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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

FAFSA Season is Here!!

 

FAFSA season is finally here guys! Are you ready? As of October 1, 2021 you are now able to complete your FAFSA or the application for federal aid to assist your college in determining eligibility for federal financial aid. Without this, you will most likely have to pay for college by other means that do not involve governmental assistance like scholarships, grants, and other free money. So now is the time to gather all of your needed documents and parent’s documents if you are a dependent.

Figure 1: This is a thumbnail of my latest video on “FAFSA Season is Here” where I am sitting at my desk with my arms folded while looking at the camera.

If you have not already create a FAFSA ID by going to fafsa.gov, this is also where you will complete your FAFSA. Next, gather the documents you need to apply like your social security number, your parent’s social security number if you are a dependent, tax records, Driver’s license if you have one, and you alien registration number if you are not a citizen. Collecting some of these records can be a task however, when I completed the FAFSA last year I was able to transfer my tax information directly into my application by choosing this option once I got to this section. You and your parents will most likely be able to do the same thing. If for some reason, you cannot then have these documents nearby.

Figure 2: This is a photo of a FAFSA form.


Now if you aren’t sure on how to complete this form then I would recommend you reach out to your financial aid office to set up an appointment. Many financial aid offices have FAFSA launch parties where you can come in and complete your FAFSA while receiving assistance. You can also rely on a family member or mentor who has recently completed the FAFSA. Remember, be sure to go to someone who you can trust and who has completed the form more than once. The information that you place on this form will be used to obtain federal aid and you do not want any hiccups!

Figure 3: This is a photo of a student receiving help at a financial aid event.

 

The most important thing to remember when completing your FAFSA is to be early is to be on time! The priority deadline is February 15, 2021 however; your university may have other deadlines in place so be sure to check with them on when you should have your FAFSA completed by. Have you completed your FAFSA yet? Do you have any questions? Drop down in the comments and let me know! Be sure to check out my latest video for more information!

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My One Year Student Loan Payoff Update

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