All Articles Tagged "student loans"
The aftermath of higher education leaves the average student drowning in nearly $29,000 in loans. For many, the prospect of buying a home or car is completely dashed by the entanglement of debt. But there is a light at the end of the tunnel. Should you choose to work in public service, your student loan debt may be forgiven, MSN Money reports.
“More than 33 million workers qualify to have their student loans forgiven because they work in schools, hospitals, firehouses, police stations, city halls, the military,” MSN added. But not many participate in these student loan forgiveness programs because of their complexity, and well, no one really knows they exist! The Consumer Financial Protection Bureau (CFPB) has implored Congress to enforce better regulation on these programs so workers know they are available.
“[T]he CFPB says U.S. workers are sending millions of dollars to lenders instead of keeping that cash in the local communities. It also actively discourages college graduates from entering public service fields,” the story says.
With public service positions, such as education, offering starting salaries at just $36,000, many students overlook these jobs. These student loan forgiveness programs would make those jobs more attractive. “The demand for nurses, police officers and social workers face [...] supply problems thanks to low starting salaries,” MSN Money said. “The government is willing to help them out, but it seems content to just let student loan cash flow to big lenders instead.”
While teachers, military personnel, police officers and other public servants are kept in the dark about these debt forgiveness programs, they remain chained to a low-paying job with hefty debt.
“People give up higher incomes to serve their city, their state, or their country,” said Richard Cordray, director of the CFPB. “We believe that people who contribute part of their talents, part of the benefits of their education, to society as a whole should not be mired in debt because they stir themselves to the calling of public service.”
The CFPB estimates that about 25 percent of America’s workers qualify for student loan forgiveness programs and these public service workers are eligible to have their debt wiped out within 10 years.
Many ladies in the hunt for a sugar daddy want one that’s got the money to finance either their plastic surgery desires or their student loan repayments.
A study done by SugarDaddie.com (not a typo) found that the top reason women seek out a sugar daddy is to pay for cosmetic procedures that include Botox and — most requested — breast augmentation. This is also the number one cosmetic procedure overall in the country. According to the press release with the study’s findings, one top-notch SugarDaddie wrote, “I could work 24/7 and would never be able to aford [sic] to pay for my own boob job.” Oh.
The second most popular reason was to pay Sallie Mae, showing that relationships are being impacted by the huge student loan debt in this country in more ways than one.
Rounding out the top five reasons women seek out sugar daddy, in order, are shopping, car payments, and travel.
SugarDaddie.com polled its 100,000 members for this survey.
We’ve asked before for your thoughts on sugar daddies. We’ll ask again. Is this whole set up OK?
- Educate yourself before you choose a credit card. Know the interest rates. Ask about monthly fees and balance fees (they add up). Or if you’re sinking in debt and burying your head in the sand like I was, get up, call your creditors and explain your financial situation. Get on a plan to pay them back little by little. Trust me, they want to help you pay them back their money. These are people with loans and debt just like you. They get it. More often than not, they are willing to negotiate terms.
- Create a budget for yourself. If you get into the habit of spending wisely, you’ll feel so accomplished you’ll continue. I use the 50/30/10/10 rule. Fifty percent goes to bills. Thirty percent goes to my treats, shopping etc. Ten percent is tithed to my church. And the last 10 percent is saved. Having a plan will always yield favorable results if you commit to it. Sites like Mint.com are super useful in setting up streamlined budgeting systems.
- Understand how credit cards work. Even if you pay your card off every month, maxing it out is no good. A consistently maxed out card signals an out-of-control spender to the credit bureaus and it decreases your credit score. Using 20 to 30 percent of your card and paying it off each month shows restraint and responsible stewardship.
- Find deals! You can still afford to have fun and purchase nice things even while on a restrained budget, you just have to search out great deals. And with sites like LivingSocial and Groupon it isn’t hard to find great deals anymore. There is no reason why anyone should be spending full price for anything, ever. Clip coupons! Be a loyal customer – the perks are AWESOME.
- Don’t focus on your past mistakes with money or all the things you wish you could do. Focus on the lessons learned and the courage you mustered to take back control of your finances. With time and a committed plan, you’ll be out of debt and more financially empowered than you dreamed.
Not much has changed since Prudential Financial last conducted its “African American Financial Experience” survey in 2011. According to the latest results of the biennial study, released Tuesday, African Americans still face competing priorities when it comes to building a legacy of wealth. At the top of the list: paying off debt, saving for retirement and having enough life insurance to protect loved ones.
This year’s results are based on a March 2013 poll of 1,153 Americans who identify as African American or Black and 471 general population Americans, Prudential notes.
But while the findings compound a recent report on the role the Great Recession has played in perpetuating the wealth gap between racial groups, African Americans remain confident about their financial future, the report says, with half of African Americans saying they are doing better now financially than they were 12 months ago, a sentiment shared by only one-third of the general population.
Read more at BlackVoices.com
Tags:african american finances, African American Financial Experience, African American Financial Experience Survey, African-American Financial Crisis, African-American Financial Literacy, Black Unemployment Crisis, Black Voices Life, Black Voices News, black wealth, money, polls, Prudential Financial, Prudential Survey, student loans, unemployment
Good People Still Exist: Anonymous Businessman Shells Out Over $35,000 To Pay Off Mother of Five’s Student Loans
“You don’t hear about people that do huge things like for people. I can’t believe anything like that ever happened to me in my life,” Becote says.What a rare, but beautiful story!
As we recently reported, hundreds of students at Historically Black Colleges and Universities (HBCUs) are finding themselves with less financial aid due to changes made on federal student loan applications.
Now the HBCUs are fighting back. According to the Washington Times (via Black Blue Dog), HBCUs may end up having to sue President Obama’s administration for allowing changes in student loan standards. These changes have disproportionately affected minority populations. On the HBCU side, they say they were not given advanced notice of changes in loan standards resulting from new eligibility requirements coming from the US Department of Education.
“We’re going to continue to pursue the legislative process to find a better solution,” Johnny C. Taylor, president and CEO of the Thurgood Marshall College Fund told the Washington Times. “We are not itching for a fight, [but] we need to do what is necessary to protect what is the most vulnerable and fragile in our society.”
On the White House side, the Obama Administration has said that they made the changes so that the expectations for these loans match industry standards for getting other types of loans. This has not happened, however, for many black students, especially those at HBCUs. “[D]ue to differences in wealth levels, African Americans are often left behind,” writes Black Blue Dog. “Before, less than a quarter of PLUS loan applicants were denied. That number has risen to more than half,” the article continues.
Separately, but related, the average debt for HBCU students is $32,000. So though those loans are needed, many students are walking off campus for the last time with a high degree of debt.
The 2013 tax season is here, and with many close friends, family members and acquaintances offering their personal services and advice, they might overlook a few of the tax deductions you could possibly qualify for.
Filing your taxes may seem simple enough, but make sure you are getting all you deserve from the year and take note of these commonly overlooked tax deductions before filing and completing your taxes for the season.
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