Using In-School Deferment as a Student

Undergraduate and graduate students in school at least half-time can put off making federal student loan payments, and possibly private student loan payments, with in-school deferment. The catch? Interest usually accrues.

Loans are a fact of life for many students. In fact, a majority of them — about 70% — graduate with student loan debt.

While some students choose to start paying off their loans while they’re still in college, many take advantage of in-school deferment.

What Is In-School Deferment?

In-school deferment allows an undergraduate or graduate student, or parent borrower, to postpone making payments on:

•   Direct Loans, which include PLUS loans for graduate and professional students, or parents of dependent undergrads; subsidized and unsubsidized loans; and consolidation loans.

•   Perkins Loans

•   Federal Family Education Loan (FFEL) Program loans.

Parents with PLUS loans may qualify for deferment if their student is enrolled at least half-time at an eligible college or career school.

What about private student loans? Many lenders allow students to defer payments while they’re in school and for six months after graduation. Sallie Mae lets you defer payments for 48 months as long as you are enrolled at least half-time.

But each private lender has its own rules.

Recommended: How Does Student Loan Deferment in Grad School Work?

How In-School Deferment Works

Federal student loan borrowers in school at least half-time are to be automatically placed into in-school deferment. You should receive a notice from your loan servicer.

If your loans don’t go into automatic in-school deferment or you don’t receive a notice, get in touch with the financial aid office at your school. You may need to fill out an In-School Deferment Request .

If you have private student loans, it’s a good idea to reach out to your loan servicer to request in-school deferment. If you’re seeking a new private student loan, you can review the lender’s deferment rules.

Most federal student loans also have a six-month grace period after a student graduates, drops below half-time enrollment, or leaves school before payments must begin. This applies to graduate students with PLUS loans as well.

Parent borrowers who took out a PLUS loan can request a six-month deferment after their student graduates, leaves school, or drops below half-time enrollment.

Requirements for In-School Deferment

Students with federal student loans must be enrolled at least half-time in an eligible school, defined by the Federal Student Aid office as one that has been approved by the Department of Education to participate in federal student aid programs, even if the school does not participate in those programs.

That includes most accredited American colleges and universities and some institutions outside the United States.

In-school deferment is primarily for students with existing loans or those who are returning to school after time away.

The definition of “half-time” can be tricky. Make sure you understand the definition your school uses, as not all schools define half-time status the same way. It’s usually based on a certain number of hours and/or credits.

Do I Need to Pay Interest During In-School Deferment?

For federal student loans and many private student loans, no.

If you have a federal Direct Unsubsidized Loan, interest will accrue during the deferment and be added to the principal loan balance.

If you have a Direct Subsidized Loan or a Perkins Loan, the government pays the interest while you’re in school and during grace periods. That’s also true of the subsidized portion of a Direct Consolidation Loan.

Interest will almost always accrue on deferred private student loans.

Although postponement of payments takes the pressure off, the interest that you’re responsible for that accrues on any loan will be capitalized, or added to your balance, after deferments and grace periods. You’ll then be charged interest on the increased principal balance. Capitalization of the unpaid interest may also increase your monthly payment, depending on your repayment plan.

If you’re able to pay the interest before it capitalizes, that can help keep your total loan cost down.

Alternatives to In-School Deferment

There are different types of deferment aside from in-school deferment.

•   Economic Hardship Deferment. You may receive an economic hardship deferment for up to three years if you receive a means-tested benefit, such as welfare, you are serving in the Peace Corps, or you work full time but your earnings are below 150% of the poverty guideline for your state and family size.

•   Graduate Fellowship Deferment. If you are in an approved graduate fellowship program, you could be eligible for this deferment.

•   Military Service and Post-Active Duty Student Deferment. You could qualify for this deferment if you are on active duty military service in connection with a military operation, war, or a national emergency, or you have completed active duty service and any applicable grace period. The deferment will end once you are enrolled in school at least half-time, or 13 months after completion of active duty service and any grace period, whichever comes first.

•   Rehabilitation Training Deferment. This deferment is for students who are in an approved program that offers drug or alcohol, vocational, or mental health rehabilitation.

•   Unemployment Deferment. You can receive this deferment for up to three years if you receive unemployment benefits or you’re unable to find full-time employment.

For most deferments, you’ll need to provide your student loan servicer with documentation to show that you’re eligible.

Then there’s federal student loan forbearance, which temporarily suspends or reduces your principal monthly payments, but interest always continues to accrue.

Some private student loan lenders offer forbearance as well.

If your federal student loan type does not charge interest during deferment, that’s probably the way to go. If you’ve reached the maximum time for a deferment or your situation doesn’t fit the eligibility criteria, applying for forbearance is an option.

If your ability to afford your federal student loan payments is unlikely to change any time soon, you may want to consider an income-based repayment plan or student loan refinancing.

The goal of refinancing with a private lender is to change your rate or term. If you qualify, all loans can be refinanced into one new private loan. Playing with the numbers can be helpful.

Just know that if you refinance federal student loans, they will no longer be eligible for federal deferment or forbearance, loan forgiveness programs, or income-driven repayment.

Recommended: Student Loan Refinancing Calculator

The Takeaway

What is in-school deferment? It allows undergraduates and graduate students to buy time before student loan payments begin, but interest usually accrues and is added to the balance.

If trying to lower your student loan rates is something that’s of interest, look into refinancing with SoFi.

Students are eligible to refinance a parent’s PLUS loan along with their own student loans.

There are absolutely no fees.

It’s easy to check your rate.


We’ve Got You Covered


SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF JANUARY 2022 DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SLR18202

Source: sofi.com

How to Become a Mortician and Other Jobs in the Funeral Industry

Quick Navigation

There are a lot of reasons for thinking about becoming a funeral director, the funeral industry’s preferred term for mortician.

For one, the unemployment rate is low. For another, there’s always a need.

And, it is one of the careers that does not require a bachelor’s degree that still pays well. Funeral directors make an average of $55,000 a year. That’s the average and some directors with more experience bring in more than $70,000. As far as school, most states require an associate’s degree, an apprenticeship/internship, and passing a licensing exam.

If working with bereaved families and preparing bodies for burial or cremation seem like something you would be good at, consider this well-paying career path. The funeral industry is estimated to be worth $16 billion in the United States in 2021.

Read on to find out how to become a mortician.

The Difference Between a Mortician and Funeral Director

First, let’s clarify some terms. What are the differences between mortician, funeral director, embalmer and undertaker? They have similar roles but slightly different duties.

In 1895, an American publication called The Embalmer’s Monthly put out a call for a new term for undertakers. The winner was mortician, a made-up word and thank goodness for Morticia Addams, right? Now, the industry uses funeral director for the person arranging the funeral service.

Most funeral directors are licensed morticians and embalmers. They have studied mortuary science and prepare bodies, but they also arrange the other aspects of funeral services. Funeral directors help the bereaved plan the memorial service (and might conduct it if there is no clergy) and arrange for cremation and burial. Funeral directors deal directly with the clients.

An embalmer can work for a funeral home, but also elsewhere — medical schools, hospitals, and morgues. They mainly prepare bodies, and don’t work with clients. The term undertaker is the British term for funeral director and is seldom used in the U.S. except when referring to the popular professional wrestler, The Undertaker.

What Does a Funeral Director Do?

Funeral directors deal with both the living and the dead. Funeral directors arrange for moving the body to the funeral home. They file the paperwork for death certificates, obituaries, and other legal matters.

Preparing a body for the funeral service may or may not include embalming (cremation doesn’t require embalming), but it needs to be dressed, cosseted (put in the best and most natural appearance), and casketed (placed in the coffin).

Funeral services are difficult times for people. The funeral director needs to have compassion for people navigating their pain and sorrow. While an interest in science is necessary, an important quality for someone who wants to become a mortician or funeral director is empathy.

The funeral director guides the grieving through the decisions that have to be made for the funeral service. This not only includes choosing the coffin, but placing the obituary, arranging the wake and service and creating a program for it, shipping remains, and more.

The Changing Funeral Business

Most funeral homes are independently owned. While often smaller businesses don’t have the deeper pockets of corporations, their size allows them to be more nimble in evolving their business. Funeral services have transformed from somber and sorrowful times to celebrations of life with some funeral homes even providing spaces for outdoor gathering complete with grills.

In recent years, more women are graduating in mortuary science. Some people might become funeral service workers as a second career instead of inheriting the business, which has been a traditional entry into the industry. The National Funeral Directors Association encourages its members to seek out, hire, and train more women and non-binary people.

You can find mortuary science stars on social media, including the popular YouTube channel, Ask a Mortician. There are funeral directors’ TikTok videos, and mortician AMAs (ask me anything) on Reddit.

Get Started in the Funeral Business

Most states require a two-year associate’s degree in mortuary science or related areas, an apprenticeship or internship, and passing the national or state’s license exam. Ohio and Minnesota are the only two states that require a bachelor’s degree to be a funeral home director. Colorado does not have any education requirements, but licenses funeral homes instead. Kentucky doesn’t license funeral directors but does license embalmers.

The National Funeral Directors Association is your go-to source for state-by-state details of working in the funeral industry.

If you were also thinking about joining the military, the Navy is the only service branch with its own morticians. For that you need a high school diploma or GED, and then you would get training through the Navy as a hospital corpsman-mortician.

Licensure

You usually have to be at least 21 years old to take the exams, though you can start an internship or apprenticeship before that age. There may also be a criminal background check. Having a criminal record doesn’t mean you can’t become a mortician. You also have to submit proof of U.S. citizenship or permanent residency.

You can also study for and take the national funeral service education board exam. The pathways to these two types of exams can be different. It is important to note that not all mortuary science programs are accredited by the American Board of Funeral Service Education (ABFSE).

You can only take the National Board Exam if you have a degree from an accredited program. Some states allow you to take the state exam even if your program is not accredited. The exams are the same. It is just more difficult to practice in a different state if you haven’t attended an accredited program.

State Licenses

Most states have information about how to become a mortician through their occupational license, public health, or funeral board sections on their website. It is important that you clarify whether the mortuary science programs are accredited for just the state license exam, or for both state and national exams. Some schools also offer Funeral Arts Certificates, which can be used for other jobs in the funeral service industry.

National License

The American Board of Funeral Service Education is the national academic accreditation agency for college and university programs in Funeral Service and Mortuary Science Education. Most states have easier reciprocity requirements to transfer your practice if you have taken the national board exam. If you have taken the state exam only, you may have to meet all of the requirements again if you move to another state.

Classwork for the License

Coursework can be broken down into roughly three categories: art, business, and science. Art? That is for the restorative arts, or visually preparing the body for a funeral service, which includes hair and makeup. There are courses which cover death traditions from many cultures and the history of funerals.

Science classes may cover embalming theory and labs, anatomy, physiology, public health, and pathology. There are chemistry and biology courses, and also usually psychology courses on grief and bereavement training.

Business classes will cover funeral home administration, accounting, requirements for a funeral service license, and some business law. There are usually classes covering legal and ethical issues that a certified funeral service practitioner will face.

Cost of Getting a License

The cost of getting a two-year mortuary science degree varies by state but your best bet will be an in-state community college. Then there will be costs associated with taking exams and getting a license.

School

There is a huge difference in how much you can pay for a mortuary science associate’s degree. In-state public schools may cost between $5,000-$8,500. Private, out of state tuition might be almost $20,000. There are the normal student loans and grants available, but there are also specific grants for students studying mortuary science (even as a second career). It seems like a great investment, since unemployment for funeral directors is extremely low.

Exam

The National Board Exam has two sections, arts and sciences. Each one costs $285. There are practice exams that you can take, which are free. In Florida, the state funeral service examining boards charge $132 for exams. Maine charges $75 plus $21 for a criminal background check. Texas charges $89. Some states have two separate exams — one for funeral services and the other for embalming.

Licenses

This is another area with variation. Using the same three states as above, Florida’s license for a funeral director costs $430 with all the fees. Maine’s is $230, and Texas costs $175 plus $93 for the application. Apparently not everything is bigger in Texas! Licenses need to be renewed periodically, which also requires continuing education credits.

Funeral Director as Entrepreneur

The funeral industry has been changing rapidly over the last few years. Cremations have increased and burials decreased. Funeral homes make less money on cremations, and have responded to this shift by finding new sources of income and new ways to help people.

Green Funerals

There are more environmentally conscious choices that funeral homes can offer, including rental coffins for services (and a plain one after), biodegradable coffins, and natural burials. Green funeral services include sourcing flowers locally, using funeral invitations and programs made of recycled paper embedded with seeds, and biodegradable water urns, which sink and dissipate for at sea services..

Pet Funerals

An estimated 67% of households in the U.S. own pets, and many of them are using funeral home services for their animals. That includes memorials, services, and burials. Despite pet cremation being infinitely (well, 90 vs.10%) more popular than burial, there are over 200 pet cemeteries in the U.S., with Florida having the most.

Other Jobs in the Funeral Industry

Besides being an intern or apprentice, you can work in the funeral industry in many other ways. Florida lists 16 separate individual and business licenses for funeral home-related activities.

Here are the common jobs in the funeral or mortician industry though keep in mind in a smaller business, the funeral director may do some of them:

  • Administrative assistants handle office work.
  • Burial rights brokers arrange for third parties to sell or transfer burial rights.
  • Cemeterians maintain cemetery grounds (think groundskeeper).
  • Ceremonialists conduct the funeral service.
  • Crematory operators/technicians assist in cremation remains.
  • Direct disposers handle cremation when there is no service or embalming.
  • Embalmers prepare the body after death.
  • Funeral arrangers work with clients to set up the funeral.
  • Funeral home manager is the best paying job in the field, the median salary for this position is more than $74,000. The manager oversees all funeral home operations.
  • Funeral service managers are similar to funeral arrangers.
  • Funeral supply sales personnel work for the funeral home-sourcing supplies.
  • Monument agents sell tombstones and other markers for the cemetery.
  • Mortuary transport drivers prepare and transport human remains.
  • Pathology technicians work in hospitals, morgues, or universities with cadavers.
  • Pre-need sales agents help clients plan their services and burials before they die.

Frequently Asked Questions (FAQs) About Funeral Business Jobs

We’ve rounded up the answers to the most common questions about working in the funeral industry.

What Jobs Can You Do at a Funeral Home?

negotiate supplies, transport bodies, conduct funeral services, and work with clients to place obituaries and arrange the service. They also have sales people working on pre-need arrangements. Some funeral homes feature pet burials and have special jobs related to that.

How Much Do You Make Working at a Funeral Home?

Funeral directors average $55,000 annually. Managing a funeral home pays a median salary of $74,000. Mortuary transport drivers average over $35,000. It is a field with very low unemployment.

How Do I Get a Job in the Funeral Industry?

Most states require two years of school, a (paid) internship, and passing the appropriate license exams to become a funeral director. Other jobs may require less.The mortuary transport driver has to be able to lift 100 pounds or more and have a clean driving record.

What is a Funeral Home Job Called?

There are many. There are funeral directors, embalmers, mortuary transport drivers, and funeral service arrangers. There are also typical office jobs, such as administrative assistant and bookkeepers. There are also related jobs at crematoriums, hospitals, and mortuaries.

The Penny Hoarder contributor JoEllen Schilke writes on lifestyle and culture topics. She is the former owner of a coffee shop in St.Petersburg, Florida, and has hosted an arts show on WMNF community radio for nearly 30 years.

<!–

–>



Source: thepennyhoarder.com

Using Income Share Agreements to Pay for School

Many students end up taking out loans to finance the cost of college. As of the first quarter of 2021, Americans collectively held $1.57 trillion in student debt, up $29 billion from the previous quarter. And a significant share of borrowers were struggling with their debt burdens: Just under 6% of total student debt was 90 days or more past due or in default.

Students looking for alternatives to student loans can apply for grants and scholarships, take on work-study jobs or other part-time work, or find ways to save on expenses.

Recently, another alternative has appeared on the table for students at certain institutions: income share agreements. An income share agreement is a type of college financing in which repayment is a fixed percentage of the borrower’s future income over a specified period of time.

As this financing option grows in popularity, here are some key things to know about how these agreements operate and to help you decide whether they’re the right choice for you.

How Income Share Agreements Work

Unlike student loans, an income share agreement, also known as an income sharing agreement or ISA, doesn’t involve a contract with the government or a private lender. Rather, it’s a contract between the student and their college or university.

In exchange for receiving educational funds from the school, the student promises to pay a share of his or her future earnings to the institution for a fixed amount of time after graduation.

ISAs don’t typically charge interest, and the amount students pay usually fluctuates according to their income. Students don’t necessarily have to pay back the entire amount they borrow, as long as they make the agreed-upon payments over a set period. Though, they also may end up paying more than the amount they received.

Income share agreements only appeared on the scene in the last few years, but they are quickly expanding. Since 2016, ISA programs have launched at places like Purdue University in Indiana, Clarkson University in New York, and Lackawanna College in Pennsylvania. Each school decides on its own terms and eligibility guidelines for the programs. The school itself or outside investors may provide funds for ISAs.

Purdue University was one of the first schools to create a modern ISA program. Sophomores, juniors, and seniors who meet certain criteria, including full-time enrollment and satisfactory academic progress, are eligible to apply.

Students may have a six-month grace period after graduation to start making payments, similar to the six-month grace period for student loans, and the repayment term at Purdue is typically 10 years. For some schools, however, the repayment term ranges from two to 10 years.

The exact amount students can expect to pay depends on the amount they took out and their income. The university estimates that a junior who graduates in 2023 with a marketing major will have a starting salary of $51,000 and will see their income grow an average of 4.7% a year.

If that student borrowed $10,000 in ISA funds, he or she would be required to pay 3.39% of his or her income for a little over eight years. The total amount that student would pay back is $17,971. The repayment cap for the 2021-2022 school year is $23,100.

Again, every ISA is different and may have different requirements, so be sure to check with your college or university for all the details.

The Advantages of Income Share Agreements

ISAs aren’t for everyone, but they can be beneficial for some students. For example, students who don’t qualify for other forms of financial aid, such as undocumented immigrants, may have few other options for funding school.

For students who have already maxed out their federal loans, ISAs can be a more affordable option than Parent PLUS loans or private student loans, both of which sometimes come with relatively high interest rates and fees.

Compared to student loans, many ISAs also protect students by preventing monthly payments from becoming unaffordable. Since the amount paid is always tied to income, students should never end up owing more than a set percentage for a fixed period of time. However, a student’s field of study may impact this. Students who are high earners after college may end up paying more to repay an ISA than they would have under other financing options.

If a student has trouble finding a well-paying job, or finding one at all, payments typically shrink accordingly. For example, Purdue sets a minimum income amount below which students don’t pay anything.

In Purdue’s case, the student won’t owe anything else once the repayment period is over, compared to student loans that can multiply exponentially over time due to accrued interest.

Purdue and several other universities also set the amount and length of repayment based on a student’s major, meaning monthly payments can be more tailored to graduates’ fields and salaries than student loans are. For fortunate students who see their income rise beyond expectations, many schools ensure the student won’t pay beyond a certain cap.

Potential Pitfalls of Income Share Agreements

ISAs come with some risks and drawbacks, as well. Firstly, since the repayment amount is based on income, a student who earns a lot after graduation might end up paying more than they would have with some student loans. This is because if a student earns a high income after graduating, they’d pay more to the fund. Second, the terms of repayment can vary widely, and some programs require graduates to give up a huge chunk of their paychecks.

For example, Lambda School , an online program that trains students to be software engineers, requires alums who earn at least $50,000 to pay 17% of their income for two years (up to $30,000). This can be a burden for recent graduates, especially compared to other options like income-driven repayment, which determines the percentage of income going towards student loans based on discretionary income.

Currently, there is very little regulation of ISAs, so students should read ISA terms carefully to understand what they’re signing up for.

No matter what, income share agreements are still funding that needs to be repaid, often at a higher amount than the principal.

So you’re still paying more overall for your education compared to finding sources of income like scholarships, a part-time job, gifts from family, or reducing expenses through lifestyle changes or going to a less expensive school.

How Do Income Share Agreements Impact You?

Many schools’ ISA programs are designed to fill in gaps in funding when students do not receive enough from other sources, such as financial aid, federal or private student loans, scholarships or savings. Thus, it’s important to understand how an ISA will impact both your long-term finances and other methods to pay for college.

ISAs do not impact need-based aid like grants or scholarships. Students with loans, however, could have a more complicated repayment plan with multiple payments due each month.

With ISAs, there is less clarity as to how much you’ll end up repaying from up to 10 years of income. As your income changes, your payment will remain the same percentage unless it falls below the minimum income threshold ($1,666.67 at Purdue) or reaches a repayment cap.

Whereas students may pay more than the loan principal to reduce interest, ISAs often require reaching a repayment cap of roughly double the borrowed amount to be paid off early.

Depending on your future income and career path, an ISA could cut into potential savings and investments or serve as a safety net for a less stable occupation.

Who Should Consider An ISA?

As previously mentioned, income share agreements are an option for students who have maxed out on federal loans and scholarships. There are other circumstances when an ISA may or may not be worth considering.

Colleges may require a minimum GPA to be eligible for an ISA. For instance, Robert Morris University requires incoming students to have a 3.0 high school GPA and maintain a 2.75 GPA during their studies for continued funding eligibility. Taking stock of how an ISA aligns with your academic performance before accepting funding could reduce stress later on.

Since ISA programs structure repayment as a percentage of income, graduates who secure high-paying jobs can end up paying a significant sum compared to the borrowed amount. An ISA term could be more favorable to students planning to enter sectors with more gradual salary growth, such as civil service.

Repayment plans at income sharing agreement colleges are not uniform. Students at schools with lower payment caps and early repayment options may find ISAs more advantageous.

Considering Private Loans

Students should generally exhaust all their federal options for grants and loans before considering other types of debt. But for some students looking to fill gaps in their educational funding, private student loans may make more sense for their needs than ISAs.

Recommended: Examining the Different Types of Student Loans

In particular, students who expect to have high salaries after graduation may end up paying less based on interest for a private student loan than they would for an ISA. Some private loans can also allow you to reduce what you owe overall by repaying your debt ahead of schedule.

SoFi doesn’t charge any fees, including origination fees or late fees. Nor are there prepayment penalties for paying off your loan early. You can also qualify for a 0.25% reduction on your interest rate when you sign up for automated payments.

The Takeaway

As mentioned, an income share agreement is an alternate financing option for college. An ISA is generally used to fill in gaps in college funding. Generally, it’s an agreement between the borrower and the school that states the borrower will repay the funds based on their future salary for a set amount of time.

One alternative to an ISA could be private student loans. Keep in mind that private loans are generally only considered as an option after all other sources of federal aid, including federal student loans, have been exhausted.

If you’ve exhausted your federal loan options and need help paying for school, consider a SoFi private student loan.


SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Lending Corp. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOPS19048

Source: sofi.com

How to Financially Prepare for a Child – 13 Steps to Take

@media (max-width: 1200px) body .novashare-buttons.novashare-inline .novashare-button-icon width: 100%; .novashare-inline .novashare-button .novashare-button-block background: #000000; .novashare-inline .novashare-button .novashare-border border-color: #000000; .novashare-inline .novashare-button .novashare-inverse color: #000000;


Dig Deeper

Additional Resources

Stressed about how much it costs to have and raise kids?

Having extra mouths to feed barely scratches the surface of the expenses to come. From larger housing to larger cars, higher health care costs to higher education, diapers to child care, strap in for a costly ride.

But like everything else in life, it helps to be prepared. The better your financial planning, the better you can navigate the costs without derailing your current lifestyle. 

How to Financially Prepare for a Child

If you tried to make every ideal financial move before having kids, you’d reach retirement age before even trying. So don’t think of these as prerequisites for trying to get pregnant. 

Instead, think of them as parts of your larger financial plan that apply more than ever as you start having children.

1. Reconsider Your Income

There’s nothing wrong with pursuing low-paying work you love. I never believed my mother — an educator — when she said, “Do what you love, and the money will follow.” She proved me wrong by achieving a seven-figure net worth through frugal living, working a side hustle (tutoring), and consistent investing. 

But your motivation matters. There’s a difference between choosing a modest-income career because you’re passionate about it and being stuck in one due to inertia. 

I know teachers who love what they do and wouldn’t want another job even if someone offered to double their salary. Others coast their way through every tedious lesson plan. 

If you don’t love what you do, go back to the drawing board. That goes doubly if you also don’t love your salary. 

Brainstorm jobs that provide fulfillment and meaning to you personally. Then get creative and explore remote positions, jobs that provide free housing, or jobs that pay well even without a college degree. 

Choose a career that fulfills you both personally and financially. It doesn’t need to pay a huge salary, but aim to get up every morning happy with the career choice you made. 

2. Enroll in Health Insurance

Pregnancy is expensive. So are delivery, infant checkups, and pediatric health care in general. If you do nothing else before your baby arrives, get health insurance. 

Fortunately, not having insurance through your employer doesn’t mean you have to go without it. Explore options for health insurance without employer coverage. There are even part-time jobs that provide medical insurance. 

Note that families with a high-deductible health insurance plan may well burn through every dollar of that deductible over the course of pregnancy, delivery, and the first few months of life. Plan accordingly. 

Low-income families can explore the Children’s Health Insurance Program as another option.

3. Revamp Your Budget

Once upon a time, I spent more money on happy hours, dinners out, concerts, and entertainment in general. My budget looked different before I got married, and then it changed again after my wife and I had children. 

That’s normal. Your budget isn’t static. It’s a living thing that evolves over time alongside your life. And if you do it right, you can save more money even after having children. I managed to do it through a mix of house hacking, getting rid of a car, and moving overseas. 

If you don’t have one, create a formal budget. If you do have one, look over all your budgeting categories and start brainstorming ways to spend less and save more. 

4. Check Your Emergency Fund

You never know when an emergency or unexpected job loss could leave you without an income. And when you have children, the stakes are higher. 

As you prepare for the responsibility of a family, set up an emergency fund to cover two to 12 months’ worth of expenses. 

How much you need depends on the stability of your income and expenses. The more variable each is, the more months of living expenses you should stash away. An average person needs three to six months’ expenses, but people with inconsistent incomes or living expenses need closer to a year’s worth. 

You can always temporarily cut out costs like entertainment or a gym membership to save on expenses. But needs like electricity and food are nonnegotiable. 

And while some of your expenses may go down while you’re unemployed (such as gasoline), others may go up. For example, if you spend $200 per month on employer-subsidized health insurance, that expense may rise while you’re unemployed, as you may be forced onto a new plan or required to pay for your current plan in full.

5. Get Serious About Paying Off Unsecured Debts

Many people have unsecured debts, such as credit card debt, personal loans, and student loans. And those often come with high interest rates that exceed the long-term returns you can earn by investing. 

That makes paying off your unsecured debts a high priority. Follow a structured plan to pay them off quickly, such as the debt snowball method. 

Once you incur the added expenses that come with having kids, you’re less likely to have room in your budget to chip away at that old debt. Plus, the interest on it can make the expenses your child requires that much harder to manage.

While baby-related expenses tend to be significant initially, they don’t completely go away once your children are done with diapers. In fact, school-age kids can cost more than infants because they require more expensive clothing and food as well as money for activities like soccer lessons and ballet classes.

6. Plan for Child Care

Child care is the elephant in the room when planning the financial costs of having children. 

Explore all your child care options, from nannies and au pairs to day care to relatives and friends. If one parent doesn’t love their job, you can explore becoming a single-income family, with one parent staying home for the first few years of your children’s lives. 

Whatever you decide, plan and budget accordingly — because parental leave will be over before you blink. 

7. Plan for Baby Essentials

My wife wouldn’t let me try this experiment, but I believe you could get everything you need for an infant for free — or almost anything. 

Diapers cost money, and there are some things you should never buy used for safety reasons. Everything else you can get either free through services like Freecycle or inexpensively used via eBay, Craigslist, or local garage sales. 

Whether you buy used or new, get creative to save money on baby gear. See this baby supplies checklist from The Bump to ensure you plan for every need. 

8. Update Your Will

Your estate plan does more than tell your family and friends who gets your autographed guitars after you die. It also makes provisions for child care if you die prematurely. Your will can include provisions for an unborn child, which you can amend after they’re born.

You have a couple of options for creating a will (or any other estate planning documents):

  • Do It Yourself. You don’t need a lawyer to create a valid will. You simply need to be 18 or older and of sound mind. You also need to sign your will in front of two witnesses and ensure it’s accessible once you die. You can use an online service like Trust & Will to draft one affordably.
  • Hire an Attorney. The cost is significantly more, but a lawyer handles all the details for you. Expect to pay anywhere from $300 to $1,000 for a basic will. If your assets and estate are complex or you need to establish a trust, it could cost upward of $10,000.

Optional Financial Moves to Consider

Some moves could help you feel more ready for kids, though they aren’t strictly necessary. If you can’t do them, no need to worry. In fact, some people may decide holding off on these is smarter than doing it before they have kids. 

So consider this type of financial planning purely optional: a list of ideas for thought rather than more reasons to fret. 

9. Reevaluate Your Housing

You can care for an infant in a studio apartment. They certainly won’t know the difference. But that doesn’t mean you’d enjoy it. 

As a long-term planning exercise, think about what type of home you want to live in for the next few years. You don’t need extra bedrooms or bathrooms right away, as infants can sleep in the same room as you for a while. Even when they move out of your room, they could move into a room with an older sibling. 

But you may decide you want a larger home, so start thinking about what that looks like and how to pay for it. Only buy a home if you plan to stay for at least a few years, as closing costs on either end of the transaction make it cheaper to rent otherwise. 

10. Reevaluate Your Transportation

If you and your spouse each drive two-seat sports cars, one of you may need to swap it out for a more family-friendly option. 

Of course, you don’t always need a car. My wife and I don’t have one. We simply take the car seat with us when we hire an Uber. I also installed a baby seat on my bike so I can transport my daughter that way too. 

Consider the public transportation, walkability, and bikeability of the area you live in. It’s possible you could live without a car too.

But most Americans drive cars as their primary means of transportation, so if yours is either too small to fit your whole family or unreliable, it’s probably time to get a different one. But explore used cars first as a more budget-friendly option. 

Give yourself more flexibility by choosing three to five models you’d be happy to buy, and shop around among both dealerships and individual owners to find the ideal used car for you and your growing family.  

11. Buy Life Insurance or Disability Insurance

In households with one breadwinner or a partner who significantly outearns the other, life insurance makes sense. You want to ensure your family would survive financially if it lost that primary breadwinner. 

Life insurance policies come in two broad buckets:

  • Term Life Insurance. Term life offers coverage for a specified period. It’s generally cheaper and comes with a guaranteed set death benefit. With term life insurance, your premiums increase at preset intervals, such as 10, 20, or 30 years.
  • Whole or Universal Life Insurance. Also known as permanent life insurance, whole or universal life insurance death benefits never expire as long as you pay premiums. These policies often also provide certain living benefits, such as the ability to borrow money against the policy.

As a rule of thumb, your death benefit should be six to eight times your annual salary. But there are other considerations to take into account, such as your homeownership status and anticipated number of dependents as well as how much you can afford. 

If you’re unsure about your coverage needs, talk to an independent financial advisor and shop around for the right plan. You can compare policies on sites like Policygenius and GoCompare.

The same concepts apply to long-term disability insurance. Both protect against the risk of the breadwinner losing their ability to earn. 

Granted, not everyone needs life insurance or disability insurance.

For example, my wife and I live on one income even though we both work. We live on her income and save every dime of mine. And we don’t have life or disability insurance because we maintain low living expenses relative to our income and a high savings rate to build our net worth quickly. 

If either of us kicked the bucket tomorrow, each of our incomes would be enough in itself to support ourselves and our child, and the surviving spouse would have a hefty nest egg to fall back on in a crunch. 

Avoiding the need for life insurance and disability insurance by “self-insuring” are two of the many hidden benefits of pursuing a financially independent lifestyle. Once you build enough money, you can opt out of life and disability insurance. 

12. Double Down on Retirement Investments

I joke that my backup plan for retirement is my daughter. If she were old enough to get the joke, she wouldn’t laugh. 

The worst thing you can put on your adult children is asking them to take care of you in retirement. It adds a burden on them in an already hectic time of their lives, when they’re trying to start and raise their own families. 

Before you even consider setting aside money for their college education, take a closer look at your retirement investments. If you have the slightest worries about them, put more money into your tax-sheltered retirement accounts long before saving money for your kids’ college tuition. 

They have many other ways to pay for college, but you only have one way to pay for your retirement. 

Invest money now so it can start compounding, and decide what to do with it later. You can withdraw contributions from a Roth individual retirement account tax- and penalty-free to put toward any costs, but you can only use 529 plans or ESAs for education costs.

13. Invest to Help With College Costs

Not paying your kids’ college tuition doesn’t make you a bad parent. Young adults who pay for their own college education often take the experience much more seriously. And many parents question whether to help with college even when they can afford it. 

Even small amounts invested when your child is young can compound into significant sums by the time they turn 18. If you decide to chip in, you have several tax-friendly options to do so. 

  • 529 Plan. Your 529 college savings plan earnings grow and remain tax-free if you spend them on qualified educational expenses. 
  • Coverdell Education Savings Account. A Coverdell ESA works similarly to a Roth IRA for education expenses. There are income limits ($110,000 for single filers and $220,000 for married), and the maximum allowable yearly contribution is $2,000, regardless of your income.
  • Upromise.Upromise allows you to earn cash back to use to pay for college. Unlike 529 plans and ESAs, you don’t have to contribute additional money. Rather, you earn cash back on expenses like online retail purchases and restaurant meals.

In all cases, you can open the accounts early and designate your child as a beneficiary after birth.


Final Word

As much as I preach fiscal responsibility, I know firsthand that putting off children doesn’t always make sense, financially or otherwise.

My wife and I married in our early 30s and agreed to spend one year building a foundation for our marriage before having children. Then one year became two, then three. 

I started a business, and my wife worried about money. Then we went through a rough patch in our marriage. We survived it but had reached our late 30s by that point. 

When we finally started trying in earnest, nothing happened, which kicked off a stretch of infertility questions and interventions. Eventually, we did have a child, but not all couples are so lucky. 

Many of my friends haven’t experienced the joy of having children despite spending large sums of money — not to mention enduring immense heartache — trying to do so. In one of life’s bitter ironies, many delayed trying for children because they worried about money. 

On the opposite end of the spectrum, I know plenty of parents without much money who have multiple children. And every one of them finds a way to make it work.

There’s no perfect time to have children. They disrupt your life in every possible way. But like billions of parents with less money than you have, you’ll find a way to make it work too.

.kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-table-of-content-wrappadding:30px 30px 30px 30px;background-color:#f9fafa;border-color:#cacaca;border-width:1px 1px 1px 1px;.kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-table-of-contents-titlefont-size:14px;line-height:18px;letter-spacing:0.06px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:inherit;text-transform:uppercase;.kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-table-of-content-wrap .kb-table-of-content-listcolor:#001c29;font-size:14px;line-height:21px;letter-spacing:0.01px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:inherit;.kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-table-of-content-wrap .kb-table-of-content-list .kb-table-of-contents__entry:hovercolor:#16928d;.kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-table-of-content-list limargin-bottom:7px;.kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-table-of-content-list li .kb-table-of-contents-list-submargin-top:7px;.kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_03170d-d1 .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:beforebackground-color:#f9fafa;

Source: moneycrashers.com

Options for When You Can’t Afford Your Child’s College

Every parent wants to help their child succeed. But when it comes to paying for college, it’s not always possible.

Fortunately, depending on the circumstances, you and your child may have several options to help them pay for school. First off, there are a variety of resources for students designed to help them pay for college. This includes things like federal student loans, scholarships, and grants.

Beyond that, students could look into getting a part-time job or paid internship. This could potentially boost their resume while offering an opportunity to earn money to pay for college.

From there, parents can consider options including borrowing a loan to help pay for college.

Options for Parents and Students

Parents and students can work together to create a plan to help pay for college. Here are some ways you can both work together to pay for college.

Fill Out the FAFSA

If your student is a dependent, the FAFSA® or Free Application for Federal Student Aid requires both your child’s information and yours as their parent. Work together to fill out the form. The FAFSA is used to determine eligibility for federal student aid including federal student loans, some scholarships and grants, and the federal work-study program.

The FAFSA needs to be filled out annually.

Choose a More Affordable School

Enrolling in a more affordable school may relieve some of the financial burden facing your family. Depending on your child’s interests and career goals, they may be able to enroll in a community college for the first two years of study to cut down on tuition costs.

Living at Home

If your child’s school is local, you can also offer to have them stay home, so room and board are covered. If your child’s school is not close to home, you can still review housing costs. While some schools require first-year students to live on-campus, after, students may find that living in off-campus housing may be more affordable than paying on-campus rates. Explore the realities for your student.

Options for Students

There are a variety of funding sources available to students. When triaging, focus first on the options that don’t need to be repaid, such as scholarships or grants. Then, there are things like part-time work and student loans that can be used to pay for college. Here are a few options to consider.

Applying for Scholarships and Grants

Depending on the school your child is planning to attend and their grades and activities in high school, they may be able to qualify for an academic or merit-based scholarship .

Grants, on the other hand, are generally based on your child’s financial need. Students typically aren’t required to repay scholarships or grants, so they’re a great option if you can’t pay for college on your own and want to avoid debt as much as possible.

It’s also possible to get scholarships through private organizations. Websites like Scholarships.com and FastWeb allow you to search through thousands of scholarships, making it easier to find one for which your child might qualify.

There are also scholarships available for current college students, so your child can continue to apply for those options even after he or she is enrolled.

Work-Study Program

When filling out the FAFSA, you can specify whether you are interested in participating in the work-study program. This program offers part-time jobs to students who demonstrate financial need. Depending on the school, students may be assigned a job or have the option to apply for a job.

One major perk of the work-study program is that the money earned won’t count toward income totals when filling out the FAFSA for the next school year.

Part-Time Job

Attending classes, doing homework, and establishing a social life are all important elements of a college experience. But working a few hours a week can help relieve some of the stress of dealing with the expenses that come with that experience.

For example, let’s say your child gets a job working eight hours a week and earns $10 per hour. Over the course of four years, assuming they don’t change their schedule, they could earn around $16,640. Even after taxes, that might help reduce the amount they would need to borrow or spend for college by thousands of dollars.

Borrowing Student Loans

Both federal and private student loans are available to students. The U.S. Department of Education provides student loans to college students without requiring a credit check (except for PLUS loans). And federal loans come with relatively low fixed interest rates, plus access to some special benefits — such as income-driven repayment plans or the option to pursue Public Service Loan Forgiveness.

As mentioned above, to apply students need to fill out the FAFSA each year. Undergraduate students may qualify for two types of federal loans: subsidized or unsubsidized. Direct Subsidized Loans are awarded to students based on financial need. The government subsidizes, or pays for, the interest on these loans while the borrower is enrolled in school and during the grace period and other qualifying periods of deferment.

Direct Unsubsidized Loans are not awarded based on financial need and borrowers are responsible for paying all of the interest that accrues on this type of loan.There is no credit check when applying for these types of federal student loans.

Recommended: Private vs Federal Student Loans

Students can also look into borrowing a private student loan, though it’s worth noting that these loans may lack the benefits and protections afforded to federal student loans (like income-driven repayment plans) and are therefore generally considered as a last resort option.

Private student loans are offered by private lenders and to apply, students will have to fill out an application directly with their lender of choice. Each lender may have different terms and rates so it can be worth shopping around to find the best option for your personal situation. Lenders will generally evaluate a borrower’s financial situation and creditworthiness when determining how much to lend and at what rates. If a student does not qualify for a private loan on their own, they may be able to add a cosigner to the loan.

Options for Parents

As a parent, it can be frustrating and stressful when you feel like you can’t afford your child’s college tuition. Take the time to consider what you can afford without sacrificing your own important goals, including retirement.

Here are a few actions that could help you assist your child pay for their college education.

Borrow a Loan

Parents can consider borrowing a private student loan or a federal student loan. Parent PLUS or private student loans.

Parent PLUS Loans are federal loans that are available to parents. The interest rate on these loans is a bit higher than for Direct Subsidized or Unsubsidized Loans and a credit check is required. In order to qualify, parents must not have an adverse credit history . In the case that a potential parent borrower does not qualify for a Parent PLUS loan on their own, they may be able to add an endorser to their application.

If you need extra help funding your children’s
education, you can look into private
parent student loans from SoFi.

Private lenders may also offer parent student loans. Parents can apply directly with the lender, and as mentioned above, it can be worth shopping around to see what types of rates and terms for which you may qualify. SoFi offers parent loans that can be applied for directly online and are fee free.

Cosign a Student Loan

If you do not want to borrow a loan to pay for your child’s college education and your child has exhausted their federal student loan options, you could cosign a private student loan with them. Keep in mind that, as already noted, private student loans are generally considered an option only after all other sources of aid and funding have been exhausted. This is because they don’t offer the same borrower protections as federal student loans.

Cover What You Can

Another way is to find other expenses you can cover. You may consider footing the bill for their textbooks every semester, or maybe you have enough income to help with their monthly rent or college-provided room and board fees. While covering a smaller expense may feel anticlimactic, it can still make a difference to your student.

The Takeaway

If you’re struggling to pay for tuition costs, you’re not alone. As you consider ways to help your child pay their way through college resources like scholarships, grants, work-study, and federal student loans are all options to consider. In some situations, you and your child may consider transferring or enrolling in a less expensive school or cutting costs by living at home.

If those options aren’t enough — some students and their families may consider private student loans. In the spirit of complete transparency, if you do need to resort to student loans, we want you to know that we believe you should exhaust all of your federal grant and loan options before you consider SoFi as your private loan lender.

If you do decide a private student loan is the right fit for your education, know that SoFi’s private student loan process is trusted, easy, and fast. We offer flexible payment options and terms, and there are no hidden fees.

Learn more about SoFi’s private student loans; get a rate quote to see what kind of terms you might qualify for.


SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOPS19018

Source: sofi.com

Glassdoor vs. Indeed: 2021 Comparison

There are so many job boards out there in the world — some being a better choice than others, depending on your needs. So let’s compare two of the top job search engines out there — Glassdoor vs. Indeed — to help you make a decision on which one you should be using, whether as a job seeker or an employer looking to post job listings.

Glassdoor and Indeed are owned by the same holding company, but they operate as separate entities. They both function as a way to improve recruiting and hiring, but they can serve different purposes. Many companies find success using both websites to complement their recruiting efforts.

Another website that addresses many of the options on both sides, in one location, is ZipRecruiter. If neither Indeed nor Glassdoor has everything job seekers or employers need, it may be a better choice to find qualified candidates or land your next role. Read on to understand which job board will help you achieve your professional goals.

What is Glassdoor?

Glassdoor goes beyond the typical job board and features employer branding solutions for companies in the hiring process and gives job seekers the ability to research companies before applying to the jobs posted. In addition to seeing job postings, job seekers can read more about potential companies, including their benefits and salary information. Employers can post photos of the office and from events, too, to give potential candidates a better understanding of what the company culture is like.

A particularly unique feature of Glassdoor is that current and former employees (as well as people who have only interviewed with them) can leave employee reviews for other candidates to see. Pros, cons, feedback on the interview process and what can be done to improve all help job seekers get a more in depth look into the company.

As for size, there are 50 million unique monthly users on Glassdoor, nearly 20 million less than Indeed.

What is Indeed?

Indeed is the largest job-searching website in the world — there are tens of millions of employers posting jobs and hundreds of millions of applicants hoping to find their next role. It’s main and only focus is as a job-search engine.

There are more than 70 million monthly users coming to Indeed to search for their next role, twice what Glassdoor has. With such a large audience, it’s a great option for employers to upload free job postings and for applicants to find plenty of job openings.

How Does Glassdoor Work for Employers?

When looking to hire for more niche roles, Glassdoor is a great solution for employers looking to showcase their business and company culture. The ability to create a brand that job seekers are interested in can be a huge advantage during the recruiting process.

Companies can create a brand page for free, as well as utilize the insights that Glassdoor provides to improve employee and interviewee experiences.

With a paid membership, hiring managers can use premium features on Glassdoor like competitor comparisons, branded advertising to get in front of more qualified candidates, and review analysis.

Because Glassdoor’s main focus isn’t the job search, but instead a branding site for companies, there aren’t as many features for recruiters to utilize as there are on a job site like Indeed or ZipRecruiter. There’s no applicant tracking system, nor can employers conduct a resume search.

How Does Indeed Work for Employers?

Employers can post a basic job opening for free on Indeed, making it an ideal platform for hiring managers working on a budget. But as great as the free option is, that also means the competition is stiff to get your job posting seen. How many other employers are competing for the eyes of qualified candidates?

Indeed’s solution to that problem is a paid job post. For as little as a few bucks a day, employers can post sponsored jobs and make sure the job postings get in front of the most applicants. When you pay for a post, you can invite people to apply for your job after finding resume matches.

Other free solutions for employers include adding screener questions and the ability to message and virtually interview candidates. It’s not possible to repost jobs from other websites onto Indeed.

Indeed also simplifies the screening process by grouping qualified applicants to the top of a dashboard, automatically declining applicants and helping to schedule interviews all within their website.

The Differences and Similarities for a Job Seeker: Glassdoor vs. Indeed

For job seekers, Glassdoor is a window into what it will be like to work for a company. When perusing the job board, they’ll be able to see not only the job postings, but an estimated salary range, company description and company reviews plus the benefits that are offered.

The uniquely detailed insight into an employer brand isn’t a feature that exists on Indeed, but if using both Glassdoor and Indeed together, candidates can pop back and forth between the two websites to get the information they need before applying on either website.

Another difference is the amount of available jobs and competition from other job seekers. Glassdoor jobs tend to be more niche, but there are  about 20 million less users searching for jobs on the site each month as there are on Indeed. On the flip side, Indeed can be overwhelming with the amount of available jobs to search through.

Glassdoor’s job board requires an account for all job seekers to be able to view jobs, salaries and reviews from previous and current employees — but it’s free to use.

Indeed is free for every job seeker and doesn’t necessarily require an account to search for job postings  and apply for jobs. Job seekers can create an account to post their resume and make it easier for recruiters to contact them, but it’s not necessary.

The job search engines on both sites let job seekers filter their search results by job title or keyword and location. Plus, they can get email job alerts when a job posting that matches their search is added to the website.

Can’t Decide Between Glassdoor vs. Indeed? Try ZipRecruiter

If you’re comparing Indeed vs. Glassdoor to decide which job board to use, a third option is ZipRecruiter. It’s a more streamlined way to post jobs and recruit top talent without being behind an account wall — or having to flip between two different sites — and it also happens to be the No. 1 job search engine online.

ZipRecruiter has a free trial for companies (it’s always free for people looking for new opportunities), then prices start as low as $16 per day for one reusable job post. The features that come with the cost make it worthwhile, if you’re serious about filling your positions quickly.

Each job posting can be syndicated to more than 100 other job boards, multiplying the number of qualified job seekers that will see your listing. Employers can also conduct a resume search and see potential candidates’ employment history before inviting them to apply to a specific position instead of waiting for future employees to find them.

<!–

–>

Source: thepennyhoarder.com

Where to Post Jobs for Free: The Top 11 Free Job Posting Sites

It’s free to post jobs to AngelList, but you’ll only have limited access to its core features. You’ll have to subscribe to a premium plan to fully view resumes, candidate profiles and other essential elements.
Some job sites only let you post jobs to their job boards. Others let you post to several other job boards with one listing. And then there’s ZipRecruiter, which lets you post to over 100 job boards around the web.
It’s completely free to post job ads to this free job posting site. But you’ll need a premium subscription to fully view a resume, access contact information, export contacts lists or reach out to job seekers directly.
The best free job posting sites all want to make money from the massive amount of web traffic they attract. If you want to fill job listings within a certain time frame, you’ll have to pay to make any meaningful progress.

11 of the Best Free Job Boards

Free job posting sites give recruiters and employers the opportunity to test the effectiveness of a job board or resume database — who’d want to launch a major recruitment campaign on a site they haven’t learned to use?

ZipRecruiter

You can post up to 10 jobs for free, for seven days. Once the trial period ends, you’ll have to pay for those job postings or pull them down.
Job search engines and aggregators like ZipRecruiter and SimplyHired are some of the more balanced free job posting sites around. Their business models make it cost-effective to reach large numbers of job seekers at various watering holes around the internet.
Ready to stop worrying about money?
It’s completely free to sign up for a Facebook account and post ads. But if you want to reach anyone, you’ll have to pay just like you would with any of the other free job posting sites in this roundup.
Glassdoor lets you post jobs for free in addition to providing inside details about companies and job openings. But recruiters and hiring managers may miss some of the requisite tools, such as resume search, found on other free job posting sites.

How Free is it?

Here’s a rundown of 11 of the top job boards for posting a free job listing, along with details on just how free they really are.

Indeed

Depending on the subscription level you sign up to test out, you can post one to five jobs for free. However, you don’t get a lot of road to ride this free test drive, as the trial period is only four days long.
Indeed uses a pay-per-performance model for job postings. You can post jobs for free, but you’ll have to pay when a candidate engages with your job posts.
SimplyHired brings a suite of HR tools to the table to assist in onboarding new employees and managing the ones already on board, but it doesn’t include an applicant tracking system to help get them there.
To recruit talent entirely free, consider leveraging the free components of job boards and social networks.
While this job board is big, you’ll only reach candidates who choose to join the fray and spend significant time on this job site. While sites like ZipRecruiter will share your job to over 100 other job boards and use AI to help you determine which job sites to focus on.
There’s no upfront charge for posting job openings on SimplyHired. You can even view the resumes of job seekers who apply to your job posting. However, the fees kick in if you want to see who’s behind the resumes your job postings attracted.

How Free is it?

Indeed has grown into one of the most visited of the free job posting sites around. Despite its heavy traffic, a perceived overabundance of low-end jobs and unskilled job seekers has hurt the job board’s reputation among some recruiters and hiring managers.
Not everyone is on Indeed. But, for better or worse, plenty of people are.

SimplyHired

However, don’t expect to learn intimate details about job seekers on Facebook. Many of them will only share a limited amount of information publicly, if at all — and don’t hold your breath expecting any of them to accept a stranger’s friend request.
Monster has to be commended for its staying power. This job board has been around since 1994, making it the oldest of the free job posting sites that are active today.
Still, there’s plenty of good to balance it out.

How Free is it?

Yep, Post Job Free is a free job posting site. You won’t get charged for free job ads after a certain amount of time has passed or once someone expresses interest in one of your job openings.

Glassdoor

Want qualified resumes to hit your desk ASAP? ZipRecruiter has tens of millions of resumes in its curated database. You can search resumes by keyword, proximity, upload date and more — plus, you can create job alerts to notify you when relevant resumes are uploaded to this job site.
You can place a free job post locally on popular job boards like ZipRecruiter, Monster and Indeed — or even on popular social networking sites like Facebook and LinkedIn. However, you’ll have to pay for the critical tools needed to interact with qualified candidates.

How Free is it?

Privacy Policy

Monster

You can post as many jobs as you want, free of charge, to this free job posting site. Though, you could face serious problems attracting any real interest in your job postings if you don’t promote them, which isn’t free to do.
It compares favorably with free job posting sites like ZipRecruiter and other sites that share your job postings across multiple job boards and social networking sites.
That powerful AI can also help candidates find your job postings. And it can promote your job ads, help you determine where to focus your recruitment efforts and even invite qualified candidates to apply.

How Free is it?

Beyond attracting throngs of site visitors, Facebook’s marketing tools can help you promote your job ads to relevant audiences. However, you’ll have to pay to promote your ads.

Facebook

Not all job boards will let you post jobs for free. And the majority of the free job posting sites will want to be compensated at some point.
There’s something so invaluable about having the latitude to learn how to have success on a new job board before dipping into your recruitment budget to post jobs.
More of a niche job board, AngelList is like LinkedIn for tech companies and startups. It offers a full host of hiring tools that includes a resume database, support for applicant tracking system integration, templates, advanced search and more — but much of that comes with a price tag.

How Free is it?

Posting a job ad to Monster is made easier thanks to a collection of more than 2,000 job description templates. And you can keep track of interested job seekers with Monster’s native applicant tracking system, though there is no support for third-party ATS solutions.

Post Job Free

For many job seekers, Glassdoor’s biggest draw is the ability to peek inside of an organization to get a feel for what the culture is like there. Its company pages offer insights from current and former employees.
Features like resume search require a monthly subscription, while its applicant tracking integrations are quote-based.

How Free is it?

It’s completely free to post a job on Chegg, but you can only post internships. While you can view the full details of those who apply, you won’t find a native applicant tracking system on the site.

Talent.com (Formerly Neuvoo)

We’ve put together this chart to help you visualize the key differences between the five best free job posting sites.

How Free is it?

If you’re looking for a free job posting site, then there’s a chance you’re looking for interns rather than full-time employees. Chegg, an education-focused community, facilitates internships and you can post your gigs to the site for free.

Chegg

We’ve rounded up 15 of the top free job posting sites to help you get an idea of which ones you could have success with before even creating an account with them.

How Free is it?

Source: thepennyhoarder.com

AngelList

Get the Penny Hoarder Daily

How Free is it?

Unlike ZipRecruiter, which houses over 30 million resumes, SimplyHired doesn’t include a resume database. So you can’t pursue candidates by searching them out.

Hubstaff Talent

If the number of resumes hosted on the site feels overwhelming, it’s fine — really. ZipRecruiter’s AI can help you wade through the resumes and find the most qualified candidates for your job opening.

How Free is it?

The site supports third-party applicant tracking systems and includes a native tracking system. However, you might find its native solution a bit lacking in comparison to popular tools you’ll find on the market — there’s no solution for managing offers or onboarding new hires.

Comparing the Top 5

Popular job boards and social networking sites provide the broadest reach for connecting with job seekers of all levels. However, these free job boards and social networking sites may limit your job ad’s visibility or your ability to interact with candidates, unless you pay to do so.

Features ZipRecruiter Indeed SimplyHired Glassdoor Monster
Screening Tools Yes Yes No No Yes, some services outsourced
Native Applicant Tracking System Yes Limited No No Yes
Third Party ATS Support Yes Yes No No No
Free Trial Period Yes No No No Yes
Pay-Per-Performance Pricing Yes Yes Yes Ues Yes

Frequently Asked Questions

Where Can I Post Local Jobs for Free?

Some of the factors ZipRecruiter’s AI matching technology considers include the terms a candidate has searched, qualifications, certifications, past applications, experience and more.

Can I Post Jobs on Craigslist for Free?

ZipRecruiter is free to try. Its pricing model compares favorably to performance-based, free job postings because those job sites typically hit you with a paywall as soon as your job ad generates any amount of interest from anyone — qualified or not.

How Can I Recruit Employees for Free?

You don’t have to pay a single cent to post jobs to Hubstaff Talent. So how does this site make money off of a bunch of free job listings? It offers premium tools for managing freelancers — you can track time, collect screenshots of work, monitor team analytics and more.
Most employers can post jobs on Craigslist for free, but in certain areas you’ll have to pay for each job posting.

Bottom Line

Looking for freelancers? Hubstaff is a free job posting site built to bring employers and contractors together.
Another important point to consider about this job board is its monthly visitors. It draws significantly less traffic than rivals like Indeed and ZipRecruiter. <!–

–>


This is one of the more straightforward of the free job postings sites. But if you want to get any promotion to boost your job postings, you’ll need to pay for it. Its sponsored jobs are based on a pay-per-performance pricing model.

Comparing ZipRecruiter vs. Glassdoor for Employers

With millions of unfilled job openings and a serious shortage of workers, businesses across the country are struggling to recruit the employees they need.

Is your business struggling to find qualified job candidates? In that case, you’ve no doubt considered using a popular online recruitment platform like ZipRecruiter or Glassdoor. But what’s the difference between the two? Which one is best for your needs?

In this guide, we’ll go in-depth and do a side-by-side comparison between these two platforms — how they work, what they cost and what audiences they’re aimed at.

Let’s start with an overview of each:

ZipRecruiter: Post a Job on Multiple Job Boards

ZipRecruiter is useful if you need a job opening to be posted widely so you can hire someone quickly. ZipRecruiter isn’t a job board itself. Instead, it’s a marketplace that allows employers to post a job opening to multiple online job boards at the same time.

ZipRecruiter uses artificial intelligence to decide where to post your job vacancies, and it uses its matching technology to analyze millions of data points to find the best potential matches for your job.

ZipRecruiter for Employers

It’s free for employers to try for four days. After that, there are various packages you can buy, depending on your needs. ZipRecruiter offers three different monthly plans, based on how many jobs you want to advertise.

You can pay extra for sponsored posts to give your job postings premium placement on job sites. There’s also a “traffic boost” option that allows you to send out job postings via email, attracting more applicants. You can also sort through resumes on your ZipRecruiter dashboard.

Once you post jobs, ZipRecruiter’s AI can promote your listings and send job alerts to candidates who are more likely to be interested and qualified. The AI tools can also help you right-size your recruitment efforts to keep your spending efficient and on budget.

The platform can also help you keep track of applicants, and it’ll help you integrate your current applicant tracking system into its platform.

ZipRecruiter for Job Seekers

If you’re on a job search, the site is free for job seekers. You can search for job posts based on factors like desired salary, location or various keywords.

You can post a profile on the site that potential employers can see. You can post your resume, references, social network handles or a profile picture, among other things.

Glassdoor: Employees Rate Employers

Glassdoor launched in 2008 as a company ratings site where employees and former employees could review the companies they worked for, and post their salaries for comparison. It has since expanded its offerings, and now attracts roughly 50 million visitors per month.

Glassdoor for Employers

You can claim your company on Glassdoor’s website and create a company profile for free. It’s a good way to build your brand. The free version allows you to post basic information about your company and what it does. Glassdoor’s paid plans offer more customization options.

For job listings, Glassdoor sends you to its sister website, Indeed.com, one of the biggest online job boards around for employers and job hunters alike. You can post up to 10 jobs free for seven days. Beyond that, though, you’ll need to pay.

Indeed’s hiring platform helps employers tap into that job board to find qualified candidates who are available. Recruiters can expedite the screening process, automatically moving candidates forward who indicate they meet preset conditions in hiring questionnaires.

Like ZipRecruiter, Indeed lets you pay to bump up the placement of your job posting in search results, and you can create targeted ads to advertise to more qualified candidates.

Glassdoor for Job Seekers

Glassdoor is free for job seekers, and the company profiles are useful in your job search. You can also read employees’ and former employees’ unvarnished reviews of each company, and guess what? Not all the reviews are positive! In fact, some of the reviews tend to be scathing. Reading them can be quite educational.

Two people work in an office cubicle.
Getty Images

ZipRecruiter vs. Glassdoor: Pros and Cons

Each of these popular recruitment platforms have their pluses and minuses, depending on what you’re looking for:

ZipRecruiter’s Pros and Cons

Pros Cons
Artificial intelligence helps you scale your recruiting efforts Free trial only lasts four days
Can reach more than 100 job boards No ability to post a company page
Has customizable job description templates for employers to use Can be more expensive than other options

Glassdoor’s Pros and Cons

Pros Cons
Offers some basic job listings for free The actual job listings are on a different site, Indeed
You can create a company profile with information you want prospective recruits to see Prices aren’t posted online

ZipRecruiter vs. Glassdoor: Applicant Tracking

Does your company use an applicant tracking system like Bullhorn, ClearCompany or Greenhouse? Both ZipRecruiter and Glassdoor work seamlessly with dozens of third-party applicant tracking systems.

Using ATS integration, these online platforms can help ensure that your job posts are up-to-date, eliminating friction for job seekers and making the interview process more efficient.

Both ZipRecruiter and Glassdoor’s ATS integration can also generate valuable data for employers, from monitoring job posting quality to helping you tap into a resume database. The analytics can show you how well candidates respond to your job alerts or job ads and help you uncover ways to improve them.

ZipRecruiter vs. Glassdoor: What It Costs

This is the most challenging part for job posters like you to grapple with, because there are so many different pricing options, and not all the prices are posted online. In some cases, you’ll need to ask each company’s sales department for a quote.

Free options are few. Both recruiting platforms offer free trials: ZipRecruiter lets you post jobs for free for four days. Glassdoor lets you post up to 10 job openings for free for seven days.

ZipRecruiter’s Pricing

ZipRecruiter has three monthly plans — Standard, Premium and Pro. Prices are based on how many jobs you need to post and how many job boards or job sites you want your job opportunities to be posted on. Prices start as low as $16 per day for one reusable job post.

“First we work with you to understand your specific hiring goals, strategy and budget,” ZipRecruiter says on its website. “From there, we customize your campaign based on the number of jobs you have, the type of jobs you need to fill, the location, and industry. Plans can be tailored for a monthly subscription or pay-for-performance depending on your hiring goals.”

Glassdoor’s Pricing

Through Glassdoor, you can post up to 10 jobs for free for seven days on its sister site, Indeed. Beyond that, though, you’ll need to pay for premium job placements.

Glassdoor has two paid plans — Standard and Select. For prices, you have to contact Glassdoor’s sales department.

With the Standard package, you can customize your company profile and do a keyword analysis of your company’s reviews, among other things. With the Select package, you get industry benchmark reports and audience targeting insights.

ZipRecruiter vs. Glassdoor: Customer Support

With ZipRecruiter, you can reach customer service via the phone, live chat or email. The website also has a thorough FAQ as well as “how to” guides.

Glassdoor has a “Contact Us” page on its website where you can send the company queries. There’s also a search bar that can help you find answers to your questions.

Resume Search

Want to do a resume search? ZipRecruiter has a vast resume database and provides unlimited resume searches for clients who purchase one of its premium plans. If you’ve purchased the cheapest plan, you’ll have to buy resume searches.

Glassdoor’s sister site, Indeed, also offers screening solutions to expedite the hiring process, without letting an unqualified candidate smooth-talk you into an interview.

The Bottom Line

If you’re an employer looking for an effective place to post a job, these are two solid options.

Glassdoor allows you to create a detailed company profile and assert some control over your brand. It also allows you to post jobs through its sister site, Indeed.

However, ZipRecruiter offers you the ability to get your job posting out to more than 100 job sites. Also, hiring managers and HR directors can take advantage of how ZipRecruiter’s AI streamlines the process of creating job postings, reaching qualified talent and tracking candidates.

Either choice can find you the employees you need.

Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.

<!–

–>

Source: thepennyhoarder.com

Utah 529 Plan for College Savings

You don’t even need to mention it to the IRS on your federal taxes.
Contribution options include online payments, checks, money orders, income tax refunds, payroll, bank transfers and rollover funds from other accounts.
Want to move the needle as soon as you launch your college savings investment plan? Give your Utah Educational Savings Plan a boost from this introductory offer from the Upromise Mastercard, backed by Barclays Bank, FDIC insured.

What Is a 529 Savings Plan?

Get the rundown on Utah’s 529 plan for college savings, find out how rewards programs like Upromise can help you grow funds even faster.

While you can’t skirt payroll taxes to contribute to them, the money generated from a 529 plan is generally tax-free if used for qualified expenses.
Privacy Policy
These plans typically generate money for college through mutual funds, a shared portfolio of investments, but they can use individual funds too. Unlike retirement accounts, you can’t make pre-tax contributions to them.

Taxed deferred

You can claim a 529 plan tax deduction on your income taxes, a tax credit that enables you to contribute even more. The State of Utah offers a 5% tax credit of up to ,070 for single filers, ,140 for married couples in 2021.

Tax deductions 

Here’s a rundown of some of the top benefits of 529 plans and the ways they can grow your college savings:

No federal taxes

Need to step on the gas to grow your savings faster? Enabling the Mastercard’s roundup feature will make it easier to corral and nurture those extra dollars and cents, by rounding up charges for each purchase you make with the card.

Account holder control

You must be at least 18 years old to open a Utah 529 plan.

Accessible

Link your 529 account with Upromise to get rewarded for savings. You’ll get .29 just for joining the program and if you link your account.

Flexible

0,000 total per beneficiary ― but you can contribute to someone else’s fund.

Ground Rules on Utah 529 Plan Withdrawals, Beneficiaries and More

The beneficiary has no control over when or how much money is withdrawn from the account, or any say on investment options. The account holder has to request a withdrawal for qualified expenses or pay a penalty for a non-qualifying disbursement. So no, your student can’t blow your savings on digital currency for Fortnite or Roblox.
Conventional 529 plans let you choose the investment vehicle you feel will serve your needs best, but prepaid plans leave the investing to the state.

Who can benefit:

Get the Penny Hoarder Daily

Account holder requirements:

529 plans are tax-advantaged investment accounts used to grow money for education expenses. They come in two forms: the widely used education savings plan and the dwindling prepaid tuition plan, which is only accepted at a handful of Utah colleges.

Who can contribute:

Knowing what it takes to start and maintain a 529 college savings plan is one thing. Making the most of it is another. But there are services that can help you maximize your investments and hit your goals. Upromise is a rewards program that offers tools and advice to help you hit your savings goals, maximize your plan’s benefits and find additional ways to save along the way.

Ways to contribute:

As flexible as 529 plans are, there are still rules regulating them.

Age-based limits:

Neither you nor your beneficiary has to live in Utah to qualify for a 529 plan in the state. Yes, you can start a Utah educational savings plan and use it for qualified expenses in another state. However, your account will still be subject to Utah’s rules.

Annual contribution caps:

Anyone with a Social Security number or tax identification number can be a beneficiary.

Lifetime contribution caps:

Anyone can contribute: family, friends, acquaintances — though only the account holder can claim the tax deduction.

Qualified expenses:

529 plans may impact need-based financial aid. If one of the beneficiary’s parents is the account holder, needs-based financial aid could be decreased by up to 5.64%. If you’re both the beneficiary and account holder, that deduction could climb up to 20%.

Non-qualified withdrawals:

For non-qualified expenses, money generated from 529 investments is subject to state income tax and a 10% penalty.

More Frequently Asked Questions about 529 College Savings Plans 

Upromise also offers a Mastercard, an optional debit card you can use to earn cashback on purchases, such as groceries and household items, and apply those funds to your Utah 529. It’s a force multiplier for saving for college.

How Do 529 College Savings Plans and Prepaid Tuition Compare?

You don’t have to be an experienced investor to generate money from your 529 plan. But you’ll likely have general options for how aggressively or conservatively your account targets growth. The closer to college a student is, the more you’ll likely want to ease off the gas and target safer investment options.
,000 per beneficiary ― you can contribute more, but you’ll be hit with a gift tax.

How will a 529 Plan Impact Financial Aid?

Still got a few “what abouts” lingering in your mind? As simple as it is to set up and maintain a 529 college savings plan, you’ll probably want to make sure you’re maximizing this long-term investment in higher education. Here are some more frequently asked questions:

What happens to unused money in a 529 plan?

Both are technically 529 plans. But while conventional 529 plans are becoming more popular, prepaid tuition plans are dwindling. Prepaid tuition plans are more rigid. They’re only accepted at participating schools, down to just eight institutions in Utah, and any money generated from them is only used to lock in the current rate of tuition.

  • Roll over the money into another beneficiary’s account, including K-12 tuition.
  • If the beneficiary decides not to go to college, other forms of training, such as vocational school or apprenticeships may qualify.
  • Pay taxes on it and take the 10% penalty to use the funds on something other than education. You might break even or still come out ahead.

How to Start a 529 Plan

Source: thepennyhoarder.com
Ready to stop worrying about money?
Plans can also generate money through 529 rewards programs that help grow savings accounts through cashback programs.
If there’s a theme here, it’s that 529 plans are flexible. You have plenty of options for unused money in a college savings plan:
Eligible expenses include tuition, books, fees, supplies, computer equipment, certain software, education loan repayment and room and board when enrolled in enough credit hours to be considered a part-time student. Other higher education expenses may qualify.
529 plans are tax-advantaged investment accounts that allow you to invest and grow your money to use on qualified education expenses. And the state of Utah happens to offer some of the best 529 college savings plans in the country — and it’s not just for Utah residents. <!–

–>


Beyond the requirement for the account holder, there are no age-based limits on Utah’s 529 plan. The student doesn’t have to use the funds in the Utah 529 plan by a certain age or before a certain amount of time has passed.