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Student Loan Servicers Ordered to Refund Many Borrowers After Widespread Billing Errors
The return to student loan payments is off to a predictably messy start, and the Department of Education is cracking down on loan servicers who are making widespread errors. The Education Department is now ordering loan servicers to reimburse borrowers affected by billing errors. In some cases, wrong billing information led to borrowers’ bank accounts being overdrawn, and the department says servicers must cover those non-sufficient funds (NSF) or overdraft fees, according to an internal memo the agency released this week. Any interest charges due to the mistakes are also required to be refunded or removed.
What Is Annual Percentage Yield (APY)?
In an era marked by an abundance of savings and financial products, understanding the intricacies of how each type of interest-earning account works is more important than ever. Doing so will allow you to identify opportunities to grow your wealth. However, before venturing into what those products are and how they can work for you, it’s critical to understand the fundamentals that many of them share. One of the most instrumental features of those products is annual percentage yield (APY).
Open Enrollment Just Started for 2024 — Here's What to Know
November marks the beginning of open enrollment for over 40 million Americans who have individual health insurance under the Affordable Care Act, aka “Obamacare,” and newcomers who want to sign up for benefits. The 2023 ACA open enrollment season was a record-setter, with roughly 16.3 million people selecting...
The IRS Just Increased the Amount You Can Save in Your Retirement Accounts
Americans will be able to save more money for retirement in tax-advantaged accounts next year thanks to an inflation adjustment. Under the new 2024 limits just announced by the IRS, individuals can put up to $23,000 in their employer-sponsored 401(k)s. These accounts are popular retirement savings tools because contributions are made with pre-tax dollars, which can reduce your income for federal tax purposes. Also, employers often offer a match that doesn't count toward that employee contribution limit, making these plans even more attractive.
What Is a Savings Bond?
When investors look to earn income while also diversifying their portfolios, they routinely turn to bonds to add a layer of safe, conservative assets to their holdings. That often entails purchasing savings bonds from the United States federal government because of their low risk and predictable gains. Additionally, savings bonds can act as a hedge for asset classes that are more prone to market volatility and economic downtowns, such as stocks and mutual funds.
What Is a Flexible Spending Account?
In the scope of health care and financial planning, Americans have access to multiple tools that can help them prepare for both expected and unforeseen medical expenses. One of those instruments is a flexible spending account, commonly referred to as an FSA. An FSA can be a valuable resource, allowing workers to set aside pre-tax money to help cover certain costs that health insurance may not.
Biden's Junk Fee Crackdown Comes for Shady Retirement Advisors
Each year, Americans cumulatively spend billions of dollars on so-called junk fees, or surcharges hidden by banks and other service providers in customer bills. President Joe Biden has spent months cracking down on hotels and ticket companies that charge these fees — and now he's targeting retirement advisors. In...
Homebuying Guide: 5 Ways to Navigate the Tough Housing Market This Fall
The real estate market in the final few months of 2023 will be very different than other years. The fall/winter months are when we typically see a slowdown in homebuying activity. The school year is in full gear, the weather turns cooler, and fewer people are out searching for homes. Home prices tend to slide as well, as buyer demand cools, making the months before and after the new year a good time to find a deal.
5 Ways to Fix Social Security's Funding Problems, According to Actuaries
The Social Security trust funds are expected to be depleted in about a decade if Congress doesn't act, leading an association of actuaries to argue that now is the time to think seriously about solutions. Taxpayer funds cover the bulk of Social Security payments, but if the program’s reserves run...
EV Sales Are in a Slump — Why Aren’t More Car Buyers Going Electric?
The EV revolution is losing momentum: After electric car sales soared in 2022, interest among buyers has underwhelmed and plans for a rapid transition away from gas-powered cars could be in jeopardy. While the EV market has grown in 2023, sales aren't rising as fast as expected, even with new...
The Average Credit Score Just Reached an All-Time High
Your credit score is key to your financial identity. It's the metric that pretty much any lender uses to determine your worthiness as a borrower. So it's great news that the average American's credit score just reached a new high: It's now 718, up a couple points from a year ago.
The New I Bonds Rate Is 5.27% — Is It a Good Time to Buy?
Series I savings bonds issued by the federal government appear to be coming back in vogue. The interest rates for I bonds, as they’re commonly called, are on the rise again. The Department of the Treasury announced Tuesday that the new rate for I bonds issued between November 2023 and April 2024 is 5.27%. The previous annualized rate for bonds purchased over the last six months was 4.30%.
Nationwide Equities Corporation Reverse Mortgages Review
Nationwide Equities Corporation offers multiple reverse mortgage options to meet your financial and lifestyle needs. This Nationwide Equities reverse mortgage review looks at these options, including the pros and cons of getting a reverse mortgage from the lender. A reverse mortgage is a type of loan specifically designed for older...
How Much Equity Can I Borrow From My Home?
When you borrow against your home’s equity, you’ll use one of the three main borrowing options: home equity loans, home equity lines of credit and cash-out refinance loans. You secure a home equity loan or line of credit using your home as collateral. How much you can borrow from your home depends on your house’s worth, your chosen lender’s terms and any fees that increase your loan’s total amount.
5 Ways to Lower Your Heating Bill as Costs Creep up Near Record Highs
Americans will likely spend near record amounts to heat their homes this winter due to still-high energy prices. The average cost for winter heating in the U.S. is forecasted to be $1,106 this season, which would be just shy of last winter's 10-year high of $1,118, according to a National Energy Assistance Directors Association (NEADA) report.
Housing Market Analysis: These Cities Have the Highest (and Lowest) Down Payments
Traditional homebuying wisdom says that putting at least 20% of the sale price toward the down payment is likely to satisfy mortgage lenders, especially in hot markets. That goal may seem unattainable for the average homebuyer these days — the median-priced U.S. home has surged to $429,500, making a 20% down payment a whopping $85,900, according to data from Realtor.com. However, a recent analysis from the brokerage found that there are plenty of markets where homebuyers put down a much smaller amount on average.
It’s the Best Time of Year for Bitcoin Prices
After a rough year for cryptocurrency prices (and investing in general), bitcoin has been clawing its way back up. Prices for the most famous cryptocurrency have risen from $16,625 in January all the way to over $34,000 in October, including an increase of around 30% over the past month. And now we are entering a time when it seems like bitcoin has historically performed the strongest.
Assisted Living vs. Nursing Homes: Care and Cost Differences
As your loved one ages, they may require more care than they can get from friends and family at home. Choosing a long-term care facility can help improve their quality of life, but the decision can be difficult to make. Assisted living facilities and nursing homes are two options that...
Why Some Retirees Won't Get the Full 3.2% Social Security COLA Next Year
Each year, retired Social Security recipients are automatically eligible for a cost-of-living-adjustment (or COLA) to their benefits to compensate for inflation — but not all COLAs are created equal. Although it was announced in October that Social Security beneficiaries will receive a 3.2% COLA increase next year, most retired...
The Best Back Massagers for Your Money
In a fast-paced, tension-filled world, achieving genuine relaxation isn't always easy. The good news is there's a solution that might just be a click away. A back massager can help relieve the discomfort of muscular tension and put you at ease at the end of a long day. Popular in homes and offices worldwide, these electronic massage therapists can offer surprising versatility at a low cost. They can target knots, ease chronic pain, or simply guide you into a serene world of relaxation.
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