MyMoney Resources - Youth

Read the latest FTC blog post in English and Spanish on how to avoid federal student loan forgiveness scams. Also check out the social media graphics in English and Spanish that you can share with others to raise awareness of this important issue. Also check out the social media graphics in English and Spanish that you can share with others to raise awareness of this important issue.

learn about the multiple benefits the SAVE Plan offers to student loan borrowers, such as a monthly payment amount that is calculated based on the borrower’s income and family size. This resource has information on how to apply, which loans are eligible, and more.  

Learn tips and strategies on how to make more informed financial decisions around managing money, saving and paying for higher education, and repaying student loan debt.

No need to be a money expert—the tips and activities here can help your children’s money skills, habits, and attitudes grow.

We explain the ins and outs of student financial aid and repaying loans to help you make smarter decisions about how to pay for school.

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. There are two types of 529 plans: prepaid tuition plans and education savings plans. All fifty states and the District of Columbia sponsor at least one type of 529 plan. In addition, a group of private colleges and universities sponsor a prepaid tuition plan.  

A report, Opportunities to Improve the Financial Capability and Financial Wellbeing of Postsecondary Students, has been prepared by the Financial Literacy and Education Commission (FLEC) and describes the state of financial education among postsecondary students. The report describes current efforts to enhance financial education in a number of institutions with regards to student understanding of financial aid and financial education topics at two critical junctures: _ Choosing Where to Go and How to Finance Postsecondary Education; and _ Making Sound Financial Decisions When Enrolled and Beyond.

An Achieving a Better Life Experience (ABLE) account is a type of tax-advantaged savings account that an eligible individual can use to pay for qualified disability expenses. The eligible individual is the owner and designated beneficiary of the ABLE account. An eligible individual may establish an ABLE account provided that the individual is blind or disabled by a condition that began before the individual’s 26th birthday.

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

Generally, the ABLE Act permits a state to establish and maintain a new type of tax-advantaged savings program (under Section 529A of the Internal Revenue Code). Contributions may be made to a 529A account established for a designated beneficiary to pay for qualified disability expenses.