It depends. There are generally two ways that private mortgage insurance (PMI) can be removed from your mortgage loan. The first is if you request PMI cancellation directly from your lender. The second is through termination by your lender. You can request PMI cancellation directly from your lender once you have reached the date when …
What’s New in the World of Higher Education?
If you’re a parent or grandparent of a college student or soon-to-be college student, you might be interested to learn what’s new in the world of higher education. Higher college costs Total average costs for the 2015/2016 school year increased about 3% from the previous year: $24,061 for public colleges (in-state), $38,855 for public colleges …
When Disaster Strikes: Deducting Casualty Losses
Wildfires, tornadoes, storms, landslides, and flooding…. It’s almost as if you can’t turn on the news without seeing images of a disaster striking somewhere. If you’ve suffered property loss as the result of these events or other circumstances, you may be able to claim a casualty loss deduction on your federal income tax return. What’s …
Cost of Living: Where You Live Can Affect How Rich You Feel
Do you find yourself treading water financially even with a relatively healthy household income? Even with your new higher-paying job and your spouse’s promotion, do you still find it difficult to get ahead, despite carefully counting your pennies? Does your friend or relative halfway across the country have a better quality of life on less …
Six Potential 401(k) Rollover Pitfalls
You’re about to receive a distribution from your 401(k) plan, and you’re considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble free, there are some pitfalls you’ll want to avoid. 1. Consider the pros and cons of a rollover. The first mistake some people make is failing to consider …
What do I need to know about submitting the FAFSA?
The FAFSA, which stands for Free Application for Federal Student Aid, is the federal government’s financial aid application. Though the thought of completing it may inspire a collective groan from parents each year, this form is the prerequisite for many different types of federal and college financial aid, including loans, grants, scholarships, and work-study. So …
Can you separate college financial aid myths from facts?
For all you parents out there, how knowledgeable are you about college financial aid? See if you know whether these financial aid statements are myth or fact. 1. Family income is the main factor that determines eligibility for aid. Answer: Fact. But while it’s true that family income is the main factor that determines how …
Can You Get to a Million Dollars?
Often in life, you have investment goals that you hope to reach. Say, for example, you have determined that you would like to have $1 million in your investment portfolio by the time you retire. But will you be able to get there? In trying to accumulate $1 million (or any other amount), you should …
What You Need to Know About Private Student Loans
It’s an unfortunate trend in college pricing–the average cost of tuition and fees at four-year public and private institutions are significantly higher than they were just a decade ago. For example, the average published tuition and fee price of a full-time year at a public four-year institution is 40% higher, after adjusting for inflation, in …
Rates on the Rise: Strategies for Fixed-Income Investors
A long period of low yields has been challenging for many fixed-income investors, but owning bond investments in a rising interest-rate environment could become even trickier. When interest rates go up, the prices of existing bonds typically fall. Consequently, the Federal Reserve’s rate-setting decisions could affect the entire fixed-income market. Still, bonds are a mainstay …