Recently released numbers from the CDC show that the number of students suffering from persistent sadness or hopelessness fell from 42% to 40% between 2021 and 2023.
“This may seem like a small shift, but in terms of the numbers we’re talking about, that means roughly 840,000 fewer U.S. students are suffering now than they were in 2021,” says Dr. Michael Olla, a psychiatrist at Valley Spring Recovery, a premier addiction treatment center.
“However, youth mental health is still an ongoing and major problem in the USA, so it’s important to spot the signs of mental health issues early to effectively intervene. Look out for these five signs of poor mental health in kids, and approach a health professional if you do spot them.”
Today’s guest post is by Bob Collins, VP of Financial Aid at Western Governors University.
WGU students graduate with half the debt of their peers nationwide
Education is linked to the eradication of poverty and the promotion of prosperity, but evidence that college students graduate with excessive debt continues to pile up year after year. With student interest rates at their highest in the last decade, our current economy serves as a reminder that students should make informed decisions to borrow wisely.
Western Governors University (WGU) was established in 1997 with a mission to expand access to high-quality, online and affordable higher education. WGU serves more than 150,000 students nationwide and has more than 340,000 graduates in all 50 states.
With consumer finances facing further turbulence following the announcement of the August resumption of U.S. student loan repayment, young Americans are bracing themselves for a financial squeeze in advance of the holidays.
With evidence that shoppers are already showing caution – the savings experts at SimplyCodes have put together some practical money advice for young consumers on how to navigate an increasingly compressed disposable income and how to better manage student loan repayments being back on the list of monthly expenses.
Today’s guest post is from Brad Schiller, an MIT graduate, as well as the CEO and Co-Founder of Prompt, the world’s most respected and fastest-growing college essay coaching and feedback company.
There is a secret to successfully helping your student with their college essays.
Before we get to it, we have 4 questions you should consider to help alert you to pitfalls that often plague parents who “just want to help” during college application season.
But before we even get to those questions, let’s begin with the bottom line: the best thing a parent can do for their college-bound student is to be loving, supportive, and simply there for them. And that’s not easy.
Applying to colleges is stressful and often emotionally draining. As college essay coaches, we see this all the time. Make it your top priority not to correct grammar, improve writing, or get your kid into a “better” school, but to make this year as good as it can be for you and your teen.
Your children are going to college. You may think it will be easy because you’ve been saving for it. But seeing the college fee structure, you’ll know it will not be easy. Coming out of the stress-induced fog might help you manage the costs.
Here are five things you can do to help you on this journey of paying for college:
Understand your financial situation
Now that your child is off to college, as parents, you’re now left with taking care of the expenses like tuition, housing, and school supplies. Sitting down and looking into your finances is step one for parents. The next step is to make a budget, reevaluate your finances, and look into every savings account because the college costs are now added to your other expenses.
Today’s guest post is from Elliot Felix, author of “How to Get the Most Out of College”.
College can really feel like a maze. It’s complicated, expensive, and the future is at stake. It’s also a different maze than what we went through a generation ago, and so are today’s students. They are more diverse in terms of age, race, income, and experience. More transfer between colleges. More work during college, live off campus, and study part-time. Even before the pandemic, about one in six studied fully-online and about one in three took at least one online class. Compared to 30 years ago and adjusted for inflation, private colleges are twice as expensive and public colleges are three times as expensive. Students today have only a 50% chance of making a better living than their parents compared to an 80% chance 30 years ago. Is it any wonder why today’s students and families are more career-focused, more value-conscious, and need more support?
A recent study found that 76% of parents want their children to end up in STEM-related careers. And with an ever-growing number of jobs requiring knowledge of new technologies, it isn’t very hard to see why. From manufacturing to marketing, most jobs today are dependent on computers for their success. And computers are dependent upon code. That’s probably why so many parents are hoping to get their kids into coding.
As many as 85% of parents are encouraging their children to learn to code, according to one study. But despite wanting their kids to learn, many parents are at a loss about the best resources available to help kids to code. Where can a parent start when they want to help their child dive into this new field, especially if they don’t know much about coding themselves? We’re here to help! We’ll help you narrow down the options by explaining the different categories of resources out there. Then, you can decide which resources best meet your needs.
For decades, it’s been widely accepted that applying to college is a hard, stressful and time-consuming process. Students can easily spend months on university preparation and the application process, as well as thousands of dollars in application fees. Parents aren’t always sure which universities are the best fit for their students’ needs and qualifications. The anxiety is real, and when students receive rejection letters, it can be crushing.
A recent educational survey conducted by T. Rowe Price has revealed that almost 45% of parents who are saving for college are using a normal savings account. Only 31% of parents are using a 529 plan for the college-savings purpose.
The prime reason so fewer people are saving through the 529 plan is people are not aware of the 529 plan. The T. Rowe Price survey has revealed that nearly one-third (28%) of the parents are not aware of what the 529 plan is all about.
So, if you are one of the 28% people who are still not aware of the benefits you’ll get from the 529 plan then please read the article once.
The 4 Key points of the 529 plan that you should read first
The 529 plan helps you to save for the education-related expenses of any student in your family. The education-related expenses include college or post-secondary education, tuition fees for elementary, secondary, and religious schools.
The person who opens the 529 account plan is called the ‘Account Holder’ or the saver.
The person for whom the 529 account plan is opened is called the ‘Beneficiary’ or the student.
The ‘Account Holder’ or the ‘Beneficiary’ doesn’t need to be two separate persons, there will be nothing illegal if both are the same person.
10 Benefits of a 529 Plan
Now, maybe you are one of those parents who have heard about the 529 plan but do not have any information about it. Below are 10 benefits of a 529 Plan.
1. You will get the benefit of tax while saving money in the 529 account
In many of the US states, you will get a tax deduction or credit for contribution if you save your money in the 529 accounts. Your money will grow on a tax-advantaged basis in the 529 accounts and if you spend the money saved in the 529 accounts, for qualified education expenses then you can withdraw the money in a tax-free way.
2. The 529 plan helps you to reduce the student loan borrowing
It is a concern that the expenses of higher education are increasing every year. You have nowhere to go but to take out the student loan with a high-interest rate. The 529 plan can provide you with adequate support to lessen your dependence on the student loan.
According to student loan experts, there is nothing better option than a 529 plan to reduce your student loan.
“Every dollar you save is about a dollar less you’ll have to borrow…. Saving money for college lets you avoid paying interest on the money you’d otherwise have to borrow.” Mark Kantrowitz, college finance advisor
3. The grandparents can benefit by contributing to the 529 plan of the grandchild
The grandparents can benefit from the significant tax break by contributing to the 529 plan of the grandchild.
If a grandparent owns the 529 plan for the grandchild, it will reduce the potential tax liability of the grandparents.
The grandparents can also get benefit from the state income tax deduction as per their state rule if they contribute to the 529 plan.
4. The 529 plan is good for them who have started contributing in the account a little late
If you open the 529 plan for your child and grandchild when he/she is in middle or high school, it will not be too late.
Even the college savers can also get the benefit by opening the 529 plan a little bit late. According to the Washington Post, around 46% of Americans live in a state which offers state-specific-income-tax benefit for contributing to the 529 plan. The plan can reduce your tax burden.
There are rules in the 529 plan that if you have started late in contributing to the 529 plan and want the asset to grow then you can withdraw the money from the account a little bit late.
5. Your home state-sponsored 529 plan can provide you some additional tax advantages
Almost all the states, in the USA,sponsors the 529 plan for accredited schools in any state. Many US states offer state income tax deduction for residents who are contributing to their home state’s 529 plan.
This is the benefit of contributing to the 529 plan of your home state, it will give you additional tax benefits.
6. The child won’t lose the other financial aids if you contribute to the 529 plan
Many parents fear that opening a 529 plan can force their child to get less federal financial aid. But this is a wrong conception. The 529 savings plan is considered a parental asset. The child will never get less federal financial aid if the parents contribute to the 529 plan.
7. With the 529 plan, both the amount and date of contribution will be in your hand
The advantage of using the 529 plan is you can contribute in the account whatever amount you will be able to contribute and the annual payment date too will be as you choose to pay.
The minimum initial contribution requirement for most of the 529 plans is $25 and the upper limit of contribution is up to you. Like the contribution amount has no limit, the payment date also is not bound by anything.
Many people prefer to pay a monthly contribution to the 529 plan and others love to pay an annual contribution.
So, you can contribute any amount as you wish and whatever time you may like for contributing the amount.
8. You can have your own choice while selecting a 529 plan
There is a good number of 529 savings plan options available to choose from. If your state is offering a prepaid tuition plan or if you have selected the private college independent 529 plan then you can choose from a wide array of 529 plans.
The selection will give you an advantage if your child prefers to go to a particular type of school.
9. Money withdrawals from the 529 account are both penalty-added and penalty-free
If the student earns a scholarship then the same amount can be withdrawn from the 529 plan without paying any penalty and in tax-free manner.
For any urgent and nonqualified purpose if you need to withdraw money from the 529 accounts then you have to pay the federal income tax and 10% penalty.
However, for any urgent money requirement, you have other ways to obtain the required amount than making non-qualified withdrawals from the 529 plan or by going to the payday lenders.
None of the options will be considered a good decision taken by you. You’ll be penalized for the non-qualified withdrawals from the 529 account or have to make a payday loan debt settlement for repaying the urgent payday loan.
So, use other options if you need money for some urgent purposes.
10. The 529 plan will provide special benefits for students that a traditional savings account cannot give you
To bear the educational expenses, the 529 plan is best in the USA. The problem is parents are not aware of the 529 plan and they cannot differentiate between the 529 plan and the regular savings account, traditional and Roth IRA.
You won’t get any tax benefit for saving your money in the regular savings account, traditional and Roth IRA for educational purposes. You will get the tax benefit only by contributing to the 529 plan.
So, when you aim to save for education, you should depend only on the 529 plan.
Being an involved parent is crucial to your child’s success, especially as they explore the world of possibilities in high school. Not surprisingly, many kids don’t understand this; they want to do everything on their own.
A new platform, spikeview, helps parents prompt meaningful conversations about interests and potential career tracks, in part by showing the big picture with the various explorations and steps in their journey so far. By making kids be a key stakeholder in navigating their journey through high school and into their dream college, spikeview helps with planning early and often to avoid unnecessary panic. Beyond just a well organized, secure, portfolio, teens are encouraged to build a network with others, take on leadership opportunities in interest-based online groups, and find opportunities (like internships, jobs, and high quality classes, tutors, career counselors, and summer programs) to strengthen their college application.
Here are 3 unique ways you can support your teens’ journey!
Drive Interest Aligned Discussions
Nothing is more off putting to a budding independent high-schooler then pushing all those amazing activities and experiences that YOU believe are so good for them. While you may be right, you might need to consider how those opportunities fit into the overall interests of the student. Looking at a snapshot view of their experience and interests and discussing why those are so valuable or exciting for them will establish trust and open them up to the possibility of considering other opportunities. This enables a “data-driven” conversation which tends to be more objective and palatable to a teens. We love the “My Story” visualizing tool that does the job and is a fun way to acknowledge your teens efforts.
Finding a supportive online community, and tapping new opportunities
Let’s face it, it is hard to be the parent of a teenager. Whether you have one or multiple kids, each is different and each has unique interests and hobbies. While we are always bombarded with camps, classes, online programs, it is not easy to find good quality opportunities that will interest your teen and will be worth the expense. It takes a lot of time to find the right fit opportunities and maybe requires you to ask other community parents. But, what if based on your kids’ past experiences and interests, you could see specific opportunities that helped magnify their impact, explore other avenues they may not have considered previously, or strengthen their college application? What if you could create and participate in discussions with other parents in the same situation as you, or those with older kids who have learned some of the harder lessons. What if you could get access to good quality content and opportunities that actually align to their interest. What if you could see students and parent reviews to help you decide? Think of how much time you would save, and discover something that will truly resonate. Easily create your teens profile and let the auto-discovery save you some time.
Preparation prevents panic and panic prevents progress
For this generation of teens, technology and media play a large role. Kids enjoy using media, digital content socializing through online platforms. They are not as interested in boxes full of photos , certificates or badges sitting in the garage that make up their experiences. So why not become a part of their world as a parent, and even better, use a medium that is fun, ubiquitous, and permanent. Help kids digitally organize their assets, and give them control of who gets to see what aspect of their data. Once uploaded into the secure spikeview cloud, you can decide what to share using custom views tailored to each opportunity or interaction. It can be polished and professional for applying for an internship, or casual and fun when reaching out to an online club. It can cover all your achievements, or showcase just one of them. The profile can be built over time with all types of experiences, achievements, thighs they are proud of. This can serve as a digital journey book across all phases of life and an invaluable shared asset between you and your teens. Best of all, parents can rest easy knowing that the default setting on spikeview is privacy.
With all the blood, sweat, and tears we put into them, it is almost criminal that all the planning for camps, internships, and classes, all the effort in polling other parents for the best coach or tutor, all the time invested in weekend games, and all the endless drives to and from activities – is forgotten within a few weeks, with nothing at all to show for it. What’s more, in most cases, the kids themselves don’t remember these critical building blocks of their life within a few years, losing the key formative steps, friendships, and memories that could make for an engaging, compelling life story. Rather than panicking looking at a last-minute sparse “brag sheet” to prepare for college admissions essays, these small nuggets instill confidence and make all the difference between getting into your dream college and opening a thin envelope.
