The Department of Education recently launched the most generous federal student loan income-driven repayment (IDR) plan to date — the Saving on a Valuable Education (SAVE) Plan. The SAVE Plan comes after the U.S. Supreme Court blocked federal student loan cancellation in June and before payments are set to restart in October after more than three years of payment pauses. The SAVE Plan will be implemented in phases, but eligible borrowers can sign up online now with a "beta version" of the application.
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posted in Financial Planning, 2023, Education, Income, Repayment
A 2023 survey revealed a notable shift in public opinion over the past decade about the value of a college degree: 56% of Americans think a four-year college degree isn't worth the cost due to students graduating with significant debt and a lack of specific job skills vs. 42% who believe college is worth it. The survey numbers have almost reversed from ten years ago, while college enrollment has declined by about 15% over the same period.1-2
A big reason many Americans are foregoing college is the cost. For the 2022-2023 year (most recent data available), the average one-year cost for tuition, fees, room, and board was $23,250 for in-state students at a four-year public college, $40,550 for out-of-state students, and $53,430 at a four-year private college.3 But many schools, especially "elite" private colleges, cost substantially more, with some over the $80,000 mark.4
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posted in Financial Planning, FAFSA, College, 2023, Education
