Making Cents of Money

Show Notes Money Minded Curriculum: https://www.illinoistreasurer.gov/Financial_Education/Money_Minded_Illinois Financial Literacy Resources: https://www.illinoistreasurer.gov/Financial_Education/Financial_Literacy_Resources IL Financial Wellness Hub https://www.illinoistreasurer.gov/Financial_Education/IL_Financial_Wellness_Hub

There’s an important deadline at the end of this month for student loans! We break down the steps being taken by the Biden Administration for borrowers that may result in loan discharge sooner than anticipated in our latest episode of Making Cents of Money. Show Notes: U.S. Department of Education Press Release: https://www.ed.gov/news/press-releases/biden- harris-administration-announces-additional-49-billion-approved-student-debt-relief Biden Extends Key Student Loan Forgiveness Deadline: Why It Matters: https://www.forbes.com/sites/adamminsky/2023/12/18/biden-extends-key-student-loan- forgiveness-deadline-why-it-matters/?sh=7386b27a6dbf Payment Count Adjustments Toward Income-Driven Repayment and Public Service Loan Forgivness Programs: https://studentaid.gov/announcements-events/idr-account-adjustment Consumer Advisory: Opportunity to cancel student loan debt ends soon: https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-opportunity-to- cancel-student-loan-debt-ends-soon/ Direct Consolidation Loan Application: https://studentaid.gov/loan-consolidation/

Graduation, first jobs, and financial transitions, oh my! In our latest episode of Making Cents of Money, we’re joined again by the University of Illinois Urbana-Champaign’s Donovan Sanchez to break down first steps for that first full-time job after graduation! Show Notes: Previous Episodes with Donovan Sanchez • Ep. 33 – Establishing a Vision for Your Life: https://blogs.uofi.uillinois.edu/view/7550/2108012941 • Ep. 55 – Wealth Building as a Balancing Act: https://blogs.uofi.uillinois.edu/view/7550/1517205319 Budgeting & Financial Planning • Ep. 20 – Budgeting: https://blogs.uofi.uillinois.edu/view/7550/804394514 • Ep. 25 – Choosing a Financial Professional: https://blogs.uofi.uillinois.edu/view/7550/518681996 • Ep. 75 – Setting & Prioritizing Financial Goals: https://blogs.uofi.uillinois.edu/view/7550/1854370435 • Get Savvy – Home Buying vs Renting: https://youtu.be/x6oggcypRkE Managing Student Loans • Get Savvy: Student Loan Updates webinar series: https://go.uillinois.edu/repay • Federal Student Aid Repaying Student Loans 101: https://studentaid.gov/manage-loans/repayment/repaying-101 • Federal Student Aid Loan Simulator: https://studentaid.gov/loan-simulator/ • Public Service Loan Forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service Investing, Retirement, & Job Benefits • Ep. 12: Preparing for Retirement: https://blogs.uofi.uillinois.edu/view/7550/1801541619 • Ep. 57 – Investing to Reach Financial Goals: https://blogs.uofi.uillinois.edu/view/7550/1002945600 • Ep. 69 – Understanding Your Paycheck: https://blogs.uofi.uillinois.edu/view/7550/1213480115 • Get Savvy – Investing Webinar Recording Playlist: https://www.youtube.com/watch?v=OuslkX86bGI&list=PLc0xo-6von5TmTidS-LlEN1ygiG6WzmQF • Get Savvy – What's Your Job Worth?: https://youtu.be/kjxKgtjWBJE Establishing & Managing Credit • “How do I get and keep a good credit score?” (CFPB, 2020): https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-and-keep-a-good-credit-score-en-318/ • Ep. 5 – Understanding Credit: https://blogs.uofi.uillinois.edu/view/7550/270248943 • Ep. 42 – Credit Access: https://blogs.uofi.uillinois.edu/view/7550/203994282 • Ep. 43 – Choosing a Credit Card: https://blogs.uofi.uillinois.edu/view/7550/295268937 • Ep. 51 – Credit Scores: https://blogs.uofi.uillinois.edu/view/7550/343469214 • Ep. 67 – What's a Credit Report Anyway?: https://blogs.uofi.uillinois.edu/view/7550/171138189 • Get Savvy – Build Credit to Your Advantage: https://youtu.be/FZGqbTavfsY Financial Stress & Mindfulness • Ep. 26 – Emergency Funds: https://blogs.uofi.uillinois.edu/view/7550/1471084251 • Ep. 31 – Financial Security and Stress: https://blogs.uofi.uillinois.edu/view/7550/1806905857 • Get Savvy – How Your Spending Can Change the World: https://youtu.be/2qcb3LKegUk

Last year featured some of the largest bank failures in U.S. history. In this episode of Making Cents of Money, Chicago City Comptroller (and former Illinois Director of Banking) Chasse Rehwinkel joins us to break down what went wrong, how regulators respond, and why most consumers should not be worried about ever losing the money in their bank accounts. Show Notes: FDIC & California Regulator Reports •FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California: https://www.fdic.gov/news/press-releases/2023/pr23073.html •Review of DFPI's Oversight and Regulation of Silicon Valley Bank: https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/05/Review-of-DFPIs-Oversight-and-Regulation-of-Silicon-Valley-Bank.pdf Financial Institution Insurance: •FDIC: https://www.fdic.gov/ •NCUA: https://ncua.gov/ Recorded Webinar: •Your Financial Tool Chest: https://youtu.be/XdUgsotxCqE?feature=shared (part of the Get Savvy: Grow Your Green Stuff Series) Books: •Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves by Andrew Ross Sorkin (Book and Movie) •The Continental affair: The rise and fall of the Continental Illinois Bank by James P. McCollom (Book) Previous Podcasts with Chasse: •Episode 2: Banked or Unbanked - Choosing Financial Services for You https://soundcloud.com/idfpr/making-cents-of-money-episode-2?si=81bc1ead8b4b425db9b2c6bfd9b7f4e0&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing •Episode 14: Short-selling https://soundcloud.com/idfpr/episode-14-short-selling?si=fd95e90d0de64fb2a1743ec92a8c7cd3&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing •Episode 47: Community Reinvestment Act https://soundcloud.com/idfpr/episode-47-the-community-reinvestment-act?si=0b0b179278a74e0982f396809780aa1c&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Cryptocurrency is still new, and with new frontiers come new challenges. David DeCarlo and Jake Hamilton from IDFPR’s Office of Innovation join us on our latest episode of Making Cents of Money to discuss gaps in regulation and what can be done to help protect consumers. Show Notes: • CFPB Publishes New Bulletin Analyzing Rise in Crypto-Asset Complaints: https://www.consumerfinance.gov/about-us/newsroom/cfpb-publishes-new-bulletin-analyzing-rise-in-crypto-asset-complaints/ •How Chicago Fell for Crypto: https://chicagoreader.com/news-politics/how-chicago-fell-for-crypto/ •Pew Research Center: https://www.pewresearch.org/short-reads/2023/04/10/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/ •Debunking the narratives about cryptocurrency and financial inclusion: https://www.brookings.edu/articles/debunking-the-narratives-about-cryptocurrency-and-financial-inclusion/ •Ariel-Schwab Black Investor Study: https://www.schwabmoneywise.com/tools-resources/ariel-schwab-survey-2022 •www.reportfraud.FTC.gov •www.IlAttorneyGeneral.gov •www.IDFPR.illinois.gov •www.investor.gov •www.theblock.co •www.coindesk.com •www.coinmarketcap.com •Sign up for Bloomberg Cypto Newsletter: https://www.bloomberg.com/account/newsletters/crypto •Track IDFPR Digital Asset Bills: Go to www.ilga.gov and search for SB 3666, SB 3670, and SB3675

It’s tax season! We break down the common forms you’ll need to complete, where you find help if you need it, and when you can expect that refund (if you qualify!) on our latest episode of Making Cents of Money! Show Notes: IRS (federal) online account: https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers IRS Identity Protection PIN: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin Illinois Tax site: http://mytax.illinois.gov and 1-800-732-8866 IRS Free File: https://apps.irs.gov/app/freeFile/ Volunteer Income Tax Assistance & Tax Counseling for the Elderly: https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers United Way My Free Taxes: https://myfreetaxes.com/ Ladder Up’s Tax Assistance Program: https://www.goladderup.org/our-services/tax-assistance/ IRS Refund Tracker: https://www.irs.gov/wheres-my-refund Making Cents of Money Episode 25: Choosing a Financial Professional https://open.spotify.com/episode/1h1EYlZVYNku6embWmDaKB?si=a4d74bb7ae82447a&nd=1&dlsi=3db07992d5994fd2 Making Cents of Money Episode 10: Taxes! https://open.spotify.com/episode/5HYt5s47HzrYUMcJ4QoyCK?si=565ac23204f74a5f&nd=1&dlsi=422f666b5c54430c Get Savvy Illinois Webinar: Tackling Taxes https://www.youtube.com/watch?si=DSbtHl1gkSRIojmG&v=teZIDH8TL8A&feature=youtu.be Get Savvy Illinois Webinar: Choosing a Financial Professional https://www.youtube.com/watch?si=im_GUn3w4ZlWXjlw&v=PrhWdm-ALX4&feature=youtu.be Option for bank accounts: Bank On Illinois https://illinoiscomptroller.gov/constituent-services/public-services-community-programs/bankon-illinois

It dominates the headlines, but what is cryptocurrency anyway? In this episode of Making Cents of Money, IDFPR’s Jake Hamilton provides an overview of how it works and what the future looks like for this financial technology. Sources of Information Discussed in Today’s Episode: •Office of Innovation in IDFPR: https://idfpr.illinois.gov/about/innovation.html •Previous Related Episodes: oEpisode 24: Cryptocurrencies https://blogs.illinois.edu/view/7550/2007128217 or https://on.soundcloud.com/ARLa1 oEpisode 56: Fintech and Digital Assets https://blogs.illinois.edu/view/7550/1352982227 or https://on.soundcloud.com/eXDm8 •Coin Market Cap for information about value of cryptocurrency: https://coinmarketcap.com/ •“The Dynamics and Demographics of U.S. Household Crypto-Asset Use” via JP Morgan Chase: https://www.jpmorganchase.com/institute/research/financial-markets/dynamics-demographics-us-household-crypto-asset-cryptocurrency-use •“Majority of Americans aren’t confident in the safety and reliability of cryptocurrency” via Pew Research Center: https://www.pewresearch.org/short-reads/2023/04/10/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/ •“Hot Wallet vs. Cold Wallet” via Investopedia: https://www.investopedia.com/hot-wallet-vs-cold-wallet-7098461 •U.S. Securities & Exchange Commission Resources: oJoin the HoweyTrade Investment Program (educational): https://www.investor.gov/additional-resources/spotlight/howeytrade oCrypto Assets and Cyber Enforcement Actions: https://www.sec.gov/spotlight/cybersecurity-enforcement-actions oThinking about buying the latest new cryptocurrency or token?: https://www.investor.gov/additional-resources/spotlight/directors-take/thinking-about-buying-latest-new-cryptocurrency-or oDigital asset and “crypto” investment scams – Investor alert: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/digital-asset oInvestor alert: Watch out for fraudulent digital asset and “crypto” trading websites: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-3

Looking to kick off the new year right with some new financial goals? We break down the best strategies for doing that in our latest episode of Making Cents of Money! Show Notes: • “Setting Goals for Your Well-being” (Pellegrini, 2020): https://blogs.illinois.edu/view/7550/404129912 • “An Innovative Way to Face Retirement” (Brandon, 2013): https://money.usnews.com/money/retirement/articles/2013/01/14/an-innovative-way-to-face-retirement • “TikTok’s Aging Filter Could Help Spur Retirement Planning” (Stanich, 2023): https://www.kiplinger.com/retirement/tiktok-aging-filter-could-spur-retirement-planning • “A History of Objectives and Key Results (OKRs)” (Bas, n.d.): https://peoplelogic.ai/blog/history-of-objectives-and-key-results • “Understanding By Design ® Framework (PDF)” (ASCD, 2012): https://files.ascd.org/staticfiles/ascd/pdf/siteASCD/publications/UbD_WhitePaper0312.pdf • Rethinking Positive Thinking: Inside the New Science of Motivation (Oettingen, 2014): https://books.google.com/books?hl=en&lr=&id=2ZLaCwAAQBAJ&oi=fnd&pg=PR11&dq=Oettingen,+G.+(2014).+%22Rethinking+Positive+Thinking:+Inside+the+New+Science+of+Motivation.%22+Current+Hardcover.&ots=XVSRt9Dkoz&sig=k1-A8iozWG7oNxkjfYei9bsSCi0#v=onepage&q&f=false • “When Financial Platforms Become Gamified, Consumers’ Risk Preferences Change” (Hüller, Reimann, Warren, 2023): https://www.journals.uchicago.edu/doi/abs/10.1086/726431#:~:text=Six%20experiments%20(N%3D3%2C766),i.e.%2C%20winning%20the%20game). • ABC (Antecedent-Behavior-Consequence) Model (BQIS Fact Sheet): https://www.in.gov/fssa/ddrs/files/AssistedSupports_BS_BT_ABC_V2.pdf

We have a Consumer Alert for you – but it’s good news! Experian, Equifax, and TransUnion are allowing access to free, weekly credit reports indefinitely. Check out the latest episode of Making Cents of Money to learn more. Show Notes: You now have permanent access to free weekly credit reports (FTC) - https://consumer.ftc.gov/consumer-alerts/2023/10/you-now-have-permanent-access-free-weekly-credit-reports CFPB Resources: •How do I get a free copy of my credit reports? - https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-free-copy-of-my-credit-reports-en-5/ •Fraud Alert - https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/answers/key-terms/#fraud-alert •[Credit] Security Freeze - https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/answers/key-terms/#security-freeze •Office of Research blog: Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers - https://www.consumerfinance.gov/about-us/blog/initial-fresh-start-program-changes-followed-by-increased-credit-scores-for-affected-borrowers/ •What is the difference between a credit report ad a credit score? - https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-credit-report-and-a-credit-score-en-2069/

With the return to repayment for federal student loans in October for millions of loan holders, Nikki and Andrea breakdown the “on-ramp” to repayment being made available, along with several other helpful resources! Show Notes: • Federal Student Aid (FSA) Dashboard o So Your Loan was Transferred, What’s Next?: https://studentaid.gov/articles/your-loan-was-transferred-whats-next/ o Get Out of Default with Fresh Start: https://studentaid.gov/announcements-events/default-fresh-start • Student Loan Updates Webinars o Registration Page: https://go.uillinois.edu/repay o July 14, 2023 - Recording & materials to Log into FSA and Update Contact Info o August 18, 2023 - Recording & materials to Explore Repayment Plans with the Loan Simulator o September 15, 2023 - Recording & materials to Review Consolidation or Refinancing o October 20, 2023 – TBD (Working on it) • Student Loan Management webinar is scheduled for April 3, 2024 @ 12 PM CT: o Registration: https://go.uillinois.edu/getsavvywebinars o SMMC webinars page: https://www.studentmoney.uillinois.edu/events/webinars