2021-2022 – Over

We congratulate our graduating seniors, high school and college, as the school year ends. The Class of 2022 and their younger classmates have overcome unprecedented personal and academic challenges. They have championed through and demonstrated resilience and determination. Parents, educators, and members of the family support network, we thank you for the gifts you provide to the lives of your children and students.

Special shout out to Mariana, Hannah, Michael, Franklin, Brooke, Derek, Celeste, Jack, Cameron, Sofia, and Valerie. You are all going to be very successful in September and throughout your four years of college.

Spoiler Alert
The journey is still underway. Take time to break, relax and recharge, but don’t lose the momentum from the spring. Here is my summer 360-degree FAMILY planning checklist:

College Graduates

  • If you do not have a job lined up, look to your resources and network for introductions and help to schedule informational meetings. Relationships and contacts created through the likes of LinkedIn, friends, and relatives can make your job searching process quicker and easier.
  • Leaving college with educational debt means repayment begins in November. Use the early summer months to learn the rules of repayment and your loan benefits to effectively prepare to manage your loan obligations. Don’t forget to create your new financial and lifestyle budget.
  • If the following steps are a graduate school, find your path and start the application process (again).

Returning College Students

  • Take a minute or two to investigate your financing plan for years two, three, or four. Is it set in stone, or are modifications and changes needed? If needed, schedule a meeting with financial aid to discuss changes to your family’s picture and the potential need for more assistance.
  • Spend time researching scholarships. Yes, private philanthropic donors set aside funds for returning college students. Not hundreds, but maybe for you. Sign up for Pivotal College Years and download a copy of their Scholarship Workbook – www.pivotalcollegeyears.com
  • Need help academically? Hire a tutor/coach to boost your academics

Incoming First-Year College Students

  • Complete the tasks and assignments required by your college or university. Many of these responsibilities are explained at the orientation or found in the student portal. Final transcript, immunization records, course selection, and resolving tuition bill payments are some of your to do’s
  • Find a job or continue to work where you were during high school. Spending money will be needed during the years.
  • Tuition bills are coming – step back and review your financing strategy to ensure the resources you plan to use are still possible.
  • Keep reading and learning – especially for young men

High School Students

  • Rising seniors, you should be focused on perfecting your college list, kick-starting your Common Application, continuing your communications with your schools, and brainstorming for your essay.
  • New 8th to 11th-grade students, your focus varies but should include frank and realistic conversations regarding setting goals and expectations, the ability to finance college, and the type of education path ahead.
  • These are challenging discussions but a must. The rules for admissions and financial aid have changed. Understanding the rules and how they apply to a student and a family’s needs is critical.
  • Visit Pivotal College Years or your high school website to download grade-level checklists that outline the college planning process’s over 150 tasks, responsibilities, and activities.
Don’t Wait …. Show Your Interest
Today, college-bound 11th-grade students need to introduce themselves and work to educated schools of their interests and academic and personal talents. It’s no secret that colleges and universities purchase students’ names and information. Part of their sophisticated enrollment management plans to target prospective students. But receiving an email or glossy brochure does not define a relationship. Using digital and traditional communication methods, students need to step forward, build relationships, and raise awareness about their interests. It’s critical in today’s college recruitment environment.
Anything Else

Education Loan (New) Interests Rates
U.S. Department of Education released the 2022-2023 interest rates for the Federal Direct Student Loan Program. The rates are effective as of July 1 for 2022-2023.

  • Direct Student Loan for Undergraduate students – increase from 3.73% to 4.99%
  • Direct Unsubsidized Graduate and Professional students – increase from 5.28% to 6.54%
  • Direct PLUS* Loan for Parents of Dependent Undergraduate and Graduate students increases from 6.28% to 7.54%
  • The Origination Fee charged at first disbursement is 1.05% for Direct Subsidized and Unsubsidized Loans and 4.22% for Direct PLUS loans.

Keep in mind that the Federal Direct PLUS Loan is credit-based and not automatically available as it may appear on some college financial aid award letters. Although credit eligibility is considered less stringent, applicants can’t have an adverse credit history.

Add a copy of the Practical Funding Workbook from Pivotal College Years to your resource library.

Check out the robust online library of information covering a wide range of topics, before, during, and after college. Resources include videos, PDF downloads, Workbooks – College Essays, Hunting for Scholarship, and other reference information on everything college. College Planning shouldn’t be complicated, intimidating, or expensive.
Use PCY30 for a free trial – Learn more

For you, your clients, and employees!

So, You’ve Graduated – What’s Next??

So, You’ve Graduated – What’s Next??

Caps and gowns, family gatherings and celebrations tied to one’s recent graduation are now photos on the shared drive. Quickly the end of college has turned into landing one’s first job and for some the continuation of the search. The change brings a new sense of freedom and responsibilities, including the educational debt, i.e. student loans.  Yes, the repayment of Federal and/or Private Education Loan.

Whether you have launched yourself into your first job or still searching, new graduates need to get ahead of managing their educational loan obligations.

Graduates who borrowed to attend college and left in May are now in the final days of their grace period. A six (6) month grace period tied to Federal Loans Direct Loans and most Private Loan(s). The grace period is provided to assist new graduates time to identify their loan(s) obligation, who is managing the day to day loan servicing and to set up a repayment program based on current financial resources.

What if I do not know who to call or how much I owe? What can you do if you can’t pay?  The following looks at these and other aspects of managing one’s educational debt after college.

How much do I owe and to whom?

Account information can be found in the mail that has arrived via the USPS or email. If for some reason it has been misplaced (wink, wink), individuals who borrowed Federal Direct Student Loans or other Federal Loan Programs (Direct PLUS – Direct Grad PLUS) can access the  National Student Loan Data System (NSLDS) to learn how much and to whom one owes. To locate one’s Private Education Loan information one can either contact the college/university’s financial aid office or Annual Credit Report, a free service of the major credit reporting agencies. Included in this information for both Federal and Private loans will be information on the name of the Loan Servicer who manages the loan portfolio on a day-to-day basis for the lender.

How do I get started?

Once you know who and how much, you can set up your repayment schedule by either accessing your account online or by calling the Loan Servicer, the day-to-day manager of the account. A Customer Service Representative will work with you to establish a monthly repayment scheduled that will work to liquidate the loan as fast as possible based on one’s financial capable. It is a give and take, one that should be approached with candor and honesty, so the result is the creation of a repayment program that will be manageable and successful.

Can I consolidate or refinance my loans?

Yes, many individuals will look to the Direct Loan Consolidation Program and/or private refinancing options to assist with managing education loan payments.

The most common reasons are to:

  1. Reduce the monthly payment
  2. Lower interest rates
  3. Switch from Variable to Fixed Interest Rate
  4. Combine multiple loan providers (lenders/servicers) to one single loan provider
  5. Rehabilitate a defaulted Federal Loan

Federal Student Loan Consolidation

A benefit that is assigned to each loan issued under the Federal Student Loan Program providing borrowers with multiple repayment options, including standard and income sensitive repayment programs  and resources to make modifications to one’s standard repayment schedule. Loans consolidated under the Federal Program continue to retain their eligibility. Learn more at Student Aid  for other Direct Student Loan benefits.

Education Loan Refinancing

Typically associated with private education loans, refinancing allows eligible student and parent borrowers the opportunity to make modifications to the loan(s) to reduce interest rates and gain similar benefits list above.

What if I can’t pay?

From time to time individuals can find themselves struggling to make their monthly payment. When that occurs, it is critical to contact the Loan Servicer managing the loan portfolio. The call, maybe stressful but the result will be beneficial. Working with the Loan Servicer, you will have the chance to review your current financial circumstances and outline options to provide temporary relief and assistance. These can include modifying the payment amount, extending the term of the loan and/or postponing the

Don’t Wait!!

Dealing with one’s education loan portfolio for many is the first “huge” financial responsibility to be undertaken. It is a very important part of establishment of one’s financial and credit profile. Regardless of one’s individual circumstance, don’t delay. Make the call and get things going!!!

For more information call Get College Going today – 617-240-7350