By this point, the economic effects of the coronavirus aren’t news. If anything, there’s been so much coverage surrounding the topic that it’s hard to ascertain the right thing to do. From job loss to quarantine retail therapy, you may feel like your financial life has been in a tailspin since March. So we put together this post offering several simple steps to help you navigate the coronavirus outbreak and the havoc it may have wreaked on your personal finances. 1. Cut spending When lockdown first went into effect, many of us thought we’d be spending dramatically less — after all, quarantine means we can’t blow our paychecks (or blow off steam) at the local bar or take a luxurious vacation. And while certain types of spending are down, others have risen — including money spent on video streaming, food delivery, gaming, and alcohol, according to a New York Times analysis of data from Earnest Research . If you find yourself with less disposable income these days, it’s important to...

If you’ve been walloped by the economic fallout from the coronavirus pandemic, taking advantage of the federal student loan repayment suspension and interest freeze is a no-brainer. You can now stop making your payments and enjoy the six-month, interest-free period handed down by the U.S. government. But what if you can afford to keep putting money toward your education debt? For you, taking advantage of the federal student loan interest freeze might mean something else entirely. Here’s how to know… … when it makes sense to keep making federal loan payments … when it makes sense to sit back during the federal student loan interest freeze When it makes sense to keep making federal loan payments As you’ve likely heard, the government has enacted a six-month suspension of student loan payments — technically, an “administrative forbearance” — that allows most federal loan borrowers to take a penalty-free break from payment through Sept. 30, 2020. And yet, continuing to make payments...

The college student loan debt crisis is a serious issue America has been faced with for decades. Americans owe over $1.64 trillion in student loan debt as we’re burdened with the cost of higher education more than ever in 2020. While politicians like Bernie Sanders and Elizabeth Warren have made proposals for free college tuition and forgiveness for the current student loan debt, others are making their own strides to eliminate debt for current college students. Clark Atlanta University alum and female entrepreneurs, Pinky Cole and Stacey Lee have made an effort to put a dent in the student loan debt crisis by helping clear balances for 30 fellow CAU college students. The 30 Clark Atlanta University seniors were surprised with a special gift from these businesswomen as they were originally led to believe they were simply meeting the two alumni. Little did they know these dynamic entrepreneurs were going to give them a clean slate after college by completely wiping their debt. “We...

Whether you’re a current college student or you graduated years ago, you have access to a wide network of alumni who attended the same school as you. By tapping into alumni networks, you could make valuable connections, learn from experts and even get your foot in the door at a prospective employer. So how can alumni help students jumpstart their careers? And what steps can you take to make the most of alumni networks? Here are five ways to connect with fellow graduates of your alma mater (even as you figure out what career is right for you ): Set up a meeting with your career or alumni services office Join online alumni groups Introduce yourself over email Attend local alumni meet-ups and events Set up informational interviews or shadow days Got help from your alumni network? Don’t forget to pay it forward 1. Set up a meeting with your career or alumni services office Colleges offer a wealth of free resources to students and alumni , including career and alumni services. If you’re...

People enroll in college anticipating that a degree will lead to better job prospects, higher salaries and more opportunities in the future. But for a range of reasons, including college costs and life circumstances, some students have to drop out. After leaving school, you’re still required to make payments on your student loan debt. Refinancing can help many people manage their student debt, but refinancing student loans without a degree can be difficult. Here are your options for refinancing student loan and coming up with a repayment strategy if you didn’t complete your degree. Can you refinance student loans without a degree? For many people, refinancing and consolidating student loans makes their debt more manageable. They may qualify for a lower interest rate, different repayment terms or even a lower monthly payment. That can free up money in their budgets for other financial priorities. If you didn’t complete your degree, finding a lender who will refinance your loans with...

When you’re getting ready to launch your business, there’s a lot at stake. You want to make sure that everything is exactly right so you can set yourself up for success. Though it’s important to be prepared, it’s common to feel like there’s just never really a right time to take that leap. While it may not be your forever plan, it’s not the worst idea to launch your business part-time, allowing you to tackle it on the side while you’re still getting a steady paycheck and health benefits from your current employer. Launching your business now may make you a part of a growing trend: diversity in business ownership is increasing across the board. According to the most recent U.S. Small Business Administration data, there are around 8 million minority-owned businesses (accounting for around 29 percent of all U.S. businesses). In particular, there’s been an increase in both Black and Hispanic business ownership, (9.5 percent and 12.2 percent of all U.S.-based businesses, respectively),...

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution. We’ve covered how student loans can affect your credit score on Student Loan Hero before. But recently, I was left with a question: What is the impact on my credit score from paying off student loans early ? I had just gotten a notification that one of my credit accounts had closed, and there was a slight decrease in my credit score — but I had just paid off one of my student loans. Something that I felt so good about suddenly seemed like a mixed blessing, and it made me curious about how this had happened. Does paying off student loans help your credit score? Overall, student loans has positively affected my credit score. Up until two years ago, my student loans were my only source of credit —...

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution. There’s no shame in needing an extra infusion of cash to make things work. Businesses do it all the time as a strategic move, taking out business loans to ensure smooth operations or grow into new areas. As an individual, you may have strategic reasons for borrowing, too, and luckily there’s a type of lending just for you — a personal loan. If you’ve heard of personal loans, you may wonder, “How do personal loans work?” Personal loans are offered by banks and online lenders, and can be used for a wide variety of needs, from making a home repair to paying for dental work. While it’s important to be careful not to become overextended in your borrowing, personal loans can open up new...