If you have a defaulted loan, you may have had some difficulty in reaching a payment arrangement with a debt collector. Recently, however, the incentive for these companies to try to collect large payments has been lessened. This should allow those with defaulted loans to negotiate a payment arrangement that is more feasible. Read more in the article from Bloomberg.com.
And if you are delinquent but not yet in default, there are steps you can take now to ensure you avoid default. The Federal Student Aid website has some great tips and information on how to get your loan repayment back on track.
Remember, student loan repayment is part of your credit history; missing payments will damage your credit score, but making payments helps to contribute to overall financial well being.
Cincinnati.com has a great article on how to apply March Madness bracketology to your personal finances. Here’s just a snippet of their sports-themed advice:
A motto of March Madness teams has become “survive and advance.” Do whatever it takes to make it to the next round. In your financial tourney, this means living below your means. It wasn’t a basketball coach who first said, “No pain, no gain.” It was actually Ben Franklin. What he was referring to was the fact you need to accept some pain now (in the form of saving rather than spending) if you want to reap financial gains in the future. Unfortunately, this is a lesson lost on many at both the consumer and government level today.
After reading this article, you can create your own personal financial bracket by heading over to http://www.financialfour.org/. Here, the National Endowment for Financial Education and Financial Planning Association has already selected 32 sound financial goals. Pick your top priorities to advance through each round, helping you to identify your top financial goals, and see how you stack up to the rest of the bracket entries.
April is Financial Literacy Month, and so we are very excited to host Franklin’s first Financial Literacy Week from April 8 – 11! Whether you are an online or face-to-face student, we invite you to participate in any of the events being held that week to help you increase your financial awareness. The more you participate, the more prize drawing entries you will earn! To learn more, please visit the Financial Literacy Week page on this blog, or click on the flyer to the left.
As mentioned in previous posts, eating out is one of the biggest spending leaks in the budgets of many. We can easily save hundreds or even thousands of dollars every year if we simply made more of our meals at home!
If you’re interested in learning how to make your own budget-friendly meals, the Department of Student Life and Development has a GREAT workshop coming up that will show you how to do just that. Click herefor event details, and to learn more about Local Matters, the nonprofit group whose chef will lead the cooking demonstration.
The workshop will be Thursday, March 21st from 4:30 PM – 5:30 PM in Ross Auditorium. Attendance is open to the University Community (students, alumni, faculty, and staff), but is limited to 50 participants. If you are interested in attending, you must RSVP to StudentLife@franklin.edu. The deadline to RSVP is Wednesday, March 20 at 5 p.m.
There’s a viral video on wealth inequality that’s getting a lot of attention for highlighting just how far off the mark we are when it comes to who we think has all the money. It’s great food for thought, and makes me even more determined to make deliberate and purposeful choices about how I spend and save every hard-earned penny. Take a few minutes to see where you stand, and feel free to post your comments/reactions to this powerful video.
It’s sometimes easy to forget all the ways in which our personal information can be leaked, which can lead to identity theft and major damage to your credit! Learn more in the ID Theft page on this blog, and check out this post on the Graduate Advising Blog to see how you can safeguard your information here at Franklin.