Pay for the College Webinar – Cal Times

0


During a college payment webinar on Tuesday, a guest speaker spoke to students about some ways to pay for their education and manage student loans.

Brian Stone, policy analyst for the Bureau of Consumer Financial Protection, spoke to students for an hour about student debt management.

Everyone should “understand your situation,” Stone said. There aren’t necessarily better or worse situations, there are just situations, and you need to figure out what’s best for you as an individual in those situations, according to Stone.

Some general advice from Stone is: “do your research before you do anything” and “pay more than what’s required if you can”.

Before changing payments, you should ask your loan manager these two questions, according to Stone: “Will this result in capitalization?” What impact will this have on the loan cancellation? “

An important concept that anyone with loans should understand is capitalization, according to Stone. Funding occurs when payments are suspended for some reason. Interest accrued on a loan is combined with the principal amount of a loan, so that the interest begins to earn interest on its own, according to Stone.

The Consumer Financial Protection Bureau is a “US government agency that makes sure that banks, lenders, and other financial companies treat you fairly,” according to their website. The Consumer Financial Protection Bureau is one of the newer bureaus, and it’s only about 10 years old, according to Stone.

“We would like students to come away with a better understanding of how to minimize and most effectively pay off their student debt,” said Jamey Roberti, Title III project leader at the University of California, Pennsylvania, explaining why they are organizing these webinars.

“While the event not only provided students with a better understanding of how to minimize and most effectively pay off their student debt, it also provided them with a platform to ask questions of a financial expert on the subject. The speakers also provided digital resources that the student might not have received otherwise, ”said Roberti. Some of these resources are booklets, which can be found on the website of the Consumer Financial Protection Bureau.

“The most important point was that interest and student loan debt can add up quickly, and you need to have a payment plan in place so you don’t get overwhelmed. As a non-traditional student, I was already familiar with most of the content presented, so it was more of a refresher course for me, ”said Nicole Hummel, senior at Cal U, who attended the webinar.

Stone also explained how to get loan forgiveness. There are very specific stipulations when it comes to eligibility, so anyone interested in canceling the loan should do their research ahead of time and make the payments accurately, according to Stone.

Organizers expected 26 students to attend the webinar, but only 13 did, according to Roberti.

If anyone is looking for more information on student loans and how to manage them, they can visit the CFPB website or the Department of Education website.


Leave A Reply

Your email address will not be published.