College is a time of new found freedom for many students. But that can spell trouble if that freedom applies to personal finances too. Students need to understand basic money management skills such as living within a budget and handling credit and debt. A solid financial foundation can lead to a lifetime of financial success.
The federal government's income-based repayment program (IBR) for student loans allows qualified borrowers to tie their monthly federal student loan payments to their discretionary income. A new version of the IBR program called "Pay As You Earn" took effect on December 21, 2012 (it was originally scheduled to be phased in during 2014, but the Obama administration took regulatory measures to make it available sooner). The potential for IBR to change the landscape for college borrowers is enormous. According to the U.S. Department of Education, as of last October, about two million borrowers had applied for IBR.
Ask the Money Dr.
I'm one of those college students who got a credit card, and charged way more than I could afford and now can’t pay it back. I have $4300.00 on a credit card and work... Read Answer
Financial Topics for College Students
- Budgeting and Saving
- Career Planning
- Charitable Giving
- College Costs
- College Savings Options
- College Savings Plans 529
- Credit Cards
- Financial Aid
- Financial Reform
- Going to College as an Adult
- Health Care and Health Insurance
- How to Talk to Your Children About Money
- Investment Products