Your Money: Maximizing college aid, new student loan rules and more
This week we spoke with Phillip Levine, an economics professor at Wellesley College.
Your Money
August 24, 2026

Welcome back, everyone.

This week we spoke with Phillip Levine, an economics professor at Wellesley College and financial aid expert with a new book, “Hidden Tuition,” coming out next month. Written in a question-and-answer format, the book provides insight into how the college aid system works, with advice on how families can navigate the process and maximize the aid they receive.

We asked him, as we do all new authors, about the single piece of original thinking in his book that he’s most proud of. Here’s what he shared with us:

Ignore the sticker price. The focus on the sticker price is guaranteed to skew your thinking about college cost. Unless your family has high income and asset levels and you are considering applying to an elite private institution, you probably aren’t going to pay the sticker price. Don’t let it cloud your thinking.

Focus on your final net price, not the discount. Merit aid is a shiny object that colleges dangle in front of you to entice you to come. Your goal is not to maximize your merit aid award. Your goal is to minimize the amount you must pay. That is the net price. Do not be distracted by the merit aid award.

“People interpret the merit award as a sign that the school really wants their child to come and they like that, but it is simply a pricing strategy,” Professor Levine added. “A family’s best decisions are based on finances, not psychology.”

Below, you’ll find a roundup of recent money-related stories from across the Times. Feel free to send us your thoughts, questions and concerns on college aid and beyond here: yourmoney_newsletter@nytimes.com. Enjoy the week.

Two people toast each other with tropical drinks as they sit on chairs on a beach that overlooks a calm, sparkling blue sea between two mountains. In the sky, a plane traces a big white dollar sign.

Frugal Traveler

How to Find the Best Travel Deals Over Labor Day and Beyond

Last-minute budget strategies rest on one key principle: flexibility.

By Elaine Glusac

Trump Widens Beef Imports in Bid to Lower Prices

The move prompted blowback from cattle ranchers and Republicans who represent them.

By Kevin Draper and Ana Swanson

In an illustration, a person floats in blue water with legs crossed and both hands making the OK sign.

your money adviser

Hurricane Season Has Been Calm. Should You Have Flood Insurance?

No hurricane-strength storms have formed yet this year in the Atlantic basin, but the limiting activity isn’t certain to continue.

By Ann Carrns

An illustration shows a bicyclist on a roadway approaching a ramp jump, wearing a helmet and protected by long stack of pillows tied to the rider’s front and back.

Strategies

Should You Invest in Bonds Right Now?

High-quality bonds are still safer than stocks, but they have been swinging in value, so move cautiously, our columnist says.

By Jeff Sommer

The exterior of the Treasury Department building, featuring Neoclassical columns, an American flag flying on the roof and a statue of Alexander Hamilton at the entrance.

Why Bond Yields Are Rising, and What It Means for the Economy

Interest rates on U.S. government bonds can affect everything from auto and student loans to mortgages.

By Aruni Soni

Walmart Posts Slowest Sales Growth in Years as Americans Tighten Wallets

Walmart and other big U.S. retailers have warned that consumers were being cautious, even if household balance sheets seemed healthy.

By Kim Bhasin

Along a sidewalk in a commercial area, a woman leaves a storefront that features a “Klarna” sign.

‘Buy Now, Pay Later’ Lenders Pitch Loans for Needs Like Electricity and Rent

The rapid growth of pay-later loans raises questions about whether their popularity is driven by consumer preference or desperation.

By Stacy Cowley

A young Black woman with her hair tied back stands outdoors, leaning slightly against a light wooden wall with one hand in the pocket of her blue jeans.

For Gen Z, Building Wealth Is in the Stock Market, Not the Housing Market

When it comes to building wealth, Gen Z is more focused on investment apps and their retirement accounts than they are in building equity in a home.

By Sophia June

An overhead view of Midtown Manhattan at night.

How New York’s Second-Home Tax Turned Into a Headache for Mamdani

The bumpy rollout of the tax created an opportunity for Mayor Zohran Mamdani’s opponents to fight him in court and in the City Council.

By Mihir Zaveri, Sally Goldenberg, Benjamin Oreskes and Grace Ashford

Tripped Up

Help! Lyft Charged Me $150 for Vomiting in a Car, but I Didn’t Do It.

A passenger who said he had an uneventful ride home from the airport was shocked to be hit with a cleaning fee for a mess in what appeared to be a different vehicle.

By Seth Kugel

A large blue-and-white cruise ship floats on a turquoise sea. A small white boat motors alongside it.

Nickel-and-Dimed at Sea? Why Cruise Lines Are Hiking Certain Fees.

Some major lines are increasing gratuities and deposit requirements, and charging more for certain packages. It’s all adding up.

By Ceylan Yeğinsu

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