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How to Get Ready to Start Repaying Student Loans

By Bria Overs | Word In Black Credit: Ron Lach / Pexels (WIB) – After a more than three-year pause, interest and payments on federal student loans will restart on August 29, 2023. For over 40 million Americans, this reintroduction to paying their student loans is daunting. Even if the Supreme Court rules in President Biden’s favor on […]
The post How to Get Ready to Start Repaying Student Loans first appeared on BlackPressUSA.

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By Bria Overs | Word In Black

Credit: Ron Lach / Pexels

(WIB) – After a more than three-year pause, interest and payments on federal student loans will restart on August 29, 2023. For over 40 million Americans, this reintroduction to paying their student loans is daunting.

Even if the Supreme Court rules in President Biden’s favor on the student loan forgiveness plan, not everyone will have their loans forgiven in full or even partially.

A May 2023 working study by the National Bureau of Economic Research found that borrowers whose loans were on pause used their new liquidity, or spare cash, to get new types of debt. This debt includes mortgages, auto loans, and increased credit card borrowing.

The end of the pause concerns both Lauryn Williams of Worth Winning and Brenton Harrison of New Money New Problems

But, they have tips for borrowers who want to prepare for the restart with the remaining few interest-free and payment-free months.

Williams and Harrison are Certified Financial Planners (CFP) with a special Certified Student Loan Professional (CSLP) designation that makes them experts on paying back student loans.

A CSLP is different from a financial aid officer found on college campuses. CSLPs, Harrison says, “strategize on repayment, as opposed to a financial aid counselor, who’s more so helping you maximize your aid while you’re in school.”

Most institutions have an exit counselor or an exit session for those who took out student loans during their higher education. These sessions and counselors provide the basics on repayment but don’t create specific plans for borrowers.

“We’re not doing the ‘preventative measures,’” Williams says. “But a student loan professional is going to help you understand the best strategies related to the federal student loan debt you have.”

The First Steps for Repayment

For the Black community, preparing for repayment has never been more critical. Black folks carry the most student loan debt, which they hold for longer than any other ethnic group.

“My biggest fear is that the people who are going to be harmed most are the people who owe the most — which are Black people,” Harrison says. “They’re not going to have many resources to go ask questions to make sure they’re not harmed.”

The first few steps in preparing for the restart are getting basic loan information. 

Some easy starter questions to get answers to are:

  • Who is the loan servicer?
  • What is the total amount due?
  • What is the interest rate for each loan?
  • What type of student loans are they?
  • When is the first payment due?
  • What will the monthly payment be? 

Each account on a servicer’s website should have specific loan information. However, these websites are another concern of Harrison’s.

During the last three years, some loan servicers, including Navient, Granite State Management and Resources, and Pennsylvania Higher Education Assistance Agency (PHEAA), left the student loan industry.

Brenton Harrison has over a decade of experience teaching strategies for overcoming the burden of debt, juggling family and money, and establishing a financial foothold for those who were never taught the principles of financial literacy. Credit: Rebekah Talbot

According to Bankrate, the loans from those former servicers should have moved to a new servicer, and the details of those loans should be the same.

“They’re going to contact you about your loans and what’s to come using the address and contact information on file or had on file back in 2020 or 2021,” he says.

Another important step is ensuring the servicer has up-to-date contact information, including a good email, phone number, and address.

Harrison recommends visiting the Federal Student Aid website for more information on federal loans and servicers. 

And, while it’s a good idea to get in touch with servicers for basic information, Williams doesn’t recommend turning to them for help deciding on the best path forward based on an individual financial situation.

“The hard thing is your loan servicer is not going to be well-equipped to help you sort through your personal financial situation,” Williams says. “They’re not going to be able to say, ‘Hey, this is the absolute most efficient thing based on your overall financial picture.’”

Concerns for Borrowers Moving Forward

Williams’ number one concern with the restart is increased lifestyle creep. Lifestyle creep happens when an increase in income also leads to increased living expenses and spending.

“Maybe they had a $500 or even $1,000 student loan payment, and now they don’t have that same $500 or $1,000 available because they have some other monthly bill they replaced it with,” Williams says. “It’s going to stretch them really thin.”

Lauryn is a CFP, author, podcaster, and the first American woman to earn a medal in the Summer and Winter Olympics. Credit: Lauryn Williams
Lauryn is a CFP, author, podcaster, and the first American woman to earn a medal in the Summer and Winter Olympics. Credit: Lauryn Williams

While the relief of the pause was most felt by those already paying their loans, that didn’t stop students from graduating or leaving school with debt.

There are recent college students whose repayments didn’t start six months after graduating or leaving school like they usually would have.

“They were born into this pause, if you will,” she says. “They need to understand what repayment plans are available, how the various repayment plans work, and which is the most optimal for them because it’s not one size fits all.”

She recommends setting that money aside whenever possible if it’s not happening already. 

“The time to take action is now,” Williams says. “Don’t stick your head in the sand. Instead of being angry that no one came with the magic wand of forgiveness, focus on how you can start creating wealth for yourself and putting the dollars you have to work in the most meaningful way.”

The post How to Get Ready to Start Repaying Student Loans appeared first on The Sacramento Observer.

This article originally appeared in the Sacramento Observer.

The post How to Get Ready to Start Repaying Student Loans first appeared on BlackPressUSA.

Sacramento Observer staff report

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Black Feminist Movement Mobilizes in Response to National Threats

BLACKPRESSUSA NEWSWIRE — More than 500 Black feminists will convene in New Orleans from June 5 through 7 for what organizers are calling the largest Black feminist gathering in the United States.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

More than 500 Black feminists will convene in New Orleans from June 5 through 7 for what organizers are calling the largest Black feminist gathering in the United States. The event, led by the organization Black Feminist Future, is headlined by activist and scholar Angela Y. Davis. Paris Hatcher, executive director of Black Feminist Future, joined Black Press USA’s Let It Be Known to outline the mission and urgency behind the gathering, titled “Get Free.” “This is not just a conference to dress up and have a good time,” Hatcher said. “We’re building power to address the conditions that are putting our lives at risk—whether that’s policing, reproductive injustice, or economic inequality.” Hatcher pointed to issues such as rising evictions among Black families, the rollback of bodily autonomy laws, and the high cost of living as key drivers of the event’s agenda. “Our communities are facing premature death,” she said.

Workshops and plenaries will focus on direct action, policy advocacy, and practical organizing skills. Attendees will participate in training sessions that include how to resist evictions, organize around immigration enforcement, and disrupt systemic policies contributing to poverty and incarceration. “This is about fighting back,” Hatcher said. “We’re not conceding anything.” Hatcher addressed the persistent misconceptions about Black feminism, including the idea that it is a movement against men or families. “Black feminism is not a rejection of men,” she said. “It’s a rejection of patriarchy. Black men must be part of this struggle because patriarchy harms them too.” She also responded to claims that organizing around Black women’s issues weakens broader coalitions. “We don’t live single-issue lives,” Hatcher said. “Our blueprint is one that lifts all Black people.”

The conference will not be streamed virtually, but recaps and updates will be posted daily on Black Feminist Future’s YouTube channel and Instagram account. The event includes performances by Tank and the Bangas and honors longtime activists including Billy Avery, Erica Huggins, and Alexis Pauline Gumbs. When asked how Black feminism helps families, Hatcher said the real threat to family stability is systemic oppression. “If we want to talk about strong Black families, we have to talk about mass incarceration, the income gap, and the systems that tear our families apart,” Hatcher said. “Black feminism gives us the tools to build and sustain healthy families—not just survive but thrive.”

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Hoover’s Commutation Divides Chicago as State Sentence Remains

BLACKPRESSUSA NEWSWIRE — Hoover was convicted of murder and running a criminal enterprise. Although some supporters describe him as a political prisoner, the legal and public safety concerns associated with his name remain substantial.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

The federal sentence for Gangster Disciples founder Larry Hoover has been commuted, but he remains incarcerated under a 200-year state sentence in Illinois. The decision by Donald Trump to reduce Hoover’s federal time has reignited longstanding debates over his legacy and whether rehabilitation or continued punishment is warranted. The commutation drew immediate public attention after music executive Jay Prince and artist Chance the Rapper publicly praised Trump’s decision. “I’m glad that Larry Hoover is home,” said Chance the Rapper. “He was a political prisoner set up by the federal government. He created Chicago Votes, mobilized our people, and was targeted for that.”

But Hoover, the founder of the Gangster Disciples, is not home—not yet. Now in federal custody at the Florence Supermax in Colorado, Hoover was convicted of murder and running a criminal enterprise. Although some supporters describe him as a political prisoner, the legal and public safety concerns associated with his name remain substantial. “There is a divide in the Black community here,” said Chicago journalist Jason Palmer during an appearance on the Let It Be Known morning program. “Some view Hoover as someone who brought structure and leadership. Others remember the violence that came with his organization.” Palmer explained that while Hoover’s gang originally formed for protection, it grew into a criminal network responsible for extensive harm in Chicago. He also noted that Hoover continued to run his organization from state prison using coded messages passed through visitors, prompting his transfer to federal custody.

Illinois Gov. J.B. Pritzker, who is widely considered a potential 2028 presidential contender, has not issued a statement. Palmer suggested that silence is strategic. “Releasing Hoover would create enormous political consequences,” Palmer said. “The governor’s in a difficult spot—he either resists pressure from supporters or risks national backlash if he acts.” According to Palmer, Hoover’s federal commutation does not make him a free man. “The federal sentence may be commuted, but he still has a 200-year state sentence,” he said. “And Illinois officials have already made it clear they don’t want to house him in state facilities again. They prefer he remains in federal custody, just somewhere outside of Colorado.”

Palmer also raised concerns about what Hoover’s case could signal for others. “When R. Kelly was convicted federally, state prosecutors in Illinois and Minnesota dropped their charges. If a president can commute federal sentences based on public pressure or celebrity support, others like R. Kelly or Sean Combs could be next,” Palmer said. “Meanwhile, there are thousands of incarcerated people without fame or access to public platforms who will never get that consideration.” “There are people who are not here today because of the violence connected to these organizations,” Palmer said. “That has to be part of this conversation.”

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WATCH: Five Years After George Floyd: Full Panel Discussion | Tracey’s Keepin’ It Real | Live Podcast Event

Join us as we return to the city where it happened and speak with a voice from the heart of the community – Tracey Williams-Dillard, CEO/Publisher of the Minnesota Spokesman-Recorder.

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https://youtube.com/watch?v=OsNLWTz6jU0&feature=oembed

May 25, 2020. The world stopped and watched as a life was taken.

But what has happened since?

Join us as we return to the city where it happened and speak with a voice from the heart of the community – Tracey Williams-Dillard, CEO/Publisher of the Minnesota Spokesman-Recorder.

She shares reflections, insights, and the story of a community forever changed. What has a year truly meant, and where do we go from here?

This is more than just a date; it’s a moment in history. See what one leader in the Black press has to say about it.

Recorded live at UROC in Minneapolis, this powerful discussion features:

Panelists:

  • Medaria Arradondo – Former Minneapolis Police Chief
  • Nekima Levy Armstrong – Civil Rights Activist & Attorney
  • Dr. Yohuru Williams – Racial Justice Initiative,
  • UST Mary Moriarty – Hennepin County Attorney
  • Fireside Chat with Andre Locke – Father of Amir Locke

Special Guests:

  • Kennedy Pounds – Spoken Word Artist
  • Known MPLS – Youth Choir bringing purpose through song

This podcast episode looks at the past five years through the lens of grief, truth, and hope—and challenges us all to do more.

🔔 Subscribe to Tracey’s Keepin’ It Real wherever you get your podcasts or follow ‪@mnspokesmanrecorder‬ for more.

🔗 Visit https://spokesman-recorder.com for more coverage and stories from Minnesota’s trusted Black news source.

#GeorgeFloyd #BlackPress #SpokesmanRecorder #Minneapolis #BlackHistory

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