Financial Literacy
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.
Resources
budgeting tips
529
Why 529?
The problem is clear: Student loan debt in America is reaching levels that the U.S. Department of Education deems a crisis.
Why 529?
To increase access to higher education and help alleviate the burden of student loan debt on our society.
Why 529?
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
HCC's partner Inceptia, in a collaborative effort with personal finance site NerdWallet, have created guides designed to provide both parents and graduating college students with the financial advice they need to make informed choices to move forward.
Please use the links below to access. This free resource is available for students, families, staff or anyone else who may benefit.
