The ongoing problems with the new Free Application for Federal Student Aid have caused significant delays in the disbursement of financial aid award letters for prospective college students. As a result, many high school seniors and their families are facing challenges in applying for financial aid. The National College Attainment Network reported that only 45%
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The recent surge in inflation has not only affected the overall economy but has also had a significant impact on retirees and near-retirees. According to a recent survey conducted by Prudential Financial, a large number of individuals in the 55 to 75 age group are reconsidering their retirement plans due to the current state of
When couples face financial stress, the most effective approach is to engage in open and honest communication. However, according to a study conducted by Cornell University, many couples tend to avoid discussions about money when they are experiencing stress. The research suggests that individuals who are feeling overwhelmed by financial issues are more likely to
The average 401(k) savings rate has been steadily increasing over the years, according to reports from Vanguard and Fidelity. In 2023, the average combined savings rate was estimated at 11.7%, which matched a record high from the previous year. Similarly, a separate Fidelity report indicated a combined rate of 14.2% for the first quarter of
The latest craze on TikTok is the concept of a “no-spend month,” where users are encouraged to refrain from making any non-essential purchases for a specified period. This trend is seen as a way to detox from overspending and redirect funds towards long-term financial goals. The challenge can last for a week, a month, or
The U.S. Department of Education is considering extending the eligibility of the Public Service Loan Forgiveness (PSLF) program to include early childhood educators. This move comes as a response to the low wages many of these educators face and the student debt they accumulate due to pursuing higher education. Early childhood educators play a crucial
The recent Supreme Court case, Moore v. United States, involved a challenge to a federal tax on certain foreign investments. The case centered around a Washington state couple who faced taxes on income from an investment in an India-based company that did not distribute dividends. The couple incurred approximately $15,000 in taxes due to the
As older members of Generation X approach retirement age, the pressure to save for their golden years is becoming increasingly intense. These individuals, born between 1965 and 1980, are faced with the daunting task of saving for retirement while also juggling the financial responsibilities of caring for both elderly parents and adult children. A recent
The issue of heirs’ property poses a significant threat to the transfer of wealth from one generation to the next, affecting more than $32 billion in assessed values of U.S. property. When homeowners die without a will, the property is informally passed on to multiple descendants, leading to non-formal ownership. This can create obstacles in
The economic impact of the pandemic has hit many Americans hard, with the cost of groceries soaring to new heights. Recent government inflation data shows that while the rate of price increases for food has slowed down, 80% of Americans still feel the pinch of rising grocery costs. Since the onset of the pandemic, grocery