Higher Ed Dive’s Post

529 Plan Accounts A key change this year is higher contribution limits for affluent families with the option to “superfund” a 529 plan. This allows for a per-child contribution of $90,000 in 2024, up from $85,000 in 2023, without gift-tax implications. For married couples, each can contribute up to $90,000 this year—for a total of up to $180,000. The caveat with superfunding: You can’t make any additional contributions to the same beneficiary over the next five years. #529plans #529 #familyoffice #wealthmanagement As always, consult with your wealth advisor ot tax professional.

To the surprise of no one, the battle over the legality of the SAVE Income-Driven Repayment plan has quickly escalated to the Supreme Court. I won't speculate on what the results will be, but I'll continue to keep employers, borrowers and Advisors updated on best practices during this ongoing roller-coaster ride. Meantime, the 8 million borrowers using SAVE will enjoy no payments or accrued interest during the proceedings. That said, those pursuing PSLF must pay close attention the outcome and available retroactive benefits as this payment pause does not, on its face, qualify for forgiveness... a detour from past forbearances. https://lnkd.in/gtQzMSJW #BenElevate #StudentLoanRelief #SAVEPlan #IncomeDrivenRepayment #PSLF #LegalUpdate

What if the courts permanently block the Saving on a Valuable Education (SAVE) plan? What would this mean for borrowers overall? And how would it impact you? We’ll go into the scenarios that could happen if the SAVE plan is blocked and explore strategies to minimize the negative impact on your finances, no matter the outcome:

Recent activity confirms that Courts are not "Ghoul" with the latest iteration of income-driven repayment (IDR) plans, called SAVE... which remains blocked as 8 million enrolled borrowers are extended a payment and interest forbearance. Learn the latest here: ttps://https://lnkd.in/gnHf6t8d #StudentLoans #IncomeDrivenRepayment #SAVEPlan #LoanForgiveness #FinancialLiteracy #PSLF

With the introduction of VAT on school fees looming for many as schools will shortly be sending out invoices for the Hillary term, it is really important if you are in the midst of considering a financial settlement following a separation that you make sure any figures you are working on are updated to reflect these changes. Make sure you are looking at this broadly and not just factoring this additional payment liability. This week I have seen a client whose mortgage capacity has been significantly affected by the ongoing school fees obligations for their children, which will drastically change the appropriate settlement parameters to ensure everyone can rehouse. Without double checking this they could have signed themselves up to an arrangement that would have left them short and unable to achieve what everyone has been striving for - separate and secure homes and maintaining continuity for the children. #adviceforlife #reviewthenumbers #makesureitstilladdsup #practicaladvice

Loan trusts on death: Everything you need to know https://lnkd.in/ettuJARk

For UK Financial Professionals. M&G Wealth Senior Technical Manager, Neil Macleod, writes for Money Marketing about loan trusts on death and what considerations should be given to how its set up. He says that loan trusts can be extremely useful for a wide range of different clients, but thought should also be given to how investments will be taxed when the trust fund is ultimately distributed as this could save a significant amount of time and tax further down the line. Read the full article here: https://lnkd.in/ettuJARk

When it comes to financial decisions, choosing the right place for your loan can make a significant difference. There’s a compelling argument that deserves your attention: credit unions. Here’s why taking out a personal loan from Bellwether Community Credit Union could be one of the smartest financial moves you make. Why You Should Consider a Personal Loan from Bellwether https://hubs.ly/Q02LBPly0

UPDATE: Hometown Heroes funds have been fully committed as of yesterday at 5pm in a record 51 days. QUESTIONS? Will there be a waitlist for HTH fallout? We will follow up with a timeline and process for the release of funds from cancelled loans. Can I cancel a HTH loan and switch out a borrower? No, canceled loans will not be replaced with a new lock. What if my HTH loan cancels due to the timeline, can it be reinstated? Most likely no, the funds will be utilized by another borrower. Loans must be underwriter certified by the 60th day or they will cancel. When will more HTH funds become available? We hope that we will receive an appropriation in the 2025 session to offer the HTH Program in 2025. Does this mean Florida Housing will not have any programs available until 2025? NO, Florida Housing still has the Standard Bond and Standard TBA Programs that offer down payment and closing cost assistance. Click here to view the highlights. Do you have more questions? I have answers! 😁

#SCOTUS term ended in a flurry of high profile decisions that have captured the media talking heads and monopolized airtime. Hence this post about three not so well known cases with extreme implications! 1. In a case called Polselli v. IRS, will have lasting consequences as the IRS gained new powers. We will come to despise this ruling! 2. In a case called Tyler v. Hennepin County, the Supreme Court ruled that a practice sometimes called “home equity theft” violates the U.S. Constitution. This is a MAJOR case with far reaching consequences, as the government in “fire-selling” homes was absconding with the equity of the property. This practice should finally end this disaster! 3. The Supreme Court ruled in a case called Biden v. Nebraska that President Biden did not have the power under the HEROES Act, to forgive federal student loans on a large scale, up to $20,000 for eligible borrowers, as proposed in the President's program. This is a BIG deal, as Biden has routinely gone around SCOTUS and the Legislative Branch to play with student loan debt forgiveness. If you received letters about loan forgiveness, be prepared to pay the loan! https://lnkd.in/gV6MS_pY