President Joe Biden’s initial plan to forgive student debt was blocked by the Supreme Court last summer. The conservative majority court ruled that Biden did not have the authority to erase $400 billion in student debt without prior approval from Congress. The plan sought to forgive the debt of nearly all 40 million federal student
Personal
In recent years, changes in IRA inheritance rules have created a shorter timeline for beneficiaries to withdraw funds from inherited accounts, potentially leading to significant tax consequences. Under the Secure Act of 2019, non-eligible designated beneficiaries must deplete an inherited IRA within a 10-year window. This category includes heirs who are not a spouse, minor
Financial literacy among teenagers is a topic that is gaining more attention in recent years. While many teens are beginning to think about their long-term financial health, there is still a lack of understanding when it comes to basic retirement planning. A survey of 13- to 18-year-olds revealed that 83% of teens have already considered
When President Joe Biden shared his Plan B for student loan forgiveness, he hinted that his ambition to provide free college education was still alive. Free community college was highlighted as an integral part of his $7.3 trillion budget for fiscal 2025. The idea of free college has been touted as a more effective way
As the population of centenarians in the U.S. is predicted to increase significantly in the coming years, it poses a significant financial challenge for households. By 2054, it is estimated that there will be 422,000 Americans aged 100 and older, which is more than four times the number in 2024. This demographic shift is expected
Reaching a 2% inflation target has proven to be a challenging task, as highlighted by Federal Reserve Bank of Chicago President Austan Goolsbee. Despite the Fed’s stated goal, inflation rates have remained stubbornly above the target level. While there has been a significant decrease from the peak of 9.1% during the pandemic, the consumer price
The annual rate for newly purchased Series I bonds could potentially drop below 5% in May, causing concern among investors. Currently, individuals earn 5.27% annual interest on new I bonds purchased before May 1. However, experts are predicting that the new rate could decrease to around 4.27% based on inflation and other economic factors. Despite
As enrollment deadlines for colleges across the country swiftly approach, an alarming trend emerges. A significant number of students have yet to determine how they will finance their college education for the upcoming academic year. The rollout of the new Free Application for Federal Student Aid (FAFSA) has been fraught with challenges, causing delays in
National Park Week is a nine-day event that runs from April 20 to April 28, where visitors will get free admission to national parks. This initiative is a part of the celebration to commemorate the start of National Park Week. The National Park Service, which oversees 429 park sites in the U.S., offers free entrance
Financial experts are predicting that the annual rate for Series I bonds could drop below 5% in the upcoming month of May. This anticipated decline would be a decrease from the current 5.27% interest rate on existing I bond purchases made prior to May 1. However, it would still be higher than the 4.3% interest