents

Parents Should Equally Help Children With Student Loans

Since founding Student Debt Diaries almost 18 months ago, I have received hundreds of emails from people across the country. Although most individuals who email me have student loans themselves, I also receive numerous messages from parents of children with student debt. Usually, parents reach out to me in order to discover ways that they can help their kids with student loans. However, a few parents have discussed their financial struggles and other issues that… Continue Reading Parents Should Equally Help Children with Educational Costs

Parents Can Help Their Kids Receive Financial Aid

January 21, 2019 Jordan RothmanAdvice for Parents

Every student who wants to minimize the amount of money they borrow to attend college or graduate school should consider obtaining financial aid. As mentioned in a few prior articles, I received generous need-based financial aid while attending college and law school. This assistance helped me lessen the amount of money I had to borrow to earn my degrees. Through my experiences applying for financial assistance, I learned first-hand how parents can help their kids… Continue Reading Parents Can Help Their Kids Receive Financial Aid

Life Insurance Can Help Children with Student Loans

October 1, 2018October 6, 2018 Jordan RothmanAdvice for Parents

Nobody wants to think about what will happen to loved ones after they pass away. Many of us have already endured the death of a family member, and we are very familiar with the financial and emotional stress that arises after a relative dies. For individuals with student loans, the passing of a parent or other family member can cause additional financial issues, since student loan borrowers might have difficulty paying for final expenses while… Continue Reading Life Insurance Can Help Children with Student Loans

Instead of Gifts, Ask Friends and Family to Donate to 529 Plans

August 27, 2018 Jordan RothmanAdvice for Parents

contribute to 529 plans instead of providing gifts

Many parents are probably very familiar with 529 savings plans. For those who do not know, 529 plans are tax-advantaged funds that encourage individuals to set money aside to pay the educational expenses of a future student. Many people assume that parents are the only individuals who can contribute money to a 529 plan. However, anyone can contribute to a 529 plan, and more people should contribute to 529 plans instead of providing gifts to… Continue Reading Instead of Gifts, Ask Friends and Family to Donate to 529 Plans

Deciding If You Should Pay for Your Children’s Educational Costs

August 20, 2018 Jordan RothmanAdvice for Parents

It is usually assumed that you should pay for your children’s educational costs if you are financially able to do so. And this of course makes sense, since student debt can restrict millennials from achieving a number of life goals. As previously mentioned on this website, student loans can impede recent graduates from buying a home, saving for retirement, and achieving a number of other financial aspirations. Having parents pay for educational expenses can be… Continue Reading Deciding If You Should Pay for Your Children’s Educational Costs

Handling Agreements to Repay Parents for Fronting Educational Costs

August 13, 2018August 13, 2018 Jordan RothmanAdvice for Parents

Repaying Parents for Fronting Educational Costs

Most articles on this website are directed toward individuals who borrowed student loans to pay for their educational costs. However, some people are fortunate enough to have parents who will pay for college and graduate school for their children. Some parents are wealthy enough so that they are able to pay for the educational costs of their kids without ever requiring their children to pay them back. However, other parents expect their kids to pay… Continue Reading Handling Agreements to Repay Parents for Fronting Educational Costs

Cosigner Considerations for Parents of Student Loan Borrowers

August 6, 2018 Jordan RothmanAdvice for Parents

Parents can have a major impact on how their children are affected by student debt. Some parents are wealthy enough to completely pay for their children’s’ schooling, so that their kids do not need to borrow any money to finance their degrees. However, since it currently costs an insane sum of money to attend college or graduate school, many students will need to borrow money in order to pay for their educational costs. Nevertheless, parents… Continue Reading Cosigner Considerations for Parents of Student Loan Borrowers

Parents Can Help Their Kids Refinance Student Loans

July 30, 2018March 10, 2022 Jordan RothmanAdvice for Parents, Refinancing Student Loans

Many parents of student loan borrowers are probably very familiar with the concept of refinancing debt. Indeed, numerous individuals refinanced mortgages after the Great Recession to take advantage of historically low interest rates. In addition, many individuals also have experiences with refinancing credit card debt and other types of loans. Refinancing debt usually allows borrowers to spend less money on interest and enables individuals to pay less each month to service their debt. Student loan… Continue Reading Parents Can Help Their Kids Refinance Student Loans