Daily Archives: November 15, 2017

Glossary Post 3

The fiduciary rule is a new term to me, which means that financial advisers are to put their clients best interests first for their retirement savings and aren’t allowed any compensation or payments that would create a conflict of interest. I did not think that this was an issue in the industry because I assumed that financial advisers would always put the clients best interests first and there didn’t need to be a rule like this.

The student aid bill of rights is a bill that ensures that students are able to pay their monthly payments, can have affordable and quality education, rights to a affordable repayment plan, and the right to have quality customer service from their lenders. The student aid bill of rights is important to students because college can be pretty expensive nowadays. Those who want to go to college are often held back because of its costs, so they are forced to have loans that can take several years to pay off. This bill made it so that payments are 10% of the student borrowers income.

Debt collectors are the people who collects debt a deceased person owes to others. According to the Federal Trade Commission, family members are not required to pay their deceased relative’s debt. Debt collectors can only talk about the debts with the deceased one’s spouse, guardian, executor or administrator. You can protect yourself from a debt collector by sending files and a letter stating for the collector to not contact you again.