As the Federal Reserve continues to cut interests rates, students looking to take out their first student loan or those wishing to refinance could be in for a treat as the interest rates on these loans plummet downward beyond any recent near-term lows.

Forbes mentioned recently that student loans have gotten absurdly cheap this year and it might be the right time for you to take a look at taking advantage of the interests rates that are out there.

Now may be the time for you to consider taking that student loan or refinancing the ones you already have to snag that low interest rate that we are experiencing right now.

In this guide, we will take a tour of all your options that you have when taking out a new student loan or if you already have a student loan in place, how can you refinance your loan and take advantage of these record low student loan interest rates.

So let’s get started! We have separated this post between those who are looking for that new student loan and then later in the post, we talk through options to refinance your loan.

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So college is here and whether you are a parent of a bright young student heading into their first year at college, or YOU are the bright young student heading into that first year, you will surely want to consider some of these hidden costs of college while you budget your way through your first year.

When I went to college, first of all it was cheaper to attend the university that I went to, however some of the costs that you never expected did in fact add up faster than I expected and unfortunately, this led me into my first pile of debt that I certainly wasn’t expecting to get out of going to college.

Keep in mind that college costs vary drastically depending on what college you are attending, whether you are staying on campus and ultimately what kind of lifestyle you are looking to live while you are hitting the books.

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When I graduated high school and went to college, I was hit with an army of people across campus yielding all kinds of credit card offers.   Like most college students, I figured I needed to build credit anyways and I could use some extra cash as well.

Well that was my first mistake because my 20’s were then filled with a constant search of bills and working to try to keep up.   As I will speak about often, I ended up racking up $75,000 in debt in my 20’s and as you can imagine, that was a painful experience.

None the less, I learned a ton of tips and tricks to save money from this period of my life because I didn’t really have a choice.

Get free stuff off of Craigslist

You may not know this, but there is a free section on Craigslist where people just want stuff out of their house and they want it out now.   Maybe the item doesn’t have enough value for them to bother with trying to sell or they just want that sofa gone now because they have another one coming in a few hours.[Read More…]

According to the latest United States Department of Agriculture in their latest release last month of “The Cost of Raising a Child'”, they note that it will cost on average between $12,350 – $13,900 a year to raise a child born in 2015.   When you add that up, it’s a whopping $233,610 from birth to 17 years of age.  If you are in a higher income bracket, that cost might sky rocket to $372,210 per child.  If you have kids, did I clear up why it’s so hard to save for retirement?

We have three kids and my oldest is 13.  Over those 13 years it’s been both a battle of paying off debt, properly raising our children and taking our best crack at putting away some money into a retirement fund, but it hasn’t been easy.  Then after you raise your children, then there is college which is expensive and then they get married which is expensive as well.   How will we ever pay for it all?  The way to start paying for it is to plan for it now.

Here are our steps for paying for it all:

“Bucket” our Money

Take a look at how we “bucket” our money to see one aspect of what we do.  Every month we automatically put away a certain amount for weddings because we know we have 2 girls and a boy who will eventually find Mr. or Mrs. Right.   You may say Drew, your crazy…  It’s going to be another decade before any of your children think about getting married.   I will tell you I know and that’s the point.   I won’t have to take a loan or dip into our retirement to fund this grand celebration, the money will just be there to support it.   No stress!

If I save $75 out of every paycheck (Twice a month) into a interest bearing account, I will have well over $18,000 ready to go before my oldest even thinks about taking that first step into marriage.   Or I can just wait and figure out how to get almost $19well ,000 10 years from now.   Which way would you go?[Read More…]