(Money Magazine) -- 1. Student loans are cheaper
The change: Starting July 1, all students eligible for federal loans can borrow directly from the government via their schools' financial aid offices. (Previously some schools offered federal loans only through private lenders that got subsidies.)
How you benefit: The interest rate on federal loans that parents can take out (PLUS loans) is capped at 7.9% vs. 8.5% for private subsidized loans. Plus, bypassing a bank means simpler paperwork and, starting in 2014, more flexible repayment terms, says Mark Kantrowitz, publisher of FinAid.org.
2. Short sales are shorter
The change: New rules require lenders to provide pre-approved terms for short sales (in which homes sell for less than the owners owe) for sellers who weren't approved for a loan modification.
How you benefit: You'll know the minimum amount the bank will take for these houses, so your bid is more likely to be accepted. That should speed up the sales process, says RealtyTrac spokesman Rick Sharga.
3. Credit cards are less fee-crazy
The changes: As of Aug. 22 new Fed rules eliminate several egregious credit card fees, including inactivity fees. Issuers also can't charge a penalty for inactivity on gift cards for a year. For details, see federalreserve.gov.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.62%||3.69%|
|15 yr fixed||2.77%||2.80%|
|30 yr refi||3.61%||3.69%|
|15 yr refi||2.76%||2.83%|
Today's featured rates:
Investors need someone they can bring home to mother instead of bad boys (or girls) that may make their heart beat faster. Boring beats bold in this market. Here are 10 dependable stocks we love. Southwest (ticker symbol: LUV) is one. More
Cheap oil and slow global growth may not be the only culprits of the global market turmoil. There's growing concern that central banks are spooking the markets too. More
Women coders do better than men in a gender-blind study that examines GitHub requests. More
Why is Donald Trump missing from Bleacher Creatures' new line of presidential candidates plush dolls? More