Financial Literacy During Coronavirus Emergency
As the world develops strategies for containing and controlling the coronavirus, its effects are likely to be seen in other aspects of your life as well. The economy is volatile during times of crisis and may result in financial hardship for many students and their families or communities. Keep developing your financial literacy skills and positive financial practices to minimize the impact of the virus. Our friends at iGrad suggest the actions described below.
For a comprehensive guide on tips, advice, and resources for staying financially well during the COVID-19 pandemic, visit iGrad today! Search for Saluki Cents in SalukiNet and sign in to iGrad's platform.
Contact Financial Institutions
Contact the institutions you have accounts with. Inquire about changes to services or hours. For debt accounts, ask about available assistance due to economic hardship. If you're in loan repayment, contact your servicer if you are having difficulties making payments. This common shared experience will reveal empathy--people want to help you!
Student Loan Interest Waiver
President Trump announced March 14th a temporary interest-waiving period for student loans. Many questions are still unanswered while others are being addressed daily. Check out the following article for some detail. Stay informed!
Remember, if you are in your loan repayment period, until new notice, keep making regular monthly payments as best you can with your repayment plan. Contact your loan servicer promptly to discuss other options such as a different plan or forbearance.
Avoid Handling Cash
Under normal circumstances, we suggest students use cash to help manage money, but a dollar can be disgusting! If you are anxious about the safety of handling money, using forms of contactless payment may give you peace of mind.
Evaluate Your Budget
Budgets are useful all the time but can be especially important in times of income uncertainty. Be proactive and use an existing budget or start developing one to determine where cuts to unnecessary spending can be made or adjust spending priorities.
Be Weary of Scams
Unfortunately, some will use this time to prey on the vulnerable. Stay vigilant in avoiding identify theft and scams, especially those notifications that ask you to verify your information. Heads up, the IRS does not call!