Ask Liz Weston

Get smart with your money

Student Loans

Tuesday’s need-to-know money news

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shutterstock_101159917Today’s top story: How to start married life with extra cash. Also in the news: Credit counseling for new grads, how your brain tricks you into using the wrong credit cards, and the retailers that reward you for recycling your unwanted junk.

5 Ways to Start Married Life With Extra Cash
Giving your marriage a strong financial start.

Credit Counseling for New Grads
Getting your post-college financial house in order.

3 Ways Your Brain Tricks You Into Using the Wrong Credit Cards (And What You Can Do About It)
Keeping the right cards at the top of your wallet.

The Retailers That Reward You for Recycling Your Unwanted Junk
Better for the planet and for your wallet.

Thursday’s need-to-know money news

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Today’s top story: Why you shouldn’t be spooked by student loans. Also in the news: A judge approves a $14.7 billion dollar settlement in the VW Diesel scandal, the new low down on low down payment mortgage programs, and how personal finance chatbots could help you control your spending.

Why You Shouldn’t Be Spooked by Student Loans
Don’t be afraid.

Judge Approves $14.7 Billion Settlement in VW Diesel Scandal
What this means for VW owners.

The Low Down on New Low Down Payment Mortgage Programs
What you need to know.

How Personal Finance Chatbots Could Help You Get Your Spending Under Control
Your new financial best friend.

Wednesday’s need-to-know money news

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Student-LoansToday’s top story: A 3-step plan for new grads with student debt. Also in the news: Answers to money questions from college students, student loan mythbusting, and how to cut the costs of raising a baby.

A 3-Step Plan for New Grads With Student Debt
Congratulations! Now, pay up.

Money Talk: How to Go From ? to ?
Answers to money questions from college students.

4 Student Loan Myths You Might Believe
Mythbusting.

Old school vs. new school: How to cut the costs of raising a baby
Keeping costs down.

Q&A: Parents paying a child’s private student loans

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Dear Liz: My husband and I are paying my youngest son’s private student loans. My husband is paying two loans and I’m paying three. I have plans to retire next year. Should I tell the lenders after I retire and give my loans to my son to take over?

Answer: If these are private student loans, then you and your husband probably co-signed them with your son. That means you’re equally responsible for the debt and can’t just walk away without consequence.

Some lenders do release co-signers if the student borrower is creditworthy. The lenders typically don’t volunteer information about this option, so your son would need to request it. The Consumer Financial Protection Bureau has a form letter your son can use to ask for information about the process.

If that doesn’t work, your son may be able to refinance or consolidate the loans with a new lender to get your names off the loans.

All this assumes your son is willing and able to take over this responsibility. If he’s not and you stop paying, your credit scores will suffer and you could face collection actions.

Tuesday’s need-to-know money news

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2Today’s top story: How to decide if credit counseling is right for you. Also in the news: Robots and your bank account, why insurers and banks want to know your job title, and three ways to help your kid pick the right college.

When Credit Counseling Is (and Isn’t) a Good Idea
How to decide the right approach.

This Robot Wants to Have a Word About Your Bank Account
Meet the bank tellers of the future.

Why insurers and banks want to know your job title
Your job title could determine your interest rate.

Three ways to help your kid pick the right college
Talk about finances right away.

Friday’s need-to-know money news

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imagesToday’s top story: How to teach your kids about money. Also in the news: How money market accounts could drag down your retirement, how to deal when your student loans are more than your yearly income, and why you should start thinking about your taxes immediately.

3 Ways to Teach Kids About Money
Raising financially smart kids.

Money Market Accounts Could Drag Down Your Retirement Savings
Beware low returns.

How to Deal With Student Loans When You Owe More Than Your Annual Salary
Don’t get overwhelmed.

Why You Should Start Thinking About Your Taxes Now
It’s never too early.