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My One Year Student Loan Payoff Update

  January 28, 2022 marked my one year anniversary of paying off my student loans . Reflecting back on choosing to pay off my student loans leaves me with several take a ways that I want to share with you! In September 2020 I decided to become debt free by utilizing the debt snowball method to pay off all my debt. Before this I had struggled to save and really understand basic financial principles. As a first-generation college student, I received a scholarship to attend undergrad for free, but the scholarship did not cover summers. During the summers I took out student loans to cover costs without paying interest rates or how much I was taking out. By the end of undergrad I had amassed a little under $17K. Fast forward to graduate school I received another scholarship that covered my education. At the time I was a teacher in a new very expensive city and I had missed the cutoff to have my paycheck last me throughout the summer. So, I decided to take out a loan for two summers to keep

Fall 2021 HEERF & CARES Act Funding is Here!! (FREE Money for College Students!!)💵🤑💰

 

A few days ago, I was surfing on my universities homepage and I noticed that there was a message at the top regarding summer II HEERF and CARES Act funding. Since I was enrolled in both summer semesters, I decided to send an email to the person listed as the contact to ask if I could receive more CARES Act funding for the fall semester. Since I had been enrolled in the first part of the summer and had already received funding I was not eligible but I was told that another round of CARES Act funding would be given in the fall! In case you did not know HEERF funding is the Higher Education Emergency Relief Act that was enacted for college students due to the pandemic. HEERF provides billions of support in education through CARES Act funding for enrolled students.



Figure 1: This is a thumbnail of my YouTube video on “Fall 2021 HEERF & CARES Act Funding is Here” where I am wearing a black shirt with a surprised look on my face.


Now while I am not sure on how much you will receive this time around I do know that you have to apply for funds and the earlier you apply the better! I believe the requirements to receive funding will be the same as the other rounds of the CARES Act. For example, you need to be an enrolled student who is taking courses, have a need related to COVID, and apply for the funding. Also, I do not believe you receive the money right away as when I received the CARES Act summer funding it came a few weeks after classes started. You will receive the money however you typically receive your refund, which is most likely direct deposit so make sure this is updated with the correct bank account information. 



Figure 2: This is a photo of the capitol next to wording that reads “Information for Students about the CARES Act and the Higher Education Emergency Relief Fund (HEERF).

 

This money will not go to any past balance that you owe to your university however, if you have a past  balance contact your financial aid department and ask if there is any HEERF funding that can be used to take care of your current past due balance. Of course, I will update you as more information becomes available but be sure to reach out to your financial aid department directly on when you can apply for this funding and who qualifies. Will you be applying? Has your school released any information about HEERF funding? If so, drop down in the comments and let me know! Be sure to check out my latest video on the subject below!


8/20/2021 UPDATE:

Hey guys here’s a quick update. I went back to my university’s homepage where the CARES Act funding message is posted to see if I could apply for fall funding. It turns out that the money will be applied automatically and I don’t have to complete an application like before. Be sure to reach out to your own university to see if the money will be applied automatically or if you don’t need to do anything! 

 

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