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 […]
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(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.
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
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.”
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Here is what you need to know about finding unique white elephant gift ideas that everyone wants to steal
The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition. The wrapping paper comes off, the room goes quiet for half […]
The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition.
The wrapping paper comes off, the room goes quiet for half a second, and suddenly everyone wants the same gift. That is the sweet spot. A great white elephant pick should make people laugh, lean in, and start plotting their next steal before the turn is even over.
Should a White Elephant Gift Be Funny or Useful?
A white elephant gift can be funny or useful, but the strongest choices usually give people a reason to laugh and a reason to keep the item. A practical gift with an odd design, unexpected feature, or playful theme can get a reaction without becoming something the recipient immediately wants to give away.
The right balance depends on the group. Close friends and family members may enjoy a ridiculous gag gift because they already understand one another’s sense of humor.
A workplace exchange, neighborhood party, or mixed-age gathering usually calls for something with broader appeal. In those settings, humor works better when it is built into an item people could still use afterward.
It also helps to think about how quickly the gift will make sense once it is opened. A strangely shaped kitchen tool, oversized mug, quirky desk accessory, or unexpectedly fancy everyday item can create an immediate reaction. Guests understand the joke right away, while the item still has enough practical value to attract a steal.
Pure gag gifts can be harder to pull off. Something that exists only for the punchline may get a big laugh during the reveal and then sit untouched for the rest of the game. If the goal is to bring one of the gifts everyone keeps fighting over, usefulness gives the joke staying power.
Inside joke gifts can make a white elephant exchange feel much more personal, especially when most of the group shares the same stories. The trick is choosing a reference that people will recognize quickly instead of building the entire joke around something only two guests understand.
You can turn a memorable vacation mishap, office catchphrase, family story, or long-running group joke into the theme of the gift. A personalized comic book can work especially well when it turns familiar people or a ridiculous shared moment into part of the story.
Think carefully about who the joke involves before ordering anything permanent. The gift should make the person feel included in the fun, not singled out for the wrong reason.
Can You Bring Something You Already Own?
Holiday gift exchanges can be a good place to re-gift something you never used, especially if it is unopened and clean.
The following can all work if they still look presentable:
The goal is to give the item a second chance, not use the exchange as an excuse to clear out damaged or unwanted clutter.
Take a close look at the packaging before wrapping it. Faded boxes, missing pieces, visible wear, or anything that looks obviously used can make the gift feel careless.
Wrapping Budget-Friendly Gifts
Wrapping can make gifts more entertaining before anyone even knows what’s inside.
Misdirection works especially well for fun party games. Put a small gift inside a much larger box. Use packaging from an unrelated household item.
Add harmless weight so guests cannot guess what they are holding. The reveal becomes part of the joke without changing the gift itself.
You can also lean into the theme of the exchange. Bright paper, oversized bows, reusable bags, or deliberately over-the-top wrapping can make an ordinary item feel more memorable. If the gift itself is already funny, simple wrapping may work better so the surprise stays hidden until the last second.
Frequently Asked Questions
Is Picking Last an Advantage in White Elephant?
Picking last can be an advantage because you get to see almost every gift before making your move. Instead of choosing blindly from the remaining wrapped presents, you can steal something that has already caught your attention if the rules still allow it.
That advantage depends on the house rules. Some games limit how many times a gift can be stolen.
Others lock an item once it reaches a certain number of steals. If the most popular gifts are already unavailable, the final player may have fewer strong options than expected.
The first player can also get another turn at the end in some versions of the game. That rule can balance things out, since the person who started with the least information may get one final chance to steal.
How Do You Plan White Elephant for a Large Group?
For a large white elephant exchange, set a firm spending limit and establish the stealing rules in advance.
Create a clear turn order before the game begins. Drawing numbers as guests arrive can save time once everyone is ready to start.
Keep the number of steals per gift limited so the game does not drag on. It also helps to have one person track which creative holiday presents have been stolen and when they are locked, especially if dozens of people are participating.
Can You Play White Elephant Virtually?
A virtual white elephant exchange can work over a video call, with one person keeping track of the turn order and each steal. Guests can either mail physical gifts ahead of time or use digital gifts that can be delivered once the game ends.
Set the spending limit and stealing rules before everyone joins. It also helps to decide how gifts will be revealed and who is responsible for sending each one afterward so the exchange does not become confusing.
Choose a Perfect White Elephant Gift in a Snap
Look for a white elephant gift that fits some of these criteria, and everyone will be trying to grab it at your next celebration.
Do you need more gift-giving tips and tricks? Make sure you read some of our other posts.