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The Department of Education Changed the rules for student loan forgiveness

 The Department of Education has "silently" changed the rules to student loan forgiveness that will affect at least 800,000 borrowers. On September 29, 2022 the Department of Education made a few changes for those who obtained the Perkin's and Federal Family Education loan.  Here is the language directly from the Dept of Education "As of September 29, 2022 borrowers with federal student loans not held by ED cannot obtain one time debt relief by consolidating those loans into direct loans". Previously individuals who did obtain theses loans were able to receive loan forgiveness. Figure 1: This is a thumbnail of my latest YouTube video "Student loan forgiveness guidelines have changed" where I am sitting in my office while looking at the camera with a suspicious look.  Many speculate that potential lawsuits could be the reason why the Dept of Ed has changed it's language recently. Long story short the banks who insured these loans will not receive an

Adult Daily Living Skills: Budgeting

 

(This is a thumbnail of my Adult Daily Living Skills: Budgeting YouTube video"


Over the last few months I’ve made a decision to become better with my finances. I'd gotten tired of getting paid only to portion out most of it to monthly payments towards my debt and not even having enough to cover the things I actually needed. Soon after I heard about a guy named Dave Ramsey on Instagram. Browsing through his social media I saw people paying off crazy amounts of debt that were much larger than mine and I decided to do the same. I started this journey with taking his financial assessment that placed me at step 2 of the infamous “Baby Steps”. In step 2 you are paying off debt using the debt snowball and gaining control of your budget.

(This is a phot of Dave Ramsey's 7 Baby Steps)


 I gained control over my budget through the Every Dollar budgeting app and The Envelope Method. The Envelope Method is a budgeting strategy where you build discipline through sticking to your budget by putting cash inside of envelopes . First you create a zero based budget where you portion out every last cent. By the end of your budget there should be nothing left over since every dollar has a purpose. I typically do this at least one week prior to getting paid so I can have time to really focus on my budget. Once my budget is in place and my check has landed I head to the bank with my budget in hand. I give the teller the exact increments of cash that I need and then I place them in my envelopes. Easy right?!  This process has helped me tremendously ! Since I have started I not only know where my money is going but I actually have some left over to double my payments towards my debt ! If your interested in learning how I do this check out my YouTube video below for more information. 

SUBSCRIBE: Adult Daily Living Skills: Budgeting with the Envelope System

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