????Student debt relief 101????

After months of waiting, the Biden administration’s U.S. student-debt relief program is finally a reality. The White House estimates that more than 40 million Americans will be eligible for its student-loan debt-relief program, and almost 20 million could see their entire student-loan balance wiped out.?

Filling out the application is fairly painless. After all, the information requested is pretty straightforward – including your Social Security number, name, date of birth, phone number and e-mail address.

But it is still a very smart idea to go into the filing process armed with the right info, so it’s as seamless and pain-free as possible. Chris Taylor has some important tips for borrowers seeking debt relief, including knowing what’s covered and what’s not along with the tax implications, depending on where you live.?

And while the online form is super easy, it is possible you will be contacted again for subsequent information, so keep an eye out for any follow-up communications.

For instance, you might get picked to make sure the numbers you provided are legit. “A small sample of borrowers will be selected for verification, probably less than 10%,” says student-aid expert Mark Kantrowitz.

“If you are selected, you will be asked to provide proof of income, such as an IRS tax return transcript, which you can get online using the IRS Get Transcript tool,” Kantrowitz says.

And watch the headlines, since lawsuits from Republican-led states seeking to block the student-loan program could complicate matters.

Have you applied for student-debt relief? If so, tell us about the experience so far, especially if you’ve already had a loan forgiven. How will you use that extra money?

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MARKETS IN MELTDOWN MODE ?? ??

As I’ve mentioned in previous newsletters, I don’t like to look at my portfolio when the markets are dodgy. And – oh – this has been a very dodgy year.?

In fact, I haven’t checked my 401(k) account balance in months – I’m still relatively young and retirement is a long way off, so what’s the point of getting stressed out? I did need to peek at my son’s 529 college savings plan when I was trying to decide how to pay for tuition. It wasn’t pretty.

Indeed, investors with classic "60/40" portfolios are facing the worst returns this year for a century. So-called "60/40" portfolios typically have 60% of their holdings in stocks and the remaining 40% in fixed income. And “inflation shock ain't over," BofA Global Research said recently.

Rising interest rates, war in Europe and an energy crunch are sending valuations plunging across most asset classes in 2022.

BofA said annualized returns so far in 2022 on portfolios like these are the worst in the past 100 years, while those on "25/25/25/25" portfolios that hold equal portions of cash, commodities, stocks and bonds have dropped are posting the worst performance since 2008.

Speaking of dodgy markets, as the Federal Reserve winds down its balance sheet, there's been some concern about liquidity in bond markets, Barrett Asset Management's Amy Kong told Reuters. While markets remain healthy, investors should stick to short-term bonds. You can watch her interview here.

ARE YOU READY FOR OPEN ENROLLMENT?

It’s open-enrollment season, and I’ve started doing the math on switching or consolidating my family’s healthcare plans. Because of divorce, we are a household with three different health plans.

It is not a simple calculus. Nor is choosing Medicare benefits. Medicare open enrollment began on Oct. 15 and runs through Dec. 7. Yet seven out of 10 Medicare beneficiaries probably will not compare their coverage options, if the latest data from the Kaiser Family Foundation is any indication.

This fall, there is some good news for seniors enrolled in Medicare for 2023, as some costs are falling. But the plan-shopping process can be complex – and there are pitfalls to avoid, writes Mark Miller.

SHOP ‘TIL YOU DROP

Leaves may be falling in many parts of the country, but it feels like December at major retailers. Retailers were sitting on $548.8 billion of inventory in July, a 21.6% increase from last year, according to U.S. Census data.

With less than 10 weeks to go before Christmas 2022, major retailers including Costco, Kohl's and Express Inc. are peddling holiday sweaters, artificial trees and other decor that had been stuck in transit or packed in warehouses during the supply chain crisis that threw a wrench into Christmas 2021.

Even with retailers slashing prices by up to 40%, shoppers so far this year are hesitant to make major holiday purchases. Americans have cut back on buying luxury goods like designer clothing and accessories over the past two months, according to data from three credit-card companies, raising questions over the sector's resilience.

Have you started holiday shopping yet? Why or why not? And if you’ve snagged any deals, please tell me what you bought already in the comments. (I love a good bargain!)

REUTERS POLL ??

Our last poll focused on how much allowance your kids get each week. While it’s clear kids of different ages receive varying amounts, the general consensus is more than half of your kids receive up to $10 per week. I have to say I am surprised to see that 13% of respondents report that their kids get $50 or more each week.?

This week’s poll is about student debt: Do you qualify? Answer our poll here.

SEND ME YOUR MONEY QUESTIONS!

Are you thinking about taking the plunge and booking a last-minute trip? Or are you wondering if you can qualify for student-debt relief? Send your money questions to me, and I'll tap my extensive source network and braintrust for expert advice. Submit your questions here. And don’t forget to subscribe to this newsletter.