Tag Archives: StudentDebt

Should You Take on Student Loan Debt for Your Children?

As tuition prices rise, so does the desire for parents to take on student loans for their children. It is understandable why a parent would want to put themselves into debt to help out their beloved children. However, student debt is at record high levels and recent reports of bad student loan practices against the loan provider Navient have left many people wondering if they should have ever taken out a loan at all. According to a recent survey by Student Loan Hero, 55% of parents have over $40,000 in student debt, often taken out of their retirement funds. This can have a lasting impact on some of these parents for the rest of their lives. Should Your Child Pay for Their Own Education? Although letting your child take on debt for college can seem intimidating, letting them pave their own way for schooling could be a great learning experience…
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Could Moving States Help You Tackle Your Student Loan Debt?

The CEO and creator of the student loan repayment website studentloanhero.com came up with an interesting strategy when he wanted to tackle over $100,000 in student debt. Move states. He was living in New York City, which has one of the highest income tax rates in the nation. He decided to move to Austin, TX, where there is no state income tax or municipal taxes, and living expenses average about 20 percent less overall. This move freed up over $15,000 of annual income, which gave him more wiggle room to deal with his student loan debt. He was able to start making extra payments, and he designed a tool on his website that can calculate how much money people could save by moving to a state with no income tax. Keep reading to learn what states don’t have income tax, and how much you could save by moving. Where Should…
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