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Massachusetts announced this week it would be awarding more than $140 million in collective student loan relief to workers in the state.
The MA Repay Program is one of many state efforts to reduce people’s education debt burden.
In June, the U.S. Supreme Court blocked President Joe Biden’s plan to deliver loan cancellation nationwide.

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The Massachusetts Executive Office of Health and Human Services announced this week that it would be awarding about $140 million in student loan relief to more than 2,900 workers in the state.
The aid comes from the MA Repay Program, which the state launched last November to provide financial support to health-care workers, including psychiatrists, psychologists, nurses and social workers.

“The MA Repay Program will be life-changing for thousands of our hardworking health-care professionals while also helping more people enter and stay in this critical industry that has been suffering from workforce shortages,” Massachusetts Gov. Maura Healey said in a statement.
The student loan awards range between $12,500 and $300,000 per borrower.
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To be eligible, residents usually need to commit to work for a qualifying employer for four or five years. The most recent application window ran between Dec. 5, 2022, and Jan. 30, 2023.
The Massachusetts program is one of the many state efforts to reduce people’s education debt burden. These opportunities are likely to be especially attractive to borrowers of late. In June, the U.S. Supreme Court blocked President Joe Biden’s plan to deliver loan cancellation nationwide.

“There are many other opportunities for loan forgiveness that often go unknown because there is no global database of all student loan forgiveness options,” said higher education expert Mark Kantrowitz.

Forgiveness for teachers, nurses and others

In New York, the Get On Your Feet Loan Forgiveness Program, rolled out in 2015, is meant to “invest in recent college graduates with student loan debt who opted to invest their futures in New York,” said Angela Liotta, public information officer and director of communications at the New York State Higher Education Services Corp.
Under the program, certain residents of the state may be eligible for student loan forgiveness on up to 24 months of payments.
“Student loan forgiveness is based on the borrower’s occupation, in most cases,” Kantrowitz said. “So they should look for forgiveness based on their job, especially for their state.”

For example, lawyers in Texas who work for specific legal aid programs may be eligible for the Texas Student Loan Repayment Assistance Program.
Meanwhile, there are also several existing federal relief programs.
Full-time teachers who work for five consecutive years in a low-income school may be eligible for up to $17,500 in loan forgiveness under the Teacher Loan Forgiveness Program. The Nurse Corps Loan Repayment Program allows certain nurses to get up to 85% of their student debt canceled.
Federal agencies also offer student loan repayment assistance programs, Kantrowitz said. Agencies can make payments to a federal employee of up to $10,000 a year, for a total of $60,000, according to the U.S. Office of Personnel Management. More

On a recent episode of his podcast, actor Dax Shepard said he feels “out-of-hand financial insecurity” amid the Hollywood strike.
In fact, most people will experience an income disruption at some point.
“It’s a common experience for people at every socio-economic level,” said Brad Klontz, a member of CNBC’s Financial Advisor Council.

Dax Shepard at the grand opening of a Hello Bello distribution and manufacturing center on Oct. 26, 2021 in Waco, Texas.
Rick Kern | Getty Images

Not even Hollywood’s A-list is immune from financial anxiety.
Dax Shepard is a successful actor with countless credits under his belt, and he’s married to TV and film staple Kristen Bell, of “Frozen” fame.

But despite living in what many would consider the abundant two-income household that such success affords, Shepard admits he, too, experiences extreme financial stress.
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“I am currently in a, like, two-month spiral of just completely out-of-hand financial insecurity,” Shepard recently said on his “Armchair Expert” podcast.
Amid failed negotiations between the Alliance of Motion Picture and Television Producers and members of both the Screen Actors Guild-American Federation of Television and Radio Artists and the Writers Guild of America, which has been on strike since May, Shepard said he has “this new fear of, ‘I’m going to somehow be broke or I’m going to lose everything, podcasting is going to be over, there’s an actors strike and I’m not going to act.'”
Although he acknowledged his intense fears are “preposterous,” they are also hard to shake. “It’s not related to reality; it’s from growing up poor,” Shepard said.

‘We are all worried about money’

“If Dax Shepard can feel financially insecure,” that says a lot about our current climate, said Jason Van de Loo, chief client officer at Edelman Financial Engines. “We are all worried about money.”
“It’s a common experience for people at every socio-economic level,” added Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner.
These days, fewer Americans, even millionaires, feel confident about their financial standing.

Persistent inflation has made it harder to cover even day-to-day expenses. Households are facing surging childcare costs, ballooning auto loans, high mortgage rates and record rents.
Some 70% of Americans admit to being stressed about finances, according to a CNBC Your Money Financial Confidence Survey conducted in March.
And, only 45% of adults said they have an emergency fund. For those who do have emergency savings, about 26% polled said they have less than $5,000 saved, which would not be enough to withstand a prolonged period without pay, such as an extended Hollywood strike.

However, most people will experience some sort of income disruption at some point, said Klontz, who is also managing principal of YMW Advisors and a member of CNBC’s Financial Advisor Council.
The key, he said, is to “keep things in perspective.” Klontz recommends visualizing the worst-case scenario and how you can overcome it.
“This type of thing happens to a lot of people, there’s a financial tragedy and then they start to rebuild,” he said.
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Workers want flexible schedules – and a four-day work week is at the top of their wish list.
More than half of those who want a shorter week would be willing to work longer days to get it.

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When it comes to schedules, workers want flexibility. And a four-day work week is at the top of their wish lists, according to a new survey from Bankrate.
A majority of full-time workers and job seekers — 81% — support a four-day work week versus a traditional five-day schedule.

Of those workers, 89% said they would be willing to make sacrifices to work just four days.
More than half — 54% — would be willing to work longer hours, and more than a third — 37% — would be willing to change jobs or industries. Meanwhile, more than a quarter — 27% — said they would be willing to come to their office or job location more days or work fully in person.
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Other sacrifices they would be willing to make: working off-peak hours, with 23%; working a job they’re less interested in or passionate about, 17%; have fewer vacation days, 16%; have a longer commute, 12%; take a pay cut, 10%; or take a step back in their careers, 10%.
Just 11% of workers who want a four-day work week said they would not be willing to accept any of those tradeoffs.

The results of the July survey, which included 2,367 adults, shows that employees hope Covid-era work schedules will continue to be the norm.

“For better and for worse, we’ve learned a lot of lessons over these past several years, and one of those is how the nature of work has changed,” said Mark Hamrick, senior economic analyst at Bankrate.

Demand for remote work outstrips supply

Most full-time workers or those looking for work — 89% — said they support a four-day work week, remote work or hybrid work.
Yet some data has pointed to the demand for remote work outpacing the actual number of job postings that list it as an option, Hamrick noted.
“Just because people want this flexibility doesn’t mean that it’s going to be readily available,” Hamrick said.

Hybrid has become the norm now.

Julia Pollack
chief economist at ZipRecruiter

ZipRecruiter’s data shows 10.5% of job postings so far this year have been either remote or hybrid, down from a peak of 13.7% in 2022.
Postings for remote jobs have plateaued in most industries, according to the employment website. The exception is continuing growth for consulting or science roles.
But just because job postings with remote work are down, doesn’t mean it’s also down in the actual share of days worked, according to Julia Pollak, chief economist at ZipRecruiter.
“Hybrid has become the norm now,” Pollak said.

Moreover, the amount of remote flexibility employers are advertising in job postings may not be what they end up giving, she said.
“Employers may be saying one thing, and the market may be slapping them down and telling them another,” Pollak said. “And usually the market wins.”
Employers who offer remote work benefit when it comes to recruitment and retention.
Employers that have been able to offer flexible schedules to workers may continue to do so even if the labor market continues to cool, Hamrick said. More

The U.S. Department of Education released a chart estimating how much borrowers’ bills could fall to under the SAVE plan, based on household size and income.
Single borrowers earning less than $32,800, or a family of four making under $67,500, will not owe loan payments anymore if they enroll in the option.

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Here’s what else to know.

Many borrowers’ bills will be cut in half

The SAVE plan is an income-driven repayment plan that can cut borrowers’ monthly payments in half, according to the Education Department.
Some of the benefits of the plan won’t fully go into effect until next summer, due to the timeline of regulatory changes.
Instead of paying 10% of their discretionary income a month toward their undergraduate student debt under the previous Revised Pay As You Earn Repayment Plan, or REPAYE, borrowers will eventually be required to pay just 5% of their discretionary income.

The reduction in payments on undergraduate loans to 5% from 10% of discretionary income will be available to borrowers in July 2024, when the SAVE plan is fully implemented.
At that point, borrowers who have both undergraduate and graduate loans will pay a weighted average between 5% and 10% of their income based upon their original principal balances, the Education Department said.
But borrowers who enroll now in the SAVE plan — or before bills restart in the fall — should see certain benefits sooner.

New payment amounts could kick in by fall

Most borrowers who apply for the SAVE plan by mid-August should see their new monthly payment amount reflected in their autumn statement, according to the Education Department.
Even before the drop to 5% of income, many people will see lower bills. That’s because the SAVE plan also increases the income exempted from the payment calculation to 225% of the poverty line, from 150%.

As a result, single borrowers earning less than $32,800 or a family of four making under $67,500 will not owe loan payments anymore if they enroll in the option.
If your student loan servicer can’t process your application for the SAVE plan by the time payments resume, it should place you in a temporary forbearance.
The Biden administration expects as many as 20 million people could benefit from its new program. More

These days, fewer Americans, including millionaires, feel confident about their financial standing.
Even highly paid professionals said they don’t feel well off at all, according to a recent report by Bloomberg.
Persistent inflation has made everything more expensive.

Earning a good salary is one thing, feeling “rich” is another.
Even doctors, lawyers and other highly paid professionals — also referred to as the “regular rich” — who benefit from stable jobs, homeownership and a well-padded retirement savings account said they don’t feel well off at all. Some even said they feel poor, according to a recent survey conducted by Bloomberg.

Of those making more than $175,000 a year, or roughly the top 10% of tax filers, one-quarter said they were either “very poor,” “poor” or “getting by but things are tight.” Even a share of those making more than $500,000 and $1,000,000 said the same.
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These days, fewer Americans, including millionaires, feel confident about their financial standing.
Despite their high net worth, less than half of all millionaires, or 44%, felt “very comfortable,” a separate report by Edelman Financial Engines also found.
In fact, only 12% of Americans — and just 29% of millionaires — consider themselves wealthy, the report said.

What it takes to feel “rich”

“What would it take to feel wealthy?” said Jason Van de Loo, chief client officer at Edelman Financial Engines. “The short answer is more.”
Most people said they would need $1 million in the bank, although high-net-worth individuals put the bar much higher. More than half said they would need more than $3 million, and one-third said it would take more than $5 million, Edelman Financial Engines found.
When it comes to their salary, Americans said they would need to earn $233,000 on average to feel financially secure, according to a separate Bankrate survey. But to feel rich, they would need to earn nearly half a million a year, or $483,000, on average.

Persistent inflation has made everything more expensive. Households are facing surging child care costs, ballooning auto loans, high mortgage rates and record rents.
To bridge the gap, more people rely on credit cards to cover day-to-day expenses.
In the last year, credit card debt spiked to at an all-time high, while the personal savings rate fell.

But a deterioration of the American dream has been decades in the making, according to Mark Hamrick, Bankrate’s senior economic analyst.
“Structural or long-term changes have been injurious to Americans’ ability to manage their personal finances,” he said.
“Where there was a time in the U.S. when a married couple, with children, could get by with a single-wage earner in the house, those days are mostly vestiges of the past.”
Money continues to be the No. 1 source of stress among households, Van de Loo added. “The last couple of years just lit a match to those concerns.”
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The price of getting married has ballooned amid sticky inflation, and some couples are footing the bill with personal loans.
Personal loans are more expensive after interest rate hikes from the Federal Reserve, reaching an average of 11.29%, as of Aug. 16, compared to 10.28% in early 2022.   
While personal loans can be cheaper than higher interest credit cards, experts urge couples to consider other ways to fund a wedding.

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The price of getting married has ballooned amid sticky inflation, and some couples are footing the bill with personal loans — which may be a costly mistake, experts say.
Driven by inflation, the average cost of a ceremony and reception was $30,000 in 2022, up from $28,000 the previous year, according to wedding website The Knot.

Meanwhile, personal loans have become more expensive following interest rate hikes from the Federal Reserve. The average personal loan rate was 11.29%, as of Aug. 16, compared to 10.28% in early 2022, Bankrate reported.   
However, some couples may want to reconsider borrowing money to finance the big day.
“What you’re really doing is setting yourself up for a box of macaroni-and-cheese marriage,” said Mark Hamrick, senior economic analyst at Bankrate.
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Nuptial loans a ‘hard place to start a relationship’

“I am wholeheartedly against any couple pulling out a loan for a wedding,” said Los Angeles-based wedding expert and planner Jason Rhee. “I think that is such a hard place to start in your relationship with your partner.” 

Parents and in-laws can pool funds to help cover the wedding but more couples, like Janet and Brian Counts from Front Royal, Virginia, are paying for the wedding themselves nowadays. 
“We were paying for it ourselves and I really did not want to go into debt for a wedding,” Janet Counts previously told CNBC.

There are many ways a couple can have their special day without a new loan or “pulling out a second mortgage,” added Rhee. 
Being transparent with your partner and whoever else is helping you fund or plan the wedding will avoid adding more stressors to an already high stakes process, he said.
Here are a few things to consider when paying for your wedding:

1. Vendors may offer payment plans

Most vendors have their own payment structures, said Rhee. You should ask about payment plans during the hiring process and take each vendor’s agreement into consideration. 
For instance, Janet Counts financed her wedding last year on payment plans. 

While it’s difficult to manage payment plans for 10 different vendors, you can organize them by due dates in a spreadsheet, suggested Counts. 
“They all pretty much required to be paid before the day of the wedding and that was really helpful,” she said. “Even if we put it on a credit card, it was nice not to have to do any payment conversations on the wedding day.” 

2. Credit card rewards may be useful

Some credit cards offer rewards a couple can later use for their honeymoons. However, before you pull out your card and start swiping, ask about your vendors’ preferred payment method. Most do not accept credit cards, and if they do, they will add a percentage charge to the bill, added Rhee. 

Keira01 | Istock | Getty Images

“If the points are very important to you, look how much the charge is to use a credit card versus the actual reward that you’re getting,” he said. 
But you may be stuck with high interest debt if you can’t pay off the balance immediately. The average credit card interest rate is currently above 24%, as of Aug. 14, the highest since 2019, according to LendingTree.    

3. Leverage higher savings rates

If your wedding date is farther out on the calendar, consider savings options to help your money grow faster, such as high-yield savings accounts or money market funds.The top 1% of savings accounts had an average 4.71% rate, as of Aug. 21, according to DepositAccounts.com, while some of the biggest money market funds were paying north of 5%, according to Crane Data.   More

You may have a difference servicer when federal student loan payments resume in October.
Several of the companies that manage education debt for the government have left the space.

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Look out for notices about the change

Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, said impacted borrowers should get emails about the change. These notices will explain the steps they’ll need to take, Buchanan said.
Higher education expert Mark Kantrowitz has been tracking the transfers.

Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said.

Those who were serviced by Granite State will now be with EdFinancial Services. Accounts with Great Lakes Higher Education, Kantrowitz said, should be managed by Nelnet going forward.
And Navient’s borrowers will be moved to Maximus Federal Services/Aidvantage.
You can check to see if you have a new servicer at StudentAid.gov., Kantrowitz said.

Prepare for glitches

Borrowers shouldn’t have to do much during the servicer swap, Buchanan said.
Some will need to create an updated online account with their new company. “But the communications they received would have told them if they needed to take that step,” he added.
If you were enrolled in automatic payments with your servicer, which usually leads to a small discount on your interest rate, you may need to reenroll, Kantrowitz said.

You’ll also want to make sure your new servicer has your latest contact information, he said, as these details might have changed during the Covid pandemic.
Also, Kantrowitz said, “whenever there is a change of loan servicer, there can be problems transferring borrower data.”
“Borrowers should be prepared for the possibility of glitches,” he added.

Payments due in roughly two months

The pause on federal student loan payments is slated to finally conclude in October.
Your due date should be at least 21 days after you are sent a loan statement, Kantrowitz said. More

Parents are bracing to spend more than ever on back-to-school supplies this year.
But there are ways to save big or, in some cases, spend nothing at all, savings experts say.

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For students and their families, this could be the most expensive back-to-school season to date.
This year’s total back-to-school spending, including for college students, is expected to reach a record $41.5 billion, up from $36.9 billion last year and the previous high of $37.1 billion in 2021, according to the National Retail Federation. Families with children in elementary through high school plan to spend an average of $890.07 on school supplies, $25 more than last year’s record of $864.35, the NRF found.

As a result, 43% of back-to-school shoppers will have to leverage some form of financing to pay for supplies this year, a separate CNET Money survey found. Already, credit card debt stands at more than $1 trillion, its own all-time high.

On the upside, shoppers were more likely to say buying more supplies and more expensive items were to blame for the bigger bill this year, rather than higher prices, according to the NRF data.
Still, inflation has taken a hefty toll. CNBC recently used the producer price index — a closely followed measure of inflation — to track how the costs of making certain items typically purchased for students has changed between 2019 and 2023.
Those increased costs are often passed on to consumers in the form of smaller products or higher prices.
In every case, families are now paying more for key back-to-school essentials ahead of the new school year. For example, backpack prices have increased less than they have for other goods, but they are still 10.5% higher in June 2023 than they were in the same month in 2019.

How to save money on back-to-school shopping

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For starters, only shop for “the absolute necessities right now,” advised Julie Ramhold, a consumer analyst at DealNews.com.
Students may have to start the school year with notebooks, binders, paper, pens and pencils, but other purchases, such as a new backpack or lunchbox, can be put off until retailers start clearing out their excess inventory around Labor Day.
If you don’t need a new coat, boots, laptop or headphones right away, Ramhold recommends waiting until October or November, when the discounts on fall clothing and electronics will be greater.
A price-tracking browser extension such as CamelCamelCamel or Keepa can help you keep an eye on price changes and alert you when a price drops.
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In addition to shopping for the best price, take advantage of sales tax holidays, when many states lift sales taxes for a few days, according to RetailMeNot’s shopping experts. You can check your state’s website for dates and details on which purchases qualify.
For example, New Jersey waives its 6.625% sales tax rate on supplies and sporting equipment between Aug. 26 and Sept. 4, which means shoppers can save as much as $200 on a $3,000 computer.
Consumer finance expert Andrea Woroch recommends applying, if you qualify, for a new credit card with a sign-up bonus. Among her top picks is the Capital One Quicksilver Cash Rewards card, which will give you $200 back when you spend $500 in the first three months.
Also, “review your credit card rewards programs to figure out which one will get you the most cash back or points for your school supply purchases,” she advised.

Then use a cash-back site such as CouponCabin.com to earn money back on online purchases, including back-to-school supplies from Target, Walmart and Macy’s.
The experts at RetailMeNot recommend stacking discounts; for example, combining credit card rewards with store coupons and cash-back offers while leveraging free loyalty programs.
For example, Target Circle members can get a 20% discount on college supplies purchased through Aug. 26 and Amazon is offering Prime members 20% off school supply purchases over $50. 
But beyond the big-box stores, you may be able to save even more by shopping gently used sporting goods, school supplies and clothing on resale sites and certified-refurbished electronics from reputable retailers, Woroch said.

You can get half off backpacks and lunch totes on eBay, 75% off clothing at Poshmark and ThredUp, up to 80% off sporting goods at Sideline Swap and as much as 60% off certified-refurbished laptops, tablets and graphing calculators on Amazon Renewed, Woroch said.
Otherwise, shop your own stock, she added. “Tear out pages from half-used notebooks, dust off old folders and binders, and make a pack of crayons or markers from a scattered set. Finally, throw that dirty backpack in the washing machine to make it look new.”
If there’s something you’re still missing, swap gently used supplies with neighbors, join a local Buy Nothing group or set up a clothing or supply exchange through your school, Woroch advised.
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