Financial Wellness

Helping you manage your money, for school and for life!

May 30, 2013
by Carissa
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Don’t make these mistakes when it comes to student loan repayment

We often hear cautionary tales of students whose loan debt has crept into the six figure range, making it impossible for them to make their monthly loan payments that are often greater than their monthly mortgage payment.  The emerging trend is a generation of graduates who are now delaying major life events, like marriage, buying a house, or even having kids because of this crippling debt. 

But what you don’t often hear about is how student loan mismanagement may have played a large part in many of these situations.  Some of the most common mistakes include not choosing the right repayment plan for you, not communicating with your loan servicer, and using deferment or forbearance when you really don’t have to.  Here are just a few articles to help you learn about (and hopefully avoid!) these mistakes:

May 22, 2013
by Carissa
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The Sandwich Generation

Taking charge of your finances is usually not just about the individual; whether you’re married, planning to get married, or have kids, your financial health can and will affect the lives of those around you.    To take it one step further, the American Institute of CPAs has a unique spin on this topic, addressing  the growing challenges facing many middle-aged Americans: worrying about their own futures, caring for children and/or college expenses, AND now having to assist aging parents or other relatives.  It has created a “Sandwich Generation” of people caught in between all of these responsibilities, and strengthens the argument that improving our own financial health is one of the best things we can to do help others.
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This article has some great tips on what you can expect with elderly care, how you can prepare now, and ways to juggle the needs of your children, your parents or relatives, and yourself!

If you have any experience with this or need some advice from others, feel free to leave a comment.

May 15, 2013
by Carissa
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Free FTC Webcast: Life of a Debt

The Federal Trade Commission and the Consumer Financial Protection Bureau will co-host this roundtable discussion on June 6 to examine the flow of consumer data throughout the debt collection process.  Topics will include:

  • the amount of documentation and other information currently available to different types of collectors and at different points in the debt collection process;
  • the information needed to verify and substantiate debts;
  • the costs and benefits of providing consumers with additional disclosures about their debts and debt-related rights; and
  •  information issues relating to pleading and judgment in debt collection litigation.

To learn more and to access the webcast link, click here.

May 8, 2013
by Carissa
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Financial Planning Series kicks off May 21st

Franklin University is proud to offer the 2013-14 Financial Planning Speaker Series, open to all faculty, staff, students, and alumni, as well as the greater Columbus community.  Our goal is to help you build on your basic financial wellness and start to explore future planning topics for the next stages of your life.  These workshops will be hosted at the downtown campus, and also broadcast online via FranklinLive!

Our first workshop will be held on Tuesday, May 21st from 5:00 – 6:00 PM in Phillips Hall 220.  Erin Gaeta-Mental, CFP, will share her expertise on  “Choosing the Right Insurance for Every Stage of Your Life.”  Click here to learn more and to register to attend.

May 2, 2013
by Carissa
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Finally, a place to track your federal AND private student loans in one place!

On this blog, we share information on how to track your federal student loans using the National Student Loan Data System (NSLDS).  It’s a great tool to view every federal loan you’ve borrowed from any school you’ve ever attended, and find your loan servicer information all in one place.

Many students have often asked me if NSLDS can also track their private student loans, meaning the ones that they borrowed from a lender other than the government.  Up until now, the answer had always been no; but with the introduction of Tuition.io, all that has changed.

Tuition.io is a free service that allows you to link your federal and private student loans on one site, view servicer information, estimate lifetime payments with interest, and calculate savings based on extra payments. 

I would highly recommend using this site as a supplement to using NSLDS, but not as a replacement.  Since NSLDS is part of the federal loan system, I would always recommend using that as your primary source of information regarding your federal loans. 

Cashmoneylife.com has done a good job of exploring the Tuition.io features in their product review – click here to learn more.