College tuition increases about 5% to 8% a year. And most students are now just beginning to get their financial aid packages.
Home mortgage rates retreated last week, with the 30-year fixed slipping to 5.7% from 5.8% the week prior, according to a report from a financial data aggregator released Thursday.
Colleges aren't getting any cheaper, but federal student loans are.
The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.
Today the government will begin offering a repayment plan that lets graduates reduce their monthly student loan payments based on their income. It's called the income based repayment plan and it's available to borrowers who took out federal loans or used a federal consolidation loan to combine their debt.
Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed Wednesday.
Many owners of our country's bonds are worried that the federal government is spending like inebriated sailors on shore leave to try and get the nation out of this economic mess.
One of the great headaches of the American dream is about to get less painful.
As a graduate from Syracuse University with a master's degree in international relations, Jana Morgan was hoping to help victims of human rights violations caused by resource wars.
Sales in the decimated housing market may finally be bottoming, but don't expect home prices to stop dropping before mid-2010 at the earliest, analysts and economists say.
College tuition increases about 5% to 8% a year. And most students are now just beginning to get their financial aid packages.
Home mortgage rates retreated last week, with the 30-year fixed slipping to 5.7% from 5.8% the week prior, according to a report from a financial data aggregator released Thursday.
Colleges aren't getting any cheaper, but federal student loans are.
The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.
Today the government will begin offering a repayment plan that lets graduates reduce their monthly student loan payments based on their income. It's called the income based repayment plan and it's available to borrowers who took out federal loans or used a federal consolidation loan to combine their debt.
Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed Wednesday.
Many owners of our country's bonds are worried that the federal government is spending like inebriated sailors on shore leave to try and get the nation out of this economic mess.
One of the great headaches of the American dream is about to get less painful.
As a graduate from Syracuse University with a master's degree in international relations, Jana Morgan was hoping to help victims of human rights violations caused by resource wars.
Sales in the decimated housing market may finally be bottoming, but don't expect home prices to stop dropping before mid-2010 at the earliest, analysts and economists say.
Home mortgage rates sank sharply last week, retreating from a recent run-up that peaked the previous week. The 30-year fixed slipped to 5.76% from 5.95%, according to a report released Thursday.
Question: Should I contribute more to my 401(k) than I have to in order to get the company match? --Terry, Kennett, Missouri
Max. It. Out. Of all the personal finance rules -- diversify your portfolio, pay down high-interest debt first -- perhaps no single piece of advice has been so widely touted as this: The key to financial security is putting as much money as you can into your 401(k). After all, what other retirement savings vehicle is portable, benefits from an employer match, provides a tax deduction, and allows the average clock puncher over the course of a career to rack up a seven-figure nest egg?
Old: The 1980s ushered in a lasting change: the systematic transfer of risk from the government and employers down to individuals. Tax cuts on income and capital gains, for example, were meant to encourage you to invest more in stocks, buy homes, and start up businesses. These activities became the pillars of what George W. Bush would later dub the "ownership society."
Americans saw $1.3 trillion of wealth vaporize in the first quarter of 2009, as the stock market and home values continued to decline, according to a government report released Thursday.
Home mortgage rates jumped in the most recent week, pulled higher by skyrocketing Treasury yields.
A spike in U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday.
When the stock market goes up these days, your 401(k) isn't the only thing that will follow. So, too, does the volume of Google searches for economic terms.
Home mortgage rates jumped in the most recent week, with the average 30-year fixed rate rising to 5.65%, according to a report released Thursday.
The refinancing tide has ebbed, but mortgage profits for the nation's biggest banks are in no danger of drying up.
Constant news of layoffs, pay cuts, and stock declines has all of us tightening our belts: A recent Money poll found that in light of the financial crisis, 89% of us are changing the way we manage our finances, and 88% plan to be more frugal.
Question: I'm planning to invest some money in the stock market, but I'm wondering whether I should buy mutual funds or individual stocks. Which do you think is better? And in the event I decide to go with stocks, which ones do you think are really good buys now? --Monique Thompson
Introduction: Use this CNN Student News financial glossary to help students understand concepts about today's U.S. economy that are currently in the news.
Question: I'm in my 50s and I got a late start on my 401(k) plan at work. All my contributions go into a balanced fund, but when I get my statement each quarter, it seems that I'm losing as much as I'm contributing. Should I leave my money where it is or should I switch to another fund? --Linda Mandrell, Tampa, Florida
Government debt prices rose Thursday after the benchmark 10-year yield had hovered at a 6-month high earlier in the session, at the last of three major auctions scheduled for the week.
You're not alone. Credit card companies are tightening their underwriting standards as they try to pare down their debt. Here is some advice on how to cope if you've been denied credit.
Home mortgage rates jumped in the most recent week, pulled higher by rising Treasury yields, according to a report released Thursday.
Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report.
House prices are taking a long ride in the wayback machine. Unfortunately, Americans' housing-related debt isn't going anywhere fast.
Nearly 270,000 troubled homeowners were issued mortgage workouts in April, according to a industry report released Wednesday. That was up from about 250,000 in March.
Home mortgage rates were mixed this week, with the average 30-year ticking higher, according to a report released Thursday.
One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure.
Before the market imploded last year, turning your nest egg into steady income for 30 or more years of retirement seemed pretty straightforward. Just follow the old 4% rule: Withdraw that much of your portfolio's value initially and then boost that dollar amount annually for inflation.
Question: Is there a listing that would allow me to see how my 401(k) plan compares with other companies' 401(k)s? --Debbie W., Mount Laurel, New Jersey
Fannie Mae and Freddie Mac, charged with helping lead the nation out of its housing crisis, are facing "critical" financial problems, federal regulators said Monday.
More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.
Freddie Mac asked for another $6.1 billion in government aid Tuesday, after reporting a $9.9 billion quarterly loss.
Fannie Mae, the troubled mortgage finance company, reported a first-quarter loss of $23.2 billion on Friday.
Home mortgage rates ticked only slightly higher this week, according to a report released Thursday.
Q. I lost my job this year. Much of my savings is in a traditional IRA account. If I were forced to tap it, what would be the penalty for early withdrawal?
It's official: 2009 marks the 35th anniversary of the individual retirement account. I will now pause for a moment as spontaneous celebrations break out across the land.
By now, most college-bound high school seniors have accepted an admissions offer and are cruising blissfully toward graduation, summer, and their chosen campus come fall. For parents, on the other hand, the hard work of financing this education is just beginning.
Question: I was laid off recently and have been approached by several financial advisers who all want me to roll over my 401(k) into an IRA. Sometimes I feel like everyone is out to make a commission off my misfortune. Who do I trust? --Marcy, Hutchinson, Minnesota
As Chrysler heads to bankruptcy court today in New York City, it becomes the highest profile failure for the private equity industry and its former owner Cerberus. But there is a slender silver lining for the New York money men.
The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
Home mortgage rates were mostly unchanged this week, with the average 30-year fixed mortgage rate holding steady, according to a report released Thursday.
Lenders continued to rewrite troubled mortgages at a fast clip during March, but the weakening economy still sent foreclosure starts soaring to a record high.
The Obama administration said Tuesday it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.
Question: I'm 40 years old, and according to an online calculator I used recently, I should now have $900,000 saved to assure a comfortable retirement. I'm guessing I have only about $100,000 (I'm afraid to look). What is the best way of making up the $800,000 gap over the next 25 years? --Jeff, Canton, Michigan
After nearly 100 days in office, the Obama administration's campaign to lift the economy out of its deepest funk since the 1930s showed no signs of slowing down.
Question 1. We heard you mention forgiveness of law school loans. Our son and daughter-in-law are both new attorneys saddled with law school loans and we'd love to help them find more information, if possible. -- Paul and Mari
Home mortgage rates were slightly higher this week, jumping from near record-lows last week, according to a report released Thursday.
The acting chief financial officer of mortgage finance giant Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.
Q. My company just announced that it is suspending its 401(k) match. Is it still worth contributing?
Mortgage rates fell slightly this week and appear to be settling into a range near historically low levels, according to a national survey released Thursday.
Many college graduates are struggling with heavy student loan debt and steep monthly payments that limit their professional options. But for some, choosing the career of their dreams could actually lift that burden.
You've been waiting for this moment for nearly 18 years: Your baby is almost ready for college. Your finances, not so much. The market's protracted free fall means that your college fund is now worth just a fraction of what you need. Your home's value has no doubt dropped sharply too - no help there. The only thing that keeps going up, you guessed it, is college tuition. So it's goodbye, Dream School U., hello, Central State, right?
The road to a housing recovery will be a difficult one.
Will I ever be able to retire now? That's a question you're likely asking yourself these days. After a year in which your 401(k) has been hammered by the biggest stock losses since the Great Depression, your home equity has been whacked by the collapse of the real estate market and the specter of being laid off looms larger every day, no one can blame you for being skeptical.
Home mortgage rates were slightly higher this week, snapping a 4-week streak of declines, said a report released Thursday.
Many students are now receiving their college acceptance letters and with that comes offers of financial aid. Here's how to compare your financial aid offers.
Consumer credit fell in February, led by a sharp decline in credit card usage, a government report said Tuesday, as the ailing economy and widespread unemployment curbed spending.
Question: My wife and I hope to retire in five to seven years, but our retirement accounts got clobbered recently. We now have approximately $180,000 in cash that we need a game plan for. Can you help? --Pat C., York, Pennsylvania
Mortgages insured by the Federal Housing Administration can be a lifeline for low-income or high-risk borrowers. These loans have tiny down-payment requirements, competitive rates and easy credit-score hurdles.
It may seem obvious: Increasing how much troubled borrowers pay on their mortgage leads to redefaults. But that didn't stop America's banks.
An increasing number of students aren't making their student loan payments according to the Department of Education.
Home mortgage rates continued to march lower, according to two separate reports released on Thursday.
The current stock market presents an opportunity for people who have time to watch their investments grow. Individual retirement accounts are one saving vehicle, but converting from one type of IRA to another involves careful consideration.
Question: I've lost a lot of money during this financial mess and I'm wondering when I should go back to putting 15% of my salary into my 401(K)? --Michelle Bonds, Rocky Mount, N.C.
There's an old saying that goes, "You make your money in stocks but keep your money in bonds."
Lenders have helped an increasing number of mortgage borrowers to get current on payments and stay in their homes, but the tide of foreclosures is still rising.
Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday, in the wake of the government's announcement that it will buy more than $1 trillion in debt.
Mortgage rates are lower than 5% - but how can you get the best refinancing deal?
If HOPE for Homeowners, the foreclosure-prevention plan passed last summer, was a soft drink, it would be New Coke. If it was an automobile, it would be an Edsel. A movie? Howard the Duck.
Question: . I was laid off recently and want to roll over the substantial balance in my 401(k) into an IRA. But I don't know whether to do the rollover now and risk locking in losses or wait until the market recovers and then roll it over. What do you think? Steve, Wichita Falls, Texas
Mortgage interest rates are already flirting with record lows and the Federal Reserve's move to buy up government debt will send those rates even lower. But it doesn't look like it will get any easier for borrowers - even those with good credit.
As loan servicers scramble to implement President Obama's foreclosure prevention plan, the administration on Thursday unveiled a Web site to assist homeowners in determining whether they are eligible for help.
Troubled mortgage giant Fannie Mae planned to pay four top executives retention bonuses ranging from $470,000 to $611,000, according to a February SEC filing.
As the economy slows, millions of Americans will cut their budgets to stay afloat. This generates conflicting impulses: If I skip that morning coffee and granola, will my thriftiness put my local coffee shop out of business?
Question: I'm trying to decide whether to participate in my company's 401(k) plan. I'd like to start contributing to it, but given what's going on in the markets and economy, I'm afraid this is just not the right time. Or is it? --Rudy H., Pearland, TX
Retirement may seem like a fantasy if you watched your 401(k) crater over the last year. The average retirement portfolio lost 27% by the end of 2008.
Q. I'm over 50, and I've taken a beating in the market. I'm maxing out my 401(k) and IRA. How can I get the 10% annual return I need to achieve a secure retirement without too much risk? - Matt, St. Louis A.
John Maynard Keynes, the Depression-era economist who's having quite the comeback, once quipped when he was accused of inconsistency: "When the facts change, I change my mind. What do you do, sir?"
President Obama's eagerly anticipated foreclosure prevention program went into effect on Wednesday. It targets 9 million borrowers for help - are you one of them?
For real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.
For real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.
Household net worth in the United States declined by $11.2 trillion last year, according to a government report issued Thursday, and Americans curbed their spending as they watched the value of their assets fall.
Mortgage rates slipped last week, according to a weekly survey released Thursday.
Freddie Mac, the government-backed mortgage finance company, said Wednesday it has asked the government for $30.8 billion in additional funding to close a gaping hole on its books.
Question: I've been told real estate investment trusts offer great diversification. But do they really? Last year REITs lost 38% - that's a bit worse than the S&P 500. --Brian M., Greenwich, Conn.
One of the perks of working for a big blue chip company is that employees can often buy its stock at a discount.
In case you missed it, some bombshell news came out of the personal finance arena last week. No, I'm not referring to the Federal Reserve's rate cut or the record-breaking price of oil.
As a current Supreme Court case shows, even investors with the best intentions can lose big when their 401(k) plans mess up. The lesson: You should take advantage of a host of new investments that make sure that never happens to you.
You might be listening to the symphony of financial experts extolling the virtues of a 401(k) plan, often touted as the best way to save for your golden years. But that's not necessarily the case.
Last week, the federal government began sending out more than $100 billion in "tax rebates" to millions of Americans in an effort to stimulate the sluggish economy.
Last week's West Virginia election should frighten you.
I may write about retirement for a living, but that doesn't mean I like seeing my 401(k) crater any more than you do. Given what's been happening in the market, I sometimes catch myself thinking how great it would be if my financial future weren't tied to something as volatile as Wall Street's mood.
All money missteps matter, but there are ways to keep your financial foibles from costing you big bucks.
More than 11% of all mortgages are either delinquent or in foreclosure, according to an industry report released Thursday.
The Obama administration's foreclosure prevention program was launched Wednesday.
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