Lumina Financial Consultants

Federal Student Loan Repayment Set to Resume in May

After five payment pauses that began roughly two years ago, federal student loan payments are set to resume in May 2022.

The first payment suspension came in March 2020 when Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and lasted for six months through September 2020. The second and third pauses came via presidential executive order (one from Trump and one from Biden) and extended the payment pause through January 2021 and again through September 2021. The Department of Education set a fourth extension through January 31, 2022. Then in December 2021, President Biden announced a fifth pause through May 1, 2022, due to ongoing public health challenges.

U.S. Credit-Card Debt Levels See Record Drop in 2020

Despite the financial challenges experienced by Americans as a result of the coronavirus pandemic, U.S. credit-card debt dropped to record levels in 2020, decreasing by almost $83 billion.1 This unprecedented drop was likely the result of individuals receiving financial assistance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and having access to more cash. Economic aid in the form of stimulus payments, suspended student loan payments, and broad state-sponsored unemployment benefits, allowed Americans to pay down their balances.

Four Things to Consider Before Refinancing Your Home

Low mortgage interest rates have prompted many homeowners to think about refinancing, but there’s a lot to consider before filling out a loan application.

Five Retirement Lessons from Today’s Retirees

Each year for its Retirement Confidence Survey, the Employee Benefit Research Institute (EBRI) surveys 1,000 workers and 1,000 retirees to assess how confident they are in their ability to afford a comfortable retirement. Once again, in 2019, retirees expressed stronger confidence than workers:

Have You Made Any of These Financial Mistakes?

As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes?

DEBT CONSOLIDATION

If you have a lot of debt, you’re not alone. Today, more and more Americans are burdened with credit card and loan payments.