Title: U.S. Department of Education Penalizes Mohela for Failure to Send Timely Billing Statements Byline: Pierre Herubel The U.S. Department of Education has taken action against student loan servicer Mohela, also known as the Missouri Higher Education Loan Authority, for its failure to send timely billing statements to 2.5 million borrowers. This oversight has resulted…
Americans under 35 have experienced a significant increase in their median net worth, according to the Federal Reserve’s survey of Consumer Finances. The survey, conducted in October 2023, showed that the median net worth for this age group rose by an astonishing 142% between 2019 and 2022, reaching $39,000 from $16,100. The concept of net…
Financial Influencers Launch Podcast to Promote Financial Literacy Financial influencers Rashad Bilal and Troy Millings have launched the podcast “Earn Your Leisure” with the aim of promoting financial literacy and entrepreneurship. The duo, who have backgrounds as a former financial advisor and teacher, respectively, started the podcast almost five years ago to address the lack…
Biden administration announces finalized plan for higher education oversight and student loan borrower protection In a recent development, the Biden administration has unveiled its comprehensive plan to enhance its supervision of higher education institutions and strengthen consumer protections for student loan borrowers. The goal of these new measures is to ensure accountability and guarantee a…
3 in 4 of Gen Z prioritize quality of life over money, according to a report by Intuit. This trend, known as “soft saving,” challenges traditional notions of saving for the future. Soft saving refers to putting less money into savings and using more for immediate enjoyment. Gen Z, which values experiences over money, leads…
Retiring early requires careful financial planning and avoiding costly mistakes that can derail your progress. Alex Trias, a retired individual who retired at the age of 41, shares his experiences and regrets from his journey to early retirement. Trias emphasizes the importance of avoiding the desire to be ‘exceptionally original’. He learned that it is…
Net worth for the average American family saw a significant surge during the pandemic, according to the Federal Reserve’s triennial Survey of Consumer Finances. This increase was primarily driven by higher home and stock prices, as well as government stimulus measures. After adjusting for inflation, median net worth jumped by 37% to $192,900 from 2019…
Nationwide Increase in Scams Targeting Seniors’ Financial Accounts, Reports FBI Senior citizens across the country have become victims of a rising trend in “phantom hacker” scams, which have had a significant impact on their finances. These scams involve fraudulent activities that result in the loss of entire bank accounts, savings, retirement funds, and investments, according…
