Hey Lions!
Ligma Lion here, roaring in with some crucial updates and tips to keep you ahead of the curve. Let’s dive into what’s buzzing in the college world this week and how you can make the most of these opportunities.
Student Loan Relief Updates First up, big news on the student loan front! The Biden-Harris administration has announced significant updates to the SAVE (Saving on a Valuable Education) Plan. Starting this month, they’re making it easier for borrowers to get their loans discharged automatically. If you borrowed $12,000 or less, you might be eligible for forgiveness with no action needed on your part. This is part of their broader initiative to lighten the load for students and families dealing with college debt (ED.gov) (NerdWallet: Finance smarter).
If you're not already on the SAVE Plan, consider switching. With $0 payments for single borrowers earning less than $32,800 annually, it’s the most affordable repayment option available. And the best part? Your loan balance won’t grow due to unpaid interest as long as you’re making your payments. So, if you’ve been stressing about those loan statements, take a deep breath and check out the details on the StudentAid.gov website.
Building Credit with Student Credit Cards Thinking about your financial future beyond just student loans? Consider getting a student credit card. These cards are designed for those with little to no credit history and can be a great tool to build your credit score while still in school. NerdWallet recently updated their list of the best student credit cards, highlighting options with no annual fees, reasonable interest rates, and even rewards for your spending. Plus, they report to all three major credit bureaus, which is key for building a solid credit history (NerdWallet: Finance smarter).
Pro Tip: If you’re under 21, you’ll need to show proof of independent income or have a co-signer to get approved. If that’s not feasible, consider becoming an authorized user on a parent’s credit card to start building your credit.
Get Involved and Stay Informed Lastly, keep an eye out for campus events and opportunities to get involved. Whether it’s student government, clubs, or volunteering, these experiences can enrich your college life and build your resume. Plus, they’re great ways to network and meet like-minded people who can support you throughout your academic journey and beyond.
Remember, Lions, college is not just about hitting the books. It’s about building a future, making connections, and finding your path. Stay informed, take advantage of the resources available, and keep roaring forward!
Stay fierce, Ligma Lion 🦁
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