College is a time of newfound freedom for many students. That can spell trouble if that freedom applies to personal finances, too. Students need to understand basic money management skills such as living within a budget and handling credit and debt. A solid financial foundation can lead to a lifetime of financial success.
Public Service Loan Forgiveness Program Overhaul
On Oct. 6, the Department announced an overhaul of the Public Service Loan Forgiveness (PSLF) Program that it will implement over the next year to make the program live up to its promise. This policy will result in 22,000 borrowers with consolidated loans - including previously ineligible loans - being immediately eligible for $1.74 billion in forgiveness without the need for further action on their part. Another 27,000 borrowers could qualify for $2.82 billion in forgiveness if they certify additional periods of employment. All told, the agency estimates that more than 550,000 borrowers who had previously consolidated their loans will see an increase in qualifying payments, with the average borrower receiving two years of progress toward forgiveness. And, more borrowers will see progress as they consolidate into the Direct Loan program and apply for PSLF.
Soon after the announcement, Secretary Cardona and Under Secretary James Kvaal met with a group of public servants who stand to benefit from the changes, including a math teacher and an epidemiologist. Read more.
Visit OnYourOwn.org for tips about how to create and stick to a budget.
The problem is clear: Student loan debt in America is reaching levels that the U.S. Department of Education deems a crisis.
To increase access to higher education and help alleviate the burden of student loan debt on our society.
529 college savings plans are tax-advantaged savings plans that help families save for higher education so they can be less reliant on student loans.
Check out this resource to learn more about the 529 movement and how 529 college savings plans can work for you and your family.
great advice for grads
HCC's partner Inceptia is pleased to announce that the 2021 edition of 'Great Advice for Grads' is now available. This free e-guide, part of a collaborative effort with personal finance site NerdWallet, is designed to provide graduating college students with the financial and career advice they need to make informed choices to move forward. In this, their eighth edition, they curated the best content regarding pandemic-related challenges and how to adapt in the face of uncertainty.
Please use the links below to access. This free resource is available for students, families, staff or anyone else who may benefit: