Connect with us

Miami, FL

Student loan repayments have resumed, financial expert has some tips

Published

on

Student loan repayments have resumed, financial expert has some tips


MIAMI – If you’re one of the tens of millions of Americans who have federal student loan debt it is time to start paying once again. 

After a three-year hiatus because of the COVID-19 pandemic, payments are due again starting this month.

While many are concerned, there are some steps you can take to budget and plan and save yourself in the long run. 

The first step is to do your research and look at your budget and your loan. 

Advertisement

“I’m paying for it all by myself. I have two jobs right now so it’s helping,” said first year college student Enzo Passo, who is working hard to pay for tuition at Miami Dade College.

“It’s very expensive,” says Enzo. 

The teen hopes to transfer to a four year university when he finishes but is worried about student loans.

“I’m actually worried about it but I just started college. I’m in my first semester, so I still have like two years to figure it out,” he said.

Enzo, like tens of millions of Americans, is concerned about student loans and student loan debt.

Advertisement

“Everything’s getting like really really expensive and it’s hard, especially for someone who just moved here,” he said. 

As of last month, interest started accruing again and as of this October 1st, payments are due and we live in a very different world today than we did three years ago.

“Inflation is high. We’ve seen home prices go higher than ever,” said Jonathan Barrett of Barrett Financial Solutions. 

“This is happening. This is not going away. Student loans do need to be repaid and missing those payments will ultimately affect your credit. So you need to explore what fits best in your budget,” said Barrett.

Barrett says not to panic but to plan and there are options to look into. 

Advertisement

“The best option is obviously the standard repayment plan where you’re repaying it as you’re supposed to be paying it over 10 years but a lot of people can’t afford to do that. So what you want to do is reach out to your provider to see what options you have,” says Barrett. 

While it is possible to refinance, it isn’t always the best plan, according to Barrett. 

There are several ways to pay back loans including an income-driven repayment plan, a graduated payment plan, and some may qualify for an extended repayment plan.

Worst case scenario, if you can’t pay at all, you can go into forbearance or defer your payments but it all comes at a price. 
 
“Your interest still accrues during that time so you’ll pay the most overtime if you defer your loans,” he said.

For students like Enzo, keeping a close eye on your finances will help you in the long run.

Advertisement

“Budgeting is very important. A lot of people who built their budgets over the last three years might not be prepared for this. This is your financial security. You do need to research your best options for you,” said Barrett.

The Biden Administration also put the SAVE Plan in place this year to help Americans who may struggle to pay. It could help but also could lead to more money being paid in the long run. 



Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Miami, FL

FIA Stewards propose rule change after Hamilton Magnussen Miami drama

Published

on

FIA Stewards propose rule change after Hamilton Magnussen Miami drama


Following the Miami Sprint race, FIA stewards have proposed a review of penalty systems for repeat offenses. This development followed a series of penalties issued to Haas driver Kevin Magnussen for multiple track excursions while battling with Mercedes driver Lewis Hamilton.

During the recent Miami Sprint, an intense on-track battle between Kevin Magnussen and Lewis Hamilton caught the attention of the FIA stewards. Magnussen, who was penalized three times for leaving the track, has now become the focal point in a broader discussion about the adequacy of current penalty regulations concerning repeated infringements.

Kevin Magnussen, in his post-race comments to Sky Sports F1, acknowledged the fairness of the penalties assessed against him. He explained his race tactics, which were primarily designed to assist his teammate, Nico Hulkenberg. He explained:

“All the penalties were well deserved – no doubt about it. I was in a very good position behind Nico there. In the beginning of the race, I gained a lot of positions and was up in P8. I was protecting well from Lewis because I had the DRS from Nico and I had good pace.

Advertisement
Kevin Magnussen of Denmark and Haas F1 walks in the Paddock prior to the F1 Grand Prix of Miami at Miami International Autodrome on May 05, 2024 in Miami, Florida. FIA proposes rule change after…


Chris Graythen/Getty Images

“Then Nico cut the chicane and I lost the DRS. Nico could have given that back to give me the DRS to protect because then we would have easily been P7 and P8. Instead, I was really vulnerable to Lewis. Started fighting with him like crazy and I had to just create the gap like I did in Jeddah.

“I started using these stupid tactics which I don’t like doing, but at the end of the day I did my job as a team player and Nico scored his points because I got that gap for him so Lewis and Tsunoda couldn’t catch him.

“Not the way I like to go racing at all, but it was what I had to do today.”

The stewards, upon reviewing the incidents, cleared Magnussen of any unsportsmanlike behavior and recognized his acceptance of the standard penalties. The stewards’ report highlighted as quoted by Motorsport Week:

“The driver candidly explained that he thought that he was entitled to race with Car 44 in the manner that he did and also that he was willing to accept what he considered to be standard penalties that would have been imposed on him for any infringements that occurred while he was battling for position.

Advertisement

“He was also of the view that building a gap between himself and the cars ahead was perfectly within the regulations and it was not uncommon for a driver to seek to assist his team-mate in the course of a race by doing so.

“He did not at any point in time think that what he was doing was wrong or that it was in any way unsportsmanlike.”

In light of these events, the stewards have suggested a review of the penalty system for repeat offenses, signaling a potential shift in how future races might be regulated. They noted the necessity of enhancing penalties to deter drivers from repeatedly leaving the track, thereby maintaining the integrity of the sport.

The report from the Stewards continued:

“Moving forward, the Stewards will need to consider if, in appropriate situations, especially in the case of repeat infringements, the penalties to be applied for each infringement need to be increased to discourage scenarios such as those that we found today.

Advertisement

“This is something that we will raise explicitly with the FIA and the Stewarding team.”

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.



Source link

Advertisement
Continue Reading

Miami, FL

Poll: Was Magnussen right to aggressively defend during the Miami sprint race?

Published

on

Poll: Was Magnussen right to aggressively defend during the Miami sprint race?


Kevin Magnussen racked up 35 seconds worth of time penalties during the Miami sprint race as he launched an aggressive defence on Lewis Hamilton.

The Dane stated he was playing a team game and aiding team-mate Nico Hulkenberg ahead to score points in the shorter race.

While Magnussen has accepted that his penalties were warranted, a question has been raised over the aggressiveness of the defence in a bid to score points.

Do you think Magnussen was right to be as punchy as he was during his fight against Hamilton?

Advertisement

Let us know in our poll below!



Source link

Continue Reading

Miami, FL

Miami Gets Blasted By Oakland to Lose Series on Saturday Night

Published

on

Miami Gets Blasted By Oakland to Lose Series on Saturday Night


The Miami Marlins took a beating today, dropping their matchup with the Oakland Athletics by a score of 20-4 to officially drop the series. 

Here’s what you need to know from the contest: 

Miami’s pitching staff wore this one

Trevor Rogers got the start for Miami, and it just did not work out for the young starter. Rogers was charged with eight runs on eight hits and three walks in just 2.1 innings, getting knocked out in the third inning. He strick out only one while allowing two homers, throwing 78 pitches (44 strikes) in the process. 

Rogers just struggled to miss bats today. He got only three whiffs, all on the fastball, and finished with a paltry 18% CSW. Oakland hitters made contact with 30 of their 33 swings, putting fourteen of those in play and fouling sixteen off. 

Advertisement

Darren McCaughan came in after Rogers and was tasked with giving Miami some length; his ERA will pay the price. McCaughan went 4.2 innings, being charged with eight runs of his own on nine hits and three walks, giving up three homers. 

Corner infielder Emmanuel Rivera pitched the ninth, giving up four runs on four hits (including a homer). 

Where is the offense? 

While it’s not realistic to assume that Miami’s offense could have kept up with a 20-run pace from Oakland, the Marlins offense didn’t come close. Miami hitters picked up only seven hits and four runs, with Bryan De La Cruz (2-4 with a homer and two RBIs) the only player with multiple hits. 

It’s not much, but Nick Fortes’ 6th inning solo homer was the first home run of the season for a Miami catcher, coming in the 35th game of the season. 

Luis Arraez had a great debut for San Diego

To add insult to injury, recently traded second baseman Luis Arraez made his debut for the San Diego Padres tonight. Leading off from the designated hitter spot, he went 4-5 with two runs scored and an RBI. He’s the first Padres player to debut with a four-hit game. 

Advertisement

What’s next for the Miami Marlins? 

Miami wraps up the series tomorrow afternoon at 4:07 PM, with Sixto Sánchez making his third start in what is expected to be a quasi-bullpen game against righty Joe Boyle. The broadcast can be found on Bally Sports Florida. 

 



Source link

Continue Reading

Trending