The cost of college continues to rise at a sickening rate, and the economy’s troubles are causing many families to reevaluate the wisdom of sending a child to college. But, as a new College Board study demonstrates, college can significantly improve a person’s financial standing.

The company reports this week that college graduates earn nearly $22,000 more per year, on average, than those with just a high-school diploma. College grads are also unemployed at a significantly lower rate than diploma-holders: In 2009, the difference was a striking 5.1 percentage points.

A person’s earnings power is so much greater if she goes to college, College Board president Gaston Caperton says, that financing 100 percent of a university education can make sense. Read full article…

By now, you’ve probably seen or heard that mortgage rates are at or near record lows.

While this is true, it doesn’t mean everyone out there qualifies for a record low mortgage rate.

The low, low mortgage rates you see advertised on television and elsewhere always assume you have an excellent credit score.

In other words, 720 and above, or even 760 and above in some cases.

I recently came across a credit score table from Fico®, the inventors of the Fico score, which illustrates the difference in mortgage rate at different credit scoring levels.

As you can see, a credit score between 760-850 qualifies for the lowest rate, which is a rather arbitrary 3.954% APR (I say arbitrary because a bunch of other factors affect mortgage rates as well).

But we can still pull some value out of this table by looking at the other credit scores and associated mortgage rates.

For example, if your credit score is 620 (what I consider a bad credit score), your mortgage rate shoots up to 5.543%.

That’s more than one-and-a-half percentage points – on a $300,000 loan amount, the difference in monthly payment is nearly $300!

So always be sure to check your credit report months before even thinking of applying for a mortgage to avoid any unexpected surprises and unnecessary rate increases.

Remember, the difference between a good credit score and a bad credit score could be enough to kill your hopes of getting a mortgage altogether!

Tip: How to raise your credit score.

Debt brought on by expensive medical bills can be costly and financially devastating. Some Americans, unable to pay their bills, fall into a precarious financial state that may lead to bankruptcy and credit score damage. To alleviate the burden of medical-related debt, a new program in Tennessee will help consumers pay down their balances.

TennCare, a state assistance group, announced the launch of a new program that will help consumers who fall within a certain income bracket to reduce their medical debt. Read full article…

President Obama, sometimes criticized for an excess of coolness, had something close to an “I feel your pain” moment Friday — and that pain was caused in no small part by his personal credit card use.

The moment came as he announced he had appointed Elizabeth Warren as a special Treasury adviser, a role in which she will shepherd into existence a new federal consumer watchdog agency. (See Connie Prater’s blog from Thursday that anticipated Warren’s appointment.)

I could have used that watchdog myself early in my career, the president told those attending the Rose Garden ceremony at the White House.

Before talking about his personal credit card woes, he gave mortgage lenders, banks and credit card issuers a sharp stick in the eye.

“Part of what led to the financial crisis were practices that took advantage of consumers,” Obama said, “particularly when too many homeowners were deceived into taking out mortgages on their homes they couldn’t afford.

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Many consumers are excited about the credit reform implemented in July of this year, primarily because it eliminates many of the unfair practices credit card companies have been using to charge higher interest rates and penalties. Unfortunately, this reform didn’t stop credit card companies from jacking up rates, decreasing credit limits, and changing due dates before the new regulations went effect. Even so, the changes made this year are more significant than any incurred in the credit card industry over the last three decades.

The Reform of 2010

The changes were devised and implemented by the Federal Trade Commission in what is known as the FTC Act, which has been approved by regulators from the National Credit Union Administration and the Federal Reserve. T

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