💰Healthier broadband fees

Everyone loves a spot of good news mid-week and we’re recapping the best money stories from the past week to tell you exactly how you can supercharge your money today. Our newsletter is always full of valuable information and resources that will help you master your money so let’s get to it!

- Milan

IN THE KNOW

Broadband Bids Goodbye To Hidden Fees 

Looking to cut costs on your Wi-Fi? We have some good news for you - fees are finally easing in the world of broadband connections! Major internet service providers (ISPs) with over 100,000 subscribers are now mandated by a new FCC rule to prominently display "nutrition labels" both in-store and online. These labels must transparently outline the company's plans, fees, and any additional costs like activation or equipment rental fees. They also reveal whether advertised rates are introductory or discounted and for how long, along with detailing download/upload speeds and early termination fees. The FCC initially proposed these labels in 2016, and their formal introduction in 2022 aims to eliminate hidden costs buried in complex terms and conditions.

The nutrition labels resemble those found on food products and are designed to provide clear insight into the true cost of wired or wireless plans. Providers with fewer than 100,000 subscribers have until October 10 to comply. If consumers encounter ISPs failing to display labels or providing inaccurate information, they can file complaints through the FCC's official portal, aligning with the agency's goal of ending unexpected fees and improving transparency in the telecommunications industry.

This kind of transparency means market research is in order to find the most bang for your buck on your internet connection. For more ways to earn, save, and invest, take our two-minute money quiz at milansingh.co/money-quiz 

More Student Debt Relief 

More good news - the White House recently announced a substantial relief measure, erasing $7.4 billion in student loan debt for approximately 277,000 borrowers. A significant portion of this forgiveness, totaling around $3.6 billion, is allocated to individuals enrolled in the Biden administration's new income-driven repayment plan, SAVE. Additionally, administrative adjustments have waived $3.5 billion for 65,700 borrowers through IDR payments and $300 million for 4,600 borrowers via the Public Service Loan Forgiveness program.

The relief aids borrowers who have diligently made payments for over a decade, earning forgiveness for the remaining loan balance. President Biden's administration continues to pursue broader student debt relief initiatives, aiming to address the financial burdens of approximately 30 million Americans, including those facing financial hardship and those who would benefit from existing federal programs. Despite previous legal hurdles, the administration remains committed to its goal of ensuring higher education remains accessible and equitable for all.

So what are you going to do with the extra money that you won’t need to pay off debts anymore? May we suggest multiplying it and building your wealth? Learn exactly how here.

AI Is Going Where? 

Texas students undertaking their state-mandated exams are now part of a trial run for an artificial intelligence-driven scoring system that aims to replace a majority of human graders. The Texas Education Agency (TEA) is implementing an “automated scoring engine” using natural language processing, which will evaluate open-ended questions on the State of Texas Assessments of Academic Readiness (STAAR) exams. This move is anticipated to yield significant cost savings of $15–20 million annually by reducing the need for temporary human scorers, with TEA planning to hire fewer than 2,000 graders compared to the 6,000 required in 2023.

While the new system promises efficiency, concerns have arisen among educators, particularly regarding the accuracy and fairness of AI grading. Despite assurances from TEA that safeguards are in place, such as human rescoring of a portion of computer-graded results, educators and students alike are both skeptical of the potential impact on grading consistency and fairness.

If AI is allowed to grade exam papers, should it be allowed to write them? Let us know what you think by replying to this email!

MONEY MYTH OF THE DAY

“You Can Pay Off Debt By Taking On More Debt”

One common money myth that often leads people astray is the belief that taking on more debt is a viable strategy for paying off existing debt. This misconception can be particularly tempting when individuals face financial challenges or mounting debt burdens. But in reality, accumulating additional debt to address existing loans typically worsens financial woes rather than solving them.

While it may offer temporary relief or appear as a quick fix, the cycle of borrowing to repay debt often leads to a never-ending spiral of increasing indebtedness. Instead of tackling the root cause of financial strain, this approach merely postpones the inevitable and amplifies the overall debt burden in the long run. Ultimately, the key to achieving financial stability and eliminating debt lies in prudent budgeting, disciplined saving, and actively reducing expenses to free up funds for debt repayment. If you’re looking for ways to save more and get rid of debt permanently, our new and improved automated budget planner shows you all the ways you can. Discover a hassle-free and convenient way to manage your money at milansingh.co/planner

VIDEOS YOU MAY HAVE MISSED THIS WEEK

Here are the top videos you loved the most this week. Which one was your favorite?