Otting’s statement acknowledges that banks may not be able to serve all of this large market. Some industry experts question whether operating in the small-loan space will be profitable enough for banks. “Banks in the past have tried to offer these loans and found them unprofitable,” Dennis Shaul, CEO of the Community Financial Services Association

First, to apply you still need to have made the 120 qualifying and on-time payments under the program and have already been rejected for public service loan forgiveness. But not all those rejected can apply — only those borrowers who were initially denied because of their repayment plan. Specifically, if you were deemed ineligible because

“A lot of times, when people look at athletes they see a man, but … they haven’t had a chance to develop and one of the things they haven’t had a chance to develop is financial literacy,” added Michael Bennett. “At my house, we never talked about trusts and wills and life insurance,” he said.

Be sure to verify that you have your passport and that it has not expired well before your international trip. Keep in mind that the expiration date on that document is misleading. That is because you generally want to have a passport that is valid for at least six months from the date of your

The Internal Revenue Service and Treasury Department will release new rules to address workarounds by high-tax states that are designed to help their residents manage new caps on federal tax deductions. The IRS announced the move in a notice on Wednesday, without specifying details. This year, the Tax Cuts and Jobs Act places a $10,000

If you’re about to turn 26 and age out of your parents’ plan, start working on finding your own coverage either through an employer or through an individual policy. “When you first graduate from college, you might be moving or looking for a job,” said Zamosky. “Health insurance is often not at the top of

In general, the results mirror the economic expansion that’s occurred since the Federal Reserve began conducted the study in 2013. Fully 74 percent of respondents said they either were doing okay or living comfortably in 2017, up from 70 percent a year ago and 63 percent in 2013. Nevertheless, saving can be tricky, especially for

In addition to the top 25 firms (see full list below), the Handshake report revealed that the current generation of college students are rewriting the rules on resume writing, and seeking new types of jobs across an increasing number of cities. 1. Quantified skills are in, traditional soft skills are going away These terms are

It’s the day before you retire, and you’ve built a small fortune in your 401(k) plan. What will you do with your savings? “I don’t know” is the answer for more than 3 out of 10 workers. Those were the findings from a recent survey by the Employee Benefit Research Institute, a research group that

Currently, just 4 percent of employers offer student debt assistance. But that’s changing as more employers come to realize education debt is a problem for many of their workers, said Katie Berliner, account executive at YouDecide, a benefits firm. “In order to attract and retain talent, employers are looking at offering contributions to people’s student

The next question that stumped respondents asked them to answer true or false to the statement, “My spouse is eligible to receive Social Security retirement benefits, even if he or she has no individual earnings history.” Just 54 percent of respondents responded with the correct answer, which is “True.” Not understanding the nuances of Social

As for the taxation of gambling winnings: The new tax law that took effect in 2018 continues to allow winners to deduct their gambling losses up to the amount of gambling income, as long as they itemize their deductions instead of taking the standard deduction. The information gets reported on your Form 1040 as “other

When a broker-dealer buys or sells bonds for investors, it can either trade the bonds from its own inventory or it can trade in the open market for you. If your broker arranges a bond trade in the open market, then you receive a disclosure that shares the details on the transaction costs you paid.

A number of high-tax states have recently passed legislation to help residents manage new caps on their ability to take federal tax deductions. However, accountants are warning taxpayers to proceed with caution. This year, the Tax Cuts and Jobs Act put in place a $10,000 cap on the amount of state and local taxes (SALT)

If you plan to travel this Memorial Day weekend, you will have plenty of company. A record number of Americans — more than 41.5 million — are expected to take to the roads, tarmacs and water on the weekend that kicks off the official start of summer, according to travel organization AAA. That is the

For starters, try a strategy called “bunching.” Rather than giving every year, “give a greater amount every other year,” said Amy O’Loughlin, a director in CBIZ MHM’s tax and business services division in Phoenix, Arizona. For example, instead of giving $5,000 to charity annually, accelerate the gift by giving $10,000 every two years. This way,

About 1 in 59 children are diagnosed with autism, according to an estimate by the CDC, a number that has grown significantly over time. The diagnosis can be a source of severe emotional and financial stress on families. A 2014 study found that it costs $2.4 million to support a person with autism throughout the

Hackers aren’t your only risk when it comes to identity theft and fraud. Data breaches and hacks like those at Equifax, the IRS and Yahoo! tend to dominate the conversation — and no wonder. Breaches hit a record high in 2017, with 1,579 reported incidents exposing nearly 179 million records, according to the Identity Theft

If you thought or were told you didn’t qualify for the Public Service Loan Forgiveness program because you were not enrolled in a qualifying repayment plan — typically an income-driven plan — the Department of Education might still let you off the hook. Congress has allocated $350 million to offer forgiveness to student loan borrowers

It’s also important to keep in mind that for 2018, most drug plans — whether as a standalone or as part of an Advantage Plan — have a gap in coverage called the “donut hole.” This gap will disappear in 2019, due to a provision included in the federal budget put in place earlier this

Effective immediately, some consumers may have a higher credit score. Because of improved standards for utilizing new and existing public records, the three major credit reporting companies are now excluding all tax liens from credit reports. That means some scores will head higher, for some by as much as 30 points. Credit scores, notably those

“You would expect young adults living at home to return to historic norms,” said Aaron Terrazas, senior economist at Zillow, speaking about how we’ve recovered from the housing bubble. “But the trend hasn’t decreased — if anything, it’s increased.” Fewer millennials are moving into their own place because housing prices are outpacing wages, Terrazas said.

Mediation or collaborative divorce can save money by keeping your divorce out of court — provided those methods are right for your situation. Mediation involves working with a neutral party, who may or may not be a lawyer, to come to an agreement. As long as you reach a consensus, this can reduce costs. But

Pop quiz: What’s your hurricane deductible? Separate from the standard deductible on your homeowner’s coverage, there may be an additional amount you’ll need to pay out-of-pocket before your insurer will cover hurricane damage. Depending on your policy and where you reside, your hurricane deductible can be as high as 5 percent of your home’s insured

Like Social Security, it’s a benefit that you’ve been funding for years as a working taxpayer. And as long as your work history (or your spouse’s) spans at least 10 years, you’ll pay nothing for Medicare’s Part A (hospital coverage) and an income-based amount for Part B (doctor’s visits). You should make sure to sign

Kantrowitz was able to estimate the new rates based on the 10-year Treasury Note auction on May 9. By his calculations, the interest rate on new undergraduate Stafford loans will rise to 5.045 percent for the 2018-2019 academic year, up from 4.45 percent last year. This will increase monthly loan payments on a 10-year repayment

If your 401(k) is a little cheaper these days, make sure you thank your former coworkers. A recent report from the Center for Retirement Research at Boston College found that a rash of lawsuits against employers in recent years is causing companies to rethink their fund offerings and push for lower fees. “These lawsuits aren’t

Advocates said they worry the reversal of this guidance would cause auto lenders and dealers to price loans on criteria other than creditworthiness and income. “It’s amazing how large companies began to behave themselves simply knowing that they were being watched,” said Hilary Shelton, senior vice president for advocacy and policy at the NAACP. “Now

On March 15, the 5th Circuit ruled that the Labor Department exceeded its authority by drafting the fiduciary rule, and vacated the regulation. The department had until April 30 to appeal the decision, but failed to do so. Meanwhile, the court is expected to issue its final ruling as soon as this week. Though major

If you have credit card debt, aim to get it paid off as soon as possible. “Credit card debt is really an issue for many people,” Dougherty said. “It’s a pure cost, and it can be a high cost. And it’s a big impediment to being able to save.” Right now, the average interest rate