| Teach your children to pay debt and save money
Karen Wons of Maryland finds herself in a quandary that is confronting many parents right now. She is struggling with how best to advise her daughter -- a recent college graduate -- on paying down her $25,000 in student loans. Wons did what any wise parent would do. She asked for help. Here's the back story. Wons' daughter works as a project manager at a medical software company. She has an annual salary of more than $50,000. Her employer provides a 401(k). She has about $13,000 in cash from recently redeemed Series EE savings bonds. She has no credit card debt. She has no payments on a reliable car with low mileage. She's sharing an apartment and other living expenses with an older sister in Madison, Wis. Her portion of the rent is just over $500 a month. Wons is unsure about the course her daughter should take with her debt.
GetSmart.com Suggests Ways to Use a Home Equity Loan
A Home equity loan can be a useful, tax deductible, way to tap equity that you have accumulated in your home. As long as you borrow wisely, this may be a good resource for some much needed cash. Charlotte, N.C. (PRWEB) August 10, 2007 -- Whether you're looking to pay for a costly education, find funding to renovate your home, or cover the costs of a large unexpected expense, you might want to consider a home equity loan. Home equity loans are great alternatives to putting major expenses on a credit card, and have a much lower interest rate. A home equity loan gives the borrower a lump sum of money at a fixed interest rate, with your home used to guarantee the loan. The borrower then pays the money back in monthly installments. So when is getting a home equity loan a good idea? GetSmart.com shares some insight: College tuition
If you need access to money to finance your child's college education, a home equity loan is something you may want to consider, particularly if your child doesn't qualify for a student loan.
Student loan lessons
Karen Wons of Maryland finds herself in a quandary that is confronting many parents right now. She is struggling with how best to advise her daughter — a recent college graduate — on paying down her $25,000 in student loans. Wons did what any wise parent would do. She asked for help. Here's the back story. Wons' daughter works as a project manager at a medical software company. She has an annual salary of more than $50,000. Her employer provides a 401(k). She has about $13,000 in cash from recently redeemed Series EE savings bonds. She has no credit card debt. She has no payments on a reliable car with low mileage. She's sharing an apartment and other living expenses with an older sister in Madison, Wis. Her portion of the rent is just over $500 a month.
How to pay off student loans
Karen Wons of Maryland finds herself in a quandary that is confronting many parents right now.
She is struggling with how best to advise her daughter - a recent college graduate - on paying down her $25,000 in student loans.
Wons did what any wise parent would do. She asked for help.
Here's the back story. Wons' daughter works as a project manager at a medical software company. She has an annual salary of more than $50,000.
Her employer provides a 401(k). She has about $13,000 in cash from recently redeemed Series EE savings bonds. She has no credit card debt. She has no payments on a reliable car with low mileage. She's sharing an apartment and other living expenses with an older sister in Madison, Wis. Her portion of the rent is just more than $500 a month.
Recent college grad seeks guidance on paying off loans vs. 401(k) vs. investing
Karen Wons of Maryland finds herself in a quandary that is confronting many parents right now. She is struggling with how best to advise her daughter - a recent college graduate - on paying down her $25,000 in student loans. Wons did what any wise parent would do. She asked for help. Here's the story. Wons' daughter is a project manager at a medical software company. She has a salary of more than $50,000. Her employer provides a 401(k). She has about $13,000 in cash from redeemed Series EE savings bonds. She has no credit card debt. She has no payments on a reliable car with low mileage. She's sharing an apartment and other living expenses with a sister in Madison, Wis. Her portion of the rent is just over $500 a month. Wons is unsure about the course her daughter should take.
Student loan options are baffling to family
Karen Wons of Maryland finds herself in a quandary that is confronting many parents right now. She is struggling with how best to advise her daughter -- a recent college graduate -- on paying down her $25,000 in student loans. Wons did what any wise parent would do. She asked for help. Wons's daughter works as a project manager at a medical software company. She has an annual salary of more than $50,000. Her employer provides a 401(k). She has about $13,000 in cash from recently redeemed Series EE savings bonds. She has no credit card debt. She has no payments on a reliable car with low mileage. She's sharing an apartment and other living expenses with an older sister in Madison, Wis. Her portion of the rent is a little more than $500 a month. Wons is unsure about the course her daughter should take: Should the daughter consolidate her college loans during her six-month grace period? (She has federally backed Stafford and Perkins loans.) Should she use the entire $13,000 to pay down the loans or keep making monthly payments to take advantage of the interest deduction? Should she invest all of the $13,000? While paying on the loans, should she contribute to her 401(k)? Let's take the consolidation question first.
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