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Federal student loan payment pause is coming to an end

Business / Terry Savage /

Stop waiting for a student loan forgiveness miracle, and start preparing to resume or restructure your student loan payments by February 1, 2022. The Department of Education's student loan repayment pause began in March 2020 and ends on January 31, 2022. In the interim, no interest has accrued on federal student loans and no payments were ...Read more

Attend to These Year-End Financial Matters

Business / Terry Savage /

As we approach year-end, countless articles will mull over the events that defined 2021. Hot topics will include the challenges of COVID-19, political dysfunction, social unrest — and the fact that the stock market ignored it all and rose to new record highs. At the very least, it was not a boring year!

But when it comes to financial matters,...Read more

Grownup Gifts With a Finance Theme

Business / Terry Savage /

In last week’s column, I provided some holiday gifting ideas for children, ranging from 529 accounts to gift cards for $5 worth of shares in almost any company from Stockpile. But what do you gift grownups, especially to those who already have everything? Or to millennials who already know everything? Consider the following ideas

—Series I ...Read more

Holiday Gifts with Lasting Financial Impact

Business / Terry Savage /

My annual holiday money gift column for children and young adults arrives just at the start of the holiday shopping season. In a time when many are hesitant to shop in stores, all of these ideas can be accessed online. And unlike presents that will be quickly outgrown or broken, these gifts are meant to make a lasting impact on young people you ...Read more

Terry Savage: ACA makes health insurance affordable for small business employees

Business / Terry Savage /

This is the time of year when almost everybody needs to make decisions about their healthcare coverage.

Seniors make decisions about prescription drug and all-in-one advantage plans during Medicare's open enrollment. Individuals and families seek coverage under the Affordable Care Act at Healthcare.gov, with new higher subsidies and lower ...Read more

How You Can Get Affordable Health Insurance

Business / Terry Savage /

The American Rescue Plan Act enacted last March created a huge revision to the Affordable Care Act (aka Obamacare) that has made the best health insurance more affordable to more Americans, regardless of income.

Even applicants with higher incomes will now be eligible for meaningful subsidies for 2022. And many people with low incomes who were ...Read more

Medicare Open Enrollment is Upon Us. Choose Wisely

Business / Terry Savage /

Every year, seniors on Medicare are faced with the task of examining their Medicare coverage and making important decisions. Those who think that Medicare is a one-time enrollment, which then covers everything, are truly mistaken. In fact, Medicare decisions are complex, frequent and far reaching.

For starters, you need to know that Medicare is...Read more

Phishing Scams Prey on Human Foibles

Business / Terry Savage /

It’s happened to all of us. We receive a text or email from a financial institution that we do business with asking us to click on a link. It all appears so realistic — a logo you recognize, a request to take immediate action.

And that’s how easily you can be scammed in what’s known as a "phishing" expedition. That's the generic term ...Read more

Terry Savage: Careful with consumer credit

Business / Terry Savage /

Consumer debt has risen sharply during the pandemic, according to a new survey by Bankate.com. Nearly half of all American adults with credit card debt added to that debt since March 2020. Worst offenders were millennials and Gen Z, whose rising card balances grew far faster than baby boomers and Gen Xers.

Consumer spending is widely credited ...Read more

Average is Fine

Business / Terry Savage /

Few people want to be average. It may be a distinctly American character trait that we want to be outstanding, special, “above average.” Garrison Keillor made a fortune on this hypothesis, writing about the fictional Lake Wobegon, “where all the women are strong, all the men are good-looking and all the children are above average.”

And ...Read more

File FAFSA Early, and Think Carefully About College Borrowing

Business / Terry Savage /

Parents of high school and college students once again face the difficult task of filling out the FAFSA — the Free Application for Federal Student Aid. The process starts on Oct. 1, and since the “early bird” gets first crack at some scholarship aid and state-specific financial assistance, there’s every incentive to get going right now. ...Read more

 

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