The Public Service Loan Forgiveness program, a popular initiative signed into law by President George W. Bush in 2007, has recently undergone a partial processing pause that began on May 1st and is expected to last until July. This suspension comes as the Biden administration works towards revamping the federal student loan program, aiming to
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The U.S. Department of Education recently announced that Mohela, a federal student loan servicer, will be transferring some student loan borrowers to different servicers. This change will affect more than 1 million borrowers as part of a shift in loan management. The Education Department has contracts with various companies to service federal student loans, including
The recent decision by the Federal Reserve to leave interest rates unchanged has created a complex situation for consumers. While this move may provide some stability in the short term, it also means that the relief from high borrowing costs is not on the immediate horizon. This article delves into the repercussions of the Fed’s
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,
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,