Banks Ease Terms for Struggling Student Borrowers

Big banks are beginning to cut some slack to distressed student-loan borrowers. Wells Fargo announced a new program this week that will lower the interest rate on loans so payments will be more affordable based on a struggling borrower’s income. The bank will review borrowers’ financial situations to determine whether they qualify for short- or long-term loan modification. >> 8 Hidden College Expenses According to the Wall Street Journal, both borrowers and cosigners will have to show financial hardship to get a modification. Modifications …

Older Workers’ 401(k) Balances Hitting Record Levels

If you’ve contributed steadily to your 401(k) and didn’t get scared off by the down economy and the wild swings of the stock market, chances are you’re being rewarded now. The average 401(k) balance reached $75,900 at the end of the third quarter, an 18 percent increase over a year ago, a new study by Fidelity Investments has found. That was its highest level since the company began tracking this data 12 years ago. The news was even better for older workers: average balances were higher. …