Here’s How One Dad Hopes To Avoid College Fees Altogether
Student loan forgiveness, the possibility that the U.S. government could write off a large portion of the country's $1.7 trillion of student debt, has become a popular idea in recent months.
U.S. President elect Joe Biden campaigned last year on a promise to forgive at least $10,000 in student loans per borrower, potentially helping 43 million Americans who are typically paying between $200 and $300 per month toward their student loan.
Hoping to avoid student loan fees altogether, U.K.-based PR executive Peter Bowles started a bitcoin fund for his daughter Izabella in 2019—with it's value skyrocketing to over $40,000 today as the bitcoin price exploded through 2020.
Izabella's father, Peter, placed a notice in the Times of London announcing her birth and included a ... [+] bitcoin address that friends and family could donate to.
Peter Bowles
The bitcoin fund, set-up to try to cover college fees, doubled in its first year and grew by over 400% from January 2020 to January 2021—though it crashed along with most other assets in the March before quickly rebounding.
"My guess has always been that the fund could be worth serious money in the future—somewhere in the six or seven figures," Peter, who plans to hold onto the cryptocurrency until his daughter turns 18 regardless of its performance, said, speaking last year.
"Or it could just be worth a tin of Heinz baked beans, fitting for a student. My plan is to leave it there like an art installation, not get tempted to cash out and see what happens. If it doesn’t make any money at all and is just worth a tin of beans then I’ll enter them for the Turner Prize—a work that’s been 18 years in the making."
When Izabella was born, Peter placed a notice in the Times of London newspaper, the same newspaper bitcoin's mysterious creator Satoshi Nakamoto took his now infamous "Chancellor on the brink of second bailout" headline from, announcing her birth along with her bitcoin account address. The address has seen some 300 donations from around the world.
Peter took out another ad in the Times of London this week, trumpeting the fund's success so far as institutional investors and Wall Street giants warm to bitcoin.
MORE FROM FORBESForget The Moon-SpaceX And Tesla CEO Elon Musk Wants To Send Bitcoin To MarsBy Billy Bambrough
Izabella's bitcoin fund, set up to pay college fees in place of a student loan, has soared by over ... [+] 400% in the last 12 months.
The Times of London
This week, Anthony Scaramucci, whose 2017 tenure as Donald Trump’s communications director lasted just 11 days, became the latest hedge fund manager to buy into bitcoin.
There are two main types of student loans: federal and private. Read on and find out about your options. Key takeaways There are two main types of student loans: federal and private. Federal student loans have unique repayment options and are the only avenue for loan forgiveness programs. Private student…
College is expensive, and it isn’t getting any cheaper. Whatever you can do to help your child save money for college will be beneficial, regardless of their age. According to the National Center for Education Statistics, the average cost of tuition and fees at public institutions in the 2022-23 school year…
The U.S. Department of Education just announced interest rates for student loans will be 6.53% for 2024-25—the highest rate in a dozen years. The rate for graduate students will be even steeper, 8.08%, up from 7.05%. I’m always concerned about any development that could prevent promising students from getting the…
Navigating the world of student loans can feel like charting a course through uncharted territory. With the rising cost of education, many students find themselves at the crossroads of ambition and financial reality, pondering the question: “How can I get a loan as a student?” Whether you’re embarking on your…
Key takeaways This month, the Department of Education pauses student loan payments for three million SAVE borrowers. The forbearance period gives the DOE time to recalculate new monthly payment formulas. Despite two lawsuits filed by Republican-led groups, payment cuts can move forward following a ruling by a US appeals court….
My wife and I had our first baby in June. As the breadwinner, my wife just returned to work after 12 weeks of unpaid maternity leave. Our savings are a bit low and she is now “asking for my blessing” to work part-time. This is distressing to me for several…
