In a landmark move, the Biden administration has announced the forgiveness of over $6.1 billion in student debt for 317,000 former students of The Art Institutes. This decision comes after years of scrutiny over the once giant chain of for-profit schools and its parent company, the Education Management Corporation (EDMC). The U.S. Department of Education,
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Higher interest rates may be here to stay for a while longer, thanks to persistent inflation. That’s good news for cash savers, who have the best opportunity to earn returns on their money in 15 years. What’s more, prospective yields on those investments — whether through liquid savings or timed deposits such as certificates of
The U.S. Department of the Treasury recently announced that Series I bonds will pay an annual interest rate of 4.28% from May 1 through October 2024. This rate is linked to inflation and represents a decrease from the 5.27% annual rate that was offered since November. Despite the decrease, the current rate is still slightly
In today’s society, money is often considered a private and taboo topic. Women, in particular, are among those who are most hesitant to engage in discussions about their financial situations. However, experts warn that avoiding important financial questions can ultimately hold women back from achieving their financial goals. Recognizing this challenge, a women-focused nonprofit called
In the United States, there is a growing population of individuals who are financially vulnerable, known as ALICEs. These individuals fall into the category of Asset Limited, Income Constrained, Employed, as defined by United Way’s United For ALICE program. These individuals earn slightly above the poverty line but struggle to make ends meet due to
As wedding and engagement season approaches, many couples find themselves planning for their future together. One crucial conversation that often gets overlooked is how to manage and pay the bills as a married couple. It may not be the most exciting topic to discuss, but it is essential for maintaining financial stability and preserving the
A recent U.S. Labor Department rule is set to revolutionize the world of retirement investment advice and significantly impact the guidance given to investors considering rolling over funds from 401(k) plans to individual retirement accounts (IRAs), according to legal experts. Issued on April 23, the new “fiduciary” rule aims to elevate the standards for brokers,
As voters gear up to cast their ballots this coming November, they aren’t just deciding between political parties – they are also making a pivotal choice regarding the fate of Social Security. The program, set to allocate a whopping $1.5 trillion in benefits to nearly 68 million Americans per month by 2024, serves as a
The IRS Direct File tax filing pilot program has evidently been successful this season, with over 140,000 taxpayers utilizing it to file their returns. This initiative, which was free for certain taxpayers in 12 states, saved filers an estimated $5.6 million in tax preparation fees for federal returns. The high satisfaction rate among users, with
BlackRock, the largest asset manager, recently introduced a new product called LifePath Paycheck to assist workers in transforming their retirement savings into a steady income flow that mirrors their monthly paychecks during their working years. This innovative option aims to simplify the process of withdrawing funds from lifetime investments, which has become increasingly complex due