Consolidating undergrad and graduate loans
You can sign up for these programs for free at Student
If you want help, we recommend Ameritech Financial, a company I’ve personally vetted.
In contrast, you have to keep contributing to a scholarship fund or you lose your membership.
You also don’t have control over where the money is invested. Though it should take you an hour or so to set up and fifteen minutes every year to monitor, it is entirely your responsibility to do so.
The return you should expect from scholarship plans will be similar to what you can get from bonds (around 5% currently) plus the earnings on capital of members who dropped out less plan expenses.
It is extremely difficult to say how much the fees add up to and since it is not obvious, you have to assume that you will be left with more if you invest on your own.
Remember, most people have other priorities like saving for a retirement and paying off their mortgage) and control (my kids are very young, so the portfolio is heavily tilted toward equities.
If the earnings boost from forfeited income were much larger than the total fees, you would benefit from a Group RESP. Lack of Flexibility: For most people, saving for their child’s education should have a lower priority than saving for their retirement or paying down their mortgage.
It's estimated that roughly 50% of student loan borrowers qualify for some type of student loan forgiveness program.
But this statistic is misleading, because a lot of borrowers think this means qualifying for some type of student loan forgiveness program. Actually, most borrowers qualify for student loan forgiveness through one of these “secret” ways.
The secret is simple: sign up for a qualifying student loan repayment plan, and your loan will be forgiven at the end of the plan. What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end.
It sounds like it could be confusing, but it doesn’t have to be.