Try to do at least three things from this year-end financial checklist. Doing so will tidy up your 2015 finances and start your 2016 on the right financial foot. 1. Don’t leave money on the table. If you have a flexible spending account (FSA) for health care expenses or dependent care, and you haven’t used […]
Direct Student Loan borrowers now have more flexibility to repay, and ultimately to have forgiven, their student loans. The Obama Administration recently finalized a new income-driven student loan repayment plan, called Revised Pay As You Earn (REPAYE). The rules allow all Direct Student Loan borrowers to be eligible for the repayment plan, provide an upper […]
Should you pay off your student loans faster and then save or vice versa? Use these six tips to determine which course of action best suits you. This discussion assumes you have excess cash available after making the minimum student loan payments. These tips also work for other debt you want to repay faster, such […]
Newly proposed student loan repayment rules could help more borrowers better manage their student loans. The Obama Administration has proposed to offer a new income-driven student loan repayment plan, called Revised Pay As You Earn (REPAYE). The proposed rules seek to allow more borrowers to be eligible for the repayment plan, provide an upper limit […]
I was asked the other day the financial moves I wish I had done in my 20s and 30s to get ready for retirement. I thought wow, what a great question! After some soul searching I arrived at three things I wish I had done better and three things I think I did right when […]
Many young families need term life insurance protection because they now have mortgages to repay, children to support, and college educations to fund. So how do you decide how much coverage you need? This question can be vexing because as you grow older, you are saving more money, paying down your mortgage, and setting aside […]
One of the dreaded costs in buying a new home is the prospect of paying private mortgage insurance. Generally if your down payment is less than 20 percent of the sale price, your lender will require you to get mortgage insurance. A mortgage insurance policy protects the lender in case you default on the payments. […]
I receive a lot of questions on the Public Service Loan Forgiveness Program (PSLFP) as a way to pay off federal student loans. Washington DC is concentrated with public service professionals who are potentially eligible for this program. Be mindful of the answers to the following three questions and you’ll be on your way to […]
Once you have your student loan inventory, it is time to develop a repayment plan that makes real headway to reduce your debt and the amount of interest paid. Of course, if you can only make the minimum payments, then that is what I urge you to do. But if you have the ability pay […]
Repaying your student loans smartly can save money over the long term and increase your credit score. Remember: your federal and private student loans generally cannot be canceled or discharged in bankruptcy because you didn’t get the education or job you expected, or because you didn’t complete your education. So it makes sense to come up […]
