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Should I Cosign for My Spouse Refinancing a Student Loan?

Deciding to refinance student loans as a married couple could be a smart move to improve finances, especially if one spouse has much better credit. Refinancing a student loan may result in a lower interest rate, which saves money. This could help alleviate financial stress and allow you to reach other financial goals, such as buying a home, saving for vacations and saving for retirement. But, when your spouse is refinancing a student loan, should you cosign? Consider the pros and cons of cosigning and decide whether cosigning is right for you and your relationship.

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Coverdell ESA Investment Options

Similar to a 529 plan, investments in a Coverdell ESA grow on a tax-deferred basis and can be withdrawn tax-free to pay for qualified education expenses for a designated beneficiary. However, one of the biggest differences between a Coverdell ESA and a 529 plan is the available investment options.

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State Estate and Inheritance Tax Treatment of 529 Plans

If a 529 plan account owner dies before the beneficiary enters college, will the account be subject to state estate tax or state inheritance tax? In most cases, the answer is no. Each state has its own rules regarding taxes paid by heirs and estates. An inheritor of a 529 plan account may owe inheritance tax, depending on their relationship to the deceased and the account value.

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Tuition and Fees Deduction Extended Through 2020

The Tuition and Fees Deduction expired in 2017, but expiration date has been extended to December 31, 2020. Eligible taxpayers may claim the Tuition and Fees Deduction for tax years 2019 and 2020 and they may also claim the deduction retroactively for tax year 2018.

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Presidential Candidate Positions on College Financial Aid

A score of Democratic and Republican candidates for U.S. President have taken positions concerning college affordability and student loans. The details of their proposals may help differentiate among the candidates.

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