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☆ The 2025-26 FAFSA is open ahead of schedule — here's why it's important to file for college aid early
▼ + stars: | 2024-11-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

This week, the new Free Application for Federal Student Aid expanded its "phased rollout" so all students can now apply for aid for the upcoming academic year. Up until Monday, the 2025-26 FAFSA was only available to limited groups of students in a series of beta tests that began on Oct. 1. Now, the form is open to all and the Department of Education has said it will be out of testing entirely by Nov. 22 — which puts the official launch ahead of schedule. This year, the plan was to be available to all students and contributors on or before Dec. 1. Students who submit a form during this final "expanded beta" phase before Nov. 22 will not need to submit a subsequent 2025–26 FAFSA form, the Education Department said.

Persons: FAFSA, Mark Kantrowitz Organizations: Federal Student Aid, Department of Education, Education Department, Finance

☆ 89% of Americans say they do not consider themselves wealthy — here's what stands in the way
▼ + stars: | 2024-11-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

High home prices and higher mortgage rates along with low inventory have put ownership just out of reach for many households. Jose Luis Pelaez Inc | Digitalvision | Getty ImagesAlthough vacationing has also gotten more expensive, Americans are still determined to travel. Rising debt is another threat to wealthAt the same time, rising consumer debt has weighed on household balance sheets. Nearly half, 44%, of Americans said credit card debt is the biggest threat to their ability to build wealth, according to a separate report by Edelman Financial Engines. "That stands in the way of people building actual wealth and therefore feeling wealthier," she said.

Persons: —, Freddie Mac, Jose Luis Pelaez, Jean Chatzky Organizations: Jose Luis Pelaez Inc, Deloitte, Edelman Financial, Federal Reserve Bank of New, CNBC Locations: Federal Reserve Bank of New York

☆ Are Black Friday deals worth waiting for? Here’s what to expect this year
▼ + stars: | 2024-11-17 | by ( Jessica Dickler | Jessica Dickler Is A Personal Finance Writer For Cnbc. | ) www.nbcnews.com time to read: +6 min

“Some Black Friday deals are misleading as retailers may inflate original prices to make a deal look like a better value,” said consumer savings expert Andrea Woroch. This year, in particular, some of the deals are already as good as they are going to get. Retailers plan to deliver your holiday deals a little slower this year. Travelers can check out Travel Tuesday deals from 2023 to get an idea of what to expect this year. If an item costs less at another store or popular site, often the retailer will match the price, Woroch said.

Persons: ”, Andrea Woroch, Adam Davis, Patrick Kelleher, Lauren Beitelspacher, ” Beitelspacher, “ we’ve, ” Davis, Lululemon, “, Woroch, ” Woroch Organizations: National, Wells, Wells Fargo Retail Finance, “, Consumers, DHL Supply, North, CNBC, Retailers, Babson College, Nike, ’, Day, Labor, Walmart, Target, Black Locations: Wells Fargo, North America

☆ Are Black Friday deals worth waiting for? Here's what to expect this year
▼ + stars: | 2024-11-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

A customer visits Macy's Herald Square store in New York City during early morning Black Friday sales, Nov. 24, 2023. Consumers are increasingly concerned that their online orders may not arrive in time for the holiday — and rightfully so. What discounts to expect on Black Friday"You are easily going to see 20% to 30% off," Davis said — but "not necessarily storewide." What not to buy on Black FridayTypically, Black Friday is a great time to find rock-bottom prices on fall clothing — including flannels, denim, coats and accessories — as well as televisions and consumer electronics. Travelers can check out Travel Tuesday deals from 2023 to get an idea of what to expect this year.

Persons: Kena Betancur, Patrick Kelleher, Lauren Beitelspacher, Beitelspacher, we've, Davis, Lululemon, Woroch Organizations: Macy's Herald, Consumers, DHL Supply, North, CNBC, Babson College, Nike, Day, Labor Locations: New York City, North America

In fact, some borrowers are still paying off debt from last year's purchases. To that point, 28% of shoppers who used credit cards have not paid off the presents they bought for their loved ones last year, according to a holiday spending report by NerdWallet. However, this is a slight improvement from 2023, when 31% of credit card users had still not paid off their balances from the year before. Although overall credit card balances were 6.9% higher at the end of the third quarter compared to a year earlier, that's a significant improvement from the 15% year-over-year jump from Q3 2022 to Q3 2023, TransUnion found. Recent wage gains have also played a role, according to Paul Siegfried, TransUnion's senior vice president and credit card business leader.

Persons: TransUnion, Michele Raneri, Paul Siegfried, TransUnion's Organizations: Finance, TransUnion

Meanwhile, 28% of holiday shoppers still have not paid off the gifts they purchased for their loved ones last year, according to another holiday spending report by NerdWallet . Major retailers tend to heavily discount some of their products as the holiday season unfolds. Heading into the peak holiday shopping season, there are a few steps you can take to help maximize your cash. "Slow shopping encourages consumers to think through each potential purchase rather than jumping on impulse," Woroch said. "This allows you to be mindful about what you're buying, why you're buying and who you're buying for while also giving you time to save up, compare prices and look for coupons," Woroch added.

Persons: they'll, Adam Davis, Davis, Sara Rathner, Sofia Baig, Gen, Andrea Woroch, Woroch Organizations: NerdWallet, National Retail Federation, U.S, Wells, Wells Fargo Retail Finance, Morning Locations: Wells Fargo, Novi , Michigan

☆ The Federal Reserve cuts interest rates by a quarter point after election. Here's what that means for you
▼ + stars: | 2024-11-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

Mortgage ratesHousing affordability has been a major issue due in part to a sharp rise in mortgage rates since the pandemic. Trump has said he'll bring down mortgage rates — even though 15- and 30-year mortgage rates are fixed, and tied to Treasury yields and the economy. Mortgage rates are unlikely to fall significantly, given the current climate, explained Jacob Channel, senior economist at LendingTree. Federal student loan rates are fixed, so most borrowers won't be immediately affected. But refinancing a federal loan into a private student loan will forgo the safety nets that come with federal loans, such as deferments, forbearances, income-driven repayment and loan forgiveness and discharge options.

Persons: Joshua Roberts, Matt Schulz, Trump, Jessica Caldwell, Edmunds, Trump's, Caldwell, Michele Raneri, Jacob Channel, Mark Kantrowitz Organizations: Federal, Reuters, Auto, Fed, Treasury, TransUnion, Mortgage, Association . Locations: Washington ,, Edmunds, U.S

☆ Presidential election offers opportunities — and risks — for ETF investors, experts say
▼ + stars: | 2024-11-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesRegardless of the outcome of the U.S. presidential election, there could be some clear winners for exchange-traded funds, or ETFs, experts say. Potential winners and losersIn the months ahead, some ETFs or funds could outperform depending on the election outlook. Exchange-traded funds have steadily gained popularity among investors, with ETF assets crossing the $10 trillion mark in September — a trend experts say is largely due to advantages like lower tax bills and fees relative to mutual funds. Exchange-traded funds are generally known for passive strategies, but there has also been a surge in actively managed ETFs, with the goal of beating the performance of broader markets. watch nowHowever, most financial advisors caution against making hasty changes to your investment portfolio based on the outcome of this election.

Persons: Donald Trump, Kamala Harris —, Kim Wallace, Anu Ganti, Dow, Kristina Hooper, Harris, Invesco's Hooper, Hooper, Trump, Biden, 22V's Wallace, Wallace Organizations: Bloomberg, Getty, U.S, Democratic, ETF.com, Dow Jones Indices, Big Tech, Trump, Congress, Exchange, Federal Locations: Washington, U.S, —

For 2025, the total contribution limit to Roth IRAs remains $7,000, unchanged from 2024, according to the IRS' announcement Friday. The IRS has unveiled the Roth individual retirement account contribution and income limits for 2025. Taxpayers using either of those filing statuses can make a full Roth contribution if their MAGI is under $150,000. For married couples filing jointly, the income phaseout range increased to between $236,000 and $246,000, up from between $230,000 and $240,000. Married couples filing jointly can make a full Roth contribution if their MAGI is under $236,000.

Persons: Roth Organizations: IRS, IRA

☆ Despite a half-point Fed rate cut, the average credit card interest rate fell by just 0.13%, report finds
▼ + stars: | 2024-11-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Collectively, Americans are having a harder time keeping up with their credit card bills. Credit card rates spiked along with the Federal Reserve's string of 11 rate hikes starting in March 2022. Altogether, the average credit card interest rate fell by just 0.13% from the previous quarter, the report found. "When the Fed makes a rate cut, credit card rates often don't fall by as much," Jennifer Doss, executive editor and credit card analyst at CardRatings, said in a statement. "One reason is that credit card companies are being cautious.

Persons: Jennifer Doss Organizations: Finance, Fed

☆ 'Slow shopping' can save you money this holiday season. Here’s how it works
▼ + stars: | 2024-10-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"This is definitely a shopping trend worth adopting to help you avoid impulse purchases and taking on debt," she said. Slow shopping allows you to time your purchase based on when it's on sale for the lowest price, Woroch explained. Slow shopping also allows for more time to save up for big-ticket items. David Dee Delgado | ReutersMore than half — 54% — of adults made at least one impulse purchase last holiday season, according to a recent survey by Bankrate. "When you are thinking of holiday shopping, make a list and check it twice," he said.

Persons: Andrea Woroch, Woroch, David Dee Delgado, Bankrate, Experian's Griffin, Ted Rossman Organizations: Black, Reuters, Bankrate Locations: Manhattan, New York City , New York, U.S

☆ FAFSA rollout is 'on track,' despite remaining unresolved issues, Education Department says
▼ + stars: | 2024-10-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The "phased rollout" of the new Free Application for Federal Student Aid is on track for the upcoming academic year, the U.S. Department of Education says. So far, the 2025-26 FAFSA has been available to limited groups of students in a series of beta tests that began on Oct. 1. It will become available to all students and contributors on or before Dec. 1, the Education Department said. As of Oct. 29, the government's FAFSA Issues page lists 22 unresolved issues, down from 25 a few weeks ago, he said. "We've made a lot of progress resolving those issues and we are now seeing more students able to complete their form."

Persons: James Kvaal, Mark Kantrowitz, We've, Kvaal Organizations: Federal Student, U.S . Department of Education, Education Department, Education, CNBC, Finance, Ivy League

☆ Despite a strong economy, some women are finding it harder to make ends meet
▼ + stars: | 2024-10-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

There is also a larger share of single women with children. As marriage rates fell, the number of women heading families rose. Across the board, women in the workforce faced steeper job losses and slower job recovery than men, according to research by the U.S. Census Bureau. Yet, even now, the labor force participation rate for women has not fully returned to pre-pandemic levels. "This is another area where we see returning to a pre-pandemic status quo as not good enough," said Julie Vogtman, the National Women's Law Center's director of job quality.

Persons: Marc Morial, Julie Vogtman Organizations: U.S, Center for American, Finance, U.S . Census, National Urban League, CNBC, National Women's Law

☆ I just bought a Jeep for my teen driver. Here's what I learned about the used car market
▼ + stars: | 2024-10-26 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

But, boy, has the used car market changed. Now, 10% of all vehicles sold cost more than $70,000, up from 3% five years ago, according to Edmunds. Just 0.3% of new vehicles sold now cost less than $20,000, compared with 8% five years ago, Edmunds found. Hunting down a used JeepA Jeep was at the top of my daughter's wish list, and Wranglers, especially, have held their value. That means paying more upfront: A Jeep Wrangler "is not the cheap car from 10-15 years ago," Drury said.

Persons: Ivan Drury, Edmunds, Drury, Wrangler Organizations: Toyota, Cox Automotive, Wranglers Locations: Edmunds

☆ A key change to 529 plans this year is already triggering parents to save more for college
▼ + stars: | 2024-10-25 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Total investments in 529s hit $508 billionFinancial experts and plan investors agree that 529 plans are a smart choice for many. And yet, in previous years, data shows that regular contributions to a 529 college savings plan often took a back seat to paying more pressing bills or other priorities. Fstop123 | E+ | Getty ImagesBut this year, in part because of the new changes, more parents are utilizing a 529 college savings plan, with most making recurring monthly and quarterly contributions. In 2024, total investments in 529s jumped to $508 billion in June, up nearly 13% from $450.5 billion the year before, according to data from the College Savings Plans Network, a network of state-administered college savings programs. How much you can contribute to a 529 plan

Persons: Roth, David Nienaber, Martha Kortiak Mert, accountholders, Fstop123 Organizations: College, Foster, Motley Wealth Management, Saving, College Savings Plans Network Locations: Miami

☆ 28% of credit card users are still paying off last year's holiday debt. How to get this season’s tab under control
▼ + stars: | 2024-10-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

For some shoppers, the upcoming holiday season may lead to significant credit card debt. "Between buying gifts and booking peak-season travel, the holidays are an expensive time of year," said Sara Rathner, NerdWallet's credit cards expert. "Not only are consumers at risk of getting into credit card debt, but that debt can stick around long after the decorations come down." More from Personal Finance:2 in 5 cardholders have maxed out a credit card or come close2.5% adjustment to Social Security benefits coming in 2025'Fantastic time' to revisit bonds as interest rates fallThe stakes are higher in 2024 with credit card debt already at $1.14 trillion. The average credit card charges more than 20% — near an all-time high.

Persons: Sara Rathner Organizations: Finance, Security, National Retail Federation, Shoppers

☆ Why some families will pay $500,000 for Ivy League admissions consulting: 'It’s worth the investment'
▼ + stars: | 2024-10-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +7 min

Loop Images | Getty ImagesAt the nation's top schools, including many in the Ivy League, acceptance rates hover near all-time lows. For those willing to pay for a four-year, private college, it should be worthwhile, the sentiment often goes. To get into this elite group of schools, many families look for outside help to get a leg up. The vast majority of students come from New York City private schools with household incomes over $1,500,000 according to Howell's account. However, the wealthiest students hailing form the country's top private schools are primarily competing amongst themselves as schools look to build a diversified class.

Persons: Thomas Howell, Howell, Ivy League — Brown, Hafeez Lakhani, Lakhani, they've, Christopher Rim, Covid, — Organizations: Ivy League, Princeton University, Forum Education, Cornell, Dartmouth, Harvard, University of Pennsylvania, Yale, University of Chicago, Massachusetts Institute of Technology, Stanford, Finance, Navy, Command, Rim, Command Education, Test, Christopher, Education, National Association for College, Counseling, National Bureau of Economic Research Locations: York, Columbia, Princeton, Duke, New York, New York City

☆ Nearly 2 in 5 cardholders have maxed out a credit card or come close, report finds
▼ + stars: | 2024-10-17 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

As a result, many are using more of their available credit and now, nearly 2 in 5 credit cardholders — 37% — have maxed out or come close to maxing out a credit card since the Federal Reserve began raising rates in March 2022, according to a new report by Bankrate. Other reasons cardholders blame for maxing out a credit card or coming close include a job or income loss, an emergency expense, medical costs and too much discretionary spending. Generation X at riskwatch nowMore than any other generation, Gen Xers in their 40s and 50s are most likely to have maxed out a credit card or come close in the past two and a half years, according to Bankrate's report. Of Gen Xers, 27% have maxed out their credit cards compared to 23% of millennials and 17% of Baby Boomers. Young adults in Gen Z are the least likely to have maxed out a card, according to the survey, which polled more than 3,500 adults, including 3,015 who are credit cardholders and 1,104 who have either maxed out their credit cards or come close.

Persons: Bankrate, Sarah Foster, Xers, Gen X Organizations: Federal Reserve, Bankrate, Baby Boomers, Gen

☆ Holiday shoppers plan to spend more, while taking on debt this season
▼ + stars: | 2024-10-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: 1 min

watch nowAmericans often splurge on gifts during the holidays. This year, holiday spending from Nov. 1 through Dec. 31 is expected to increase to a record total of $979.5 billion to $989 billion, according to the National Retail Federation. Even as credit card debt tops $1.14 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared to last year, Deloitte's holiday retail survey found. Meanwhile, 28% of holiday shoppers still haven't paid off the gifts they purchased for their loved ones last year, according to another holiday spending report by NerdWallet. How shoppers pay for holiday giftsThe problem with credit cards and BNPL

Organizations: National Retail Federation, NerdWallet

☆ More colleges set to close in 2025, even as 'Ivy Plus' schools experience application boom
▼ + stars: | 2024-10-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Many colleges are under financial pressure, and the cracks are starting to show. At least 20 colleges closed in 2024, and more are set to shut down after the current academic year, according to the latest tally by Implan, an economic software and analysis company. Altogether, more than 40 colleges have closed since 2020, according to a separate report by Best Colleges. Experts have continuously warned that ongoing problems with the new Free Application for Federal Student Aid form have resulted in fewer students applying for financial aid, which could also contribute to declining enrollment. That has left some colleges and universities in a bind, especially "small private — often liberal arts — schools," said Candi Clouse, a vice president at Implan.

Persons: Implan, Candi Clouse Organizations: Best Colleges, Finance, Teens, Federal Locations: Implan

☆ Health-care costs hit a post-pandemic high. These moves during open enrollment can help
▼ + stars: | 2024-10-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +7 min

Because of higher costs, employers are considering new ways to adjust their plan offerings, WTW found. Currently, employers subsidize about 81% of health-care plan costs, on average, while employees pay the remainder, according to professional services firm Aon. For workers, health-care expenses are already high: Family premiums for employer-sponsored health insurance rose 7% this year to an average of $25,572, KFF's 2024 benchmark employer health survey found. Health savings accountsAlong with a high-deductible health insurance plan, more than 50% of employers also offer a health savings account, or HSA, which can help with additional health-care costs. This is called supplemental life insurance, or voluntary life insurance, and it's optional coverage that you can add to your employer's basic group policy.

Persons: Aon, there's, Willis Towers Watson, WTW, Mercer, Beth Umland, Tim Stawicki, Regina Ihrke, Gary Kushner, WTW's Ihrke, Ihrke, Gallagher, Tom Kelly Organizations: Finance, Security, Workers, North, Kushner & Company, IRS Locations: U.S, North America

Their employment rate is also slightly lower than women in their early 20s. "This smaller share reflects the fact that, within marriages, mothers are still more likely than fathers to specialize in child care," the Fed noted. Today, 26% of mothers are stay-at-home parents, compared with just 7% of fathers, according to a separate Pew study from August. Mothers working full time and year-round outside the home rarely recoup the lost wages, which add up to $20,000 a year, on average. Working moms are making just 71 cents for every dollar paid to fathers, according to an analysis of Census data by the National Women's Law Center.

Persons: Kelly Shue Organizations: Federal Reserve, Pew Research Center, Yale School of Management, CNBC's, National Women's Law

☆ Ozempic is driving up the cost of your health care, whether you can get your hands on it or not
▼ + stars: | 2024-10-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

About 165 million Americans rely on employer-sponsored health insurance and yet, workers may still not get the coverage they want — particularly when it comes to drugs like Wegovy and Novo Nordisk's diabetes drug Ozempic. One in three employees are looking for more resources to combat obesity, according to a recent report by consulting firm Gallagher. Glucagon-like peptide-1 treatments such as Wegovy and Ozempic, which mimic hormones produced in the gut to suppress a person's appetite, are considered game changers on this front. Already, prescription drug costs jumped 8.6% last year, due in part to a surge in the use of GLP-1 drugs, according to a recent report by Mercer. "It becomes a lifelong drug," said Gary Kushner, chair and president of Kushner & Company, a benefits design and management company.

Persons: Gallagher, Trilliant, Mercer, Sunit Patel, actuary, Gary Kushner Organizations: Finance, Security, Kushner & Company Locations: U.S, Mercer's

☆ Consumers hate paying for return shipping — it tops jury duty and the DMV in annoyance factor, report finds
▼ + stars: | 2024-10-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

As much as consumers love shopping online, most hate to shell out for shipping charges. Paying for return shipping is even worse. These days, 77% of shoppers check the return policy before making a purchase, according to a September survey of 1,500 adults by GoDaddy. Nearly a third, 30%, of consumers said paying for return shipping was more annoying than jury duty and going to the Department of Motor Vehicles. When it comes to winning over customers, return fees matter, other reports also show.

Persons: Optoro, Amena Ali, Amy Jennette Organizations: Parcel Service, GoDaddy, Department of Motor Vehicles, Finance, Miami Locations: New York

☆ Credit card spending growth is slowing — 'consumers have been in a pretty frugal mood,' expert says
▼ + stars: | 2024-10-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: 1 min

watch nowIn the last year, credit card debt spiked to a record $1.14 trillion. Revolving debt, which mostly includes credit card balances, fell 1.2% in August, compared to a year earlier, according to the Federal Reserve's G.19 consumer credit report released on Monday. Nonrevolving debt, such as auto loans and student loans, rose 3.3%. After a prolonged period of high inflation and sky-high interest rates rates, spending habits are adjusting, according to Ted Rossman, Bankrate's senior industry analyst. "Consumers have been in a pretty frugal mood lately," he said.

Persons: Ted Rossman Organizations: Federal, Consumers

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