Student loans have become more complicated over time. Many medical students who have started residency have learned that with this complexity comes widespread misinformation. Not understanding your student loan situation can hurt your finances. Here are some common misconceptions and details to better understand your loans and repayment plans. 1. Student Loans Don’t Accrue Interest […]
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FedLoan Servicing Agency, also known as the Pennsylvania Higher Education Assistance Agency, announced recently that it will stop servicing student loans by not renewing its 12 year contract with the U.S. Department of Education. The current contract expires on December 14, 2021. Here’s what borrowers need to know about this change: FedLoan Servicing has agreed
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Every year, some states hold tax free holidays to give consumers a break on paying sales tax. This break applies in stores and with online purchases. The exemptions are only for qualifying items, typically for back-to-school and emergency preparation, but other consumer goods may be included as well. In some states, computers or household appliances
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Starting in March 2020, federal student loan payments have been temporarily halted for millions of borrowers in the United States due to the Covid-19 pandemic. On Inauguration Day, President Joe Biden extended this student loan relief, including temporary student loan forbearance for federal student loans. This executive order does not cover private student loans. The
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As an employee in any industry, it is important to know about the most common investment vehicle for Americans: 401(k) accounts. Having basic knowledge on this savings tool can make all the difference when it comes to your retirement. Knowing the maximum annual contributions to a 401(k) plan is important. Employees can choose
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Deciding when it is best to retire can feel like a daunting and overwhelming decision. The answer depends on your needs and circumstances, including how extensively you have planned for retirement, how much you have saved, your health and whether you enjoy your job. Here are some factors to consider when deciding whether to retire
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An increasing number of American adults over 55 are carrying a significant amount of rising debt (excluding mortgage payments). According to research collected by the Employee Benefit Research Institute, the share of households headed by someone 55 or older with debt increased from 53.8% in 1992 to 68.4% in 2019. The years immediately prior to
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While salary level is one of the main draws when considering a new job, benefits and perks offered by employers should not be ignored in the decision-making process. Often, benefits may be overlooked, especially from the perspective of a recent college graduate focused on obtaining a high earning job. However, according to the Bureau of
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The coronavirus pandemic has thrown a curveball into everyone’s lives. Fidelity Investment’s 2021 State of Retirement Planning Study collected information from 1,204 of adult financial decision-makers on how the pandemic has impacted their retirement plans. 82% of Americans say the events of the past year have negatively impacted their retirement plans. 55%
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Many student loan borrowers could face an unpleasant surprise on their tax bill this year; they may not be able to claim the student loan interest deduction. Roughly 12 million taxpayers take advantage of this tax break, which allows borrowers to subtract up to $2,500 a year in interest payments they have made on their
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