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November 16, 2021 • By Lisa

The CARES Act Extension and What It Means For You

It was announced that the final expiration of the coronavirus emergency relief benefits for borrowers with federal student loans, the CARES Act, will be January 31, 2022.

The relief bill was signed into law on March 27, 2020 to help most federal student loan borrowers by temporarily pausing payments and involuntary collections on federally held student loans, giving borrowers some much needed breathing room for those struggling with payments due to the pandemic.

You have a few opportunities to take advantage of this final extension:

  • Get ahead of your debt - If you're a federal borrower, you still have several months of debt relief before having to resume your monthly payments in February 2022. If you can afford it, take advantage of this chance to reduce your student loan principal while the interest rate remains at zero percent.
  • Prepare now for student loan repayments in February 2022
  • Refinance any private student loans - rates are at an all-time low

If you need assistance with the refinancing of any private student loans, our partners at LendKey can help.

LendKey offers great rates and unmatched service and is the leading free platform for student loan refinancing. The application process is 100% online and LendKey is always your point of contact if you have questions.  Check your rate today!

August 18, 2020 • By Kevin Alvarez

How to Plan for Back to School Expenses in a Time of COVID-19

Information brought to you by our partner, GreenPath Financial Wellness

As families track the latest news about their communities K-12 reopening plans, it’s clear this is a school year like no other – especially as families plan for back to school expenses.

Will students return in the classroom? Will a K-12 student school year involve a mix of online and in-class learning? Or will school districts mandate that the school year be online, virtual learning?

A national organization that monitors retail activity shows that households tentatively plan to spend a record amount to prepare students for school and college. If districts aren’t providing laptops, many families will buy laptops and computer accessories in anticipation that at least some classes will take place online because of the coronavirus pandemic.

The retail survey shows that parents with children in elementary school through high school anticipate spending an average of $789.49 per family, topping the previous record of $696.70 they said they would spend last year.

While it isn’t a typical year when it comes to back to school shopping tips, with the right information, families can reduce their stress.

6 Steps to Plan for Back to School Expenses

The good news is that with a little planning, you can successfully manage additional expenses even in the midst of a pandemic.

As you plan for back to school expenses, shared here are six steps you can take.

1. Check in with your school district.

Whether preparing for online or in person, be sure your spending plan reflects what technology tools might be needed. Watch the news or local websites to keep tabs on what your district is planning for back to school. Check with your district if they will be providing school-aged children with laptops or other technology.

2. Think about your spending plan.

The pandemic has changed household finances, given unexpected loss or changes in monthly income. GreenPath’s budgeting worksheet is a great way to get a handle on the situation in terms of tracking income against expenses. Once you have a good handle on your current financial state, determine how much you truly feel comfortable spending.

3. Is it a “want” or a “need?”

Prioritize your needs list. What do you need to buy before school starts and what can you purchase later?

When thinking about virtual learning, does the family already have access to high-speed internet and a family computer, or are these items that need to be purchased? Will your district provide needed technology? What really needs to be replaced or what can be reused?

If new clothes are a need, watch for sales or online stores offering the most competitive pricing.

4. Avoid impulse buys.

Whether heading to the computer store to support online learning or buying a new backpack, stick with the plan.

Make it a family affair. Write out the shopping list together. If the kids want something that isn’t in the budget, offer them the option to chip in their own money.

Look at school shopping as an opportunity to get kids more involved or even suggest spending more of their own money on back-to-school supplies.

5. Watch those credit card balances.

If you use a consumer credit card, keep a close tab on the balances. This can be a simple process of assembling printed receipts in an envelope after each shopping outing. That way you’ll have a clear reminder of the credit card balances as they are incurred.

6. Consider teaming with a helpful resource.

Families looking for additional support before they head to the stores this fall have another option.

GreenPath’s professional, caring Financial Wellness Experts will assist you in assessing your financial situation and guide you to create a personalized plan to achieve your goals.

GreenPath works with thousands of people each week to pay off debt, improve credit, and lead a financially healthy life. When looking ahead to an uncertain school year, it’s helpful to start a conversation with a GreenPath a Financial Expert.

March 6, 2018 • By Lisa

Strategies to Make College More Affordable

With the price of college still on an upward trajectory, families are looking for ways to make higher education affordable.

According to “How America Pays for College,” a report by Sallie Mae, the average American family spent $23,757 on college costs in 2017.

Here are some ways families are reducing their college costs:

  • Live at home.

    The report found 50% of students live with their parents or relatives.

  • Cut the pricey top picks.

    Nearly 70% of families eliminated colleges during the application process due to their high price tags, up from 58% in 2008. About 73% are choosing an in-state school.

  • Take a student job.

    At least 76% the students surveyed reported planned to work while in college, with 55% working year-round.

  • Finish quicker.

    Nearly 26% of students enrolled in accelerated courses while in high school to pay for fewer semesters in college.

  • Use grants and scholarships.

    Families reported covering about 35% of their school bills with grants and scholarships—the biggest portion of their payment sources. About 87% of these scholarships come from the schools.

  • Start a college-savings plan.

    In 2016-17, 13% of families used the 529 tax-advantaged college-savings plan, with an average amount of $10,031.

SafeAmerica Credit Union can help.

We're your local credit union and we're here to help.  Did you know SafeAmerica Credit Union offers affordable student loans?  Let us finance your education or refinance your current student loan to save you even more money.  We also award 5 lucky winners a $1,000 college scholarship each year with our annual college scholarship program.  Submit your essay today for a chance to win.


Learn More About Student Loans


Learn More About Scholarships

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