Credit Karma and TurboTax — both owned by parent company Intuit — offer a variety of tools and features that can help you manage your taxes and overall financial picture.

Both companies can also help you access cash quickly during tax season. We’ll review your options and how they work.

• How TurboTax works with Credit Karma
• Early refund options
• More tax tools

How TurboTax works with Credit Karma

Simplified tax filing

If you’re filing your taxes with TurboTax, the process is easier as a Credit Karma member. That’s because information from your Credit Karma account can be used to prefill your tax documents.  

Straightforward account creation

Credit Karma members will find a straightforward authentication process that links their existing account to TurboTax. By sharing its data with TurboTax, Credit Karma gives members the benefit of creating an account quickly and easily.

Special pricing and offers

Certain Credit Karma members who file their taxes using TurboTax through the Credit Karma app have access to special offers and pricing for tax filing — including features like Audit Defense, which represents filers in case of a state or IRS audit. 

Finding TurboTax in the Credit Karma app

To access TurboTax within the Credit Karma app, navigate to “Income and Taxes” from the three-line menu icon to find “Tax tools.” Then click on “File taxes” for an embedded version of TurboTax. Signing into TurboTax through Credit Karma keeps you within the Credit Karma app the whole time.

Early access to your refund

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Early refund options

Refund Advance loan from TurboTax

If you’re already an e-filer with TurboTax for your federal return, you could be eligible for a TurboTax Refund Advance — a short-term, no-cost loan.

You’ll have to apply, as with any other loan, but if approved, you’ll receive a portion of your anticipated refund, up to $4,000, in your Credit Karma Money™ Spend account — which is free to open if you don’t already have one.

When you file electronically, it’ll typically take 24 to 48 hours for the IRS to accept your return — and most filers receive their Refund Advance within 15 minutes of IRS acceptance.

You’ll be notified when your funds are available and can use Credit Karma’s mobile app to access your funds right away. You’ll also be sent a physical Credit Karma Visa® Debit Card. Note that Refund Advance may not be available for all tax filers everywhere. You’ll want to check out the full terms and conditions before you apply.

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Early refund access with Credit Karma Money™

Credit Karma members can get access to their tax refund up to five days early when they deposit it into their Credit Karma Money™ Spend account — no matter who prepares your taxes.

But you can’t double-down: If you file with TurboTax and choose to pay your tax preparation fee using your federal tax refund or take advantage of TurboTax Refund Advance, you’re ineligible for early refund access through Credit Karma.

More tax tools

Here are some other Credit Karma tools that can help you keep track of your filing status during tax season or help work on your finances.

Refund Tracker

If you created a new Credit Karma account or linked an existing one while filing your taxes through TurboTax — and you consented to data sharing — you can monitor the status of both your federal and state tax refunds on Credit Karma. 

The Refund Tracker appears soon after you file your federal tax return with TurboTax. When you want to take a look, you can log in to your Credit Karma account.

The IRS issues most refunds within 21 days of accepting your return, though it’s possible your tax return may require additional review and take longer to process.

If you’d prefer to get your information directly from the IRS, the agency maintains a refund tracker called “Where’s My Refund.” Although you’ll need some basic information and a bit of patience, you can start checking your refund’s status as early as 24 hours after the IRS accepts your e-filed return.

Tax Refund Estimator

Credit Karma’s Tax Refund Estimator can help you estimate your federal tax refund based on the information you provide about your income, deductions and credits.

Although the tool has been created for educational purposes only to give you a ballpark figure, you might be able to get an idea about your tax situation. This tool does not prepare or file your taxes for you.

It’s always a good idea to consult a tax professional for personalized advice on your taxes.

The Biden administration has rolled out a new repayment plan that slashes payments for millions of borrowers based on their income.

Called SAVE (Saving on a Valuable Education), the program calculates payments based on a borrower’s income and family size. People under a certain income threshold can get their monthly payments eliminated altogether pretty quickly, and most others under this program will see their payments cut in half in July.

SAVE replaces the current income-driven repayment plan known as REPAYE. Borrowers already on the REPAYE plan will be automatically enrolled in the SAVE plan. 

Key takeaway: You can go to the Federal Student Aid site to apply for the new SAVE program if you’re looking for student loan relief and aren’t already enrolled in REPAYE, the existing repayment program. The SAVE program could significantly cut or even eliminate your payments.

Who qualifies for SAVE?

Borrowers with federally held loans including direct subsidized, unsubsidized and consolidated loans can qualify for SAVE. SAVE is replacing the current income-driven repayment plan known as the Revised Pay as You Earn (REPAYE) program. Borrowers who are already on the REPAYE plan will be automatically enrolled in the SAVE plan.

Current and future borrowers with federal undergraduate or graduate loans are eligible. Parents who took out Parent PLUS loans cannot enroll in the new plan.

How is SAVE different from REPAYE?

More people will qualify for $0 payments

In the SAVE program, borrowers with discretionary income at 225% of the federal poverty guidelines or less won’t have to make payments. For an individual, that translates to about a $15 (or less) hourly wage or $32,800 or less annually. A family of four needs to make $67,500 or less annually.      

In the REPAYE program, the income ceiling for eligibility is 150% of the poverty guideline.

Others who don’t qualify for $0 payments could see their payments cut in half

Come July, most borrowers whose discretionary income is above 225% of the federal poverty guideline will see their monthly payments drop significantly. Specifically, the payment amount on undergraduate loans will be 5% of a borrower’s discretionary income (down from 10% as part of the REPAYE plan). Borrowers with graduate loan debt will pay 10% of discretionary income.

If you have both undergraduate and graduate debt, payments will be weighted accordingly.

Examples of estimated monthly payments under the SAVE plan

Source: U.S. Department of Education

A break on interest

If your monthly loan payment isn’t big enough under SAVE to cover the interest due, the Department of Education will give you a break on the uncovered portion.

For example, if a borrower owes $50 in interest each month but their new payment under the SAVE plan is $30 a month, then the remaining $20 of interest due for that month gets dropped (as long the $30 monthly payment is made).

Married borrowers can get a break, too

SAVE allows married borrowers who file their taxes separately to base their monthly student loan payments on their own income, rather than their combined income. This means spouses no longer need to co-sign income-driven payment plan applications.

Quicker loan forgiveness

Starting in July, borrowers with original undergraduate student loan balances of $12,000 or less will get their loans forgiven after just 10 years of making monthly payments — rather than 20 years under REPAYE.

Each additional $1,000 borrowed above $12,000 would add one year of payments before eligibility for forgiveness. For example, if a borrower’s original principal balance was $14,000, they would have their loans forgiven after 12 years.

How to sign up for SAVE

• REPAYE transition. If you’re already on the REPAYE plan, you’ll be automatically enrolled in SAVE and see your payments adjusted.
• SAVE application. If you haven’t applied for an income-driven repayment plan, you can find out more about SAVE and apply from the Department of Education’s Federal Student Aid website. After applying, you can check the status of your application on your account dashboard.
• If your loans are in default, eligible borrowers can return their loans into good standing and enroll in the SAVE program. See the Department of Education’s Fresh Start program.

You can also go to Credit Karma’s student loan resource page to get a handle on your student loans and understand what you owe, who your loan servicer is and what your options are for managing repayment.

If you use an app like Venmo or PayPal to collect business payments, take note: The IRS has delayed a rule requiring those apps to send you a tax form for reporting such transactions if they total $600 or more for the year.

For tax year 2023, the IRS will only require payment apps to send a 1099-K form — the form documenting income received via third-party networks and from payment cards — to users who made $20,000 or more in a year and conducted at least 200 transactions.

But starting with tax year 2024, the IRS plans to require Venmo, PayPal, CashApp and other online payments platforms to send a 1099-K to anyone who hits a much-lower $5,000 threshold.

The new rule doesn’t apply to personal payments between friends and family for things like shared meals or bills. It’s aimed at people with side jobs or small businesses who collect money online and may not be reporting the income as required.   

Here’s what to know about the updated 1099-K rules, plus tips to consider ahead of the change.

• New requirements for 1099-K reporting
• Who is required to file?
• How to prepare to file taxes

New requirements for 1099-K reporting

The IRS, which estimates unreported income of nearly $166 billion through payments on peer-to-peer apps like Venmo and PayPal, is using the new requirement to help close this “tax gap,” or money owed to the government that goes unpaid. The change is being phased in beginning tax year 2024 as part of the American Rescue Plan Act of 2021.

Under IRS plans to phase-in the new rule, payment processors like Cash App, Venmo and PayPal along with platforms like eBay and Etsy will have to send a 1099-K tax form to users with more than $5,000 in any number of transactions for goods or services in 2024.

Making sense of Form 1099-K

You can expect to receive a Form 1099-K from third-party networks or financial institutions for income you earned through the platforms the previous year. Under IRS rules, you’re supposed to report any income listed on your Form 1099-K from your business — including things like selling items on eBay or mowing lawns in your neighborhood — on your income tax return.

Who is required to file?

If you earn income outside of a full-time job and get paid via Venmo, PayPal or Cash App, or other types of third parties, you should refer to your Form 1099-K to determine what income to declare.  

This includes payments for personal items you sold, services you provided or property you rented through …

• Peer-to-peer payment platforms or digital wallets
• Online marketplaces
• Craft or maker marketplaces
• Auction sites
• Car sharing or ride-hailing platforms
• Real estate marketplaces
• Ticket exchanges or resale sites
• Crowdfunding platforms
• Freelance marketplaces

Gift money from friends and family or reimbursements for personal expenses don’t have to be reported since they aren’t considered taxable income.

Zelle doesn’t report to IRS

Unlike its competitors, Zelle facilitates direct bank-to-bank transfers — and the company says it won’t be providing 1099-K forms to customers.

But if you’re using Zelle for business payments, you’re still required to report any income you receive via the platform that may be taxable — if you’re unsure what to report, it’s a good idea to reach out to a tax specialist.

How to prepare to file taxes

Because of the new IRS requirement, more taxpayers are likely to receive Form 1099-K for tax year 2024. You can be proactive by carefully tracking your transactions and planning for them to be reflected as part of your tax bill.

Save for taxes or make payments

Income taxes must generally be paid as you earn or receive income throughout the year, either through withholding or estimated tax payments. If you’re in business for yourself, you generally need to make estimated tax payments.

Keep good records

If you expect to receive a Form 1099-K, be sure to keep updated records of your transactions, balance sheet and other financial documents. Otherwise, inaccuracies when filing could trigger an IRS audit.

If you receive some or even all of your business income through a peer-to-peer payment platform, it’s a good idea to set up separate third-party platforms for business and personal transactions. If the transactions are intermingled, it will be tougher to separate business and personal payments.

Next steps

The new reporting requirement planned for tax year 2024 is expected to generate a flood of additional 1099-K forms as the lower reporting threshold affects more taxpayers. If you’re a gig worker or own a small side business, you may want to consider reaching out to a professional bookkeeper or accountant to help understand what your tax liability might be.

If you take steps now to prepare, you can be more confident about filing an accurate return and avoid processing delays.

Summer vacations can burn through your budget, but there are plenty of ways to cut costs on your next trip. Read on for tips and strategies that can help you get the most bang for your buck.

Tips for saving money on air travel and hotels

1. Book your flights in advance

Most airlines only offer a limited number of seats on popular flights at lower fares. These deals often sell out quickly, so it’s important to book your flight as soon as possible. Don’t fret if you waited — sometimes those flights don’t book up and you can find last-minute deals.

2. Be flexible with your travel dates

Avoid flying on peak travel days, such as holidays. The best deals for traveling might be found on Tuesday through Thursday or Friday night through Sunday morning. You might also be able to cut costs by flying out late at night. Seasonality, holidays, major events and weather can also cause hotel room rates to fluctuate.

3. Use a travel search engine

A travel search engine like Google Flights or Kayak can help you compare prices from different airlines. And Google Flights has a price alert feature that allows you to track the price of a flight and be notified when the price changes.

4. Use a travel agent

While it might seem outdated, a travel agent can still help you find the best deals on flights, hotels and other travel. There’s typically no fee for you because a travel agent receives a commission from the airline. They can also find discounted flights by working with consolidators (companies that buy blocks of seats at a discounted rate).

5. Pay with points

Regular purchases on a travel credit card can accrue points and miles every time you swipe. You can turn around and redeem your rewards for airfare, hotels and other travel expenses. Just keep in mind that it may take a while to save up enough rewards for a trip. You can also earn a lot of points upfront by using a card with a one-time sign-up bonus.

6. Enroll in a frequent-flier program

Frequent-flier programs reward you for flying with a particular airline or group of airlines. The best airline rewards programs let you earn miles for your travel and redeem those rewards for flights. You can also redeem miles for food and beverage perks or an upgrade.  

7. Take advantage of special discounts

Several airlines offer reduced fares to older adults. The age requirement for these discount fares varies by airline but is typically 65 or older. British Airways offers flight savings for AARP members. A number of carriers — including Alaska Airlines, American Airlines and Delta Air Lines — offer military travel benefits to active-duty service members in some markets. If you’re a student, you may qualify for discounts offered by airlines such as Lufthansa and Qatar Airways. And United Airlines offers 5% discounts for travelers between 18 and 23 years old who book on the United app.

8. Fly with a budget airline

Budget airlines offer lower fares than traditional carriers, but they may charge extra for things baggage fees, meals and seat assignments.

9. Sign up for email alerts from airlines, hotels and travel websites

Airlines, hotel and travel websites often send out email alerts with info about special deals and promotions.

10. Consider flying into an alternate airport

When flying to a large metro area with multiple airports, the fare could be cheaper at one airport versus another. Check on alternate airports and routings when pricing a ticket.

11. Travel during the off-season

You may be able to find cheaper flights, cheaper hotels and fewer crowds by traveling during the off-season.

12. Pack light

The less luggage you bring, the less you may have to pay in baggage fees — especially for international flights.

What’s next?

Air travel can be expensive, but there are plenty of ways to cut costs. Saving money in other areas could also help put a little more cash in your pocket for upcoming travel.

Working a travel fund into your budget can also help you set aside a little at a time so that you don’t have to come up with a lot of cash all at once.

The U.S. Supreme Court has rejected President Biden’s student loan forgiveness plan, dashing the hopes of millions of Americans that it would wipe out all — or at least some — of their federal student loan debt.

Nearly 45% of student loan borrowers — about 19 million people — would have had their federal student loan debt fully canceled under the plan.

The Supreme Court decision came just weeks after Biden signed a debt-ceiling law that contained provision to end a three-year, interest-free payment pause on student loans. With the end of pandemic-related relief, interest on federal student loans will begin accruing in September and payments will resume in October.

Key takeaway: The Supreme Court has struck down President Biden’s loan forgiveness plan. To get ready for the restart of payments in October, take a look at our student loan resource page to explore options.

Student loan relief explained

About 43 million borrowers hold more than $1.6 trillion in student loan debt. Before Biden’s plan was put on hold, about 26 million people applied for debt relief and 16 million applications were approved, the White House said.

What to know

• Key benefits — Biden’s executive order would have eliminated $10,000 in debt for individuals earning less than $125,000 a year (or for married couples earning less than $250,000 who file jointly) and $20,000 for those who received Pell grants.
• Why it failed — The Supreme Court ruling said the Biden administration didn’t have the authority to enact the broad debt-forgiveness plan as part of the COVID-19 emergency.
• Price tag — The program would have cost about $400 billion over the next 30 years, according to the Congressional Budget Office.

Preparing for student loan repayments

With the moratorium on student loan repayments ending, now is the time to revisit your finances and prepare for making payments again.

What you can do

• Contact your servicer. Your loan servicer can discuss options with you and help you stay in good standing with your loans. If you’re uncertain who services your student loan, you can find out with this Federal Student Aid resource.
• Verify payment info. When reviewing your loan information, make sure your address and other contact info is up to date.
• Make a plan. If you can, start making room in your budget for the restart of loan payments. If you think you’ll have trouble making payments, you can explore repayment options, including income-driven repayment plans. Check out the loan simulator tool at StudentAid.gov to see which option best meets your needs.
• Consolidate your loans. Federal student loan holders can apply for a direct consolidation loan, which combines your student loans into one from a single lender and one monthly payment.
• Consider Fresh Start. Under the Department of Education’s Fresh Start program, borrowers with defaulted student loans can opt to resume payments with their loans in good standing.
• Look into deferment or forbearance. Under certain circumstances, you may be able to defer your federal loans for up to three years. If you don’t qualify for deferment, you may be eligible for forbearance, which can postpone or reduce your payments for up to 12 months.

Under a new fee structure, some homebuyers with strong credit will now pay more than before for conventional mortgages backed by Fannie Mae and Freddie Mac, while some buyers with weaker credit will pay less.

Overall, borrowers with strong credit will still generally pay much less than people with weaker credit. But the fee restructuring by the Federal Housing Finance Agency caused a stir, with some critics saying the changes seem to punish applicants with strong credit.

Key takeaway: Whatever shape your credit’s in, if you’re looking into a federally backed mortgage, you’ll want to check how the FHFA’s new fee structure figures into your upfront homebuying costs.

Key facts about the new FHFA mortgage fee structure

The FHFA has updated the matrix of upfront fees for purchase loans, limited cash-out refinances and cash-out refinance loans backed by Fannie Mae and Freddie Mac. The fees, known as LLPAs (loan-level price adjustments) are typically converted into percentage points that alter the buyer’s mortgage rate.

The new fee structure …

• Went into effect May 1
• Will only impact loans originating at private banks across the U.S., not federal loans like FHA, VA or USDA loans
• Will have some — but not all — people with strong credit paying higher fees than before, and some but not all people with weaker credit paying lower fees than before. The equation depends on down payment size.
• Generally, if you have strong credit, you’ll still pay a lot less in fees than people with weaker credit.
• In fact, for people with the highest scores (780 and up), fees went down or stayed the same in most cases.

What the changes mean for mortgage affordability

Here’s an example of how the changes have a higher-score borrower paying more than before, and a lower-score borrower paying less. In this scenario, both make a 20% down payment on a $300,000 loan.

Higher-score applicant — Before, someone with a credit score in the 760 to 779 range would have paid an upfront fee equal to 0.250% of their loan amount, or $750. Under the new structure, the fee jumps to 0.625% — or $1,875.

Lower-score applicant — Before, someone with a credit score between 640 and 659 would have had a 2.750% fee added to the base mortgage rate, or $8,250. That fee drops to 2.250% — or $6,750 — under the new fee structure.

The lower-score applicant gets a significant break under the new scheme but still pays more than four times as much as the higher-scoring borrower.

Some critics accuse the FHFA of charging some borrowers with strong credit scores more to pay for the fee decreases for lower-scoring homebuyers. But the FHFA says the new structure more accurately reflects current risk for all credit profiles — better protecting banks — while promoting more equitable access to homeownership.

Tips for mortgage shopping

To ease the loan approval process and give yourself the best chance at lower fees and better mortgage rates, take time to get your finances in order.

• Check your credit reports and scores. Make sure there are no errors pulling your scores down. You can dispute an error on your credit report with the credit bureaus.
• Improve your debt-to-income ratio. Earning more money or paying off debts — or both — can help you qualify for a bigger mortgage.
• Up your down payment. You may qualify for a mortgage with a small down payment, but a bigger one reduces your principal balance on the loan, saving you money over the term of the mortgage. You also might not have to pay for private mortgage insurance.
• Shop around. Every lender has different guidelines and interest rate options, which can have a big effect on your monthly payments. Getting multiple quotes may give you negotiating power and will help you choose the best mortgage lender for your situation.

If you’re thinking about selling your home, one of the factors you’re probably considering is how much money you could make on the sale.

To calculate that, you’ll need to understand what your home could be worth, along with the costs of selling a house, like real estate commissions, closing costs and taxes.

An example in the table that follows gives you a quick snapshot of how to calculate possible profits from selling a home. We’ll also dig in a little deeper below.

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How to calculate net proceeds from a home sale

Net proceeds are the profits a home seller keeps after all fees, commissions and closing costs have been paid. Besides real estate agent commissions, some other common closing costs for sellers include transfer taxes, seller credits and attorney fees. Keep in mind that you’ll have to pay off the remainder of your mortgage to your lender as well.

Here’s a quick way to do the math.

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Learn more about the costs of selling a house.

How much is my home worth?

If you want to get a ballpark figure of how much your home is worth, you can look at comparable homes recently sold in your neighborhood or consult a real estate agent to get their opinion.

Here are some other options to consider.

With inflation at its highest level in decades, a growing number of Americans are delaying important medical treatments because of the costs, recent surveys find.

Here are some key findings from a 2022 Gallup poll and a 2022 survey by The Kaiser Family Foundation.

• 38% of Americans said they or a family member delayed or went without medical care because of financial reasons, according to Gallup — up 12 percentage points from 2021 and the highest in the 22 years Gallup has been tracking the trend.
• Of that group, 27% say the medical treatment they put off was for a “very” or “somewhat serious” condition.
• 41% of Kaiser survey respondents reported having medical debt owed to credit card companies, collections agencies, family and friends, banks and other lenders.

We’ll take a closer look at how people are coping with the cost of medical care, who has been most affected and tips to help lower your medical costs.

Key takeaway: About 40% of Americans say they or a family member skipped medical care in 2022 because of cost concerns, recent polls found.

Difficulty affording medical costs

Young adults and those in lower-income households were most likely to report that they or a family member had delayed medical treatment.

What to know

• Doing without — People are most likely to put off dental care, vision services and visits to a doctor’s office, the Kaiser survey found.
• Prescription woes — About a quarter of adults say they or family member in their household have left a prescription unfilled, cut pills in half or skipped doses of medicine because of the cost, according to Kaiser.
• Income plays a role — Americans with household incomes under $40,000 were almost twice as likely as those making $100,000 or more to report that they or a family member delayed care for a serious medical condition, according to the Gallup survey.
• Age factor — Among adults ages 18 to 49, 35% said they or someone in their family delayed care, Gallup said. Meanwhile, 25% of those ages 50 to 64 and 13% of those 65 and older reported putting off care.

Steps to lower your healthcare costs

When patients skip preventive care and screenings, they risk allowing existing conditions to worsen even if they may have been easier and more affordable to treat if detected earlier.

What you can do

• Reach out for help with costs. There are a number of charitable organizations that can assist with healthcare costs. Copays.org offers assistance to qualified patients for copays, premiums, deductibles and over-the-counter medications.
• Shop for prescriptions. Use reputable online sites for medication price comparisons.
• Get help paying medical bills. If you need help, you may be able to work out a payment plan with your healthcare provider, negotiate the amount you owe, or qualify for a financial assistance program.
• Consider free assistance. The Patient Advocate Foundation can help you understand and negotiate your medical bills, free of charge. It also offers a copay relief program. Contact the organization at 800-532-5274.
• Seek free and low-cost options. If you can’t afford a health plan and don’t qualify for coverage through Medicaid and the Children’s Health Insurance Program, you can find low-cost treatment at a community health center by visiting HealthCare.gov.

A new student loan relief program is giving struggling borrowers a second chance to manage their student debt.

President Biden’s Fresh Start plan aims to restore to good standing roughly 7.5 million borrowers with defaulted federal student loans. Borrowers would then be able to receive federal student aid to finish college, have damaging information removed from their credit reports and get access to repayment plans like income-driven repayment.

Key takeaway: Borrowers with defaulted student loans can opt to resume payments with their loans in good standing.

How does the Fresh Start program work?

Under the U.S. Department of Education’s Fresh Start program, eligible borrowers whose student loans are in default will have one year after the pandemic payment pause ends to return their loans into good standing.

Here are some of the program’s highlights.

• Renewed access to benefits — Your loans will be reported as current, which gives you access to student loan forgiveness and repayment programs like income-driven repayment. You’ll also get access to short-term relief, such as deferment or forbearance.
• Updates to credit reports — The record of your default will be removed from your credit reports. Additionally, the Fresh Start doesn’t count as a rehabilitation (normally you can rehabilitate a loan only once). That means if you default on your loans again, you may still be able to rehabilitate them.
• Collections relief — Collection efforts will cease, even after the student loan payment pause ends. Additionally, you won’t have your wages, tax refunds or Social Security checks garnished or withheld for one year following the pandemic pause.

How to enroll in Fresh Start

Borrowers will have one year to enroll in Fresh Start once the emergency forbearance ends, which is by Aug. 30, 2023. If you don’t act before the one-year deadline, your loans will remain in default.

What you can do

• See if your loans qualify. Visit studentaid.gov to see whether your loans are eligible for the Fresh Start program.
• Get enrolled. If you’re a borrower with eligible defaulted loans, you can make payment arrangements by visiting myeddebt.ed.gov, by contacting your loan holder or by calling the Department of Education’s Default Resolution Group at 1-800-621-3115. If you don’t know who holds your loan, the Default Resolution Group can help you.

Preparing to resume student loan payments

Once the payment pause ends, monthly student loan payments will start again. According to a Department of Education fact sheet, the Fresh Start program requires most borrowers to make long-term payment arrangements.

What you can do

• Update your contact info. Make sure your profiles for your loan servicer and StudentAid.gov are correct so you don’t miss important news.
• Explore repayment options. Borrowers who enroll in Fresh Start will be able to access income-driven repayment plans, with monthly payments as low as $0, and work toward Public Service Loan Forgiveness. Check out the department’s loan simulator to see which option best meets your needs.
• Ask for short-term help. Fresh Start participants can lower their payments or request a temporary pause through deferment or forbearance. Contact your loan servicer for more information.
• Talk to a financial advisor. If you’re feeling overwhelmed by your student loan debt, consider talking to a financial advisor. They can help you review your options and create a plan to help get your loans under control.

Calculate your savings

Use our savings calculator to find out how much you may be able to grow your savings and how long it could take.

Responding to a rash of thefts across the country, automakers Hyundai and Kia are rolling out a free anti-theft software upgrade for more than 8 million of their vehicles.

Theft rates skyrocketed after online videos showed how easy it was to steal certain models of the cars. A TikTok social media challenge, which has spread nationwide, has been linked to at least 14 crashes and eight fatalities, according to the National Highway Traffic Safety Administration.

Because many of the affected vehicles don’t have anti-theft computer chips in their ignition systems, it’s easier for thieves to steal the cars.

The free anti-theft software upgrade to about 3.8 million Hyundais and 4.5 million Kias in the U.S. will extend the length of the alarm sound to one minute and require the key to be in the ignition switch to start the vehicle.

Key takeaway: If you have a 2022 or earlier Hyundai or Kia, check into whether you should get the automakers’ free anti-theft upgrades — and consider doing some insurance shopping.

Why are these models easier to steal?

According to the Insurance Institute for Highway Safety, many 2015 to 2019 Hyundai and Kia vehicles lack electronic immobilizers, which prevent car thieves from bypassing the ignition system.

The nonprofit group says the anti-theft technology is standard equipment on nearly all vehicles made by other manufacturers at the time.

Impact of Hyundai and Kia thefts

• Loss claims rise. By the second half of 2021, Hyundais and Kias from the 2015 to 2019 model years were reported stolen about twice as often as other vehicles of similar age, according to a 2022 Highway Loss Data Institute bulletin.
• Insurers bow out. State Farm said in a statement provided to news channel CNN that it had temporarily stopped writing new policies in some states, while Progressive said in an emailed statement to CNN that it had increased rates and limited sales of new policies in some geographic areas.

How are Hyundai and Kia responding?

Hyundai and Kia, which is owned by Hyundai Motor Group, are offering free software upgrades for the vehicles that lack an immobilizer, according to the National Highway Traffic Safety Administration.

Dealers’ technology updates for car owners

• Hyundai. Hyundai dealers will be performing the software updates, which will take less than an hour, the automaker said in a statement. Each vehicle will then get a window decal to show that it is equipped with enhanced anti-theft technology. For more information, visit www.hyundaiantitheft.com.
• Kia. Kia is conducting its software updates in phases, according to the NHTSA. For more information, Kia owners can contact the company at 800-333-4542.  

What you can do

If you own a Hyundai or Kia, you can look in your owner’s manual or contact a local dealer to determine whether it’s equipped with an engine immobilizer.

Other anti-theft and insurance advice

• Check for free lock. Hyundai and Kia have distributed more than 26,000 steering wheel locks to 77 law enforcement agencies in 12 states, according to the NHTSA. Police are giving them away to Hyundai and Kia owners.
• Take steps to protect your car. Always lock your doors and park in well-lit areas, advises the National Insurance Crime Bureau. You can also consider using aftermarket theft prevention devices, including add-on alarm systems, pedal locks and kill switches.
• Shop for insurance. Although a range of factors can affect your insurance premiums, there are things you can do to try to get the least expensive and most dependable insurance for your situation. One of the simplest ways to shop around for insurance coverage is to compare auto insurers online.

With interest rates on the rise and many big banks paying minimal returns on traditional savings accounts, you might be losing out if your cash is still sitting in a basic account at a large institution.

Thanks to a series of Federal Reserve rate hikes that started last year, you can now find alternatives to traditional savings accounts that earn a lot more interest — with some options paying an annual percentage yield, or APY, of 4% or more.

Treasury bills, money market accounts and certificates of deposit are also worth considering if you’re on the hunt for higher rates.

Key takeaway: With interest rates rising, if your money’s in a basic account at a big bank, you’ll likely find other accounts now that’ll let you earn more on your savings.

Why savings rates are rising

To help support the economy during the pandemic, the Fed cut short-term interest rates  — which kept bank APYs on savings relatively low. But by late 2021, inflation had flared up and the Fed soon changed course, beginning a series of rate hikes designed to cool an overheated economy.

With interest rates heading higher, you could be giving up money by keeping your cash in a traditional savings account. Here’s the math:

If you have $1,000 deposited in a traditional savings account at a big bank that pays the current average rate of 0.35%, your deposit would earn $3.50 over the course the year.

If you put the same $1,000 in a high-yield savings account paying an annual percentage yield, or APY, of 3%, you’d earn $30 over the course of the year. Of course, the larger your bank balance, the more you stand to gain.

Options for high-yield savings

The search for higher returns can go beyond high-yield checking and savings accounts. Here are more options that can help you better meet your short-term savings goals.

• High-yield savings accounts — Often available online, these accounts can offer much higher APYs than you’d find with traditional savings accounts.
• High-yield money market accounts — A money market account is essentially a hybrid between a checking and savings account. It lets you write a limited number of checks each month and sometimes make debit purchases.
• T-bills — Treasury bills are short-term investments that you can redeem for their face value in one year or less. You can buy T-bills online directly from the U.S. government at TreasuryDirect. Rates on a six-month T-bill in February 2023 topped 4.85%.
• Certificates of deposit — A CD is a bank account that pays you a higher interest rate in return for locking your money away for a certain period of time.

See our picks for the best high-yield savings accounts.

Why savings matter

You never know when you might need to rely on your savings to handle unexpected expenses like a major household repair, hospital visit or job loss. Having ready access to an emergency fund can help you keep your finances on track.

What to do

• How much to keep on hand — A good rule of thumb is to set aside enough cash to cover three to six months of living expenses. But even $1,000 or so is a good start.
• Where to keep an emergency fund — Safe storage and easy access when you need it are key, so a regular savings account — or high-yield savings account — may be your best bet.
• When to use it — Generally, you should tap your emergency fund only as a last resort. You may want to create guidelines for yourself on what constitutes a financial emergency before you ever have to tap it.

Rising interest rates on mortgages have sidelined potential homebuyers and weighed on the U.S. real estate market — with home prices posting five consecutive months of declines as measured in the most recent Case-Shiller National Home Price Index.

Market conditions may cause your home’s value to slip — or at least slow its appreciation. And if prices fall, you could lose some home equity, which is the difference between what you owe on your home and what it’s now worth.

But that’s not necessarily cause for immediate concern, unless you need to tap into your home equity or plan to sell your home in the near future.

We’ll review why your home value may drop, as well as steps you can take if increasing your home equity is an immediate financial goal for you.

Key takeaway: Unless you plan to sell or borrow against your home soon, there’s probably little reason to be concerned about a small decrease in your home’s value.

Why your home value may drop

There are several factors that can affect the value of your home — including many that you can’t control. Here are some of the common reasons that home values fall.

• Mortgage rates — The Federal Reserve has raised its benchmark interest rate eight times since March 2022, putting upward pressure on mortgage rates. Rising mortgage rates can reduce demand, which can lead to a drop in home prices.
• Local market conditions — Supply and demand help drive housing market values. According to a recent Zillow report, 2023’s hottest markets include Cleveland, Pittsburgh and Charlotte, N.C., while San Jose, Sacramento, Minneapolis and Denver are expected to cool.
• The home’s condition — Maintaining your house, including the landscaping, exterior and interior paint, HVAC systems and plumbing, can help prevent it from decreasing in value as it ages. 

What happens when home equity falls

Having less equity isn’t necessarily an immediate concern, especially if you plan to live in your home for a while. But it could affect your options if you want to sell soon or borrow against your equity with a home equity loan or home equity line of credit. 

What impacts home equity?

• Declining housing market — If you bought at the peak and the market dips, you may lose some equity. But remember that a loss of equity isn’t necessarily the same thing as being “underwater.” But a large dip in equity can cause you to become underwater on your mortgage, meaning you owe more on your mortgage than what your home is worth.
• Mortgage amortization — Building equity takes time. At the beginning of your loan term, most of your monthly mortgage payment is going toward paying interest rather than paying down the loan principal. You can use our loan amortization calculator to explore how different loan terms affect your payments and the amount you’ll owe in interest.
• Small down payment — If you took out a loan without putting much down, you can find yourself “underwater” with negative equity if the market drops.

How to build home equity

Paying down the principal balance (and not just the interest owed) on your mortgage and generally increasing your home’s market value are two ways to help you build equity. 

• Make extra payments. You can pay off your mortgage early by making additional payments beyond your minimum. Paying down your principal directly can bolster your equity if you’re not underwater, which can make a big difference early on in your mortgage when a majority of your regular payment goes toward interest.
• Make home improvements. Making upgrades and adding certain amenities can increase your home’s value, which can build equity. You’ll want a clear idea of what can directly impact your home’s value though before you devote funds to home improvement projects.
• Get a mortgage with a shorter term. If you’re actively buying a home or refinancing, you can choose a 15- or 20-year mortgage rather than a 30-year mortgage. Shorter-term mortgages build equity more quickly and can help you save on interest costs over the life of the loan — note that a shorter-term loan typically costs more because you’re shortening the time to pay off the principal of the loan. A mortgage calculator can give you an estimate of the monthly mortgage payment you could pay, including property taxes and insurance.
• Wait for the market to improve. If you’ve lost equity from a drop in the market, you can simply wait out the downturn. Since 1991, the average annual home price increase has been 4.3%, according to the Federal Housing Finance Agency. Since 2012, the average rate has been 7.7%.