Student loan payments resumed on October 1st after over three years of forbearance. More than 30 million people are returning with existing loans, and 13 million new borrowers and recent graduates are entering the system for the first time since the Covid-related forbearance. Regardless of whether everything is appropriately structured for the first federal loan payment, you should still review your student loans to ensure everything is in order and understand your new payment.
Student Loan Forgiveness
U.S. college tuition costs have skyrocketed over the last few decades, leading to an unprecedented number of students needing to finance the burden through student loans. As of August 2022, student loan borrowers owed a collective nearly $1,750,000,000,000 in federal and private student loan debt, with the average borrower owing $28,950.
Options to Handle High-Interest Rate Debt After a Divorce
THE NEW FICO SCORE
A FICO Score is a credit score created by Fair Isaac Corporation used by lenders to assess a borrower’s credit risk and is used in 90% of all lending decisions. FICO updates their models every five years to better predict risk and consumer behavior. FICO is releasing two versions of their scoring models this year, FICO 10 and 10T. FICO 10T stands for trended data and is designed to be a snapshot and predictive of the consumer’s credit journey.
Understanding Credit Card Reward Programs
How often in the past month have you received a credit card offer with a large sign-up bonus and lofty on-going rewards? Sign-up bonuses can be a flat dollar amount, say $500, or a promise to match any cash back rewards you may earn within the first 3 months. On-going rewards can be cash, points, or travel perks. No matter your need there is sure to be a credit card issuer out there trying to entice you to sign up for their card. Some people accept the sign-up bonus and on-going rewards and don’t think twice about it. Others, though, see these offers and wonder, “What’s the catch?”
Mortgage Interest Deductibility Maze: Tax Cuts and Jobs Act of 2017
On December 22nd, the Tax Cuts and Jobs Act of 2017 signed into law changed the tax landscape for individuals and corporations. Although there are many modifications to the tax code that will affect all Americans, the mortgage interest itemized deduction directly affects current and future homeowners.