For parents with kids heading off to college in the next few years, it’s not too late to implement these last minute savings tips.
1.) Compromise on School. Parents and children should have open and honest conversations and make their school choice based on learning needs and career ambitions, not name recognition.
2.) Take Advantage of Government Loans. Every family should take advantage of government education loans. According to Bill Harris, founder of online wealth management company Personal Capital, there is no “means testing” with the Stafford Loan, which means a family making $200,000 and one making $40,000 are both eligible.
3.) Invest in a 529-College Savings Plan. The earlier parents start funding a 529-college savings plan, which is a tax advantaged way to save for the college, the better, but it’s never too late to start. Many states give tax deductions for contributing to a 529-plan.
4.) Take advantage of American Opportunity Tax Credit. Families with an overall income under $160,000 per year, or $80,000 for single filers, can qualify for a tax credit of up to $2,500 during the first four years of a child’s college education. This tax credit includes expenses for things like books, supplies and equipment that aren’t necessarily paid to the college or university.
5.) Move Assets out of a Child’s Name. Many parents open savings accounts in their children’s name, which is a great way to build a nest egg, but it can have a negative impact when it comes to paying for college. When determining eligibility for federal financial aid, 20% of any assets under the child’s name will count against him or her in the amount of aid offered.
6.) Explore Alternative Loan Types. Most private loans from a bank of credit union have higher costs and higher rates of interest. Instead, consider peer-to-peer lenders to see if they offer a lower fixed rate and always check with the financial aid department at your college to see what kind of tuition assistance is offered.
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The term, ‘zombie home’ refers to a house where the owner has moved out and the lender has never finished the foreclosure paperwork, leaving the absent homeowner legally liable for the foreclosed property along with the property taxes, homeowner association fees, fines for building code violations, etc. 
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Thanks to the Credit Card Act of 2009, cardholders are getting hit with fewer penalty fees and surprise interest rate hikes. However, according to a recent news story, a sequel to the Credit Card Accountability, Responsibility and Disclosure Act of 2009 could be in the works as regulators sort through a fresh batch of complaints. Regulators at the Consumer Financial Protection Bureau collected the comments earlier this year about the post-CARD Act environment. The CFPB plans to issue a study in coming months that will look at the law’s impact on the availability of credit, and at how card issuers’ practices are affecting consumers.
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