Personal finance

For many families, financial aid is crucial when it comes to affording college. But students must first fill out the Free Application for Federal Student Aid to access any assistance, including student loans, work study and grants. And this year, a new FAFSA form has been plagued by problems. “It does seem consistent with a process that was rushed

The United States Capitol building is seen in Washington D.C., United States on October 4 , 2023.  Yasin Ozturk | Anadolu Agency | Getty Images Congress took a step toward avoiding a looming government shutdown when it reached an agreement Sunday on top-line spending. Even if lawmakers fail to finalize an agreement by the necessary

IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. Chip Somodevilla | Getty Images The tax season officially kicks off Jan. 29, which marks the first day the IRS will accept and process 2023 tax returns, the IRS announced Monday. Most taxpayers must file federal returns and pay balances by

Americans are increasingly leaning on their credit cards. Altogether, card balances now total $1.08 trillion, according to the latest quarterly report from the Federal Reserve Bank of New York, a new record. “Over the past two years, Americans’ credit card balances have skyrocketed 40%,” said Ted Rossman, senior industry analyst at Bankrate. “While Americans are managing

Some types of debt can haunt you. “Buy now, pay later” loans, especially, can be hard to track, making it easier for more consumers to get in over their heads, some experts say — even more than credit cards, which are simpler to account for, despite sky-high interest rates. Over the holidays, the use of installment

South_agency | E+ | Getty Images Many people have a 401(k) plan and other retirement savings that may provide funds after they stop working, but there’s no denying it: The Social Security benefit is an important part of the retirement income stream as people enter the next chapter of their lives. However, there is much

Ezra Bailey | The Image Bank | Getty Images Workers are poised to get smaller raises in 2024 — and their annual pay bumps are unlikely to increase again anytime soon amid a cooler job market, labor experts said. U.S. companies plan to give salary increases of 4%, on average, this year, down from 4.4%

Boy_anupong | Moment | Getty Images After higher yields in 2023, investors are bracing for interest rate cuts that could put a damper on shorter-term savings. Federal Reserve officials expect three quarter-percentage-point cuts in 2024, according to December meeting minutes released Wednesday. But there’s lingering uncertainty over when, or if, those changes may occur. More

Ryanjlane | E+ | Getty Images As the new year kicks off, some workers could see a slightly bigger paycheck due to tax bracket changes from the IRS. The IRS in November unveiled the federal income tax brackets for 2024, with earnings thresholds for each tier adjusting by about 5.4% higher for inflation. While it’s

Tanya Constantine | Getty Images Once you start Social Security retirement benefits, you are generally guaranteed to receive monthly checks for life. But that will stop once you die — with some exceptions for your loved ones. A one-time lump-sum death payment of $255 may be available, provided your survivors meet certain requirements. For example,

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Dec. 15, 2022. Ting Shen | Bloomberg | Getty Images When student loan servicers make errors by cutting corners or sidestepping the law, it can “pose serious risks to individuals and the

Moyo Studio | E+ | Getty Images Roughly half of Americans don’t have access to a workplace retirement plan — but states are increasingly stepping in to fill that gap, both for residents’ wellbeing and their own. About 57 million people — 48% — don’t have access to a pension or 401(k)-type plan at work,

Klaus Vedfelt | Getty Images To live your best life in retirement, it helps to make the most contributions while you’re working. Employees who participate in 401(k) plans can put up to $23,000 in pre-tax or post-tax Roth contributions in 2024. But there’s another limit — $69,000, including employee and employer contributions — that may

Harvard University President Claudine Gay’s resignation Tuesday is just the latest upheaval at one of the nation’s top colleges. For college applicants, the move adds more uncertainty to an admissions process that was already shifting in the wake of the Supreme Court‘s ruling against affirmative action. “I don’t expect Harvard to lose its crown as one of

Mark Edward Atkinson | Tetra Images | Getty Images Beneficiaries who rely on monthly checks from the Social Security Administration will get a 3.2% benefit increase now that the calendar has turned to 2024. Those who receive Supplemental Security Income, or SSI, are first in line to receive those enhanced benefit checks. About 7.5 million

Nancy Ney | Photodisc | Getty Images The new year has ushered in a big change to 529 college savings plans, which has made the accounts more attractive to some investors. But the adjustment may have unexpected downsides, experts say. Starting in 2024, families can roll unused 529 plan funds to the account beneficiary’s Roth

The Federal Reserve‘s effort to bring down inflation has so far been successful, a rare feat in economic history. The central bank signaled in its latest economic projections that it will cut interest rates in 2024 even with the economy still growing, which would be the sought-after path to a “soft landing,” where inflation returns to the Fed’s

U.S. President Joe Biden speaks on the student debt relief plan as Secretary of Education Miguel Cardona (R) listens in the South Court Auditorium at the Eisenhower Executive Office Building on October 17, 2022 in Washington, DC. Alex Wong | Getty Images After the Biden administration’s gigantic setback at the Supreme Court over its sweeping

Adamkaz | E+ | Getty Images If you’re a retiree who relies on Social Security benefits for income, you will see some changes in 2024. You will get a benefit boost to adjust for inflation. But just how much extra money you see will depend on the size of your Medicare Part B premiums and

A simplified Free Application for Federal Student Aid is finally online after a significant delay. However, as part of a “soft launch,” the new FAFSA form has only been periodically available. It’s likely few, if any, of the millions of students applying to college for the 2024-25 academic year have been able to successfully submit an application,