June 13, 2019
By: Andrew Kreighbaum
Inside Higher Ed
Senator Elizabeth Warren and other congressional Democrats delivered a warning on Tuesday about the potential dangers of income-share agreements, an alternative form of college financing increasingly popular with some critics of student loans. The lawmakers’ primary target was the Trump administration — which has expressed interest in experimenting with the agreements — but the shot across the bow also aimed at colleges operating their own ISA plans.
Income-share agreements offer students financial support up front and in exchange require them to repay a portion of their income for a set number of years. They first caught on at coding boot camps and similar programs that don’t receive federal student aid. But a handful of four-year colleges have begun offering their own ISA plans and, last month, the Trump administration said it planned to pursue a federal experiment to offer income-share agreements to students.
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May 28, 2019
The Growing Trend Of Retiree Student Loan Debt
By Robert Farrington
So final exams ended for me recently, THANK GOD! I’m satisfied with my final grades and can’t wait to destroy my summer class. Another thank you goes to my wife. Thanks for taking care of our baby boy, and entertaining our ornery 2-year old daughter. Below are tips that helped me meet my academic goals with family and a full-time job.
1. Go to Class-And Yes, On Time.
Resist the urge to skip class for non-emergencies. Don’t create excuses either, reflect on the lesson from ‘The Boy Who Cried Wolf’ children’s story.
2. Stay Engaged-Use Different Methods.
Some of us learn through long lectures, others prefer instructors with engaging PowerPoints, while others must do something with their hands. Try taking notes with different colored pens, pencils, and highlighters to stay entertained during class.
3. Don’t Cram-Study Now.
Waiting until the night of a major exam can be disastrous for your GPA. Throughout the semester review your class notes daily before going to class and after class. This way you will retain more of the information through repetition.
5. Seek Support-Before Needing Help.
Remember, a cord of three strands is not quickly broken. We all go through stressful times, arrange to study with others in groups. Tackle challenges to learn material together, choose study mates wisely.
6. Quiz Yourself-Improve Your Knowledge.
Make flash cards or go digital with Quizlet’s online tool. Gauging your knowledge before exam time can prevent all-nighters.
7. Focus on Strengths-Not Weaknesses.
Are you most focused in morning or night? Consider your responsibilities at work and family obligations to allow time for rest.
8. Stay Positive-Visualize Success
If you tell yourself, “What’s the use? I’m going to fail anyway?” You will be 100% correct, 100% of the time. See yourself doing well on the final and determine steps necessary to make your dream a reality.
9. Rest-Don’t Stress.
According to Psychology Today, sleep is beneficial because 1) sleep protects new memories, lack of sleep makes you more irritable and forgetful 2) sleep consolidates memories according to their relative importance and the learner’s expectations for remembering.
10. Repeat Steps 1-9-Never Give Up.
Before you know it the semester will be over, you will log into student portal to review your semester grades and smile. You paid the price to win.
As usual, below is an update of my student loan balance. Until next time everyone! Stay strong, fight on, and have no debt but love!
Dear Parents, Friends, and Loved Ones,
Please pass this along to the college students in your life. Spring break is upon us, and they are being tempted to jump on planes and make it rain with tuition refunds.
Remind Them They Are Students:
Don’t ignore your college work over Spring Break. Use the week to relax from the regular grind, but stay in the habit of studying for school.
I think a lot of us dream of spending Spring Break on a beach with friends. Whatever your plans, use the time to continue being a student.
Encourage to Think Beyond Spring Break:
When I was a student, I found keeping this balance let me enjoy my break while also helping me stay caught up with the schoolwork to come. I was also less stressed when the break was over.
I’m not suggesting you lock yourself in your room and do nothing but school work. That will lead to burnout. Remember, balance is the key. Use the week to relax, but also keep up the routine of having study time:
• Continue doing classwork each day on your regular schedule.
• Schedule time to have fun and catch up with friends.
Prepare for The Next Academic Year & Career:
Besides the no-brainers of exercising and eating healthy, here are a few other things to do during Spring Break. The suggestions below will take time, so extend yourself some grace. For help, visit your college’s Career Services office when it reopens.
• Start working on a generic cover letter.
• Find a summer internship or job.
• Apply for scholarships.
Assess Your Finances:
If you can’t afford to jet set with classmates, just don’t go. Just imagine yourself in your career after graduation taking paid vacations from work. You will soon be a working professional who can afford multiple international trips a year-if you practice good money habits today.
Remind Them of Possible Financial Ruin:
For the last 7 years and 9 glorious months, I’ve been paying back student loans. Do you really want this in your future? Do yourself a favor, sacrifice what you want now for a future that’s a little more comfortable. Below is my balance update. Until next time everyone! Stay strong, fight on, and let’s help the youth have no debt but love.
Howdy and thank you for stopping by! Your visit to No Debt But Love isn’t taken for granted. Your presence here greatly encourages and motivates me.
Now Let’s Roll…
Grrrr… I hate giving the federal government an interest free loan. This is what happens when you get an income tax return, you essentially paid too much in taxes. Getting a return is better than the alternative, owing the federal government. Just thinking about these three letters makes me break out in a cold sweat! They are the IRS.
Pay What You Owe
The Internal Revenue Service possesses a very particular set of skills. Skills that make it a nightmare for your bank account. If you are some poor soul who owes years of back taxes without legal representation, the IRS will find you and garnish your wages.
I am grateful to have not owed the government a dime. Thanks to deducting $2,500 paid in student loan interest this past year. I also received a tax credit for the cost of childcare for my children. These tax provisions help immensely, but NOT enough to take out more student debt or have more children.
Am I Done Yet?
Paying off student loans has been frustrating and I grow evermore anxious as my balance gets closer to ZERO. I am instructed to not be anxious about anything, as found in Philippians 4:6-7. It’s weird that I am now grateful to have had the student loan debt in my life.
I have learned to count the cost of things I want; as in hours on my job it will take to pay for something. In this case of student loans- the years exchanged for pieces of paper. I am determined and have plans to not allow history to repeat itself through my children.
Making It Rain
As soon as our tax return hit the bank, my wife agreed to put some it towards my student loan debt. Below is an update of my loan balances. I am blessed to watch my debt shrink each month. I am grateful and can’t stop thanking the Lord for it.
Until next time everyone! Stay strong, fight on, and have no debt but love.
We have all read the nightmare stories of student loans wreaking havoc on the personal finances of the young and old. Here’s another thing student loans may cause… HAIR LOSS! DUN-DUN-DUUUUN!!! Haha. Life isn’t meant to be lived seriously all the time, so I decided to post about my male patterned baldness haha.
Going bald is a pain for me, as I have placed a bit of my identity in the strength of my hairline. Yeah… kind of silly. This past November, I stressed tremendously about my son starting daycare with his sister. I was on paternity leave at the time and the stress wasn’t about missing my son per se… it was the pressure to provide for two kids in daycare lol.
Yet the Lord provided and continues to provide. My nights became sleepless as I wondered how we would make it with my student loans, regular monthly expenses, and now daycare for 2. I was prepared to reduce my student loan payment to make things work. I grew frustrated thinking about all the progress made in reducing the debt to only watch it creep back up.
The elders in my family with wrinkly, low-hanging, bubbled lips would say, “Boy, the Lord is never surprised”. To which I would immediately exhale audibly and roll my eyes.
Soon everything became too much, I broke down and decided to challenge the Lord with Psalm 127:3-5 (NIV), “Children are a heritage from the Lord, offspring a reward from him. Like arrows in the hands of a warrior are children born in one’s youth. Blessed is the man whose quiver is full of them”.
I didn’t feel blessed at the time. After I decided to relinquish control as Proverbs 3:5-6 instructs, “Trust in the Lord with all your heart and lean not on your own understanding; in all your ways submit to him and he will make your paths straight”.
My family follows a strict budget and my wife isn’t too thrilled about it. However, there is more than enough every month. The provision doesn’t make any sense, as we should be in the negative. We may not have always have we want, but we always have what we need.
My hair even grew back, check out the waves HAHA. Hair is a trivial matter in the grand outlook of life, my razor is ready to “Come On Home” and join the pantheon of bald greats-Dwayne Johnson, Michael Jordan, and Vin Diesel
Below is an update on my student loan balance. I have no choice but to give thanks to the Lord, for he is good! His faithful love endures forever. -Psalm 136:1
Hi Everyone and welcome back to No Debt But Love! I have made the video entitled “Most Affordable 4-Year Colleges in Texas Under 20k Per Year For 2019” available on YouTube. Click on the play button of the video down below.
Have any of you attended one the featured schools? What was your experience like? What was your major? Did you graduate with any student loan debt? I love to hear from you in the comments section of the video.
Thank you for your support!
Hi everyone! Thank you for the continued support along my debt repayment journey. Below is my student loan balance update.
I have now paid off 68% of my student loans. With my student loans now at $26,646.87, I struggle with a lot of what ifs. What if I attended a cheaper school? What if I didn’t have student loans? What if the $58,661.20 paid toward my debt’s principal was money added into retirement accounts?
I snap out of the “Woe is me” and remember…
1 Timothy 6:6-10 (NIV) reads, “But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs”.
This scripture is not saying we should have nothing else beyond food and clothing. Nor is this scripture condemning ambition and the desire to earn wealth. This passage warns us against greed and the misuse of wealth.
Money should not be our final goal. We should aspire to know the Lord more; because he gives us the ability to enjoy what He blessed us with. Have you ever logged into your social media account and became envious of a friend’s latest vacation, celebratory post of a purchased house, or new job/promotion?
Comparing ourselves to others and living with regret is dangerous. There are times we will make lane changes and reverse to parallel park. However, staying fixated on other cars and not the road ahead of us will cause crashes-resulting in property loss or death.
Regardless of what our peers earn annually and possessions they enjoy, we must remember “Whatever you do, work heartily, as for the Lord and not for men”-Colossians 3:23 (NIV).
I will soon release a video entitled, “Most Affordable Texas Colleges-Legit Schools Costing Under 20k Per Year”. The video will be available through the No Debt But Love YouTube channel. Please subscribe to the channel, like, and share the videos; your support is much appreciated.