All posts tagged: debt

Six ways to tackle your college loans

“The most important investment you can make is in yourself.” -Warren Buffett Yesterday, I wrote this post about things to consider when taking out College loans. As Warren Buffett mentions in the quote above, I still believe that taking out a college loan is one of the best investments you can make for yourself. Now that you are out of school and in the midst of your career, here is some quick advice on how to tackle your College loans. Write off the interest–“You can deduct up to $2,500 of student loan interest paid in a given year. As with many tax rules, there is an income limit to this deduction. Your modified adjusted gross income cannot be more than $80,000 (or $160,000 for married couples filing jointly).” (Source: Huffington Post) Refinance– The national interest rate for federally funded college loans sits at 4.45% as of August, 2017. If you have any loans higher than that, see if you can refinance and lock in the rate now before they go up. If you took out a private loan, which often has interest rates much …

College Loans and Majoring in the Arts

This morning, I read this CNBC article, which discussed the fact that student loans have gone up over 150% in the last decade. The article states that “The average outstanding college loan balance is now $34,144, up 62 percent over the last 10 years.” Like most college students, arts majors (music, drama, dance, visual arts) will need to take out college loans in order to pay for their schooling. Generally, institutions of higher education don’t have a sliding scale for tuition based on projected earnings for each college major. Arts majors need need to weigh the value of the education they are receiving with the amount they will need to pay in order to earn their degree. When I coach artists, a big part of the conversation is about lowering financial risk in order to have more flexibility to pursue the things you love to do. With college becoming more expensive than ever, I encourage you to consider the impact of taking out college loans in order to pursue your art. Here is a breakdown …