Youth & Student Finances

Following the declaration of the global pandemic in March of 2020, the Trump administration instituted a federal student loan moratorium that resulted in an immediate pause on student loan payments and interest accrual for federal student loans. Furthermore, federal loan servicers were prohibited from taking action on borrowers in default before the start of the pandemic. Learn more

Saving for a child’s college education is one of the biggest financial endeavors parents face today. Similar to building up a nest egg for retirement or purchasing a home, saving for college is a marathon, not a sprint. Tuition (and related expenses) continue to increase year over year with no end in sight, which means implementing a savings plan is more important than ever. Learn more

It’s that time of year again. Backpacks are lining the shelves, leaves are beginning to fall, and children are scrambling back to the normalcy of a daily routine. Back to school means back to learning, and whether your child is collecting coins around the house or experiencing the excitement of a first job, it’s never too early to start educating them about money. Read on to learn about ways you can help your child get ahead of their financial futures. Learn more

Back-to-school season is upon us, and for many of us this means preparing for one of the busiest shopping times of the year. Keeping your spending under control can be difficult in today’s economy, especially when it comes to your child’s needs. At Lafayette Federal, we want to help you support your family by offering these helpful strategies to best minimize costs while shopping for all your back-to-school needs. Read below to find out how to boost your savings and get the most out your school year. Learn more

Being a student can be a lot of work. Finding the time to make money on top of other responsibilities can feel impossible, especially throughout the school year. Part-time jobs offer a valuable opportunity to earn on a manageable schedule and learn valuable life skills along the way. Whether your child is a high school senior or college sophomore, they can find ways to earn money. Read more to learn about eight ideal part-time student jobs your child should consider this year. Learn more

Back-to-school season is upon us, and a new semester means new expenses. Saving money in college can be difficult, but finding smart ways to budget and save is an important step to avoid piling debt in college. Help yourself (and your finances) by implementing new budget habits to your fall routine this year. Read below for five easy tips on how you to maximize your savings this semester and beyond. Learn more

Looking for a tax-advantaged college savings vehicle that has no age restrictions and no income phaseout limits — and one you can use to pay for more than just tuition? Consider 529 savings plans, a popular way to save for higher-education expenses. Named after the section of the tax code that authorized them, 529 plans (also known as qualified tuition plans) are now offered in almost every state. You may find that 529 plans make saving for college easier than before. Learn more

Over the last 30 years, our nation has seen a steady rise in the cost of attending a 4-year university. Whether you choose a state college or private university, the chance that you come out with between $10k – $40k worth of debt is at least 50%. Student loan borrowing has hit an all-time high, and has increasingly become more difficult to pay down as college expenses rise disproportionately over time. Learn more