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Tuesday 6 February 2024

Easing FAFSA woes

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Tue Feb 6 2024

 

Daniel de Visé Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

After another frustrating delay with the Education Department's rollout of changes to the college financial aid system, officials are trying to help colleges adapt. 

The agency said on Monday it will soon deploy dozens of experts to under-resourced institutions. It also plans to distribute $50 million to educational nonprofits. It's an attempt to soften the blow from recent challenges with the launch of the new Free Application for Federal Student Aid, or FAFSA, a form that millions of families use each year to get help paying for college. Read the story.

What's the right way to ask your parents for money?

Over the weekend, we gave you a story about aging parents imperiling their own retirement funds to support adult children.

Now, in a companion piece, we explore the thorny topic of asking a parent for money: What's the best way to do it?

A child who approaches a parent for financial help starts a conversation that, in all likelihood, neither party wants to have. Asking for money can become a defining moment in the parent-child relationship, for better or worse. Tip: Be prepared. Read the story.

📰 More stories you shouldn't miss 📰

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Looking to end your relationship by Valentine's Day? Pizza Hut is here to help.

The pizza chain has launched Goodbye Pies, giving customers in three U.S. cities the chance to break up by pizza delivery.

The pies will be sent in a custom box that leaves space for the sender's name. With a sufficient tip, perhaps you can add an "it's not you, it's me" signoff. Read the story.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Daniel de Visé covers personal finance for USA Today.

Before helping your child take out loans make sure you understand the benefits and drawbacks.

After repeated delays in the new simplified FAFSA rollout, the Education Department says it's providing people, money and new tools to schools to help.

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A simple app to learn all there is to know about personal finance.
 

What's the right way to ask your parents for money?

A child who approaches a parent for money initiates a conversation that, in all likelihood, neither party wants to have.

The   Biden Administration's   recent announcement regarding student debt relief thrust the topic into the forefront of the news. Under the program, students awarded Pell Grants and who took out loans from the Department of Education will have $20,000 of debt canceled. Those without a Pell Grant will have $10,000 shaved off their outstanding balances.   According to the Department of Education, federal student loans currently total   $1.6 trillion. All told, 45 million borrowers hold federal student loan debt. A typical undergraduate student leaves school $25,000 in debt. (These are the    most expensive states to get a college education   .)    Burdened by that much debt, many college graduates are not always able to keep up with monthly payments. But the numbers vary by state. To identify the states with the most past-due student debt, 24/7 Wall St. ranked states by the percentage of people with student debt 90 days past due in 2021 using data from the Federal Reserve Bank of New York.     The average student loan debt by state comes from the    Education Data Initiative    for 2022, while the percentage of   graduating students with debt in 2019-2020 comes from    The Institute for College Access and Success   . Adults with at least a bachelor's degree and the poverty rate in each state comes from the Census Bureau's American Community Survey 2020 five-year Estimates.    The state with highest percentage of student debt holders in arrears is Mississippi at nearly 11%. With the highest poverty rate in the nation, students may already have a tough time making ends meet. The state is also home to the second lowest percentage of bachelor degree graduates at 22.8%. (   See the ZIP codes where the most people have college degrees   .)    In New York state, only 4.8% of student loan borrowers have   skipped payments and are 90 days past due - the lowest share in the nation. Yet all students struggling to pay down their federal loans can breathe a sigh of relief. The government extended the repayment hiatus until December 31.
 

Companies can now offer student loan 401(k) matching, but will they?

Companies this year can match student loan payments with a retirement contribution, but most are opting not to offer that perk to workers. Here's why

Man clutching his head while holding a piece of paper and sitting next to a box of desk supplies
 

Can I be laid off or fired without an explanation? Ask HR

Generally speaking, employers can terminate your employment for any nondiscriminatory reason and they don't have to give you the reason.

Pizza Hut will begin to offer "Goodbye Pies" to customers starting Tuesday, Feb. 6 to Wednesday, Feb. 14 as a way to "ditch that awkward break-up convo and send a free pizza instead.
 

Want to break up before Valentine's Day? Pizza Hut sells Goodbye Pies

Between Tuesday and Valentine's Day, 33 people a day will be able to send a free Goodbye Pie to their soon-to-be ex. The deal will only be available in three cities.

Applebee's Neighborhood Grill & Bar     • Menu item:  Tipsy Reindeer (Smirnoff vodka, Ocean Spray cranberry juice, cherry, lemonade)     • When available:  Through the holidays     • Where available:  All locations     • Estimated price (may vary):  $5
 

Still want an Applebee's Date Night Pass? This drawing could help

Applebee's announced Monday that they will make 1,000 more Date Night Passes available for purchase through Friday, Feb. 9 via random drawing.

What to know about the 2024 tax season from USA TODAY reporters.
 

Where's my refund? How to check for your tax refund with the IRS

Here's how to track the progress of a tax refund check through the IRS system.

Snapchat is a photo sharing and chat smart phone application used primarily by teenagers.
 

Tech layoffs: Snapchat parent company to cut 10% of workforce

Snap Inc., the parent company of the popular social media platform Snapchat, announced it would be laying 10% of its workforce globally.

Blueprint surveyed parents of Gen Z and Millennial adults in states with populations of 2 million or more to find out where adult children are getting the most financial support from their parents.
 

Parents deplete retirement savings to help adult children

Three-fifths of parents with adult children gave them financial help in the past year, for better or worse.

President Joe Biden speaks at South Carolina's First in the Nation dinner at the South Carolina State Fairgrounds in Columbia, S.C., Saturday, Jan. 27, 2024.
 

Biden vs. Trump: Facebook urged to fix fake video problem

A doctored Biden video was a test case for Facebook's deepfake policies. The Oversight Board is calling for changes to prevent election tampering.

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