Want your student loans forgiven? Avoid these 4 mistakes

Having college debt disappear is something many student loan holders can only dream of. Through the Public Service Loan Forgiveness Program, people with federal student loans can get their loans erased tax-free if they first make loan payments for 10 years while working for the government or a nonprofit. Only a few hundred people are on track to get forgiveness this fall — the soonest borrowers can receive forgiveness through the program — according to data the U.S. Department of Education presented to financial aid professionals last year.

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  Study:Three-quarters of UK students will 'never pay off their loans'

  Daily Mail
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  How much borrowers pay to attend the top public universities in the US— and how much they earn later on

  markets.businessinsider.com

Low-income families spend 40% of their money on luxuries

It turns out that all Americans, regardless of income, spend a large percentage of their income on luxuries. People who make the most money spend the biggest chunk of their incomes on luxury goods, but even the poorest households spend a significant amount for luxuries, according to an analysis released this week by Deutsche Bank Research. The wealthiest families (the top fifth of earners) spend around 65% of their incomes on luxury goods and 35% on necessities, according to the study, which looked at spending habits between 1984 and 2014. Middle-income households weren’t far behind: They spend 50% on luxuries and 50% on necessities. Even the lowest income families (the bottom fifth of earners)