In late June, the Supreme Court of the United States (SCOTUS) struck down the Biden administration’s plan to forgive student debtThe Biden Administration has vowed to move forward with loan forgiveness under separate legal authoritiesWhat's Next?The SCOTUS decision follows a three-year pause in loan repayments for millions of American students that began in March 2020If you have federal student loans, interest will start accruing on Sept. 1, 2023, and the first payments are due in October, according to the US Department of Education Given the high expected volume of calls to loan servicers, now is the time to get organized to restart your student loan paymentsWhat if your loans were in default before the loan pause began in 2020?Average total published charges for full-time undergraduates at four-year US colleges and universities, 2022-23:o Total tuition, fees, room and board at public in-state: $10,940o Total tuition, fees, room and board at public out-of-state: $28,240o Total tuition, fees, room and board at private in-state: $39,400Education Planning Options for ParentsConsider funding 529 accounts for kids or grandkidsCustodial accounts give the child more control over the money Set up a Coverdell Education Savings Account for simpler needs Take advantage of federal tax breaks +++You can also find a wealth of educational resources related to today’s topic on our new webpage at wealthenhancement.com/yourmoney.Clients of Wealth Enhancement Group have access to our Roundtable of financial experts, who have specialized expertise in investments, asset allocation, tax and estate planning, education planning, and more. Learn more about the Roundtable by visiting wealthenhancement.com.

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