To understand the world of banking and finance, you have to know the relevant terms. Tons of these banking terms will leave you scratching your head as to what they mean. But luckily, we’re here to tell you all about the most important ones.[Read more…] about List of Banking Terms You Should Know
You have probably been to your local bank and been met with the term commercial banking. With hundreds of financial service companies competing for business, it’s essential to understand the different banking services available. That way, you can choose the type of institution that best fits your particular needs. So, what is commercial banking anyways?[Read more…] about What Is Commercial Banking?
For many students who want to pay for college, federal student loans are a good option. Federal student loans fall into two categories: subsidized and unsubsidized.
Increasing college costs have driven more students to take out loans to cover their expenses. Even though some students choose loans from private lenders, as of March 2021, approximately 42,9 million students were in possession of Federal Direct Loans.[Read more…] about Subsidized vs Unsubsidized Loan
The U.S. administration has been persistent in prolonging the student loan payment moratorium ever since the outbreak of the Covid-19 virus back in March 2020. The pause has once again been approved by the Biden administration, setting the new date to January 31st 2022.
By temporarily stopping the loan payments, a new problem arose; two huge student loan servicer companies decided not to continue their business with the U.S. Department of Education.
This has been a serious blow for all the parties involved. Not only is the federal income halted and the proficient companies are opting out, but the chaos of migrating the entire student loan database is yet to begin.
Needless to say, historically, such transfers have always been somewhat disastrous, resulting in data loss and inaccurate payment histories.
The servicers in question, Granite State Management and Resources, and FedLoan, handle over 10 million borrower accounts combined.[Read more…] about The Overuse of Student Loans and Biden Student Loans Extension
Slowing saving money in a savings account is not the most exciting thing you can do with your hard-earned cash. In fact, it’s probably one of the most boring things you can do! But, it is effective, and PrizePool is a company that is out to make it fun, too.
The average American household has $8,863 saved in a bank account or at a credit union, according to a 2018 Bankrate Study. However, according to another Bankrate study, $80 billion was spent on the lottery in one year in America! This came out to about $1,000 spent per year on the lotto for millennials, and a whopping $3,800 per year for older generations.
What’s worse is the same study found that households with the lowest income (earning $30,000 or less) spent 13% of their income buying lottery tickets. Saving and investing 13% of your income could set you up perfectly for retirement! Instead, it’s likely going down the drain (unless you get very, very lucky).