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College Students

August 19, 2022 • By Kevin Alvarez

Don’t Let Back-To-School Shopping Stress You Out

The National Retail Federation (NRF) is expecting this year’s back-to-school shopping season to be the most expensive ever.

Parents are feeling pressured to overspend and many are worried about hitting the stores this year. The good news is that with a little planning, you can successfully manage these additional expenses while managing your stress.

According to their survey, K-12 families will be spending about $36.9 billion in back-to-class spending. An average of of $846 per household while back-to-college spending is expected to reach $73.9 billion, an average of $1,199 per household both. the highest ever recorded by the NRF.

Here are three steps you can take to plan for the upcoming back-to-school shopping season:

1. Make A Plan Before You Shop

Take some time to assess your financial situation. GreenPath’s budgeting worksheet is a great way to get started, click here to view and download. Once you have good handle on your current financial state, determine how much you truly feel comfortable spending.

2. Take Stock of What You Have Versus What You Need

Prioritize your needs list. What do you need to buy before school starts and what can you purchase later? What really needs to be replaced versus what can be reused? If new clothes are a need, many stores will be clearing their shelves to makes way for winter clothing. This is a good time to stock up at a discount.

3. Avoid Impulse Buys

Take your needs list with you and stick to it. If your kids will be shopping with you, share the list with them beforehand. Better yet, have them help you create it.

If they want something that isn't in the budget, offer them the option to chip in their own money. Generation Z has become more involved than previous generations and are spending more of their own money on back-to-school supplies. Teaching your children about finances plays a critical role in forming a healthy attitude about money and setting them up for long-term success.

2022 Back-To-School Webinar Trends - (Webinar Recording)

Information brought to you by our partner, GreenPath Financial Wellness

Greenpath Financial Wellness

Sources:
National Retail Federation Trends

May 17, 2022 • By Kevin Alvarez

What Are Your Student Loan Repayment Options?

Even with news of payment extension to August 31, 2022, student loan repayment is on the  minds of millions of Americans.

If you're looking for a way to set up affordable student loan payments, there are income-based repayment plans that can help you get a handle on what you pay each month and provide a little room in your budget at the same time.

These plans let you make payments based on your income and the size of your family. Knowing what to expect, based on what you are making can relieve some of the pressure associated with paying back your student loans.

GreenPath Partner Experience Manager Doug Brady offers specific tips on student loan repayment options in the following webinar highlight:

The federal government uses incomes and family size to calculate your discretionary income. What is discretionary income? It's the difference between your annual income and 150% of the federal poverty guidelines for your family size.

Take a look at following plans, as well as your finances to understand the best repayment option for you.

As you look at student loan repayment plans based on your income, it's important to not only understand what the plans are but the difference between them. Remember, if you don't sign up for an income-based plan, you are automatically placed into the Standard Repayment Plan.

Revised Pay As You Earn (REPAYE)

Under REPAYE, monthly payments are calculated as 10% of your discretionary income. As with many federal student loans, you will have to update your income and family size annually. Another important distinction is that married tax filing status is NOT considered under a REPAYE plan. Also, no PLUS loans (Payments made to parents) can qualify for this option.

Pay As You Earn (PAYE)

Under a PAYE plan, your requirements will also be calculated as 10% of your discretionary income. As with REPAYE, you are required to update your family size and income each year. The difference between a REPAYE and PAYE is that married tax filing status is considered when your payments are calculated. Plus loans do not qualify for this plan either.

Income-based Repayment (IBR)

With an IBR plan, your payment amount will be based on either 10% or 15% of your discretionary income. The lower interest rate typically applies to new borrowers. You can also be considered for the lower rate if your federal student loan debt is high relative to your income and family size. The annual update of your family size and income is required with this option as well and married tax filing status IS considered. PLUS loans do not qualify for this plan.

Income-Contingent Repayment (IBR)

With an ICR, payments are based on 20% of discretionary income. In general, ICR plans are less popular than other income-based options because they often lead to higher monthly payments . Under an ICR, PLUS loans are considered  — the only option for loans from parents.

The best income-driven repayment plan can depend on your particular situation, the type of loans you have, when you borrow the money for your education.

As you look at your loan, financial situation, and other factors specific to you, you can use a tool from the federal government to simulate which income-based plan will offer the lowest monthly payments and the lowest total amount repaid over the life of the loan. Access the federal student aid site to help decide which option works best for you.

For more information on your student loan debt, a trusted nonprofit agency is a good place to start. There are resources available to help you understand loans, debt, and to help you set a path forward to financial health. You can also access valuable counseling.

Brought to you by GreenPath Financial Wellness

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