As retirement approaches, you should be making the most out of catch-up contributions in your 401(k) or IRA and socking away as much of your money as possible to prepare for retirement. Unfortunately, too many older Americans are unable to save properly for retirement – or even live outside of poverty during retirement – because
Student Loans
Earlier, we presented some money-saving tips for college students. Here are additional ways to save cash:
Car Pooling – if you go to school close enough to drive home every so often, be sure to establish a car pool. Considering the price of gas and tolls, this could result in substantial savings. Many students know
College can be a great adventure in scholarship and life for many young people. But when it comes to managing a budget, it can be a sobering learning experience in how quickly their money can disappear.
Even worse, six months after a student graduates, when he or she gets their loan payment schedule, they will
More Americans believe that we should forgive all federal student debt than feel that the recipients should pay their loans back. In a shocking survey recently conducted by MoneyTips.com, nearly 42% agreed with the statement, I believe President Trump’s Department of Education should forgive all federal student debt to help the economy. Less than 37%
Student loan debt has made it difficult for many young Americans to enter the housing market. A recent survey from the National Association of Realtors found that 71% of student loan borrowers cited their student loan burden as a reason to delay buying a home.
The student loan plight may be a major factor in
America’s student loan debt burden has reached a staggering $1.44 trillion, making it the second largest source of household debt in America – behind mortgages. According to a recent study, this growing loan burden is not equally shared between the sexes.
The report from the American Association of University Women (AAUW), titled “Deeper in Debt:
A recent action by a Court of Federal Claims has effectively stopped the collection of defaulted student loans – but for those affected, this is cause for concern, not celebration. To understand why, it’s important to look at the fate of defaulted loans and how those attempting to recover from the situation are being harmed
Even though retiring is the furthest thing from the minds of most twenty-somethings, you need to invest sooner, rather than later for one reason – you have an advantage over everyone else: time. Time to let your money grow exponentially. There is a reason Albert Einstein is credited with calling compound interest “the 8th wonder
America Breaks the Debt Record According to the New York Fed’s recent Quarterly Report on Household Debt and Credit, America has more debt than ever before. Do you? Should you be concerned in either case?
The report shows that American household debt reached $12.73 trillion in the first quarter of 2017. That tops the previous
Slower Credit Growth for the New Year Are you using more or less credit these days? If your habits track the latest data released by the Federal Reserve, your rate of consumer credit growth has slowed considerably.
The Fed’s release for January 2017 revealed that outstanding consumer credit rose by $8.8 billion to $3.77 trillion
A report issued by the Pew Charitable Trusts in July 2015, stated that 80 percent of consumers in the U.S. have some type of debt. With auto loans and student loans both topping $1 trillion and credit card holders dealing with an average of more than $7,500 in debt, many are looking for ways to
When a borrower applies for a mortgage, the lender looks at both secured and unsecured lines of credit. With secured credit, they are taking less of a gamble – they can seize the asset associated with the credit. Mortgages and auto loans are both secured, while debt such as credit card loans and student loans
Banks constantly look to gain the loyalty of new customers. One great place for banks to find these ideal, new customers is at colleges, universities and other post-secondary educational institutions.
Students Make Easy Targets for Excessive Fees Unfortunately, students do not pay much attention to their finances, especially when it comes to the fine print
APR and APY – are they new texting acronyms? IDK, you say – or rather, you text? (For the benefit of the textually-challenged, IDK means “I don’t know.”) If you think they are texting acronyms, or just “DK” what they are, it’s time to learn.
APR and APY are financial acronyms, short for Annual Percentage
When a college makes an offer of financial aid, parents and students have the right to appeal and discuss the findings with the financial aid officer. In some cases, the institute of higher learning may up their offer.
When possible, try leveraging off of any aid packages offered by a competing institution where you applied.