Wednesday’s need-to-know money news

Today’s top story: Don’t skip these steps when borrowing parent student loans. Also in then news: How to build a home office without breaking the bank, medical student borrowing slows, and the easiest way to lower the interest rate on your credit card.

Don’t Skip These Steps When Borrowing Parent Student Loans
Assess your financial situation and talk openly with your child before borrowing parent student loans.

How to Build a Home Office Without Breaking the Bank
Decide where you’ll invest to make a home office that’s comfortable and productive, as well as affordable.

Med Student Borrowing Slows, but Debt Still an Issue
In the class of 2019, 73% of medical students took out loans; their median debt was $200,000.

The Easiest Way to Lower Your Credit Card Interest Rate
Get ready to spend some time on the phone.

Thursday’s need-to-know money news

Today’s top story: Sustainable investing could get a lot harder. Also in the news: Why you should file the FAFSA ASAP, why savings accounts and CDs are still worth it despite low rates, and how to find your lost 401(k).

Sustainable Investing Could Get a Lot Harder
The Labor Department wants to keep socially responsible investments out of 401(k)s and private pensions.

The FAFSA Just Opened: Why You Should Apply Now
File the FAFSA early to get a better shot at more free money and more time to appeal if you need to.

Savings Accounts and CDs Are Still Worth It Despite Low Rates
Rates will rise again.

How to Find Your Lost 401(k)
Don’t leave hard-earned money behind.

Q&A: Remodel the house or sell it?

Dear Liz: Should we take out a home equity loan so we can do some improvements on our house and make it work better for us, or should we sell it and upgrade to a bigger house? We are not in a rush to move, so we are content to take our time to find the right new home at the right price. We are also considering staying and doing work on our current home. But we have a lot of equity and are wondering: Would it be smarter to cash that in? We both remember the housing crash and are very nervous about getting in over our heads.

Answer: People are spending a lot of time at home these days, and many are longing for a little extra space. Interest rates are low, which makes borrowing for improvements or a bigger home more affordable for many.

You’re smart to be cautious about taking on too much debt, though. Lenders are much more cautious than they were before the Great Recession of 2007 to 2009, but it’s still possible to borrow more than you can comfortably repay. Big mortgage payments could prevent you from saving for important goals such as retirement or your children’s college education.

If you like your current neighborhood, remodeling is often the more economical route. You spend roughly 10% of your home’s value when you sell it and buy another. Real estate commissions take a big chunk, as do moving costs. Bigger houses — whether through remodeling or moving — also can mean higher tax, insurance and utility bills. That’s not to say you should never upgrade, but you’re smart to consider all your options because the cost of exchanging homes is pretty high.

By the way, you aren’t really cashing in equity when you use it to buy another home or borrow against it to make improvements. Some people would say that’s “putting your equity to work,” but the idea that equity needs employment is what led many people to borrow excessively against their homes before the last recession. It’s perfectly fine, and often desirable, to have lots of equity just sitting around. That way, it’s there for you when you really need it. You can tap it in an emergency, for example, or to help fund your retirement.

Tuesday’s need-to-know money news

Today’s top story: Mortgage outlook for August. Also in the news: Why graduate students need to mind their mental health this fall, your best shot at lowering the cost of private student loans, and how to get help with missing coronavirus relief payments.

Mortgage Outlook: Recession Presses Down on August Rates
Likely record lows for the third consecutive month.

Graduate Students: Mind Your Mental Health This Fall
Recognizing stressors and using university resources may help during this time of uncertainty.

Refinancing now is your best shot at lowering the cost of private student loans
Take advantage of record low interest rates.

Get Help With Missing Coronavirus Relief Payments
What to do if you still haven’t received your check.

Tuesday’s need-to-know money news

Today’s top story: Options for undergrad, grad, veteran and international students when colleges say stay home. Also in the news: Which airlines have handled COVID-19 the best, is it OK to never have a credit card, and where to put your money when interest rates are falling.

When Colleges Say Stay Home: Options for Undergrad, Grad, Veteran and International Students
You can expect a decrease in costs.

Which Airlines Have Handled COVID-19 the Best?
Grades on flexible policies and health and safety measures.

Is it OK to never have a credit card?
Other ways to establish credit.

Where to Put Your Money When Interest Rates Are Falling
Consider an online savings account.

Wednesday’s need-to-know money news

Today’s top story: It’s now cheaper than ever to borrow money for college. Also in the news: What you need to know about Disney’s reopening, bankrolling your adult kid in a crisis, and 8 ways to save for your child’s college education.

It’s Now Cheaper Than Ever to Borrow Money for College
Feds have dropped interest rates to historic lows.

Disney Is Reopening: What You Need to Know
Safely returning to the happiest place on earth.

Are you bankrolling your adult kids in a crisis?
You are not an emergency plan.

8 Ways to Save for Your Child’s College Education
Start as soon as possible.

Friday’s need-to-know money news

Today’s top story: How to work around delays in major IRS functions. Also in the news: A path to getting your getting your camp deposit back, student loan interest rate dropping to historic lows, how to choose your next credit card.

How to Work Around Delays in Major IRS Functions
Services have been dialed back.

Camp’s Closed: A Path to Getting Your Deposit Back
It’s going to be a very different summer.

Student Loan Interest Rate Dropping to Historic Low
The impact of new rates.

How to Choose Your Next Credit Card
Finding the card that meets your needs.

Wednesday’s need-to-know money news

Today’s top story: Why family loyalty shouldn’t apply to your credit cards. Also in the news: What you should do with your travel credit card, what you need to know about roadside assistance, and what the near zero interest rates mean for you.

Why Family Loyalty Shouldn’t Apply to Your Credit Cards
You could be missing out on valuable rewards.

Ask a Points Nerd: What Should I Do With My Travel Credit Card Right Now?
A little retention attention.

Roadside Assistance: Where to Get It, What to Ask
We’ll be back on the roads eventually.

Fed holds rates near zero — here’s what that means for you
Historically low rates continue.

Monday’s need-to-know money news

Today’s top story: Your last chance for high CD rates is right now. Also in the news: How a credit card can help home improvement plans, how to search for scholarships without getting lost in spam, and a new episode of the SmartMoney podcast on credit scores.

Your Last Chance for High CD Rates Is Right Now
The impact of Fed rate changes.

Got Home Improvement Plans? How a Credit Card Can Help
Rewards and sign-up bonuses.

How to Search for Scholarships, Not Get Lost in Spam
Finding legit offers.

SmartMoney Podcast: ‘Why Did My Credit Scores Suddenly Drop?’
Sorting through the reasons.