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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

CARES Act Funding Didn't Come Through Now What??

 

So your CARES Act funding didn’t come through and you’re wondering what your next steps should be. After posting a YouTube video about this topic I received a comment from a young man who stated that his university was holding CARES Act funding hostage and that it would be months before he even got a response. I was shocked to hear this being that my university released these funds immediately! He even sent me a video to a Zoom town hall meeting where the students from his university asked very tough questions as to why this money had not been released. That got me to thinking about what students should do if they find themselves in a situation like this.


Figure 1: This is a thumbnail for my latest YouTube video on “CARES Act Funding Didn’t Come Through Now What” with a photo of me in my office talking to the camera while smiling and wearing a white shirt with a Gold sparkly “D” in the corner.


I actually decided to read the comment in full on my channel as well as my response so the viewers could get the full picture. I have a screenshot of it posted below for my readers to check out for themselves. As you can see this commenter is a very hardworking young man who could really use the CARES Act to give him and his family a much needed boost. While the funding will most likely not be enough to keep a family afloat, it can help to provide necessities.

 


Figure 2: This is a comment from my YouTube video on “CARES Act Funding Did Not Go Through Now What”. 

If your university is withholding CARES Act funding or you were not approved my advice is to not wait on them to decide your financial future. Here are a few tips on what your next steps should be:

1.      Look for On Campus Jobs: On campus jobs are perfect for students because they will meet your hectic schedule. In addition looking for any type of work would provide immediate and steady financial relief.

2.      Reach out to your Church or Other Organization: Many churches or other organizations that you are an active member of may be willing to provide assistance in your time of need. Call and explain your situation to see if any assistance can be provided. The worst they can say is no!

3.      Schedule a Meeting with Financial Aid: Schedule a meeting with a financial aid advisor to inquire on what FREE money options are available to assist you. Write down your questions and come prepared.  Scholarships, grants, and anything else that would not require you to pay back are what you should ask about.

4.      Do You Already Work Part-Time? Many part-time and full time jobs like Target and Walmart are paying for their employees college expenses. Contact someone at your place of employment who may know more about this.


Figure 3: This is a photo of an orange button on a keyboard that says “Tips and Tricks” with a light bulb at the top.


Most importantly do not give up and stay hopeful! You can get through this! Be sure to check out my video below for more information and drop down in the comments and let me know if you know of any resources to assist college students who are unable to receive CARES Act funding.

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