Tag: Students

  • 5 Books to Jumpstart Your Personal Finance Journey

    Investing. Budgeting. Debt. For many who have never dabbled in the field of personal finance, these finance phrases can seem intimidating — but fear not! The field of personal finance presents beneficial knowledge in regards to managing an individual’s monetary resources. With summer break upon us, it provides a perfect opportunity for you to learn and work independently. Here are our top 5 personal finance book recommendations that are a great place to start.

    Rich Dad Poor Dad

    This book, written by Robert T. Kiyosaki, explores the author’s learning experiences from two father-figures and their different money-management strategies. It delves into the concepts of smart investing, earning money without necessarily having a high income, and how to maintain long-term acquisition of wealth. No matter what age group, this insightful book offers diverse perspectives on the concept of earning money and is an excellent read for those interested in developing their long-term personal finance skills.

    Broke Millennial

    Geared more towards the younger generation, Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry presents a variety of tips for those who are just beginning their journey towards financial independence. It covers topics such as investing, budgeting, planning, avoiding credit card debt, and much more. If you are a beginner looking to learn about these personal finance concepts, this book is for you!

    I Will Teach You to Be Rich

    I Will Teach You to Be Rich by Ramit Sethi is another resource that is perfect for college students or individuals starting out on their personal finance journey. It provides helpful advice on paying off loans and other debts, how to navigate late fees, and basic investing knowledge. It also gives recommendations on making future large-scale purchases in life such as property and vehicles. Overall, it is an excellent educational read for the younger generation who are beginning to face these real-world financial decisions.

    The Millionaire Next Door

    Thomas J. Stanley’s The Millionaire Next Door: The Surprising Secrets of America’s Wealthy is a helpful book that has had a significant impact on people’s understanding of what it truly means to be “rich” in America. It consolidates research findings revealing traits shared by those who have accumulated notable amounts of wealth, such as their saving practices, financial habits, and more. This book is a great fit for anyone looking to increase their wealth and develop healthy personal finance skills to do so.

    Your Money or Your Life

    Another resource for students in college or beginners to personal finance, Your Money or Your Life, by Vicki Robin and Joe Dominguez, shares nine steps that can be taken to achieve financial independence. It goes into detail about avoiding debt, maintaining living expenses, and keeping in mind the importance of your financial impact on the planet. This book promotes healthy as well as sustainable financial habits and is a great read for those who want to practice effective and responsible lifestyle choices.

  • How your Parent’s Financial Attitudes are Impacting You

    After the age of 20, you may find yourself slowly becoming your parents whether you’ve inherited their loud booming laugh, sense of style, or even that one annoying tendency. We know the basics of heredity and can possibly draw a punnett square for eye color, but how much do our parents’ experiences and attitudes affect our day to day lives? We do know that poverty and coming from a low income household greatly affects children in many aspects of their lives. But, it turns out that it’s not just household income that affects children. Your parents’ financial literacy and attitude also impacts your financial literacy and attitude towards money.

    First, let’s start with what financial literacy means and why it matters for your life. Financial literacy is defined as “the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.”Simply put, it is the ability and skills to make educated decisions about your money. This impacts not only how you get your money but also what you do with it. People with low financial literacy may find making big financial decisions intimidating and might enter into agreements that do not benefit themselves. Imagine going to buy a car and not knowing about interest rates, the actual value of the car, or monthly payments. In this case, you may be easily talked into a car you cannot afford, paying much more than you should, or signing documents you do not understand. Someone with high financial literacy would be able to avoid these mistakes and dodge their long lasting effects.

    So how does your parents’ financial literacy affect yours? As you may imagine, your parents can only teach you what they know. If they made poor financial decisions, you may see this as normal because of lack of exposure to better approaches to saving, spending, and earning money. They may have modeled poor habits which you picked up on whether consciously or not. However, if they modeled good habits, you would also see this as normal and replicate it later in life. For example, if you saw your parent haggle, coupon, or budget as a child, it probably gave you more appreciation for a dollar. Whereas if you saw your parent put everything on a credit card and live above their means, you may not understand the connection between money and the numbers on the screen. While small splurges may not seem too important, your attitude towards money will have a drastic impact on your life as those habits add up.

    Another possibility is that your parents kept much of the discussion about money from you. Many parents and cultures consider finances an adult topic and frown upon worrying children. This is financial secrecy and it can lead to children who have no knowledge of basic personal finance concepts. These concepts are only required to be taught in schools in less than half of U.S states, leading to a reliance on informal methods of learning with the highest being mom and dad. Consider this: your parents talk about major financial decisions extensively, budget, and save without showing you. How would you learn those skills? Because your parents never taught or modelled those positive habits in front of you, you start your adult life without the benefit of all of that knowledge.

    The relationships between parental financial knowledge and attitude are numerous, but the important thing is acknowledging them and taking the time to reflect on your own situation. Your parents may have been too frugal, leading you to overspend in an effort to overcompensate. They may have been careless with family finances and not balanced needs with wants leading you to live above your means as well. Whatever your situation, make sure to take a step back and analyze your financial history and its impact on your life. This process is not about pointing blame but more about understanding who inspired your amazing money habits and also finding holes that need filling. Thankfully, we do have many options for filling in those gaps. You could learn about personal finance through websites such as Cashcourse, Khan Academy, or Investopedia. You could even watch videos on YouTube, Instagram, or even TikTok! Get to learning in any way that fits your needs (and attention span) so we can continue breaking generational cycles and setting our own.

  • 5 Summer Activities That Won’t Break Your Bank Account

    As we head into summer and the weather heats up, many might be looking for affordable activities to enjoy with family and friends. Summer is a great time to enjoy the sunshine and get out of the house. All of the trips, vacations, and outdoor activities can start to add up and take a toll on your budget. Whether you’re a college student or looking for affordable activities for your family, here are some summer activities that won’t break your bank account.

    1. Head to the Farmer’s Market: In most cities and towns, farmer’s markets where local farmers and businesses gather to sell their products are hosted on the weekends.. This is an affordable way to buy your products while enjoying some time outdoors. It’s also the perfect spot to meet up with friends and family and shop around for an affordable price.
    2. Look up near nature trails: Check out distant or near trails in your area for its scenic view and experience the great outdoors for free! Whether you choose to hike or bike these trails, it is a great way to get outside and be in touch with nature. This is also the perfect activity to spend time with friends and family and exercise which is good for the mind and body.
    3. Go Swimming: A nice hot summer day calls for a pool day. If your home does not have a pool, no need to fear, there are plenty of neighborhood pools, rivers, lakes, and oceans, depending on your region. Access to a cool body of water is the perfect activity to lounge and enjoy a hot summer day. This activity should cost a low fee and can even be free.
    4. Read a Book: Summer is the perfect time to pick up a new hobby or read that book you’ve been thinking about. Make time in your day to sit outside or choose another space to relax in and enjoy the book you have been wanting to read. This activity can be done in your own home or in public, such as the local library, park, and coffee shops. Books are usually inexpensive and great for your mind and soul.
    5. Host a BBQ: As more people become vaccinated and guidelines are followed, family and friends can begin to gather as life returns back to normal. While restaurants and eating out becomes more of an option, hosting a BBQ is the perfect inexpensive and more affordable option to dining with friends and family. Hosting the BBQ as a potluck will further reduce the costs for everyone attending as one person is assigned to their own dish. The warm weather is perfect for a classic BBQ and an easy way to spend quality time with your loved ones.

  • Building Out Your Productive Summer — Tips for Students

    After weeks upon weeks of stressing over deadlines, submitting assignments, and cramming for exams, the light at the end of the tunnel begins to appear a little brighter. It’s almost summer break!

    When your long-awaited vacation finally arrives, you realize that the lack of items on your to-do list has left you with a lot of time to fill. With this newfound freedom, the possibilities might seem overwhelmingly endless. Here are just a few ideas you can try throughout your summer break to ensure that these next few months will be both productive and self-fulfilling.

    Learn Something New

    The thought of jumping back into classes right after a stressful finals season may seem daunting at first, but hear me out. Take advantage of summer courses offered by your university, local community college, or even various online resources. While you can definitely utilize this chance to get ahead on your graduation requirements, there are also a variety of entertaining classes that you can sign up for to learn something new or even discover a new hobby. While learning in the classroom has its own advantages, you may enjoy learning at your own set pace. Some fun ideas to explore are guitar playing, cooking, and even vegetable gardening!

    Travel/Study Abroad

    For over a year now, the pandemic has put a halt on a lot of people’s summer plans, but the recent availability of the COVID vaccine has offered a lot more opportunities for transportation and travel, whether it be casual roadtrips or booking flights. Additionally, a lot of universities have begun reopening their study abroad and virtual study abroad programs as well. There is no better time than summer break to check out the places that you have been waiting to check off of your travel bucket list. Stay safe and explore!

    Develop Your Resume

    Now that you are finished with the semester, you can finally take time to reflect and update your resume with all of the new skills you have gained throughout the past semester. If you’re looking to gain even more experience, look into applying for volunteering opportunities, summer internships, or jobs on various career resources such as LinkedIn, AngelList, and Handshake.

    Work on Yourself

    Outside of academic and professional growth, one of the most valuable things you can do for yourself is focus on personal growth. This can come in a variety of forms, ranging from small lifestyle choices to large scale habit building. Working out, learning a new skill, taking hikes are all productive activities that will keep your mind and body healthy and productive throughout your break. If you’re looking to develop good habits, you can try creating a list of short and long term goals, bullet journaling, or working on your personal finance!

  • Simplify Your Finances and Your Life in 5 Easy Steps

    Simplifying your finances can improve your quality of life by decreasing money-related stress and freeing up time to do the things you love. Everyone has to deal with their finances differently, and some are more organized than others. Every individual would benefit from getting a hold of their spending, budget, and personal finances to live a stress-free life. Below are five tips to simplify your finances so that you can start living your best life now.

    1. Consolidate Bank Accounts and Credit Cards. Check the number of credit cards and bank accounts you have accumulated throughout the years. Most people only need one checking and one savings account, allowing you to simplify all of your finances into one account. This will streamline your bank statements and make it easier to plan your budget, evaluate your finances, and stay organized. Reevaluating the number of credit cards in your wallet and the bank accounts attached will also simplify the organization in your wallet and your online bank account. Cutting back on the number of credit cards will simplify your life and your spending. It would, however, be beneficial to keep some credit cards to build credit and reek the benefits. When picking what card is right for you, it is essential to look at each card’s benefits and evaluate which one offers the most valuable rewards. It is important to ensure that your cards are building credit and have cash back options when finalizing your card decision.
    2. Get Rid of Paperwork. As the world is turning digital, you might want to consider doing the same to all of your finances. Bank statements, water bills, energy bills, etc., primarily have included a paperless billing option which will allow you to handle all of your finances online without the hassle of receiving bills through the mail. This leaves your finances at your fingertips and will keep you organized without keeping track of paper within your home. Companies have rolled out perks for signing up for their paperless option to encourage more customers to join while also giving benefits such as a cut on payment and no added fees. A bonus of going paperless is that you are contributing to saving the trees and the environment.
    3. Pay in Cash. Paying for goods and services when outside the house with cash will allow you to easily budget and track your spending. Using money will allow you to map out your purchases, keep you from overspending, and helps stop impulse buys. Using actual cash will simplify your budget and your credit card bill. This is an excellent tactic to have better peace of mind in knowing you spent what your budget was. Understanding how much cash you have can also include reevaluating your cards’ benefits and seeing if there is a cashback option. This feature will allow you to get cashback on your spending and use it towards other purchases.
    4. Cut Services. Check all of your billing statements and the app store’s subscriptions to evaluate what services you are currently paying for. There are many streaming platforms, app subscriptions, and other memberships that you might be paying for monthly without even knowing it. It is very easy to accidentally sign up for a plan and be credited each month without using the service. To avoid this, take time to review your bank statements each month and check to see if you are still using these services. Cutting down on subscriptions and memberships will simplify your financial life and allow you to use that money towards other products or services that will be of greater benefit to you.
    5. Stop Looking at Your Screen. Now that you have simplified your finances, it is essential to go outside and live your life without the stress of being unorganized. The average American spends half of their day staring at a screen, while that number has only increased during COVID-19 lockdowns. With vaccine rollout, the reopening of businesses, and the loosening of restrictions, there are more opportunities to go outside, put down the screen, and start to experience life on a deeper level. Simplified finances will allow you to spend your money and time on things and experiences that bring you joy.

  • Avoid Fooling Around with your Food Budget

    As we head into April and COVID-19 restrictions allow for restaurant reopenings, it is essential to reassess your food budget. Most people have come across the thought process of choosing to eat a meal out or stay in and eat what is at home. This is a typical expense that people experience daily. There are convenience and lots of other factors involved in the decision-making process. This is important to any budget when choosing what to eat and where to spend your money.

    50/30/20 Budget:

    Divide your budget into three main categories: needs, wants, and savings. Breaking down your budget will allow you to get a clear sense of where to allocate your money and understand how much you have to spend out on food. This budget consists of spending 50% of your after-tax pay on needs, 30% on wants, and 20% on savings. This rule may not apply to every budget, but will help you better understand managing your funds appropriately. This rule may not apply to people living in areas where it costs more to live, and therefore the budget cannot be applied to the generic spending rule. While not every individual can follow this rule, the general idea is to keep the “30%” or spending money allocated towards dining out and other expenses. Dining out should be categorized as spending and not needs because making your own meals will always be cheaper and more budget-friendly.

    Use Coupons

    Coupons can be found online, in magazines, in stores, and in the newspapers. There are several spending websites such as Groupon, Restaurant.com, etc. These types of coupon sites may offer deals to discount your dine-out meal and grocery shopping. There are also particular times such as Happy Hour that many restaurants take advantage of to offer discounted prices on their food and drink menus. This could be the perfect opportunity to get the experience of dining out while budgeting for a lower price.

    Menu Plan

    When choosing a restaurant to spend out at, take a look at the menu before to understand the prices and options on their items. This will allow you to plan on your expenses while dining at the restaurant and choose which items to purchase beforehand. One example is beverages- water is available for free at restaurants,, while other drinks will cost more. If you decide to have a glass of wine for dinner, you could call the restaurant ahead of time to get a price for their corkage fee, while bringing your bottle could be more affordable.

    Food Delivery Convenience

    While many Americans face the hassle of meal prepping and cooking, there has been a rise in food delivery services. There are some budget-friendly delivery services, however, most of them continue to charge high prices. Food delivery includes meal kit services such as Blue Apron, to restaurant delivery such as DoorDash or UberEats to grocery delivery like Instacart. These big delivery services profit from the convenience craze but at a higher cost than doing it yourself. Before using delivery apps, take a look at the price breakdown and reevaluate if it makes more sense to do it yourself. Eating out at restaurants is costly, while food delivery services offer similar prices. When considering a food delivery service, it is important to check the pricing of your different options to know which one is most suitable for your budget. It could help understand and price the difference between eating out vs. food delivery when thinking about where to spend your money on meals.

  • 4 Ways to Enhance Your Virtual Networking Experience

    For college students and recent graduates, working and studying remotely for almost a year has created much uncertainty surrounding career growth and future development. Understandably, it can feel overwhelming to sort through a myriad of virtual resources. From career fairs to professional panels, here are 4 ways to get the most from online networking opportunities.

    Find a balance between exploration and goal-setting

    Goal setting may already be familiar to you. As a student, you start your higher education journey with the goal of graduating with a degree in a field that you have spent years studying. In between, you spend these years exploring your interests and setting more goals in between. When networking, find a balance between allowing yourself to explore your opportunities and setting concrete goals to reach in the near future. This could consist of having a goal of a specific industry that you want to break into, and in order to do this you are exploring different roles and responsibilities through networking, volunteering, and attending virtual events. Exploration is important throughout your life and career, but as a student it’s even more valuable as you begin the early stages of your professional development.

    Do your research

    You wouldn’t walk into a room full of professionals without having an idea of what they do. The same principle applies to virtual networking. Although you attend virtual events and network online to learn more about companies and roles, it’s impressive to do your homework beforehand. When looking for opportunities, do some research on the companies that intrigue you. Understand their mission and purpose, and look for openings that you’d like to learn more about so that you can ask for details once you meet company representatives. These representatives and recruiters often have little time to interact individually, so it’s essential to make a good impression and ask questions you couldn’t have found the answers to otherwise.

    Take a growth-first approach

    Any student and recent graduate will tell you that networking is one of the things they miss the most about pre-pandemic life. Reasons for this often revolve around career opportunities, but there is also a social and personal aspect to networking. It’s easy to come off as ingenuine when you enter a networking situation with the sole purpose of getting an interview; remember that building out your networking means creating real connections with people. Although networking today is primarily online, try to see past the screen and use your time to learn about a person’s journey to where they are today.

    Alumni resources

    Whether you are a current or former student, many universities offer opportunities to connect with an expansive alumni network. Check in with your school’s career center. In addition to many other resources, you’ll likely find links to access an alumni network that is willing and open to connect with students and recent graduates. Some schools will have a directory to profiles that you can explore and find alumni who are working in an industry or role that interests you. This is a great way to connect with working professionals, as they will likely be more open to networking with students from their alma mater.

    One advantage of virtual networking is that you have access to a larger pool of professionals available for career chats. Find someone who aligns with your interests and remember that they are human just like you. Ask about their growth in the role and how your own path can grow parallel to that. Also keep in mind that networking is a hit-or-miss process. Don’t get discouraged if your conversation doesn’t lead to an opportunity; use that experience to revise your approach and try again.

    Looking for opportunities? Tomo Credit is launching our Tomo Talk webinar series! Join us as experienced professionals and entrepreneurs from top companies discuss their experiences and provide advice.

    Follow Tomo Credit on Facebook and Instagram for updates.

  • What I Spend in aWeek as a College Student in Berkeley, CA

    As a college student, it’s been difficult to balance studying with managing my finances. Being a student living in Berkeley, it’s also hard to fight cravings for late night boba or ramen, which can add up fairly quickly if done too often. Since I love reading Refinery29’s Money Diary series, I decided to do one of my own. Looking back and seeing my expenses for the week really helped me open my eyes to my spending habits so that I know how to better manage my finances in the future.

    Day One

    I woke up right before logging onto zoom for my morning class and had two shots of espresso with dairy-free creamer. I am addicted to caffeine so I purchase a bulk pack of Nespresso pods from Amazon ($1.50/pod = $3)

    I ordered some necessities from Target since I was running low on dental floss and facial cleanser. I also ordered some mouthwash and toothpaste since I would run out of those things eventually. ($30)

    I also decided to purchase a new workout set from Girlfriend Collective. I have a set in black from them already, so I know that I love their fit and quality. I went for a matching sports bra and legging set in moss green. ($100)

    Day Two

    I knew today would be really busy for me, so I braced myself for a day of classes and meetings with another cup of doubleshot espresso with creamer, courtesy of my housemate’s Nespresso machine. ($3)

    I grabbed lunch and dinner at the dining hall during my short breaks since I have an off-campus meal plan. I don’t know how to cook, and I don’t have a car so going out to buy groceries is often a pain for me. Each meal comes out to an average of $9 or less. ($18)

    Day Three

    It was another busy day for me that started off with a doubleshot and creamer. ($3)

    After a morning class and meeting with my college advisor, I had to hop on Amazon and order a new office chair for my desk. I’ve been borrowing my housemate’s chair since they don’t use it, but it’s too uncomfortable. I used an Amazon gift card so the total was less than I expected. ($18)

    Then I grabbed lunch, which was sun-dried tomato pasta, tri-tip, and seasoned cabbage. ($8)

    Day Four

    I’m taking a class about Wall Street this semester, so everyone is talking about Reddit’s power on the stock market. After browsing some subreddits for a bit, I noticed that DogeCoin was getting some attention. DogeCoin has interested me for a while, so I decided to put a little money in just to see what would happen. ($10)

    For dinner, I couldn’t resist the temptation of spicy ramen and milk tea. Before my last class of the week, I placed an order for red tonkatsu ramen and a black tea latte at my favorite ramen place across the street. No regrets. ($15)

    Day Five

    It’s the weekend! The day escaped me, as I took the time to recharge and relax. One huge perk of living in Berkeley is that so many restaurants are open late at night. I went out for a late night snack and grabbed a slice of pepperoni pizza and a banana cream pie milkshake. ($14)

    Day Six

    I got breakfast with a friend at a cafe across the street from my apartment. They do really good eggs, so I went with an eggs benedict with french toast and fruit. ($15)

    Later in the day, I got a taro boba as a reward to myself! I also got red tonkatsu ramen again since the cravings were overpowering my sense of self-control. ($15)

    Day Seven

    Rent is due today. I have autopay so I don’t have to worry about it, but I log into the payment portal anyway just to make sure my payment went through. ($650)

    For lunch, I picked up a sandwich at a cafe on campus using my meal plan points. The sandwiches there are pretty good, but they are only a tad more expensive than picking up a meal at the dining hall. I got a salmon and coleslaw sandwich on a brioche bun. ($12)

  • 2 Basic Federal Student Loans — Should I Accept Both?

    Whether you are a student getting ready for college, a current college student, or a parent of one, you may be eligible for a federal student loan. Although your financial aid office will issue you student loans according to the documents you submit, you have the option to reject or consult with your advisor for another type. You may ask — why would I reject any student loans? Isn’t more the better? Different types of student loans come with different obligations on the repayment process that you may rather not accept.

    Here are the two types of basic student loans:

    Direct Subsidized Loan

    The direct subsidized loan is given based on financial need — which the Department of Education defines as “The difference between the cost of attendance at your school and you expected family contribution.” In other words, the documents you issue to your school, like your family’s tax filings, are essential.

    A key factor to this type of loan is that the federal government will pay for the interest accrued while the student is in college, and for the first six months after you leave.

    Direct Unsubsidized Loan

    The direct unsubsidized loan is not given based on financial need, but rather to undergraduate or graduate students. This amount is determined by your financial aid advisor based on any other loans you are borrowing and the school’s cost of attendance.

    As attractive as this loan sounds, the direct unsubsidized loan will be charged a fixed interest rate from the moment it is issued, until it is the loan is completely paid off. In other words, if the loan is issued in your freshman year of a 4-year college education, the interest will begin to accrue from that moment, throughout all your college years and the entire lifetime of the loan.

    However, as of date, the Biden administration has halted federal student loan payments and has kept the interest rate at 0% until September 30th, 2021.

    Understanding the differences between the two basic student loans will help you plan out your future finances and capabilities more easily. Remember — you have the choice to reject them if you find that they won’t be appropriate for your situation. Let your college financial aid office know, and they will have to follow your choices.

  • Breaking Down the Biden Economic Plan

    This November was reckoned by a chaotic election season that will lead a very unprecedented year, and presidency, to an end. Days after voting, Americans across the country sat in anticipation of the results of a very close presidential race. The suspense built up to a conclusion that found many people unable to hold in their excitement. The announcement of Joe Biden as the winning presidential candidate on November 7th was met with cheers from many who are hopeful for a new beginning that will amend the disorder of 2020 and prior. Whatever your own political preferences may be, it will always benefit you to stay informed about these issues through credible resources.

    With urgent matters on the line such as public health, workers rights, and a COVID-19 stimulus bill, the entire country has its eyes trained on the future POTUS, trusting him to make the right choices. From an individual perspective, money is on all of our minds. The question is, how will our personal finances potentially be affected under a Biden presidency?

    The Economy at Large

    Upon stepping back into the White House, former Vice President Biden will take on a challenge like no other. It is no secret that the economy is continuing to take huge hits during the pandemic as both businesses and their workers are struggling for air. Consumption behaviors have also changed, and the changes may stay long-term as a response to current conditions. While Biden’s predecessor oversaw a pre-pandemic economy that reached historic economic milestones, the current economy is in equally historically worse shape than it started. For now, what we know of Biden’s strategy to tackle this challenge includes a tax policy that will increase taxes on corporations and high-income individuals and other promises for financial relief with individual plans for businesses, unemployed workers, students, and more who were economically affected by the pandemic.

    For a more comprehensive look at Biden’s projected steps to heal the economy, take a look at the Biden-Harris Campaign’s “Emergency Action Plan to Save the Economy.”

    COVID-19 Stimulus Bill and Other Relief Programs

    The world rides high on a wave of hope as recent news of a successful COVID-19 vaccine surfaced. After many months in the dark, this news provides a glimmer of hope that also brings to mind Biden’s promise to ensure that once a widely-tested, safe and effective vaccine is available, it will be distributed to every American for free. While these are optimistic notions to hold onto, there are still reparations for financial destruction that must be addressed in the present moment. Shockingly high unemployment levels are still rising, causing concern for long term difficulties among unemployed workers. As the pandemic has revealed disturbing wealth inequalities, Biden is adamant in passing another stimulus bill that would provide eligible Americans at least one more relief check through more direct stimulus payments. Biden’s plan also calls for an additional $200 to monthly Social Security recipients. Apart from individual relief, Biden also outlined plans to provide financial help to small businesses and essential workers.

    You can read more about Biden and Harris’s expected COVID-19 action plan here.

    Student Debt Forgiveness

    Another huge talking point throughout Biden’s campaign involves lessening the heavy burden of student loans off the shoulders of college students everywhere. His loan forgiveness plan includes halving payments on undergraduate federal student loans so that individuals are paying 5% of their discretionary income over $25,000 towards their loans. After 20 years, those who have responsibly made payments through this program will be 100% forgiven for the remaining amount. Individuals with new and existing loans will automatically be enrolled in this income-based repayment program, with the ability to opt-out if they wish. Those making less that $25,000 per year will not owe any payments and won’t accrue interest on undergraduate federal student loans. In addition, Biden is planning on implementing a loan forgiveness program that will offer $10,000 of undergraduate student debt relief for every year of national or community service for up to 5 years.

    Find more information on “Joe’s Agenda for Students.”