Student Loans 2010: Five Websites Everyone With Student Loans Should Know

Money Coach Lynette Khalfani wrote a great article on Black Voices on Money filled with resources for people with student loans.

It's 2010. Do you know the current state of your student loans? It takes the average college graduate 15 years to repay his or her student loans, according to the College Board. A lot can happen over that time. So if you ever find yourself struggling to pay your college debts – or even just needing more information about the loans you're carrying – the following five websites just might prove to be indispensable.

1. http://www.nslds.ed.gov

This is the website for the National Student Loan Data System. If you're confused about your college debt, or don't even remember how many student loans you took out and who you owe, this is the place to start. The NSLDS database gives you 24/7 access to an itemized list of all the federal loans you took out, including info about the student loan status (in deferment, default, repayment, etc.), loan amount, date, the amount cancelled (if any), as well as the outstanding principal and interest you owe.

Tip: To access the NSLDS, you must first obtain a four-digit PIN from the Department of Education (http://www.pin.ed.gov/).

2. http://www.finaid.org/calculators

This is the website for the online college student loan calculators provided by FinAid. These calculators help you figure out how much principal and interest you'll pay over time for various federal student loans, based on the four different student loan repayment programs you can select:

• The standard loan repayment plan, where you pay a minimum of $50 a month and your payments last for as long as 10 years;
• The extended repayment option, which also requires at least $50 monthly payments, but which lets you pay off your student loans over 12 to 30 years;
• The graduated repayment program, which lasts from 12 to 30 years and allows you to pay as little as $25 a month; and
• The income-contingent repayment plan, which permits you to make payments as low as $5 a month and which lasts for 25 years.

3. http://www.opm.gov

This is the website for the Office of Personnel Management (OPM). Here's where you can learn about the government's Federal Student Loan Repayment Program. In a nutshell, this program allows any federal agency that you work for to pay off up to $10,000 worth of your student loans per year, up to a maximum of $60,000. So if you haven't made a real dent in your student loans, get the government to pay off your college debts. For more info, call the OPM at 202-606-1800 or write: Office of Personnel Management; 1900 E Street NW; Washington, D.C. 20415. What's the catch? You have to work for a government agency – any one, at any location in the country. Here's a direct link to specifics about the program: http://www.opm.gov/oca/PAY/StudentLoan/index.asp.

4. http://www.loanconsolidation.ed.gov

This is the website for the Federal Direct Consolidation Loan Info Center. Go to this site to get answers to any questions you may have about consolidating your student loans. You'll find information on who is eligible to consolidate college loans, how to handle defaulted student loans, and even tips on consolidating student loans that have already been consolidated. (Despite many misconceptions on this topic, multiple loan consolidations can be done under certain circumstances).

5. http://www.ombudsman.ed.gov

This is the website for the Federal Student Aid Office of the Ombudsman. This agency's role is to help you, as a last resort, to resolve difficulties you may have with your lender or loan servicing company. To first try to resolve a problem yourself, use this online "Self Resolution Checklist" from the Ombudsman's office: http://ombudsman.ed.gov/resources/toolschecklists/selfresolution-checklist.html. If you have complaints about your lender or disputes you haven't been able to settle, the Ombudsman will listen to your grievances, and if they're justified, contact the lender on your behalf. To reach the Ombudsman's office, call: 877-557-2575, or write: U.S. Department of Education; Debra Wiley, FSA Ombudsman; 830 First Street NE; Fourth Floor, Washington, D.C. 20202-5144.

Lastly, for more information on paying off your student loans, check out my book, 'Zero Debt for College Grads: From Student Loans to Financial Freedom.' Get the book now on Amazon.com, from my financial advice blog, www.AskTheMoneyCoach.com, or from your local bookstore.

You can check out Khalfani at http://www.AskTheMoneyCoach.com/

Grow Professionally and Personally at the 2010 Black Enterprise Entrepreneurs Conference

The Black Enterprise Entrepreneurs Conference + Expo is back — taking place May 16-19,2010 at the Atlanta Marriott Marquis Hotel in Atlanta. This year's theme is Building Business Beyond Tomorrow!

The four-day conference includes seminars, resources and networking opportunities. The Dealer Makers Expo features representatives from some of America’s best businesses. The conference even offers something for the kids. The Kidpreneur conference teaches kids (11-17) financial and business skills. There is even a chance to compete.

The Black Enterprise Small Business Awards were created to provide special
recognition to African American entrepreneurs who embody the Black Enterprise
entrepreneurial spirit. BE is looking for companies and individuals bringing
new products to the forefront, redefining sales strategies, and discovering new
and profitable markets.

This conference attracts the nation’s best and up-and-coming business minds. See you there!

DISCLOSURE: Black Enterprise is proving me with media credentials for this event.

For more information, visit www.BlackEnterprise.com/ec or call 800-209-7229.

Learn How to Keep Your New Year’s Resolutions

Many people are hyped-up about their resolutions at the start of the New Year. The thrill leaves and sooner-or-later the resolution follows. Life coach Karyn Beach has a few tips to help you avoid that fate. She says the main reason people don’t achieve their goals is boredom.

“I tell my clients they should stop ‘shoulding’ on themselves,” she says. “Get rid of the goals
that you think you should be doing.”

People are more likely to achieve goals that excite them. Beach supports pursuing goals that “you’re passionate about.”

“Find a goal that you really want to achieve,” she advises. “Then, you have to develop a plan.”

A good plan helps gives you a map. It includes strategies, resources and information to help you achieve your resolution. Beach also recommends having a plan B.

“People expect perfection,” she says. “But, eventually you will hit a roadblock.”

Those roadblocks include backsliding on diets, braking budgets, etc. Your plan B will help you get back on the road to recovery. Beach says too many people “hit that roadblock, get discouraged and give up.”

“Anybody that succeeded at anything will tell that when you hit that roadblock you don’t stop,” Beach says. “If you want it bad enough you go over it, under it or around it.”

Beach has more.

Karyn Beach offers some helpful resources at her Lose the Excuses website.

Photo found at www.fitnessfirm.ca

Billionaire Investing Just Got Cheaper!

Multi-billionaire Warren Buffett is one of America’s greatest and most successful investors. His company Berkshire Hathaway,Inc. has holdings in GEICO, Fruit of the Loom, Kraft and other companies. The firm consistently outperforms its competition. Buffet took over the company in 1965. A $10,000 investment back then would be worth more than $50 million now.

Berkshire’s Class A stock trades at more than $100,000 per share. Class B shares traded at over $3,500 per share. That’s until now. The company recently split its Class B shares 50-1. That means you can now buy Class B shares for less than $80. This creates an investment opportunity for middle income investors.

We all could learn a thing or two about finances from this “Oracle of Omaha.”

Read more at USAToday.

Photo found at http://www.businessweek.com/

Debunking 3 Myths of About Entrepreneurs

Owning a business is not for the faint of heart. Here are three untruths about entrepreneurs.

They Have Perfect Ideas!

Business owners don’t wait until they are great to start. They start and become great. They Shoot and then aim. Meaning they present themselves professionally and are constantly improve their products and services as they go. Successful business owners dedicate their business to consistent progress by finding new ways to perfect idea. Denzel Washington says it best in a recent USA Weekend article. "I'm a work in progress, like everybody else," says Washington “I'm constantly trying to improve."

They are Rich!

Of course, some are wealthy. But, most small business owners earn middle/upper-middle class salaries.

Business net worth and personal net worth are not the same thing. Just because someone owns a company that earns $5 million each year, DOES NOT mean they pocket that money. Most owners pay themselves between 5- 20 percent of their operating income. The rest goes back into the business via employees, expenses, taxes, and research and development, etc.

They Have Less Responsibilities!

Being an entrepreneur is one of the most challenging jobs there is. You have to generate revenue, manage the business, motivate employees; promote your brand and so much more. I talked to multimedia entrepreneur Tavis Smiley awhile back, and here is his take on it.

Picture found at http://www.blackintime.com/

Are You Getting Paid Less for the Same Work?

Black Americans generally earn less income than their white counterparts doing the same job. According to a US Census Bureau report, whites average 29-percent more income than blacks. For example, if a white co-worker earns $40,000, the black co-worker earns about $28,400.

Nothing is more demoralizing than finding out a co-worker makes more money than you for doing the same job. “How do you find out what a fair salary is?” Great question, read on.

Professional decorum makes securing a fair salary a challenging exercise. You can’t just ask co-workers,

“How much do they pay you?” And, human resource managers are not likely to volunteer that information. So, what do you do when you’re up for a raise or deciding whether to accept a job offer? Use this information to research your industry and demand your value.

Not-For-Profits/Government Jobs- Financial information for public sector institutions is public information. If you work in government, perform a Google search on State Employee Salaries for your state. Then research what your counterparts are making in your agency and compare it to other agencies or employees with similar positions. Not-for-profit jobs must provide access to their annual reports. GuideStar is a great place to get reports. You can also request copies from the Public Information Department.

Private Sector Jobs- You have to do more research to find out competitive income rates for these positions. You can start by searching the classifieds for similar jobs and duties. Then, find out what competitors are paying your counterparts. Also, reach out to the local chapter of National Association for “Your Profession”, for information about local salaries for in your field.

Use the average salary for people in your position with similar backgrounds as a benchmark in your negotiations. Everybody does not produce the same value for a company. So, everybody does not deserve the same salary. You have to also consider the variables including educational background, experience, and your time with the company, etc. Use this information as a starting point in your quest for a fair salary.

Picture found at http://www.foresightwm.co.uk

Image Matters! Just Ask Tiger

It doesn’t matter if you are a billionaire golfer or a plain Jane, image matters. Tiger Woods’ pristine, winning image helped him earn 90% of his $1 billion fortune since turning pro in 1996. Now, as companies divest from the Tiger brand, his earning potential is temporarily on hold, at best.

We’d like to think there is a separation between our personal and business lives. The truth is our personal behavior can negatively affect how people perceive us. And, you know perception is everything. Bad perception is a distraction. In a bitterly competitive environment companies do all they can to avoid anything that distracts from their products. Customers are not likely to support companies that make them feel uncomfortable.

Secondly, you are also judged by the company you keep. Relationships are a pseudo endorsement of a person’s lifestyle and behavior. For example, a company associating with a known pedophile would offend millions of people. People don’t usually spend money with companies or people that offend them.

Take great consideration in how you present yourself. Remember, people are always watching and scrutinizing your actions. I’ve gone to conferences where many of my fellow attendees earned job and internship offers. A few of those attendees went to a conference party some scantily dressed and others danced suggestively. Sure, it’s a “party,” but; people won’t stop evaluating your judgment. Especially, if you plan to represent their company. Many of those job and internship offers were rescinded

I’m not telling you to project an inauthentic caricature of yourself. Instead, project a confident, approachable and productive image. It’s important that your image communicates two things. First, that you add value. Second, that you can be trusted with their brand. Think about it. Nobody ever got fired for discreet and respectable.

Picture found at http://www.TigerWoods.com