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At Midlife: Multi-Tasking In Your 30s, 40s or 50s

Managing for today and saving for tomorrow, including a child's college expenses and your retirement

Do your homework if you need a loan to pay for a child's education. Among the many options are government-guaranteed loan programs for parents and students, and loans from private financial institutions. There often are big differences between government and private loans, though, and private lenders could offer both types. So ask questions and fully understand the fees, the interest rate, and when loan payments and interest charges will begin.

"Teenagers are solicited by direct mail for very large student loans that would put a heavy debt burden on them when they graduate from college," said Deirdre Foley, an FDIC Senior Policy Analyst on consumer issues. "My recommendations to parents and students are to shop around at multiple lenders, read all the fine print, and borrow only what you need for school-related expenses that are not covered by grants, scholarships or other sources."

Also be on guard against scams that begin with a "guarantee" or promise of scholarships, grants or fantastic financial aid packages. For details, see a Federal Trade Commission warning about fraudulent scholarship offers at www.ftc.gov/bcp/menus/consumer/education/scholarships.shtm.

Make the best use of a financial "windfall." Many people receive a large sum of money from an inheritance, a home sale or an insurance payment, and they aren't sure how to use or protect it. Consider asking a financial or tax advisor about the best options, which may include starting or adding to a rainy-day fund for emergency expenses or putting money into your retirement accounts.

If you deposit a large amount of money in a bank account, make sure it is fully protected by FDIC insurance.

Also consider paying off high-interest debt, such as the outstanding balances on your credit cards.

Plan a strategy for having a home and a mortgage. If you don't own a house, consider if it makes sense to buy one, especially if you don't plan to move in two or three years. Homeownership can offer tax advantages and a stable place to live, but don't take on more of a mortgage than you can afford to pay each month.

If you do have a mortgage, periodically compare your interest rate to current market rates and, if rates have declined, calculate whether refinancing makes sense.

"Just because you can get a new mortgage at a better interest rate than what you already have, you've still got to be careful before refinancing," said Luke W. Reynolds, Chief of the FDIC's Community Affairs Outreach Section.

"First," he added, "if you only have a few years left on your mortgage, refinancing doesn't make sense if the costs to refinance are greater than the cost savings from the lower monthly payments. Second, remember that if you stretch out the number of years you have to repay the new mortgage, you will pay more in interest over the total life of the loan."

So, if you have 15 years left on your 30-year mortgage and you want to refinance, in the long run, you're usually better off with a 15-year loan instead of refinancing into another 30-year loan.

For more help or information for people at midlife: Find basic tips on a variety of topics in this special edition as well as online at http://www.mymoney.gov, a U.S. government Web site.

FDIC Consumer News is published by the Federal Deposit Insurance Corporation

FDIC Consumer News is produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices. It is intended to present information in a nontechnical way and is not intended to be a legal interpretation of FDIC or other government regulations and policies. Mention of a product, service or company does not constitute an endorsement.

Find current and past issues of FDIC Consumer News at http://www.fdic.gov/consumernews. Refer to this same index to locate the issues that are specially formatted for being reprinted in any quantity.

To receive an e-mail notice about each new issue of FDIC Consumer News posted on the FDIC Web site, with links to stories, follow instructions posted at www.fdic.gov/about/subscriptions/index.html.

Last updated on 05/13/2008

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