Personal
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The Public Service Loan Forgiveness Program Undergoes Partial Processing Pause: What Borrowers Need to Know
The Public Service Loan Forgiveness (PSLF) program, established in 2007, has long been plagued by various issues, leaving many borrowers frustrated and confused. While the program was designed to provide relief to not-for-profit and government employees after 10 years of on-time payments, the reality has been far from ideal. Numerous borrowers find themselves in a…
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The Impact of Changes in Federal Student Loan Servicers
The U.S. Department of Education recently announced that it will be transferring some student loan borrowers currently serviced by Mohela to different servicers. This change will affect more than 1 million borrowers, with the department citing the need for a different servicer to manage these loans and assist borrowers. This decision comes after Mohela faced…
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Impact of Unchanged Interest Rates on Consumer Borrowing Costs
The recent announcement by the Federal Reserve to leave interest rates unchanged has created a sense of disappointment among consumers who were hopeful for rate cuts that could help alleviate their borrowing costs. The market had initially expected at least six reductions in rates for the year 2024, but the reality has turned out to…
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The Scandal Unveiled: Student Debt Forgiveness for Former Art Institutes
In a move that highlights the ongoing issues within the for-profit education sector, the Biden administration has announced a plan to forgive over $6.1 billion in student debt for former students of The Art Institutes. This decision will impact 317,000 individuals who were enrolled at various Art Institute campuses between 2004 and 2017. The U.S.…
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The Future of Interest Rates: A Critical Analysis
In a world where interest rates seem to be on the rise, cash savers are presented with a unique opportunity to earn returns on their money, something that hasn’t been seen in 15 years. According to Greg McBride, chief financial analyst at Bankrate, the prospective yields on investments such as CDs, Treasury bills, and Treasury…
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The Ups and Downs of Series I Bonds: A Comprehensive Overview
Series I bonds are set to pay 4.28% annual interest from May 1 through October 2024, according to the latest announcement by the U.S. Department of the Treasury. This rate is linked to inflation and marks a decrease from the 5.27% offered since November, albeit slightly higher than the 4.3% rate from May 2023. Existing…
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The Importance of Financial Literacy for Women
In American society, money is often considered a private topic that many people are reluctant to discuss. Women, in particular, are among those most hesitant to engage in financial conversations. However, experts argue that not asking the necessary questions can hold women back financially. This lack of financial literacy can lead to women being unable…
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The Financial Struggles of ALICEs in America
In the United States, there is a growing population of individuals who are considered ALICEs – Asset Limited, Income Constrained, Employed. These individuals earn above the poverty line but still struggle to make ends meet due to rising costs and stagnant wages. According to United Way’s United For ALICE program, nearly 40 million families, or…
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How Newlyweds Can Successfully Manage Finances Together
When embarking on the journey of marriage, one of the most crucial conversations that couples need to have is about how they will manage and pay their bills. It is essential to ensure that the bills are being paid on time to maintain the couple’s financial stability and keep their credit intact. According to the…
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The Impact of the New U.S. Labor Department Rule on Investment Advice
The recent ruling by the U.S. Labor Department is predicted to bring about significant modifications to the advice that many investors receive concerning the transfer of funds from 401(k) plans to individual retirement accounts (IRAs). Legal experts contend that the introduction of the “fiduciary” rule heralds a raising of the legal standards for brokers, financial…