in this issue - mccshh · loans”. questions to ask yourself before you make the should i pay off...
TRANSCRIPT
http://www.mccshh.com/finance.html
WEEK 7: Student Loans & Education 01MAY2020 – 07MAY2020
We are Marine Corps Community Services,
and we are here to serve you.
IN THIS ISSUE
PG2 Student Loan Payment Strategies during COVID-19 PG3 Free Education Resources & Funding Dependents’ Education PG4 Learning to Communicate: Effective Communication PG5 Scholarship Search PG6 Reliable Resources
Student
Loan
Balance
$0
Resources to help you to decide on pay down strategy for Student Loans:
If you have a Qualifying Federal Student Loan Your payments will automatically stop (get suspended) from March 13, 2020, through Sept. 30, 2020. 0% interest. Why? To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. During the period of 0% interest, the full amount of your payments will be applied to principal once all the interest that accrued prior to March 13 is paid. This is an opportunity to aggressively pay down your student loan! U.S. Department of Education COVID-19 Update: https://studentaid.gov/announcements-events/coronavirus U.S. DOE Federal Student Aid. Retrieved from: https://studentaid.ed.gov/ U.S. DOE For Members of the U.S. Armed Forces: https://studentaid.ed.gov/sa/sites/default/files/military-student-loan-benefits.pdf U.S. Department of Education (2015). Federal Student Aid. Repaying Your Loans: https://studentaid.ed.gov/sa/sites/default/files/repaying-your-loans.pdf Sallie Mae Manage Your Private Student Loan: https://www.salliemae.com/student-loans/manage-your-private-student-loan/ The repayment estimator: www.studentloans.gov Consumer Financial Protection Bureau: https://www.consumerfinance.gov/paying-for-college/ Consumer Financial Protection Bureau Servicemembers Tackling Student Loan Debt: https://files.consumerfinance.gov/f/documents/201604_cfpb_servicemember-student-loan-guide.pdf
Activity: Comparing Repayment Plans At www.studentloans.gov, select “Repayment and
Consolidation. Then select: “Use the Repayment Estimator.”
You do not have to log in to complete this activity.
Move down the screen to “Estimate My Payments” and
input the scenario information starting at “View or Add Your
Loans”.
Questions to ask yourself before you make the decision to pay down your student loans now:
Should I pay off my student loans now?
Yes (more likely benefit)
No (less likely benefit)
What is your interest rate on your loan?
Higher – loans with higher interest rates generally should be paid off first.
Lower – Other investment opportunities?
How many student loans do you have?
Are you considering Public Service Loan Forgiveness? PSLF If so reach out to your CFS.
What is your loan balance?
What is your household income? Can I afford to pay down the basis of my student loan now?
Do you have public loans or private loans?
Private loans are not eligible for PSLF or 0% interest. Federal loans may be paused at 0% interest, I’m not in PSLF.
Are there other factors impacting your financial situation?
Free Tutor.com!!!
NEW RELEASE!!!
MARINE CORPS DOCTRINAL PUBLICATION
LEARNING
https://www.marines.mil/News/Messages/Messages-
Display/Article/2142006/availability-of-mcdp-7-learning/
Exciting news!!! More people are now eligible to use the
Tutor.com for US Military Families program! To support
DoD personnel and their families who are being impacted
by COVID-19 disruptions, the DoD has temporarily
expanded coverage of the Tutor.com for US Military
Families program to include all Active Duty, National Guard,
Reserves, and Wounded Warrior service members; DoD
civilian personnel; and all of their dependent children and
spouses! Survivors of KIA service members plus ROTC,
NROTC, and DoD Service Academy Cadets are also now
eligible to use the program! For details please visit:
www.tutor.com/military/eligibility .
Estimate Costs:
https://www.finra.org/investors/learn-to-invest/types-
investments/saving-for-education/estimate-your-
education-savings-needs
Calculate how much to Save:
https://tools.finra.org/college_savings/
Consider Your Options:
https://www.finra.org/investors/learn-to-invest/types-
investments/saving-for-education
Consider Tax Benefits: Credits and IRA option:
https://studentaid.gov/resources/tax-benefits
Compare 529 options:
https://tools.finra.org/529_calculator/main
Review SECURE Act 529 changes:
https://www.finra.org/investors/learn-to-invest/types-
investments/saving-for-education/529-savings-plans
Funding Your Dependents’ Education
For Tuition Assistance and Education Questions contact the
HH Education Office at 703-614-9104
For VA Post 9/11 Education Questions contact: 888-GIBILL-1
VA Education:
https://benefits.va.gov/GIBILL/COVID19EducationBenefits.asp
GI Bill Comparison Tool: https://www.va.gov/gi-bill-comparison-
tool/
Student Veteran Coronavirus Response Act of 2020, Signed into law
28APR2020: https://www.congress.gov/bill/116th-congress/house-
bill/6322/text
Education Resources for Marines and Spouses: eLibrary USMC MCCS Library:
https://mccs.ent.sirsi.net/client/en_US/default
*Morningstar & Weiss Ratings
Marine Corps Credentialing Opportunities On-Line (COOL):
https://www.cool.navy.mil/usmc/
*New Opportunity for Command Financial Specialist to attain
Accredited Financial Counselor Certification.
Military Spouse Resources:
My Career Advancement Account (MyCAA) Scholarship:
https://mycaa.militaryonesource.mil/mycaa/
Military Spouse Reimbursement for Licensure due to PCS:
https://www.usmc-mccs.org/articles/marine-corps-spouse-
professional-relicensing-reimbursement/
Free Educational Resources:
Learning to Communicate: Effective Communication
Article by: Candi Heinberger Prevention and Education Specialist, Marine & Family Programs
A few weeks ago, we discussed the “magic formula” for
assertive communication.
I feel…(describe how you are feeling)
When you…(describe what is bothering you)
Because…(describe how that behavior is affecting you)
I need…(describe the requested change)
Let’s take that a step further. Most of us have harmful
communication patterns that work against us on occasion;
however, if we learn to recognize those patterns and apply
effective communication skills we will be able to clearly
portray what we want.
Sending clear messages is the number one tool that assertive communicators use. This means that
your words and tone of voice need to match your non-verbal cues (posture, smile, facial
expressions, eye contact).
Learning to listen, really listen, not just hear is another powerful tool used in assertive
communication. Do not listen to respond or prove the other party wrong. Try to listen to identify
common ground, understanding, or compromise in the situation. By repeating back what you heard
in your own words is a helpful way to check for understanding.
Giving and receiving praise and gratitude is another assertive communication tool. Seeing and
acknowledging the positive in the situation and the other person involved may not seem that
important, but only commenting on the negative is harmful in any relationship.
Learning to express your feelings openly is a personally impactful communication tool. This does
not mean to blow up at the first sign of an issue. It simply means to not bottle feelings up. Instead,
express them appropriately, with honesty and in a thoughtful way by using “I” messages.
When asking for help, assertive communication is honest, open, and clear. You may be in a less than
desirable situation, but that does not mean asking for help has to be a negative conversation. Simple
questions or statements can open the door for you to start on the path to positive results:
I need help with consolidating my student loans.
Can you help me with my educational goals?
How do I start an investment portfolio?
Utilize your resources at M&F. They are there to help. Approach with confidence and the end goal in mind.
Be honest and clear about your need. Actively listen to the advice given, asking questions as needed along
the way. Acknowledge the positive in the situation and continue to move forward.
The above assertive communication tools were adapted from:
Fiore, A., & Novick, A. (2005). Anger management for the 21st century: eight anger control tools to learn
before it’s too late. Long Beach. CA: Century Anger Management.
*Voluntary counseling services are available through MCCS Behavioral Health. Please call our main line at
703-614-7204 to inquire about our services. Anonymous calls with questions about our services are
welcome!
You can also access counseling services through the Military Family Life Counselor at 703-414-9885 or
through Military One Source at 1-800-342-9647.
SECO Scholarship Finder. https://myseco.militaryonesource.mil/portal/spouseprofile/spousefundingsources/search Search for financial assistance resources and professional
development opportunities offered specifically to military
spouses and family members
College Board Scholarship Search.
https://bigfuture.collegeboard.org/scholarship-search
Identifies scholarship opportunities, other financial aid
opportunities, and internships
U.S. Department of Labor. Career One Stop Scholarship Finder.
https://www.careeronestop.org/toolkit/training/find-
scholarships.aspx
Allows you to search more than 7,500 scholarships, fellowships,
grants, and other financial aid award opportunities
My Career Advancement Account.
Https://mycaa.militaryonesource.mil/mycaa/Default.aspx#
Provides scholarships to eligible military spouses for high-
demand portable careers
American Legion. https://www.legion.org/scholarships
Offers the Samsung American Legion scholarship to eligible
students
AMVETS. http://amvets.org/scholarships/
Provides three different types of scholarships
Navy-Marine Corps Relief Society.
http://www.nmcrs.org/pages/education-loans-and-scholarships
Provides interest free loans and grants
Fleet Reserve Association Educational Foundation.
https://www.fra.org/fra/Web/FRAHome
Offers multiple scholarship opportunities
ThanksUSA. https://www.thanksusa.org/scholarships.html
Offers multiple scholarships for military families
Military Officers Association of America (MOAA).
http://www.moaa.org/loans/
Provides loans, scholarships, and grants
Paralyzed Veterans of America.
https://www.pva.org/membership/scholarship-program
Offers scholarship opportunities for family members of paralyzed
veterans
FINRA Military Spouse Fellowship Program.
https://www.saveandinvest.org/military/military-spouse-
fellowship-program
Offers military spouses the opportunity to earn a career-
enhancing credential—the Accredited Financial Counselor®
certificate—while providing financial counseling and education to
the military community
Marine Corps Spouses Clubs. At your local installation.
May offer scholarship opportunities for dependents. Options vary
based on location.
State Financial Aid Programs.
https://www.nasfaa.org/State_Financial_Aid_Programs
Provides information about financial aid programs for every state
COVID-19 Scams Cont. Scholarship Search:
The Personal Financial Management Program is here
for you and your family as you adjust to the new
normal. Every Friday, in the wake of the COVID-19
situation, we will provide the PFM’s Financial Solutions
Corner, where we will discuss ways to stay on top of
your finances during these uncertain times.
Just as we begin to navigate life with COVID-19, the
Financial Industry has begun adjusting their strategy,
which affects everyone’s finances. We are collecting
the updates and will publish a Friday Financial Solutions
Newsletter for the duration of the crisis.
Personal Financial Management Program Specialist: Letty Stevens AFC® CFP® Candidate [email protected] Personal Financial Counselor: Katie Lynch AFC ® [email protected] Appointments for individuals and couples.
Phone Number: 703-614-6950
Or contact your unit’s Command Financial Specialist.
GOVERNMENT INFORMATION: WEBSITE
The Consumer Financial Protection Agency: https://www.consumerfinance.gov/coronavirus/ CFPB Facebook: https://www.facebook.com/CFPB/
Department of Defense Office of Financial Readiness: https://finred.usalearning.gov/ FINRED Facebook: https://www.facebook.com/DoDFINRED/
Military OneSource: https://www.militaryonesource.mil/ MOS Facebook: https://www.facebook.com/military.1source/
RELIABLE SOURCES OF FINANCIAL INFORMATION:
Internal Revenue Service: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed IRS Facebook: https://www.facebook.com/IRS/
Double-check your state's tax deadlines. Go to your states’ guidance on TAX deferments:
https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf
Thrift Savings Plan: https://www.tsp.gov/whatsnew/Content/index.html TSP Facebook: https://www.facebook.com/tsp4gov/
Federal Deposit Insurance Corporation: https://www.fdic.gov/coronavirus/faq-customer.pdf FDIC Facebook: https://www.facebook.com/FDICgov/
MORTGAGE RELIEF AVAILABLE:
Federal Mortgage Home Loan Relief FAQ: https://www.aarp.org/money/credit-loans-debt/info-2020/mortgage-
coronavirus-faq.html
Fannie Mae Website: https://www.knowyouroptions.com/covid19assistance
Fannie Mae Facebook: https://www.facebook.com/fanniemae/
Freddie Mac Website COVID-19: https://myhome.freddiemac.com/own/getting-help-
disaster.html?sf119393107=1&fbclid=IwAR0cQp8wHhcWfPVbzZJfVNcwktm2EToKMkSXDBsCTCiwbPp5M9PHClSYh5c
Freddie Mac Facebook: https://www.facebook.com/FreddieMac/
STUDENT LOAN RELIEF AVAILABLE:
Federal Student Loan Relief: https://studentaid.gov/announcements-events/coronavirus Federal Student Aid
Facebook: https://www.facebook.com/FederalStudentAid/
FINANCIAL RESOURCES FOR RELIEF:
FOR MILITARY: Navy-Marine Corp Relief Society FAQ: https://www.nmcrs.org/
NMCRS Facebook: https://www.facebook.com/NMCRS/
FOR CIVILIANS: CALL 211
Dial 211 to speak to someone who can help with finding food, paying housing bills: http://www.211.org/services/covid19
(SBA) SMALL BUSINESS ADMINISTRATION RELIEF:
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
SBA Facebook: https://www.facebook.com/SBAgov/
Virginia Unemployment Insurance Program
General Information about the Unemployment Insurance Program: http://www.vec.virginia.gov/unemployed
To file a UI claim online: http://www.vec.virginia.gov/unemployed/online-services/apply-for-unemployment-benefits
To file a claim by telephone number: 1-866-832-2363
Coronavirus update: Virginia is providing updates on Unemployment Insurance changes related to COVID-19 here:
http://www.vec.virginia.gov/qa-coronavirus
Facebook: https://www.facebook.com/VirginiaEmploymentCommission/
District of Columbia Unemployment Insurance Program
General Information about the Unemployment Insurance Program: http://does.dc.gov/service/unemployment-
compensation-process
To file a UI claim online: https://does.dcnetworks.org/InitialClaims/
To file a claim by telephone number: 202-724-7000
Update DC is providing updates on Unemployment Insurance changes related to COVID-19 here:“nbsp”
https://does.dc.gov/release/bowser-administration-announces-ui-benefit-flexibilities-passage-covid-19-response-
emergency
Facebook: https://www.facebook.com/DCDeptofEmploymentServices/
Maryland: Maryland Unemployment Insurance Program
General Information about the Unemployment Insurance Program:
http://www.dllr.state.md.us/employment/unemployment.shtml
To file a claim by telephone number: http://www.dllr.state.md.us/employment/officenum.shtml
Facebook: https://www.facebook.com/MarylandLabor/
Unemployment: DMV https://myseco.militaryonesource.mil/portal/content/view/1428