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How to Get Ready to Start Repaying Student Loans

By Bria Overs | Word In Black Credit: Ron Lach / Pexels (WIB) – After a more than three-year pause, interest and payments on federal student loans will restart on August 29, 2023. For over 40 million Americans, this reintroduction to paying their student loans is daunting. Even if the Supreme Court rules in President Biden’s favor on […]
The post How to Get Ready to Start Repaying Student Loans first appeared on BlackPressUSA.

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By Bria Overs | Word In Black

Credit: Ron Lach / Pexels

(WIB) – After a more than three-year pause, interest and payments on federal student loans will restart on August 29, 2023. For over 40 million Americans, this reintroduction to paying their student loans is daunting.

Even if the Supreme Court rules in President Biden’s favor on the student loan forgiveness plan, not everyone will have their loans forgiven in full or even partially.

A May 2023 working study by the National Bureau of Economic Research found that borrowers whose loans were on pause used their new liquidity, or spare cash, to get new types of debt. This debt includes mortgages, auto loans, and increased credit card borrowing.

The end of the pause concerns both Lauryn Williams of Worth Winning and Brenton Harrison of New Money New Problems

But, they have tips for borrowers who want to prepare for the restart with the remaining few interest-free and payment-free months.

Williams and Harrison are Certified Financial Planners (CFP) with a special Certified Student Loan Professional (CSLP) designation that makes them experts on paying back student loans.

A CSLP is different from a financial aid officer found on college campuses. CSLPs, Harrison says, “strategize on repayment, as opposed to a financial aid counselor, who’s more so helping you maximize your aid while you’re in school.”

Most institutions have an exit counselor or an exit session for those who took out student loans during their higher education. These sessions and counselors provide the basics on repayment but don’t create specific plans for borrowers.

“We’re not doing the ‘preventative measures,’” Williams says. “But a student loan professional is going to help you understand the best strategies related to the federal student loan debt you have.”

The First Steps for Repayment

For the Black community, preparing for repayment has never been more critical. Black folks carry the most student loan debt, which they hold for longer than any other ethnic group.

“My biggest fear is that the people who are going to be harmed most are the people who owe the most — which are Black people,” Harrison says. “They’re not going to have many resources to go ask questions to make sure they’re not harmed.”

The first few steps in preparing for the restart are getting basic loan information. 

Some easy starter questions to get answers to are:

  • Who is the loan servicer?
  • What is the total amount due?
  • What is the interest rate for each loan?
  • What type of student loans are they?
  • When is the first payment due?
  • What will the monthly payment be? 

Each account on a servicer’s website should have specific loan information. However, these websites are another concern of Harrison’s.

During the last three years, some loan servicers, including Navient, Granite State Management and Resources, and Pennsylvania Higher Education Assistance Agency (PHEAA), left the student loan industry.

Brenton Harrison has over a decade of experience teaching strategies for overcoming the burden of debt, juggling family and money, and establishing a financial foothold for those who were never taught the principles of financial literacy. Credit: Rebekah Talbot

According to Bankrate, the loans from those former servicers should have moved to a new servicer, and the details of those loans should be the same.

“They’re going to contact you about your loans and what’s to come using the address and contact information on file or had on file back in 2020 or 2021,” he says.

Another important step is ensuring the servicer has up-to-date contact information, including a good email, phone number, and address.

Harrison recommends visiting the Federal Student Aid website for more information on federal loans and servicers. 

And, while it’s a good idea to get in touch with servicers for basic information, Williams doesn’t recommend turning to them for help deciding on the best path forward based on an individual financial situation.

“The hard thing is your loan servicer is not going to be well-equipped to help you sort through your personal financial situation,” Williams says. “They’re not going to be able to say, ‘Hey, this is the absolute most efficient thing based on your overall financial picture.’”

Concerns for Borrowers Moving Forward

Williams’ number one concern with the restart is increased lifestyle creep. Lifestyle creep happens when an increase in income also leads to increased living expenses and spending.

“Maybe they had a $500 or even $1,000 student loan payment, and now they don’t have that same $500 or $1,000 available because they have some other monthly bill they replaced it with,” Williams says. “It’s going to stretch them really thin.”

Lauryn is a CFP, author, podcaster, and the first American woman to earn a medal in the Summer and Winter Olympics. Credit: Lauryn Williams
Lauryn is a CFP, author, podcaster, and the first American woman to earn a medal in the Summer and Winter Olympics. Credit: Lauryn Williams

While the relief of the pause was most felt by those already paying their loans, that didn’t stop students from graduating or leaving school with debt.

There are recent college students whose repayments didn’t start six months after graduating or leaving school like they usually would have.

“They were born into this pause, if you will,” she says. “They need to understand what repayment plans are available, how the various repayment plans work, and which is the most optimal for them because it’s not one size fits all.”

She recommends setting that money aside whenever possible if it’s not happening already. 

“The time to take action is now,” Williams says. “Don’t stick your head in the sand. Instead of being angry that no one came with the magic wand of forgiveness, focus on how you can start creating wealth for yourself and putting the dollars you have to work in the most meaningful way.”

The post How to Get Ready to Start Repaying Student Loans appeared first on The Sacramento Observer.

This article originally appeared in the Sacramento Observer.

The post How to Get Ready to Start Repaying Student Loans first appeared on BlackPressUSA.

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IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78

NNPA NEWSWIRE — Born on September 4, 1945, in Los Angeles, California, activist Ramona Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.
The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.

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By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Once upon a time, Black Americans were simply known as colored people, or Negroes. That is until Ramona Edelin came along. The activist, renowned for her pivotal roles in advancing civil rights, education reform, and community empowerment, died at her D.C. residence last month at the age of 78. Her death, finally confirmed this week by Barnaby Towns, a communications strategist who collaborated with Dr. Edelin, was attributed to cancer.

Born on September 4, 1945, in Los Angeles, California, Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.

Edelin’s contributions to academia and activism were manifold. She was pivotal in popularizing the term “African American” alongside Rev. Jesse L. Jackson in the late 1980s.

Jackson had announced the preference for “African American,” speaking for summit organizers that included Dr. Edelin. “Just as we were called Colored, but were not that, and then Negro, but not that, to be called Black is just as baseless,” he said, adding that “African American” “has cultural integrity” and “puts us in our proper historical context.”

Later, Edelin told Ebony magazine, “Calling ourselves African Americans is the first step in the cultural offensive,” while linking the name change to a “cultural renaissance” in which Black Americans reconnected with their history and heritage.

“Who are we if we don’t acknowledge our motherland?” she asked later. “When a child in a ghetto calls himself African American, immediately he’s international. You’ve taken him from the ghetto and put him on the globe.”

The HistoryMakers bio noted that Edelin’s academic pursuits led her to found and chair the Department of African American Studies at Northeastern University, where she established herself as a leading voice.

Transitioning from academia to advocacy, Edelin joined the National Urban Coalition in 1977, eventually ascending to president and CEO. During her tenure, she spearheaded initiatives such as the “Say Yes to a Youngster’s Future” program, which provided crucial support in math, science, and technology to youth and teachers of color in urban areas. Her biography noted that Edelin’s efforts extended nationwide through partnerships with organizations like the National Science Foundation and the United States Department of Education.

President Bill Clinton recognized Edelin’s expertise by appointing her to the Presidential Board on Historically Black Colleges and Universities in 1998. She also co-founded and served as treasurer of the Black Leadership Forum, solidifying her standing as a respected leader in African American communities.

Beyond her professional achievements, Edelin dedicated herself to numerous boards and committees, including chairing the District of Columbia Educational Goals 2000 Panel and contributing to the Federal Advisory Committee for the Black Community Crusade for Children.

Throughout her life, Edelin received widespread recognition for her contributions. Ebony magazine honored her as one of the 100 Most Influential Black Americans, and she received prestigious awards such as the Southern Christian Leadership Award for Progressive Leadership and the IBM Community Executive Program Award.

The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.

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Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues

NNPA NEWSWIRE — Recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.
The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

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By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Tennessee State University (TSU), the state’s only public historically Black college and university (HBCU), faces a tumultuous future as Gov. Bill Lee dissolved its board, a move supported by racist conservatives and MAGA Republicans in the Tennessee General Assembly, who follow the lead of the twice-impeached, four-times indicted, alleged sexual predator former President Donald Trump. Educators and others have denounced the move as an attack on diversity, equity, and inclusion (DE&I) and a grave setback for higher education.

Critics argue that TSU’s purported financial mismanagement is a manufactured crisis rooted in decades of underinvestment by the state government. They’ve noted that it continues a trend by conservatives and the racist MAGA movement to eliminate opportunities for Blacks in education, corporate America, and the public sector.

Gevin Reynolds, a former speechwriter for Vice President Kamala Harris, emphasizes in an op-ed that TSU’s financial difficulties are not the result of university leadership because a recent audit found no evidence of fraud or malfeasance.

Reynolds noted that the disbanding of TSU’s board is not an isolated incident but part of a broader assault on DE&I initiatives nationwide. Ten states, including Tennessee, have enacted laws banning DE&I policies on college campuses, while governors appointing MAGA loyalists to university trustee positions further undermine efforts to promote inclusivity and equality.

Moreover, recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.

The actions echo historical efforts to suppress Black progress, reminiscent of the violent backlash against gains made during the Reconstruction era. President Joe Biden warned during an appearance in New York last month that Trump desires to bring the nation back to the 18th and 19th centuries – in other words, to see, among other things, African Americans back in the chains of slavery, women subservient to men without any say over their bodies, and all voting rights restricted to white men.

The parallels are stark, with white supremacist ideologies used to justify attacks on Black institutions and disenfranchise marginalized communities, Reynolds argued.

In response to these challenges, advocates stress the urgency of collective action to defend democracy and combat systemic racism. Understanding that attacks on institutions like TSU are symptomatic of broader threats to democratic norms, they call for increased civic engagement and voting at all levels of government.

The actions of people dedicated to upholding the principles of inclusivity, equity, and justice for all will determine the outcome of the ongoing fight for democracy, Reynolds noted. “We are in a war for our democracy, one whose outcome will be determined by every line on every ballot at every precinct,” he stated.

The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

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Braxton Haulcy and the Expansion of Walker|West Music Academy

May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …
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May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …

The post Braxton Haulcy and the Expansion of Walker|West Music Academy first appeared on BlackPressUSA.

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