The Federal Deposit Insurance Corporation, or FDIC, has recently implemented new requirements for deposit insurance for trust accounts. The changes are intended to simplify insurance coverage rules for trust accounts, but they may result in some depositors exceeding FDIC limits. Established by Congress following the Great Depression, the FDIC provides insurance coverage of up to
Personal
The IRS recently released an “important update” for its Direct File program, just one week before the federal tax deadline of April 15. This free tax filing program has been in pilot phase since March 12, fully open to certain filers in 12 states. The new update allows users to import essential details that are
President Joe Biden is set to introduce a new plan for forgiving student debt, following the Supreme Court’s rejection of his initial proposal. This time around, Biden is focusing on creating a more legally resilient aid package by targeting specific groups of borrowers who are facing financial hardship. The plan aims to provide relief to
President Joe Biden is set to announce a new student loan forgiveness plan that could potentially benefit millions of Americans. This initiative comes after the Supreme Court rejected his initial attempt to cancel student debt, ruling it unconstitutional. The revised plan aims to target specific borrowers who meet certain criteria such as being eligible for
As the “silver tsunami” looms with a record number of Americans reaching the age of 65, retirees are facing high-stakes financial decisions. With more than 11,200 baby boomers expected to turn 65 each day through 2027, this phase has been labeled as “peak 65.” However, this generation is grappling with various challenges as they enter
As the tax deadline approaches, an increasing number of filers are turning to chatbots powered by artificial intelligence for assistance with their tax returns. However, experts advise caution when using generative AI for tax advice. While some individuals express trust in AI chatbots for tax-related tasks, experts warn against solely relying on these tools for
The Biden administration is gearing up to introduce a groundbreaking new student loan forgiveness proposal that has the potential to significantly impact the lives of millions of Americans. While this new aid package may not be as expansive as President Biden’s initial education debt relief plan that was blocked by the Supreme Court, it still
With an upcoming deadline of April 30, many borrowers have the chance to take advantage of a student loan forgiveness opportunity that could lead to significant debt relief. The U.S. Department of Education is offering a one-time adjustment of borrowers’ payments this summer, giving them the chance to potentially have their debt canceled sooner than
The cost of a college education has been steadily rising over the years, with schools like New York University, Tufts, Brown, Yale, and Washington University in St. Louis now nearing a price tag of six figures per year. This includes tuition, fees, room and board, books, transportation, and other expenses. According to data provided to
The National Student Clearinghouse Research Center has reported that the number of students who started college but then withdrew has been increasing, with over 40 million students currently unenrolled. First-generation college students, minorities, and low-income students are more likely to consider leaving college due to various factors such as financial concerns, loss of motivation, or