14 The Hampton Roads Messenger Education


Department of Ed Offers Reconsideration for Public Service Loan Forgiveness Washington


— The Department U.S. of Education


(Department) has launched a process for federal student loan borrowers to be reconsidered for loan forgiveness under a temporary expansion of the Public


Service


(PSLF) Program. This


Loan limited as Temporary


which the Department to


Forgiveness


opportunity— is referring


(TEPSLF)—was made possible by a $350-million


appropriation


Expanded PSLF through


the Consolidated Appropriations Act, 2018. The law provides additional conditions under which borrowers may become eligible for loan forgiveness if some or all of their payments made on William D. Ford Federal Direct Loan (Direct Loan) Program loans were made on a nonqualifying repayment plan for the PSLF Program. This opportunity is only available on a first-come, first-served basis until the $350 million has been allocated or


other criteria are met. The Department will reconsider


eligibility for the TEPSLF opportunity using an expanded list of qualifying repayment plans, which includes the Graduated Repayment Plan, Extended Repayment Standard


Repayment Consolidated Graduated


Plan. Funds for this are


Plan, Consolidated Plan, and Repayment opportunity


limited, and borrowers will be


considered on a first come, first serve basis. Once funds under this opportunity


are depleted criteria are met, the program will end. or other Loan Forgiveness:


In order to qualify for the TEPSLF opportunity, a borrower must have done the following:


Submitted the Public Service Application for


Forgiveness and had that application denied because some or all of the payments were not made under a qualifying repayment plan for PSLF


Worked at least 10 years of


full-time employment with a qualifying employer, certified by the employer, and approved by the Department


Made 120 qualifying monthly payments under the new requirements for the TEPSLF opportunity while working full-time for a qualifying employer or employers


Borrowers who believe they may


qualify for the TEPSLF opportunity should email a request for reconsidera- tion to TEPSLF@MyFedLoan.org.


To learn more about this opportunity and how to apply, visit StudentAid.gov/tepslf.


To apply for an income-driven


repayment plan, visit StudentLoans. gov.


Resources and information Resources and for


financial aid professionals is available on the Information for Financial Aid Professionals (IFAP) online portal.


for counselors, college


information access


professionals, and mentors can be found on the Financial Aid Toolkit.


To share an experience related to federal student aid, visit StudentAid. gov/feedback.


Scholarship Watch McDonald’s True to the HBCU Scholarship


in the 2018-2019 school year as a full-time student at one of TMCF’s 47 member-schools


3.0 or higher


Current grade point average of 2018-2019 Student Aid Report


Have demonstrated involvement in their HBCU community


TMCF and McDonald’s are proud


to offer opportunities to outstanding undergraduate or graduate students attending one of the 47 publicly-sup- ported Historically and


Universities (HBCUs) scholars will


the TMCF member-school network. Selected


receive a


scholarship of $10,000 during the 2018-2019 academic


school year,


which may be used toward covering the costs of tuition and fees, on-campus room and board or required textbooks purchased from member schools.


The TMCF | McDonald’s True


To The HBCU Forward Scholarship is awarded for dedication to your HBCU & campus community. How do you represent your school in the classroom and on campus? Why did you choose your specific school? Tell us about your HBCU pride and why you always stay True to your HBCU!


TMCF | McDonald’sTrue To The HBCU Scholarship Requirements


student


Open to students 18 years or older Current undergraduate or graduate


Must be currently enrolled


Black Colleges within


Have demonstrated leadership ability through a variety of measures


To complete your application, please submit the following supporting documents:


Resume


(unofficial or official) 2018-2019 Student Aid Report


Most recent college transcript


A few photos – show McDonald’s your HBCU pride! Essay: *In a minimum of 500


words, please address the following question:


HBCU mean to you? Please explain why you chose an HBCU.


words, please address the following question: Describe your community service work you have done to impact your HBCU community.


How to Apply To apply, visit tmcf.org and create


a TMCF Account. Once you sign up and create a TMCF Account, you can complete McDonald’s True To The HBCU Scholarship application. The deadline is June 17, 2018, 11:59 PM EST.


Essay: *In a minimum of 500 What does attending an


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Graduate Tips FROM PAGE 1


the gate.” Virginia


bankers recommend


the following financial tips for new college graduates:


Tip #1: Live within your means. Supporting yourself can be expensive, and you can quickly find yourself struggling financially if you don’t take time to create a budget. Calculate the amount of money you’re taking home after taxes, then figure out how much money you can afford to spend each month while contributing to your savings. Be sure to factor in recurring expenses such as student loans, monthly rent, utilities,


groceries, transportation expenses and car loans.


Tip #2: Pay bills on time. Missed payments can hurt your credit history for up to seven years and can affect your ability to get loans, the interest rates you pay and your ability to get a job or rent an apartment. Consider working with your bank to set up automatic payments for regular expenses like student loans, car payments and phone bills. Take advantage of any reminders or notification features. You can also contact creditors and lenders to request a different monthly due date from the one provided by default (e.g., switching from the 1st of the month to the 15th).


Tip #3: Build credit without


racking up too much debt. Understand the responsibilities and benefits of credit. Credit history is one of the five areas that the credit agencies consider when calculating your credit score. It is important to start using credit now so that when you apply for a car loan, a personal loan, or a mortgage, you will


have a credit history, which will help your credit score. To start building your credit history, shop around for a card that best suits your needs and spend only what you can afford to pay back. Credit is a great tool, but only if you use it responsibly.


Tip #4: Plan for retirement. It


may seem odd since you’re just beginning your career, but now is the best time to start planning for your retirement.


Contribute to retirement


accounts like a Roth IRA or your employer’s 401(k), especially if there is a company match. Invest enough to qualify for your company’s full match – it’s free money that adds up to a significant chunk of change over time. Automatic


retirement contributions


quickly become part of your financial lifestyle without having to think about it.


Tip #5: Prepare for emergencies. Hardships can happen in a split second. Start an emergency fund and do your best to set aside the equivalent of three to six months’ worth of living expenses. Start saving immediately, no matter how small the amount. Make saving a part of your lifestyle with automatic payroll deductions or automatic transfers from checking to savings. Put your tax refund toward saving instead of an impulse buy.


Tip #6: Get free help from your


bank. Many banks offer personalized financial checkups to help you identify and meet your financial goals. You can also take advantage of their free digital banking tools that let you check balances, pay bills, deposit checks, monitor transaction history and track your budget.


Volume 12 Number 9


June 2018


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