Education Department plans inflation fix for new FAFSA
Families and students will have to wait a little longer to find out how much aid they will be eligible for for the upcoming college spring semester. (iStock) The Department of Education announced it would fix an issue with the Free New Application for Federal Student Aid (FAFSA), as first reported in the news. The […]
Gas prices remain stagnant as demand drops: AAA
Gasoline prices are almost unchanged from last week. (iStock) According to sources, gas prices fell to an average of $3.07 per gallon over the weekend, but have since leveled out to an average of $3.10. AAA report. This average price is just 1 cent higher than last week's average and 2 cents lower than last […]
30-year mortgage rate stabilizes in 6.6% range, draws buyers back: Freddie Mac
With mortgage rate volatility subdued, buyers are finding a reason to get back into the housing market. (iStock) Mortgage rates rose slightly this week, but have remained steady at 6.6% in recent weeks, giving borrowers an incentive to get back into the housing market, Freddie Mac said. The average interest rate on a 30-year fixed-rate […]
US fourth quarter GDP beats expectations and recession odds
Personal consumption boosted growth in the fourth quarter. (iStock) US Gross Domestic Product (GDP) 4th quarter The U.S. Bureau of Economic Analysis (BEA) said forecasts for 2023 were better than expected, pushing predictions of a recession further out. Real GDP grew at an annual rate of 3.3% in the October-December period, after increasing 4.9% in […]
Biden cancels another $5 billion in student loan forgiveness – Here’s who is impacted
The Biden administration announced expanded student loan forgiveness last week. (iStock) President Joe Biden canceled an additional $5 billion in student loans last week for 74,000 borrowers, bringing the total number of Americans whose debts have been canceled to more than 3.7 million. The latest student loan forgiveness results from amendments to Income-Driven Repayment (IDR) […]
This week’s personal loan rates rise for 3-year loans and drop for 5-year loans
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Social Security is coming for a bigger chunk of your paycheck
Even more income will be subject to Social Security taxes this year. Portion subject to personal income social security tax The pay has increased from $160,200 in 2023 to $168,600 this year, which some employees will have to pay. Approximately $521 or more That's more than what I paid in 2023. Social Security tax limits […]
Read this before you sign up for a college credit card
When your university offers you credit card benefits, it may not have your best interests in mind. (iStock) Students may think they get the best deals on credit cards sponsored by their college, but a recent report warns that's not the case. In fact, the Consumer Financial Protection Bureau (CFPB) says that college-related financial products […]
Number of electric vehicles that qualify for new electric vehicle tax credit drops to 13
Many vehicles may not qualify this year or may only qualify with some credits. (iStock) I.R.S. Recently announced updates A $7,500 tax credit is available for electric vehicle owners. The change will reduce the number of electric and hybrid vehicles eligible for the tax credit to 13 from about 24 a year ago. Certain electric […]
Mortgage rates finally expected to dip below 6% in 2024, but affordability remains low
Mortgage rates are set to be cut this year, but affordability remains an issue. (iStock) Good news for 2024 homebuying candidates. Interest rates on 30-year mortgages are expected to fall below 6% by the end of the year. Fannie Mae Forecast Report. 2023 was one of the most volatile years in history for the housing […]