Sean Pyles Nerdwallet Published 1:01 PM EDT Sep 17, 2019 Glossy mailers promising low rates and cleverly crafted ads on your favorite podcast might leave you wondering: Should you refinance your student loans? With over $1.6 trillion in student loan debt in America as of March 2019, student loan refinance companies have an incentive to entice you. And a lower payment sounds alluring. But is refinancing the right move for you? Dig Into Your Finances Before you make a big change to your money management, such as refinancing your student loans , fully understand your overall financial picture, says Barbara Thomas, executive vice president at SouthEast Bank. This will ensure you’re coming from an informed place so you can make the best decision for your situation. The more solid your footing – you’re paying all bills on time, putting away savings and still have cash left at the end of the month – the more likely it is you could qualify for a refinance … [Read more...] about Millennial Money: Is student loan refinancing right for you?
House refinancing options
Jonathan Oosting and Jennifer Chambers The Detroit News Published 1:48 PM EDT Sep 11, 2019 Lansing — Michigan teacher pay has stagnated as rising retirement costs cut into state spending increases on education, according to a new report released Wednesday as K-12 schools take center stage in budget negotiations. The non-partisan Citizens Research Council found Michigan’s average teacher salary has remained at about $62,000 a year over the past five years even as average per-pupil state spending has increased 12%.Some of the recent stagnation can be attributed to workforce composition such as senior teachers leaving and younger, lower-paid ones entering, but the bulk of the squeeze is tied to paying down unfunded liabilities, the researchers said. In 2013, retirement contributions amounted to 22.6% of districts’ payrolls. In 2018, the districts and the state collectively were contributing 32.3% of payrolls, according to the report. Michigan pay … [Read more...] about Michigan teacher pay stagnates as budget debate continues
Published March 20, 2019 Personal Finance Bankrate.com Facebook Twitter Comments Print video Trend of virtual staging misleading homebuyers? Dolly Lenz Real Estate CEO Dolly Lenz and Dolly Lenz Real Estate Managing Director Jenny Lenz on the state of the housing market and mounting concerns that virtual makeovers are misleading potential homebuyers. Spring is here, which means peak homebuying season is right around the corner. Although it varies from place to place, generally most people start shopping for homes at the end of March and the peak season chugs on through summer until school starts up again. Continue Reading Below For many homebuyers, 2019 might prove to be a better year for buying. MORE FROM FOXBUSINESS.COM... HOMES ARE FLYING OFF THE MARKET IN THESE FIVE CITIES BEST, WORST CITIES FOR FIRST-TIME HOMEBUYERS ON A BUDGET Last year, buyers in many areas faced significant roadblocks to homeownership, such as a severe … [Read more...] about House hunting? Is now a good time to buy a home?
Melissa Nann Burke The Detroit News Published 1:08 PM EST Jan 15, 2019 Washington — Freshman U.S. Rep. Elissa Slotkin is asking Education Secretary Betsy DeVos to "proactively" reach out to student loan providers to encourage special dispensation for federal employees affected by the partial government shutdown. In a Tuesday letter, Slotkin, a Holly Democrat, urged the U.S. Department of Education to do "everything in its power to ease the burden of student loan payments on all federal employees," including urging loan providers to tell borrowers about refinancing options. "Many loan companies will consider offering temporary dispensation to federal employees if asked at the most senior levels, so I urge you to demonstrate leadership and reach out to CEOs of the companies personally," Slotkin wrote. A spokeswoman for DeVos, who hails from the Grand Rapids area, did not immediately respond to a request for comment Tuesday. An estimated … [Read more...] about Slotkin urges DeVos to aid federal employees with student debt
Liz Weston Nerdwallet Published 12:04 AM EST Nov 12, 2018 Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the payments can get more difficult to manage on fixed incomes. But retiring a mortgage before you retire isn’t always possible. Financial planners recommend creating a Plan B to ensure you don’t wind up house rich and cash poor. Mortgage-free retirement is usually best Mortgage interest is technically tax deductible, but taxpayers must itemize to get the break – and fewer will, now that Congress has nearly doubled the standard deduction. Congress’ Joint Committee on Taxation estimates 13.8 million households will benefit from the mortgage interest deduction this year, compared to more than 32 million last year. Even before tax reform, people approaching retirement often got less benefit from their mortgages over time as payments switched from being mostly interest … [Read more...] about Weston: Should you pay off mortgage before you retire?