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☆ Supreme Court decision on Biden's student loan forgiveness plan is key for those who never finish college
▼ + stars: | 2023-04-26 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"Growing numbers of stop-outs and fewer returning students have contributed to the broader enrollment declines in recent years," said Doug Shapiro, executive director of the National Student Clearinghouse Research Center. "There's a variety of issues students face in college, many unexpected," said Rick Castellano, a spokesperson for Sallie Mae. Students with 'some college' more likely to defaultIf Biden's plan to cancel $400 billion in student loans is blocked, default rates may spike, the U.S. Department of Education has warned. But the borrowers most in jeopardy of defaulting are those who start college but never finish. The default rate among borrowers who leave with student debt but no degree is three times higher than the rate for borrowers who have a diploma.

☆ If Student Loan Forgiveness Is Overturned by the Supreme Court, Refinancers Are Waiting
▼ + stars: | 2023-03-07 | by ( Thomas Gokey | ) www.businessinsider.com time to read: +16 min

The PSLF program cancels federal student loans for people who work in public-service jobs for 10 years, and the impact of relief is profound. In the process, borrowers forfeit many protections that come with federal student loans, including the chance to get their loans canceled. In one survey, more than one-third of respondents who refinanced their federal student loans said they eventually came to regret it. President Biden announced a plan to cancel $10,000 in student loan debt, but if you privately refinanced, you won't benefit. Most private student loans allow for some kind of "cosigner release" so no one else is on the hook for your loans.

☆ Student-Debt Relief: Why Refinancing Your Student Loans Is a Trap
▼ + stars: | 2023-02-28 | by ( Thomas Gokey | ) www.businessinsider.com time to read: +15 min

The PSLF program cancels federal student loans for people who work in public-service jobs for 10 years, and the impact of relief is profound. In the process, borrowers forfeit many protections that come with federal student loans, including the chance to get their loans canceled. Recent changes to the law require private student loans to be discharged if you die, but that isn't the case with older loans. Most private student loans allow for some kind of "cosigner release" so no one else is on the hook for your loans. Refinancing companies make the system worse for everyonePrivate refinancing companies don't just hand out their loans to anyone.

☆ U.S. third-quarter economic growth revised up; goods trade deficit widens in October
▼ + stars: | 2022-11-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gross domestic product increased at a 2.9% annualized rate, the Commerce Department said in its second estimate of third-quarter GDP. Economists polled by Reuters had forecast GDP growth would be raised to a 2.7% rate. Gross domestic income (GDI) had contracted at a 0.8% pace in the second quarter. Profits from current production decreased $31.6 billion in the third quarter after rising $131.6 billion in the second quarter. Inventories subtracted from GDP growth in the third quarter.

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The best online institution for getting a competitive interest rate on a high-yield savings account is BrioDirect, which pays 3.75% APY on the BrioDirect High-Yield Savings Account. Best online savings rate How to earn interest Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best brick-and-mortar savings account rate How to earn interest Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best checking/savings combo rate How to earn interest Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best money market account rate How to earn interest Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

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$500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $0 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,000 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The average rate for a 3-month CD is 0.19% APY, and 0.83% APY for a 5-year CD, according to the FDIC. $500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. 1.50% to 4.50% APY Terms Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,000 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

☆ Should you apply early to college? Here’s what the experts say about this 'strategic game'
▼ + stars: | 2022-10-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

What to know about early action versus early decisionWhether it's nonbinding early action or early decision, which is binding, the deadlines for these types of applications are typically Nov. 1 or Nov.15 for a December decision, or even earlier for rolling admission. "A lot of people view early action or early decision as interchangeable," said Eric Greenberg, president of Greenberg Educational Group, a New York-based consulting firm. However, "early action, in certain cases, makes no difference in admission." Early decision, on the other hand, can "help leverage someone's admissions chances." watch now"If someone is applying early decision or early action and gets in, at that point in the calendar there's more money available," Greenberg said.

Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Check mark icon A check mark. Low fixed rates Check mark icon A check mark. Multiple repayment terms Check mark icon A check mark. Some of the best graduate fixed rates available Check mark icon A check mark.

The best CD rates for October 2022Best rates for a 1-year termBest rates for a 2-year termBest rates for a 3-year termBest rates for a 4-year termBest rates for a 5-year termBest rates for a no-penalty CDBest rates for no opening depositCD rates at the largest US banksCDs are an ideal option if you'd like to grow your money but don't want to deal with fluctuations of the stock market. Pros Check mark icon A check mark. Pros Check mark icon A check mark. Pros Check mark icon A check mark. If interest rates fall during the term of your CD, the APY on your CD will not be affected.

Average CD rates vs. highest CD ratesThe FDIC keeps tabs on national rates for interest-earning bank accounts. You can use the table below to see how the most competitive CD rates compare to average CD rates. $1,500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $5,000 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

☆ 'Maximize that free money first.' The best time to apply for financial aid for college is coming up
▼ + stars: | 2022-09-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Whether it's due to belt-tightening or the promise of federal student loan forgiveness, suddenly families are paying closer attention to financial aid for college. Of those parents with college-bound students who didn't plan on applying for federal aid, 58% have now changed their minds, according to a new report by Discover Student Loans. That's where the Free Application for Federal Student Aid comes in. "You want to maximize that free money first," such as scholarships and grants, said Sallie Mae spokesman Rick Castellano, "before you borrow." For the 2023-2024 school year, the FAFSA filing season opens on Oct. 1 — and the sooner students file, the better.

Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Good to Excellent Marriott Bonvoy Boundless® Credit Card A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Annual Fee $95 Regular APR 18.24% - 25.24% Variable Credit Score Good to Excellent Chase Freedom Unlimited® A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE.

The fact is, there are several important reasons I will continue saving for my kid's college education, and why those who can afford to do so should do the same. Today's forgiveness plan won't help future borrowersOne big issue I have with Biden's forgiveness plan is that it is a one-time action that does nothing to fix our broken higher education system. Biden's forgiveness plan once again limits relief to individual borrowers with incomes of $125,000, or couples who earn $250,000 or less. For these reasons and plenty of others, we are still saving for our children's college education on a monthly basis. APR Variable: 1.79% - 12.99%, Fixed: 3.22% - 13.95% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.25% - 13.59%, Fixed: 3.75% - 13.72% Editor's Rating 3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 2.52% - 11.11%, Fixed: 3.89% - 13.16% Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Find your rate On College Ave's website Find your rate On Sallie Mae's website Find your rate On Ascent's website

The best CD rates for September 2022Best rates for a 1-year termBest rates for a 2-year termBest rates for a 3-year termBest rates for a 4-year termBest rates for a 5-year termBest rates for a no-penalty CDBest rates for no opening depositCD rates at the largest US banksCDs are an ideal option if you'd like to grow your money but don't want to deal with fluctuations of the stock market. Pros Check mark icon A check mark. Pros Check mark icon A check mark. Pros Check mark icon A check mark. If interest rates fall during the term of your CD, the APY on your CD will not be affected.

Compare Affinity Plus Federal Credit Union products Affinity Plus Federal Credit Union Membership Savings AccountAffinity Plus Federal Credit Union Better Than Free Checking AccountAffinity Plus Federal Credit Union Basic CertificateAffinity Plus Federal Credit Union Superior Money Market Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How Affinity Plus Federal Credit Union worksAffinity Plus Federal Credit Union has 26 branches in Minnesota. How to join Affinity Plus Federal Credit UnionIf you don't live in Minnesota, the easiest way to become a member of Affinity Plus Federal Credit Union is to make a one-time $25 payment to the Affinity Plus Foundation. Affinity Plus Federal Credit Union trustworthiness and BBB ratingAffinity Plus Federal Credit Union does not have any public controversies. How Affinity Plus Federal Credit Union comparesWe've compared Affinity Plus Federal Credit Union to two other institutions in our best money market accounts guide: Premier Members Credit Union and Sallie Mae.

Savings vs. money market account vs. CDHere are the main differences between savings accounts, money market accounts, and CDs. Savings account Money market account CD Easy access to your money Yes Yes No Interest rate Variable Variable Fixed Minimum opening deposit Low Medium High Add money later Yes Yes NoStill not sure which account is your best fit? The biggest difference between a savings account and money market account is how you access your money. You also can't add more money to your CD later, as you can with a savings or money market account. If so, you probably want a savings account or money market account.

If you need student loans for college, here's a quick guide on how to choose one. APR Variable: 1.79% - 12.99%, Fixed: 3.22% - 13.95% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.25% - 13.59%, Fixed: 3.75% - 13.72% Editor's Rating 3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 2.52% - 11.11%, Fixed: 3.89% - 13.16% Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Find your rate On College Ave's website Find your rate On Sallie Mae's website Find your rate On Ascent's websiteHow to choose a student loan1. Research federal loan optionsWhen you fill out the FAFSA, your award letter will outline which federal student loan options are available to you. For example, federal student loan borrowers who go on to work in the public sector are eligible for student loan forgiveness under the Public Service Loan Forgiveness program. Research private loan optionsIf your federal student loans don't cover all of your costs, you may consider private student loans as well.

With the costs of attending college higher than ever, it's important to start saving fpr college as early as possible. Pros Check mark icon A check mark. Includes specific recommendations on how much to save for 529 plan while simultaneously offering advice on other accounts Check mark icon A check mark. Fortunately, one of the smartest ways to get ahead of the game and reduce the debt load post-college is available to anyone: Invest in a 529 college savings plan. What's more, a full 30% of college savings dollars are now held in 529s, compared to 22% of total dollars saved in traditional savings accounts.

One-quarter of millennials who expect to retire between ages 66 and 75 have no retirement savings account, according to an INSIDER and Morning Consult survey. And about 31% of millennials who expect to own a home aren't saving for one. Gen Xers, the closest generation to retirement age behind baby boomers, are largely unprepared to leave work one day. However, just 40% of those millennials and half of those Gen Xers are actually saving to buy. Interestingly, almost a greater share of Gen Zers (35%) are saving for a home than Gen Xers and baby boomers combined (37%).

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