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A millennial quit his job in 2015 to pursue a college degree because his career growth had stalled. AdvertisementIn 2015, at age 34, Dan Colflesh decided to quit his job in the customer service industry and pursue a college degree. AdvertisementColflesh said he's been looking for work over the last few years and applied to more than 100 jobs. Colflesh has a few other theories for why his job search has been difficult. AdvertisementAre you a man who's not looking for work or has struggled to find a job?
Persons: he's, who've, , Dan Colflesh, hasn't, Colflesh, it's, couldn't, He's Organizations: Service, University of Massachusetts, Bureau of Labor Statistics Locations: Massachusetts, University of Massachusetts Amherst, Appalachian
That's because, taken together, the two primary Social Security funds are set to only be able to pay out full benefits through 2035; the Old-Age and Survivors Insurance Trust Fund, one of the main funds comprising Social Security, will start getting depleted in 2033. AdvertisementIn other words, the moment that today's older Gen Xers are ready to retire, their Social Security benefits could start to shrink. Gen Xers — born from 1965 to 1980 — have been deemed the country's "neglected middle child" by the Pew Research Center. And among the different generations, Gen Xers were the most likely to report that they were feeling financially insecure. That could set the stage for the new crop of Gen X retirees to arrive in an already-precarious retirement economy.
Persons: , Gen X, Xers, Gen Xers —, YouGov —, Gen Xers, X, Gen Zers, Gen, Michele Raneri, aren't, Xer Organizations: Service, Gen, Social Security, Insurance Trust Fund, Business, Security, Pew Research Center, of Congress, Millennials, TransUnion, Survey, Alliance, Lifetime, Income
There is $1 billion in unclaimed 2020 tax refunds up for grabs — but the last chance to file returns and collect the money is approaching. Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund, the IRS said in a "final reminder" this week. The deadline is "terribly important" because there's a three-year refund expiration after each tax deadline, said certified public accountant John Karls, partner at accounting firm Armanino. "If you let if you let it slip, there's nothing anybody can do," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. "You won't get your refund when the statute of limitations has run out."
Persons: , John Karls, Roth, Bill Smith, CBIZ Organizations: Finance
Despite having a master's degree, she's concerned about affording rent upon retirement. AdvertisementCathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future. However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. "How are you supposed to get that experience when all you do is give me clerical work?" "I don't own anything except a car, I always have to rent, but I don't know how seniors on limited income are paying rent," Cathy said.
Persons: Cathy, ALICE, , Cathy R, she's, We've, ALICE Cathy, hadn't Organizations: Service, Alliance, Lifetime, Income, University of Minnesota, Department of Revenue Locations: Minnesota, Paul, Minneapolis, St
US President Joe Biden gestures after speaking about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. Andrew Caballero-Reynolds | AFP | Getty Images'I plan on dying with student loan debt'"I think this is a great idea. I am 52 years old with a lot of student loan debt from years ago. I plan on dying with student loan debt. "As an African American millennial from River Rouge, MI, I believe it is crucial to support and approve student loan debt relief proposals.
Persons: Joe Biden, Andrew Caballero, Reynolds, Biden, they'll, Nobody Organizations: Madison Area Technical College, AFP, Getty Locations: Madison , Wisconsin, River Rouge , MI
Sen. Elizabeth Warren led a group of Democrats in pushing for increased Federal Student Aid funding. AdvertisementA group of Democratic lawmakers is pointing to one key thing that will help student-loan borrowers and families navigate financial aid: more funding. Advertisement"FSA's responsibilities have increased to protect students and borrowers, but its federal funding has remained stagnant," they wrote. AdvertisementWhen it comes to the FAFSA, both Republican and Democratic lawmakers have been highly critical of the way the Education Department has facilitated the rollout. The Education Department is also in the process of crafting its broader student-debt relief plan, which is currently in the public comment period.
Persons: Sen, Elizabeth Warren, , Massachusetts Sen, Tammy Baldwin, Shelley Moore Capito, Joe Biden's, Biden, Secretary Miguel Cardona, Cardona Organizations: Federal Student Aid, Service, Democratic, Massachusetts, Sens, Republicans, Business, Education Department, Public, Republican, Secretary
Morsa Images | Digitalvision | Getty ImagesIt may soon be more expensive to borrow federal student loans. The government sets interest rates on its education loans once a year. This year, that Treasury yield has been on the rise while the Federal Reserve keeps interest rates high until inflation comes down. watch nowAs a result, federal student loan rates may increase by about 1% in the 2024-2025 academic year, according to an estimate by higher education expert Mark Kantrowitz. All federal education loans issued on or after July 1, 2024, will be subject to the new rates.
Persons: Mark Kantrowitz, Kantrowitz Organizations: Treasury, Federal Reserve
An income-driven repayment plan may be a good choice if you can't handle your monthly payments. The SAVE Plan is a simplified income-driven repayment (IDR) plan, which aims to provide more affordable student loan payments for borrowers with low to middle incomes. The SAVE Plan replaces the previous variations of IDR plans (Income-Contingent, Income-Based, Revised Pay As You Earn). The SAVE Plan calculates your payment based on a smaller percentage of your discretionary income compared to older IDR plans. Read more Read less Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.
Persons: Alexis Rhiannon Alexis Rhiannon, Read, Ryan Wangman Organizations: SAVE, Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS, Federal Perkins Loans, Student, Upright Citizens Brigade, Finance, Northwestern University, Boston Globe Locations: forbearance, Unsubsidized, Chevron, Los Angeles
NYPD officers in riot gear enter Columbia University's encampment as they evict a building that had been barricaded by pro-Palestinian student protesters in Los Angeles, United States on April 30, 2024. Shay Horse | Nurphoto | Getty ImagesStudents can lose housing and morePro-Palestine protesters locked arms after several demonstrators knocked fences down and opened the Massachusetts Institute of Technology (MIT) encampment back to student protesters during the demonstration. Rallies and protest camps persist at the Massachusetts Institute of Technology (MIT) campus as student demonstrators demand divestment from Israeli military ties. Federal loan bills could come earlierSuspended or expelled students may also get their federal student loan bills sooner than they expected, Kantrowitz said. If a suspension ends and a student returns to college before the six months, their grace period should reset, Kantrowitz said.
Persons: Shay Horse, Sally Kornbluth, Vincent Ricci, Martin Stolar, Kantrowitz, Ellen Granberg Organizations: Palestinian, Getty, Palestine, Massachusetts Institute of Technology, MIT, CNBC, George Washington University, American Civil Liberties Union of Indiana, Indiana University, U.S . Department of Education Locations: Los Angeles, United States, Kresge, New York, Gaza
A Master Promissory Note, or MPN, is a legal document that outlines the terms and conditions of your federal student loans. Promissory notes are used for all types of loans, like auto loans, mortgages, and personal loans, though an MPN is a special type of promissory note used exclusively for federal student loans. Why the MPN mattersIt's important for student loan borrowers to sign and understand an MPN for the following reasons:It's Not Optional: Required to receive federal student loans. In general, you'll default on most federal student loans if you have not made a payment in more than 270 days. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.
Persons: Mark Kantrowitz, You'll, Stacey MacPhetres, Andrew Pentis, Ryan Wangman, Read Organizations: Parent PLUS, Department of Education, Bright, Borrower's, Loan, Federal, Aid, Finance, Northwestern University, Boston Globe Locations: Chevron
When you invest in an index fund, you're essentially buying a basket of stocks that represents a broad market or theme. "That book makes a really good case for index funds." They own the Vanguard 500 Index Fund Admiral Shares Fund (VFIAX), the Vanguard Information Technology Index Fund ETF (ETF, VGT), and the Fidelity MSCI Information Technology Index ETF (ETF, FTEC). Note that ETFs, like index funds, offer an easy way to diversify and bundle several securities into one investment. Since index funds are passively managed, they typically have lower costs than actively managed funds — and, historically, they outperform active funds.
Persons: Carl, Mindy Jensen, JL Collins, Mindy, it's, They're, Collins, Jamila, Ali, Josh Lupo, Josh, Jack Bogle, Warren Buffett Organizations: Business, Independence, Apple, Microsoft, IRA, FIRE, Fund, Vanguard Information Technology Index Fund ETF, Fidelity Locations: American
And there are three key reasons Gen Zers' decisive decade will shape their ongoing mental and financial health. Unhappiness can shape long-term mental healthGen Zer's mental health outcomes are shaped by their involvement in school and work, Brookings researchers said. AdvertisementAt work, many Gen Zers are struggling with anxiety, work-life balance, and burnout — more so than millennials, Gen X, and boomers. Unhappiness and social isolation are especially affecting Gen Zers who reached adolescence during the pandemic. Not all Gen Zers start on equal footingTo be sure, Gen Zers' education, work, and financial outcomes are also dependent on their life circumstances in childhood.
Persons: , Zers, Gen Zers, Ian Rowe, Gen X, Lara Aknin, it's, Zer, isn't Organizations: Service, Pew, Business, Brookings Institution, Brookings, Urban Institute, American Enterprise Institute, Research Locations: America, Brookings
CNN —The mix of local residents visiting the Enfield Food Shelf in Connecticut has changed a lot in the last few years. It now seems that one unexpected expense tips people’s finances.”Between 300 and 400 households visit the Enfield Food Shelf in Connecticut each week. Khamphay Khen shops at the Enfield Food Shelf to help feed his family of six. The Enfield Food Shelf serves between 300 and 400 households a week. “Even though there are a lot of jobs available, and the unemployment rate is low, we’re seeing food insecurity increasing,” said East.
Persons: Kathleen Souvigney, Souvigney, , , Jason Jakubowski, Khamphay, he’s, Khen, Honda, it’s, Enfield, Chloe East Organizations: CNN, Enfield Food, Survey, Connecticut Foodshare, Enfield Food Shelf, Urban Institute, The Hamilton, Brookings Institution Locations: Connecticut, Enfield, America
There are two weeks left for the public to comment on Biden's new student-debt relief plan. Once the public comment period ends, the administration will move toward final implementation. AdvertisementThe American people have just two weeks left to give President Joe Biden's administration input on its new student-loan forgiveness plan. Related storiesThe plan is now in the public comment period, and there are two weeks left for anyone who wishes to provide input on the administration's proposals. AdvertisementThe comments are available to be viewed publicly, and some of them were supportive of Biden's plan.
Persons: , Joe Biden's, Biden's, Andrew Bailey, Biden Organizations: Service, Education Department, Federal Register Locations: Missouri
In October 2017, Jones' sister convinced her to start a store on online marketplace Poshmark. Initially, Jones sold the items from her own closet. Here's how Jones, who's married with two daughters and lives in Garden Valley, California, built her online thrifting hustle. After her sister suggested she open a Poshmark store, Jones quickly discovered how easy it was to make money on it. She decided to dedicate her Poshmark earnings to doing so, working on the store after she'd get home from work at Pauli Systems.
Persons: Maria Jones, I've, thrifting, Jones, who's, she'd, ramping, Tommy Hilfiger Organizations: University of California, Pauli Systems Locations: Garden Valley , California, Berkeley
Fg Trade | E+ | Getty ImagesThe popular Public Service Loan Forgiveness program began a partial processing pause on May 1, which will likely run through July, the U.S. Department of Education recently said. The temporary suspension comes as the Biden administration overhauls the once-troubled federal student loan program. Why the pause is happeningWhat borrowers can expect during the transitionThe Education Department will not review PSLF form submissions for roughly a two-month period, it says. Meanwhile, from May 1 through July, it says, "borrowers will not be able to see their PSLF payment counts on MOHELA's website." "During the transition, PSLF forgiveness will be suspended," said higher education expert Mark Kantrowitz.
Persons: Biden, Mark Kantrowitz Organizations: Public, U.S . Department of Education, Education Department
Plenty of myths about how to manage your credit card debt have been debunked throughout the years, but one seems to be more resilient than others. "The cockroach of credit scoring myths, the one that just will not seem to die, is that carrying a balance on your credit card helps boost your credit score," Matt Schulz, chief credit analyst at LendingTree, tells CNBC Make It. Your credit score is based on the following five factors:Payment history, 35%: How consistently you've made on-time payments toward your credit card bills and other loansHow consistently you've made on-time payments toward your credit card bills and other loans Amounts owed, 30%: How much you currently owe compared with your available credit, also known as your credit utilization ratio. How much you currently owe compared with your available credit, also known as your credit utilization ratio. New Credit, 10%: How recently or how often you've applied for new credit cards or other loansHow recently or how often you've applied for new credit cards or other loans Credit mix, 10%: The various types of debt you're managing, such as credit card debt, student loan debt or a mortgage.
Persons: Matt Schulz, It's, Schulz, you've Organizations: CNBC
J. David Ake | Getty ImagesIf your current federal student loan servicer is Mohela, or the Missouri Higher Education Loan Authority, the U.S. Department of Education said it will soon transfer some student loan borrowers to different servicers. Change impacts Mohela borrowersThe Education Department began transferring a portion of Mohela's borrowers this week to different companies, it said in an April 29 blog post. "A different servicer will begin managing these loans and assisting these borrowers," the department said. The Education Department contracts with different companies to service its federal student loans, including Mohela, Nelnet and EdFinancial. Why the transfer is happeningWhat borrowers should do amid transitionBorrowers who are being transferred to a different servicer should receive alerts from Mohela and their new servicer, the Education Dept.
Persons: David Ake, servicer, Mark Kantrowitz Organizations: US Department of Education, Missouri Higher Education Loan Authority, U.S . Department of Education, Education Department, The Education Locations: Washington ,, Missouri, Mohela
The data, gathered from the college and new grad career site Handshake, shows a similar share of seniors say the current economic news makes them feel pessimistic. 1 priority in looking for a job is to find one that will offer stability, and they're changing some of their career preferences to find it. Elsewhere, students from the class of 2024 were more likely to apply to jobs in construction, agriculture and education, according to Handshake data. Working more than a 9-to-5Rising seniors are preparing to work more than a 9-to-5 in order to make ends meet. Many are also hopeful that side-hustle income can supercharge their savings so they don't have to work a corporate job forever.
Persons: Christine Cruzvergara, Cruzvergara, they've, Young
Some white-collar parents are leaving their jobs to take family gap years. It's sticking around as the world somewhat normalizes; Reddit is littered with threads looking for family gap year advice, which posters can easily find in various blogs. She now offers a family gap year and extended travel planning service for $80 to $100 an hour. "It could expand into a big business," she said, adding that her family gap year clients typically have disposable income and kids around 8 to 11 years old. AdvertisementWorld lessons, no classroom requiredNo family gap year is complete without immersive travel.
Persons: , Claire Williams, Matt, they'd, Claire, It's, Jennifer Spatz, itineraries, Amy Chang, Chang, Allen, they've, Spatz, Marisa Vitale, it's, She's, hadn't, what's Organizations: Service, Area, Federal, Global, United Nations Sustainable Locations: Sri Lanka, Sahara, worldschooling, COVID, Massachusetts, Asia, Europe, Venice, Italy, Airbnbs, Greece, Nepal, Sydney, Australia, Santiago, Chile, Spanish, Guatemala, Vietnam, Argentine, Jordan, Patagonia, Los Angeles, California, Salt Lake City, U.S
"If Americans want lower interest rates, they're going to have to do it themselves," he said. "Going forward, mortgage rates will likely continue to fluctuate and it's impossible to say for certain where they'll end up," noted Jacob Channel, senior economist at LendingTree. Auto loansEven though auto loans are fixed, payments are getting bigger because car prices have been rising along with the interest rates on new loans, resulting in less affordable monthly payments. Student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected. Interest rates for the upcoming school year will be based on an auction of 10-Year Treasury notes later this month.
Persons: Brett House, aren't, Matt Schulz, Schulz, Jacob Channel, there's, Ivan Drury, Edmunds, Drury Organizations: Columbia Business School, Treasury, Fed Locations: Edmunds
urbazonSome student loan borrowers have until the end of Tuesday to take advantage of an opportunity to get their debt forgiven sooner than they would have otherwise. If these borrowers are enrolled in an income-driven repayment plan, it can mean that they're also on multiple different timelines to forgiveness. "This will ensure folks get the maximum number of months of credit towards student debt cancellation," Fox said. Usually, a student loan consolidation restarts a borrower's forgiveness timeline to zero, making it a terrible move for those working toward cancellation. You can apply for a Direct Consolidation Loan at StudentAid.gov or with your loan servicer.
Persons: Jane Fox, Fox, Mark Kantrowitz, Kantrowitz Organizations: Biden, Finance, Cash, Family, Parent, Perkins, CNBC
IntroductionWhen you complete the FAFSA, your school may offer you any one of three types of federal loans: subsidized loans, unsubsidized loans, and Direct PLUS Loans. If your college costs aren't covered completely by the aid offered through the FAFSA, you may have to take out private loans as well. You will have to pay those back, and these should be your last option as private loans often come with worse terms and protections than federal loans. Student Loans: These DO have to be repaid with interestYou can get various types of aid from the FAFSA, and you'll know what you qualify for once your school gives you your complete financial aid package. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.
Persons: Ryan Wangman, Read Organizations: Loans, Chevron, Finance, Northwestern University, Boston Globe Locations: Iraq, Afghanistan
Read previewA major student-loan company has requested that it no longer manage some of the borrowers in its servicing portfolio. "MOHELA continues to serve as one of the Department's federal student loan servicers and will continue their support for millions of student loan borrowers," the blog post said. AdvertisementThis announcement comes as the Education Department is working to overhaul the student-loan servicing industry to make it easier to use for borrowers. Warren told BI in a statement that less than three weeks after she held the hearing, "the Education Department is taking critical action to protect student loan borrowers." Advertisement"There is more that the Education Department can do to hold MOHELA accountable, but today's action is an important first step," Warren said.
Persons: , MOHELA, servicers, Sen, Elizabeth Warren, Warren Organizations: Service, Federal, Business, An Education Department, Public, Education Department, Federal Student Aid, Democratic Locations: MOHELA
Vice President Kamala Harris made a new effort to energize Black voters in battleground states on Monday, visiting Atlanta for the kickoff of a national economic tour that will highlight how the Biden administration says its policies are helping a constituency that will be vital to Democrats’ success in November. Speaking to a largely Black crowd of about 400 people, Ms. Harris laid out ways that she and President Biden have sought to improve Black Americans’ upward mobility and help them realize their business ambitions. A chief objective of the tour, she said, was to let Black business owners and entrepreneurs know about the resources available to them. “I need the help of the leaders who are here to get the word out so people know what is available to them,” she said during a conversation at the Georgia International Convention Center with Rashad Bilal and Troy Millings of the financial literacy podcast “Earn Your Leisure,” which offers business advice to its more than two million listeners, a majority of whom are Black. Explaining how government policies have widened the racial wealth gap over the years, Ms. Harris pointed to the Biden administration’s attempts to try to narrow it, including small-business grants and efforts to forgive student loans.
Persons: Kamala Harris, Biden, Harris, , Rashad Bilal, Troy Millings Organizations: Georgia International Convention Locations: Atlanta
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