Key Points The Biden Administration is canceling $7.7 billion in student debt for 160,000 borrowers. This brings the total number of beneficiaries to 4.75 million, with each receiving an average of over $35,000 in relief. President Biden announced today that his Administration is canceling $7.7 billion in student loans for 160,000 borrowers. This latest action brings the total number of Americans who have benefited from debt relief measures under Biden to 4.75 million, each receiving an average of over $35,000 in debt cancellation. The newly canceled debts include those of indivi ..read more

Where To Open An HSA (Health Savings Account)? This question is about health savings accounts. It can be confusing to know where to open an HSA or health savings account. For most people, you are offered an HSA through your employer, and your employer simply opens the account for you as part of your benefits (just like they do wth a 401k). However, if you're self-employed, OR if you're leaving your employer and have an old HSA, you need to open your own HSA account at an HSA provider. You can then fund your HSA, or rollover your HSA from your old employer. How To Setup An HSA To setup a ..read more

Key Points Biden Administration extends deadline for borrowers with non-federally held FFEL loans to consolidate until June 30, 2024, to benefit from the adjustment. This extension gives borrowers an extra 3 months to quality The Department of Education has already approved $49.2 billion in forgiveness for over 996,000 borrowers for IDR waiver forgiveness. The Biden Administration announced that they are extending the deadline for borrowers with older FFEL loans to consolidate in order to qualify for potential loan forgiveness. Originally, borrowers had until April 30, 2024, to co ..read more

Paying for college has always been a challenge, but this year may be the worst ever. To top off a miserably difficult financial aid season, interest rates on federal Direct Loans for students and parents are set to increase, a lot. Let's dive into why the interest rates are going up, offer some strategies to borrow at the least possible cost and talk about private loans as a possible alternative to the Direct PLUS Loan.  Table of Contents Student Loan Basics Why Are Interest Rates On Student Loans Rising? Direct Loan Limits Strategies For Minimizing Student Borrowing Private Studen ..read more

College meal plans are a way to prepay for your meals while on campus. This can be a convenient way to get food, as most college dorm rooms do not have kitchens.  Depending on the college, they may offer a variety of different college meal plans, ranging from pay as you go to an all-inclusive meal plan that covers all of your meals. However, meal plans are an added expense, so understanding how college meal plans work and whether or not your student will use it is key. Table of Contents How Do College Meal Plans Work? What Are The Different Kind Of College Meal Plans? Is A College Me ..read more

Sun Canyon Bank is an online bank that offers competitive CD rates. As you explore your banking options, Sun Canyon Bank is one to consider. It offers worthwhile APYs for some products and enhanced insurance coverage options. It operates mostly online, with only one physical branch in Arizona.  We take a closer look so you can decide if this bank is the right fit for your needs. Quick Summary Sun Canyon Bank is a division of Banterra Bank. The bank offers an interest-bearing checking account and CDs with relatively attractive rates for some terms. Most accounts come with a ..read more

If you're looking for additional funds to pay for college, you may be looking at Federal vs. private student loans. After you're admitted to college, you’ll receive a financial aid package that breaks down your cost of attendance minus any grants, scholarships, or other sources of financial aid you’re eligible for. This financial aid package includes federal student loans. Many students choose to cover their college expenses with Federal student loans, but it's not the only way (or you may need to borrow more than Federal loans offer). You can also use private student loans. There are pros ..read more

Sharing a living space with your first college roommate can be exciting and intimidating at the same time. There’s a lot to navigate that exists outside of your control: habits, personalities, cuisine, culture, and a number of other lifestyle factors shared in a tight space. You’re not alone in your concerns, though, and it’s likely your roommate has been thinking something similar. Finding harmony in your college roommate experience requires a number of soft skills to foster a positive relationship and safe living environment. And I bet that if thousands of students have successfully navig ..read more

Earnest and SoFi are two student loan lenders that give borrowers the option to refinance their student loans. Each company offers additional benefits, ranging from professional networking to taking a month off from making payments. Student loan refinancing replaces your existing loans with a new loan. It can be a good way to lower your monthly payment or reduce your interest rate. Is refinancing your student loans right for you? We’ll compare Earnest and SoFi while diving into some things you should consider before you do so. Table of Contents Company Overviews Comparing Loan Features Bo ..read more

The new interest rates on federal student loans for 2024-25 have increased by more than a full percentage point.  The interest rates on federal student loans are fixed interest rates for the life of the loan. New interest rates apply to loans disbursed between July 1 and June 30. The interest rates are based on the high yield of the last 10-year Treasury Note auction in May, which was on May 8, 2024. The interest rates on the 10-year Treasury Note are influenced by a short-term interest rate called the Federal Funds Rate, which is set by the Federal Reserve Board. The Federal Reserve Bo ..read more