Bittersweet: Sugar Dating As Way To Reduce Student Loan Debt

Bittersweet: Sugar Dating As Way To Reduce Student Loan Debt

Add this to the thousands of ways that student loan debt affects social structure and relationships: sugar dating. No definitive numbers exist. But at least some people, mostly younger women and gay men, are dating older, well-off men. And they are doing this to deal with the overwhelming prospect and/or burden of student loan debt. Sugar babies sign up for free with SeekingArrangement to find a sugar daddy. These men pay $100–$200 per month to the site to search for a suitable partner. The site connects people for a relationship that offers financial support in exchange for companionship, not necessarily sex. It also markets itself as a solution for student loan debt.   Some have called the arrangement “Escort 2.0.” A recent New York Times article, chronicles the arrangements. The founder, Brandon Wade, sees the service as a way to bring the issue of money in dating out into the open. The terms of service prohibit sex. It drives “people to talk honestly on the first date about who they are and what they expect to gain from a relationship. Just like you discuss in any business relationship and any business arrangement,” Wade said. What Are You Worth? More than 60 percent of its 20 million members are in the U.S. The profiles of sugar daddies include self-reported net worth. In addition, they state what they are looking for in an arrangement: “I’m looking to spend quality time (and money) with a potential friend (or friends),” said one member. He stated his net worth to be $5 million. “We’ll see how things evolve, and would love to serve as...
What Is Average When It Comes To College Tuition? It Depends

What Is Average When It Comes To College Tuition? It Depends

As families and students make decisions about going to college, it’s important to ask the right questions. One simple question is “What is the average college tuition?” The simple, not so helpful answer is “it depends.” More informative answers are complicated by a number of factors. For example, tuition varies greatly based on type of institution—two-year or four-year, and whether a student is in-state or out of state. Here are some yearly national averages from a College Board study for tuition and fees: In-state student attending a two-year public college: $3,570. In-state student attending a four-year public college: $9,970. Out-of-state student attending a four-year public college: $25,620. Four-year private nonprofit university: $34,740. It’s worth noting the large difference in cost between public and private institutions. Though there are often more scholarships available at private institutions, the median prices are vastly different. The median yearly cost (meaning that half the schools are above, and half below) at public college for a bachelor’s is $10,270, while at a private college it is more than three times the amount, $35,260. What Type of Degree Do You Want? Yearly college cost also depends on the type of degree you are pursuing— associate’s, bachelor’s, master’s or doctorate: Bachelor’s degree at a four-year public university: $8,230. Doctorate at a four-year public university: $10,830. Bachelor’s degree at a private university: $33,450. Master’s degree at a private university:  $29,960. Doctorate at a private university: $42,920. Here’s another simple question: Has the cost of going to college increased? Yes, yes, and yes. From the 2015-2016 school year to the 2016-2017 school year, yearly college tuition went up like...
Side Hustle Do’s and Don’ts

Side Hustle Do’s and Don’ts

The current economic climate is rough; high costs of living, stagnant wages, debt, and costly education and health care. It’s little surprise with these factors that many are choosing to start side-hustles for supplemental income and potential financial independence. One study from November 2017 found that 1 in 2 millennials had a side job of some sort. While it would be great if everyone could afford everything with a full-time job, this isn’t always the case. If you’re thinking of starting a side-hustle, there are some very important “dos and don’ts” to keep in mind. Do Keep Focusing on and Crushing Your Full-Time Job Side hustles can be distracting, but it’s important not to lose sight of the fact that your day job is your main job. As tempting as it may be to plan or work on your side-hustle during slow points at your full-time job, it’s important to focus on one responsibility at a time and be respectful to your employer. Think of it as having two jobs at two physical locations — you can’t be in two places at once! Keep your productivity levels up at your day job and ensure your work performance doesn’t suffer. Many workplaces have policies about accepting side-work; make sure you’re complying with their rules to avoid any conflict of interest. Don’t Spend Money on Anything Unnecessary When starting a business endeavor of any kind, it can be tempting to think you need more. “If only I had this or that.” The problem with this type of thinking is that there will always be something else you could use for your...
The Promise of Promise Programs in the AI Disrupted Economy of Tomorrow

The Promise of Promise Programs in the AI Disrupted Economy of Tomorrow

A 2013 report from the Alliance for Excellent Education predicted that 65 percent of jobs by 2020 will require education beyond high school. Maybe we won’t quite get to those numbers, but certainly AI and other technologies are disrupting the current workforce. Unfortunately, the cost of going to college continues to outstrip income and inflation. Student loan debt continues to climb, more than 44 million borrowers owe more than $1.5 trillion dollars. One hopeful development to prepare the workforce for the economy of tomorrow is the growth and increased effectiveness of Promise programs. There is no dispute that AI and other technologies are disrupting industries. Many viable jobs today will be lost to new technologies in the not so distant future. Right now, only 46 percent of Americans between 25 and 29 have completed an associate’s degree, technical certificate, or higher. What will happen to these folks? Particularly those who have the most difficult time paying back their student loans, such as women and students of color. Promise? Experts at a recent forum cited local Promise programs that both make college affordable and provide academic and emotional support. These programs lower financial barriers by, at the minimum, covering tuition and fees. These programs are especially helpful to first-generation, low-income students who are most at risk of changing economic conditions. Because of these factors, Promise programs are becoming a movement. Begun at single institutions, they have grown exponentially. Just three years ago, there were about fifty programs, but today there are over 200 programs across 44 states including 23 statewide programs. Currently, Promise programs mostly include community colleges, not four-year...
Quit Hitting Snooze, That Student Loan Debt Clock Is Trying to Wake Us Up

Quit Hitting Snooze, That Student Loan Debt Clock Is Trying to Wake Us Up

There are different student loan debt clocks out there and they have different totals. Student Loan Review says it is just over $1.627 trillion and going up nearly $3,000 each second. A more conservative clock at Student Loan Hero has the number at something over $1.526 trillion. That is no small difference, about $100 billion. That is more than the GDP of Slovakia. Let’s say that again. The difference between the clocks that estimate total U.S. student loan debt is more than the total economy of an  eastern European country. But the thing is this: that may be a severe underestimation of student loan debt. There are many ways Americans pay for their or their loved one’s education that are much harder to keep track of. Here are some of them and how they most likely put student loan debt at well over $2 trillion. Home Equity Loans Some parents weren’t able to save all, or even much, of what their child needed to go to college. For many of them, their biggest investment, their lifetime investment, is their home. If they have been fortunate enough to see the value of their home go up over time, they can dip into the equity. None of this debt shows up in student loan statistics. Of course, there is a built in bonus. Though these borrowers pay interest, they also get to write that interest off since it is mortgage interest. Another benefit is that, if things go badly, mortgage debt is easier to claim bankruptcy on, since almost anything is easier to claim bankruptcy on than student loan debt. One...
Millennials, Due To Challenges, Are the Best Financial Planners

Millennials, Due To Challenges, Are the Best Financial Planners

Millennials have high student loan debt and lower homeownership. Yet, they’re actually the best financial planners of any generation group, according to the 2018 Modern Wealth Index. Millennials have planned, saved, and invested more actively than any one. This includes Traditionals, baby boomers, Gen Xers, or Gen Zers. Millennials ask questions, they join groups, and they use debit and automation to stay in control of their financial choices, according to NBC Better Business. Despite economic pressures, millennials are more likely to ask the right question, join the right groups, and utilize automation to find financial solutions. Many have responded by using the tools available to them, and working out interesting solutions to complex problems. Millennials Ask Many millennials have large amounts of student loan debt which has delayed asset growth. This makes them uncertain about investing and making large purchases. Due to their inexperience, they ask questions. They want to “make sure they’re doing the right thing,” said Holly Kroft, a Wealth Advisor at Neuberger Berman. They are not afraid to interrogate and evaluate, she says, because they fully grasp that that knowledge is empowerment.   Millennials Join Millennials also feel comfortable joining social media and other communities. This has lead to a burst of virtual and brick and mortar spaces. There, people share, encourage, and reassure each other about their financial failures, discoveries, hacks, and triumphs. Networking is a time-tested method of gaining insight and support. Millennials engage on Instagram, Twitter, Facebook, and other platforms in numbers and ways inconceivable only a decade ago.    Millennials Automate Additionally, millennials are also more likely than other generations to use...