TessMore Finance Blog

A major student loan servicing company has reached a settlement that will cancel $1.7 billion in student loan debt for around 66,000 borrowers, as well as provide $95 million in restitution – around $260 each – to 350,000 borrowers. “Today’s settlement corrects Navient’s past behavior . . . and puts in place safeguards to ensure this company never preys on student loan borrowers again,” said Pennsylvania Attorney General Josh Shapiro in a statement.  Navient’s settlement with attorneys general in 39 states is over two primary accusations: Redirecting borrowers into forbearance instead of pushing them toward more sensible income-based repayment options. Through its predecessor, Sallie Mae, directing borrowers to subprime loans that they knew would likely default. “Navient repeatedly and deliberately put profits ahead of its borrowers – it engaged in deceptive and abusive practices, targeted students who it knew would struggle to pay loans back, and placed an unfair burden on peop

After receiving an expensive college degree, I could not find a single position as a wildlife biologist . Instead, I found myself among the many suffering being forced to cope with underemployment. That first year after failing to find a job was the hardest, and I was in a deep depression. I had to find a way out. Over time, I began to crawl out of the pit I found myself in. I’m still not a wildlife biologist, but I’m moving forward in other ways, and it has literally made a world of difference. I hope some of the steps I took will help you if you find yourself in a similar situation. Optimize Your Resume With a Leading Job Search Site Get Started Today What Is Underemployment? Unemployment and underemployment are not the same thing. Whereas unemployment is the state wherein an individual is not employed at all, underemployment is best described as “the share of graduates working in jobs that typically do not require a college degree,” according to the Federal Reserve Bank of N

If you have private health insurance, you’re eligible for free at-home COVID tests starting Saturday, Jan. 15. The Biden Administration announced earlier this week that private insurers would be required to foot the bill for eight home COVID tests per month for each customer covered under a plan. But finding tests could still be a challenge in the weeks to come. Also, many insurers won’t have the systems in place that would allow customers to access tests without paying out of pocket. That means it’s likely that you could have to pay up-front for tests and then submit a claim to reimbursement for your insurer. Want to learn more about how to access free home COVID tests? Here’s everything you need to know. Is My Insurance Company Required to Provide Free Home COVID Tests? Yes, if you’re covered by a private insurance plan. If you have coverage through your employer or you bought a plan on the Affordable Care Act marketplace, your plan is required to cover the cost of eight tests pe

There is one time of the year that TV retailers know you are going to be watching your television and are in the market for the best TV deals. Super Bowl Sunday — this year Feb. 13 — is the most official unofficial holiday on the calendar, and 100 million people watch that game annually. So it’s the perfect time to be looking for TV deals unless you’re one of the lucky people who’ve snagged a ticket to watch it in person. Your TV monitor is never going to be more important than it will be on Super Bowl Sunday, which is why many sitcoms have tackled the big game for story fodder. Remember the King of Queens episode when Doug tried to cozy up to Carrie’s boss so they could watch the big game in hi-def on his big-screen TV? Retailers want to provide you with the best possible TV screen so that your football viewing is the best it can be. That’s why January is the best month to buy a new TV. Retailers are offering monitors at the lowest prices of the year because they know you are shop

During the pandemic, workers 55 and older lost jobs earlier, were rehired slower and faced higher unemployment rates than younger workers, according to an October 2020 study by The New School for Social Research. These obstacles are especially daunting for low-income seniors, who may lack the education, training or wrap-around resources necessary to re-enter the labor force. If you’re 55 or older and unemployed, a free work-based job training program from the Department of Labor can help. It’s called the Senior Community Service Employment Program (SCSEP), and it provides subsidized, part-time community service work to thousands of low-income American seniors each year. Keep reading to learn who’s eligible and how to apply. What Is the Senior Community Service Employment Program? The SCSEP was created more than 55 years ago as part of the Older Americans Act of 1965. The program aims to provide subsidized, part-time, community service work and training for people ages 55 and ol

Uncle Sam wants you, and he’s willing to pay you a good chunk of cash. The U.S. Army announced that it will pay up to $50,000 – its largest bonus ever – to recruits who qualify and sign on for a six-year active-duty enlistment. The bonus package is based on a number of factors that include the selected career field, individual qualifications, length of the contract and the ship date for training. “This is an opportunity to entice folks to consider the Army,” said Brig. Gen. John Cushing in a press release. Since 2020, the Army has struggled, just like the private sector, in attracting talent, and officials hope the incentives coupled with some other changes will begin to draw qualified young people. “We are still living the implications of 2020 and the onset of COVID, when the school systems basically shut down,” Maj. Gen. Kevin Vereen, head of Army Recruiting Command, told the Associated Press . “We lost a full class of young men and women that we didn’t have contact with, face-t

Starting a new routine in any area of life can be challenging. Be it changes to your finances, exercise habits, health or any other type of new routine, one of the best ways that you can increase your chances of success is to make it part of your existing daily routine.  Making small changes to something you’re already doing drastically increases your chances to stick with any new habit. Here, we’ll take a look at some ways that you can incorporate finances into your daily routine. Setting yourself up for success If you are planning or have already set a goal or resolution to improve your finances, Mint can help. Mint makes keeping track of your finances feel less like torture and more like a natural part of your day.  Instead of feeling like it’s just “one more thing” that you have to do each day, you can handle your finances in the background of many moments. This makes it much more likely that you will continue on the right path. Constantly making progress The hardest thing abou

Today, I did the second-hardest thing I've ever had to do: I took away Mom's cat. Mom's assisted living facility called last Thursday. “We strongly encourage you to consider moving your mother to memory care,” the director told me. “I know we talked about this a year ago, and at that time you and your family decided she wasn't ready. We think she's ready now. She's refusing her meds. She's refusing to eat. She's wandering. She's more confused than ever.” I phoned my brother, Jeff, who has handled the bulk of Mom's care since she moved to Happy Acres a decade ago. “What do you think?” I asked. “I think they're right,” he said. “Mom has been to the emergency room three times since the middle of November. She seems relatively lucid after each hospital visit, but that fades fast. Within a day of returning home, she's out of it again. And her confusion does seem to be getting worse.” “Yeah,” I said. “You're right. Even when she's

Believe it or not, the government will pay you to save. Seriously. Check this out. It’s called the Saver’s Credit, and it’s one of the most valuable tax credits available. But it’s also one of the most overlooked. Keep reading to learn who is eligible for the Saver’s Credit and how it works. What Is the Saver’s Credit? The Saver’s Credit is a way to put money back in your pocket when you save for retirement. If you’re a low- or middle-income worker, you can claim the Saver’s Credit — also known as the retirement savings contributions credit — by adding money to a 401(k) or individual retirement account (IRA). The Saver’s Credit is worth up to $1,000 for single filers, or $2,000 for married couples filing jointly. Depending on your adjusted gross income and tax filing status, you can claim the credit for 50%, 20% or 10% of the first $2,000 you contribute to a retirement account within a tax year. Not only do a lot of people forget about this credit, many low-income workers miss

We all have goals we want to achieve, but it’s easy to postpone working toward them while waiting for the “right moment” to get started. Sound familiar?  The truth is, you don’t have to wait for the New Year, the beginning of the month, or your birthday to set, or get started with, a financial goal!  Goal-setting should be fluid, something you think about for not only your BIG plans but the small ones too. Mint makes it easy to create new goals and track your progress as you work towards it. Here’s how to use the Mint app to start one for yourself:  Steps to create a savings goal (iOS) Open the app and navigate to the “Monthly” tab Tap on “create goal” Select the type of goal you want to set (rainy day fund, home, something else) Name your goal to make it personal to you Set the $ amount you want to save Set when you want to accomplish your goal by Select the account that you’ll be saving with Set how much you think you can save per month Congrats! You’re on your way to ac

If you own a home, your mortgage payment is probably your biggest monthly expense. But what if you could eliminate that huge financial obligation ahead of schedule — and own your home free and clear? There are a few tried-and-true ways to pay off your mortgage early — simple changes like making an extra monthly payment as well as more complex and expensive options like refinancing. Paying off your mortgage early doesn’t make sense for everyone. It’s important to consider your individual circumstances, including your monthly budget. But if your top priority is paying off your mortgage faster, these tips can help you make it a reality. Rules Around Making Extra Mortgage Payments Most loan servicers let you pay off your mortgage early without penalty — but this isn’t always the case. Some companies only accept extra payments at specific times. Others may charge prepayment penalties. Check with your loan service provider to see if any restrictions apply to extra mortgage payments.

Curious how YouTube TV works but aren’t ready to sign up? Feel like binge-watching a new series on Hulu without forking over subscription cost? Free trials can give you a sneak peek. But free trials aren’t really meant to be free. The goal is to introduce you to a product or service and then hook you so you decide to keep it (and pay for it) beyond the trial period. Either that or the company is hoping you just forget to cancel so it can automatically start charging you. Ever wonder why you have to provide your credit card information to sign up for something that’s free? That’s why. If you don’t want to become an unintentional paying customer, it’s vital that you know how to cancel free trials. Consider the Cost Before Signing Up for a Free Trial Signing up for a free trial is a great way to test out a product or service without spending any money. But they can end up costing you if you’re not careful. Even if you think you’ll definitely cancel the service before your free tri

You may have heard that in November 2021, inflation reached the highest rate in 30 years , but what does that mean, and how does it impact you? Let’s start with the basics. Inflation is an economic phenomenon where the value of goods and services in an economy increases over time. Have you ever heard someone talking about how, back in the ’60s, you could get a Coke for a nickel? The reason why a soda now costs $2 is because of inflation—the relative value of money has gone down compared to the price of goods.  In general, there are two main types of inflation that economists care about. In this post, we’ll explain those two causes, explain factors that influence inflation, explore ways experts suggest we counteract inflation, and what you can do about it. But first, we’ll dive into the current causes of inflation and how they’re impacting your current buying power.  4 Main Causes of Inflation in Our Current Economy What Are the General Causes of Inflation? Causes of Demand-Pul