Kansas State University

Temporary relief measures were implemented on October 6, 2021, by the U.S Department of Education for the federal student loan Public Service Loan Forgiveness (PSLF) program under which borrowers may receive credit for payments that previously did not qualify. The U.S. Department of Education has made this specific change to last only until October 31, 2022. There are some key changes that could provide beneficial amounts of loan forgiveness to the right borrower. Although, the best thing you can do to see if you apply is to reach out to your loan servicer. In this blog, I will briefly explain what looks different for this next year regarding the Public Student Loan Forgiveness program. Borrowers should review all of the details of this temporary relief at https://studentaid.gov/announcements-events/pslf-limited-waiver.

Before the announcement was made on October 6, 2021, there were many qualification rules that made it difficult for borrowers to receive any forgiveness from PSLF. The borrower still needs to be employed full-time by a U.S. federal, state, local, or tribal government, 501(c)(3) nonprofit or other nonprofit organization that provides qualifying services. They still need to be direct federal loans or consolidated into direct loans to qualify. The borrower still must make 120 total payments but past ineligible payments may now count.

With the new announcement, a qualification that has been waived is that the person no longer had to be enrolled under an income-driven repayment plan. Now, past payments under any type of plan will count toward the potential credit.

If the person needs to consolidate to direct loans, then that will need to be done before October 31, 2022. This means that if you have outstanding FFEL and/or Perkins loans, you will need to consolidate them to direct loans as well. Parent PLUS loans will not be eligible for this temporary PSLF waiver. Under normal PSLF Program rules, if you consolidate your loans, only qualifying payments that you make on the new Direct Consolidation Loan can be counted toward the 120 payments required for PSLF. Any payments you made on the loans before you consolidated them don’t count. However, if you consolidate these loans into a Direct Loan before October 31, 2022, you may be able to receive qualifying credit for prior payments made on those loans through the limited PSLF waiver.

There will be an updated PSLF help tool on the studentaid.gov website soon at https://studentaid.gov/pslf/. It will account for the new changes that have taken place in regards to processing FFEL and Perkins loans and how to consolidate them. Right now, step 1 of the help tool is available to verify that the borrower’s employment is PSLF certified. In the coming months, the rest of the tool will be helpful to determine if the temporary credit on past loan payments is applicable.

If you believe that this change is something that could apply to you, there are four main steps to take (https://studentaid.gov/announcements-events/pslf-limited-waiver): 1) Verify your loan types and amounts. 2) Verify that your employment meets the PSLF requirements using Step 1 of the PSLF Help Tool. (This part of the tool is available right now.) 3) If your employer is eligible but you need to consolidate to all direct loans, then request consolidation by October 31, 2022. 4) Submit a PSLF form with the PSLF Help Tool by October 31, 2022. (This is the part of the tool that will be available very soon.)

This is a time-sensitive opportunity, so please reach out to your loan servicer soon and take the necessary steps to see if this is a beneficial opportunity as soon as you can. If you have questions, Powercat Financial can also meet with you in-person or virtually through zoom. To schedule an appointment, please visit our website: https://www.k-state.edu/powercatfinancial/.

Now for a not so serious topic, we have a fun event coming up called “Thrifty Gifting!” This is a great event for anyone that needs help managing their money during the holiday season. There will be free festive food, fun games, and cool prizes from local businesses. The event will take place on Thursday, November 4^th at 4:30pm in the Student Union Room 227. We hope to see you there!

Laura Peterson

Peer Counselor II

powercatfinancial@ksu.edu

www.k-state.edu/powercatfinancial

Have you ever wondered how you are going to pay for your next years of school? How about the amount you will need and where that money will come from? If you do not have an answer for these questions, you are not alone, as many people enter college without a solid plan for paying the bills. It is not uncommon for students to have an idea of where their college funding is coming from but not know if it will last, what student loans they will need to take, how much their living expenses will cost, and other miscellaneous expenses. The next few points will discuss how a peer counselor at Powercat Financial can help you answer those questions and create a plan for your college life. The overall purpose of this process is to help you minimize the amount of student loan borrowing you incur.

1. Download the College Financial Plan Worksheet

On the Powercat Financial website exists our College Financial Plan worksheet that is linked here. This worksheet will help you answer all the questions asked above so you can determine your total financial aid required to pay for all your expenses, not only tuition and fees. This worksheet may seem intimidating to most people so I encourage you to bring your situation to a peer counselor at Powercat Financial so we can walk through the sheet with you. The following points will explain the process and help guide you on your own, but the best way to fill out this spreadsheet is with the help of a peer counselor. An overview of this process is also described on the “Create Your College Financial Plan” page of our Powercat Financial website at https://www.k-state.edu/powercatfinancial/planning/.

2. Estimate Your Current Living Expenses

The first step is to estimate your monthly expenses on the first tab of the worksheet (bottom left corner). This budget is a streamlined version of our current Spending Plan Worksheet and will serve as a rough estimate for your expenses every month to help you estimate your total expenses for each semester. Often, when people are budgeting for college, they do not consider their living expenses or they have a difficult time estimating them. I encourage you to fill out the actual spending plan worksheet I linked above to have a more robust and inclusive budget that you can continue throughout college and even after college. If you only use the tab on the College Financial Plan worksheet, it will usually be a decent estimate but your expenses could be drastically different than your actual spending amounts. Please visit Powercat Financial and see a peer financial counselor to start with your monthly budget to help you determine your living expenses.

3. Estimate Credit Hours and Fees

The next step is to scroll below the college financial plan section (2^nd tab on the bottom left) and go to the credit hours and fees section. Here, you will enter the number of credit hours to plan to take each semester and the corresponding fees. There is a link to the fees at K-State on the spreadsheet to help find the fees associated with your major. If you have your current tuition and fees statement and want to use that amount for each semester, then feel free to plug that in the top portion of the spreadsheet for each semester instead of estimating hours. Remember this is the current year’s tuition and fee information and future year amounts may differ.

4. Estimate Income from Jobs, Scholarships, and Other Sources

To estimate job income during the summer months, enter the number of weekly hours worked, hourly wage, months, and living expenses incurred during the summer. If you have a semester job please enter that information on the sheet as well.

Scholarships should be included in the section below your expenses on the worksheet. If you know you will have a recurring scholarship then feel free to enter that amount in the next few semesters as well until you will no longer receive the scholarship. Input all scholarships you will receive here, but it is okay to leave some off to be conservative, especially if they are not guaranteed.

All other income should be represented on the spreadsheet as well, such as anticipated support from parents, birthday and holiday gifts, and any other income you can think of. Also, include savings you will use each semester to put towards any or all of these expenses.

5. Generate Total Amount Due

Once you have entered all the information stated above about your expenses and resources you have available, the bottom cell will indicate if you have sufficient resources to cover all expenses or if you have a shortfall that may need covered by other means such as finding additional scholarship or borrowing student loans. Also, the red cell in the bottom right corner of the spreadsheet represents the total amount of student aid you will need to fund college or the total amount of student loans you may need to take out over your college career to pay for everything. If you look at the bottom of the sheet you can see how much in other sources you will need to come up with, or student loans you should expect to take out for each semester, given each detail you just put into the plan. Use this amount to determine what to take out once student loans are offered to you in KSIS. You do not have to take out the total amount of aid offered to you, but instead, you should use this sheet to determine a closer number that you can take in student aid each semester. As an alternative, you could find other sources such as scholarships, family support or additional income to cover this short-fall.

Why Is This Important?

Many students need help planning their expenses for college and have no way of going about it. An estimated 45% of 2021 college freshmen are expected to take out student debt to fund their education, and more than 62% of 2019 college seniors graduated with student debt. Many of those students did not have a plan for taking out debt and many do not have a plan for repayment of the debt either. Student loan debt can be difficult to navigate and it stresses your monthly income and causes you to spend money on interest payments.

Millions of people will have to utilize student debt to graduate, so having a plan on how much to take out, when, and what it will be spent on can help you get ahead of your debt and work towards paying off only the amount that was needed. Creating a college financial plan will reduce the stress and anxiety that comes with paying for college. Although many go through college without a robust financial plan, you have the opportunity to control your debt and make sure you are making smart decisions with it.

Please schedule an appointment to meet with a peer counselor soon so you can start to create your college financial plan. You are capable of completing the College Financial Plan worksheet on your own, but seeing a peer counselor for free will help you complete the sheet accurately and holistically. We are here to help you work towards financial success in more ways than one!

We have walk-in days on the first Friday of every month where students can simply walk in without an appointment to ask a quick money question and get a free pop. Our next Pop Up to Powercat Financial day will be October 1st.

Thrifty Giving is happening Thursday November 4th at 4:30 pm in Union 227. That Friday (11/5) Pop Up to PF is happening at our office in Union 302 (third floor). Come ask us your quick money questions and get a free pop.

Anytime you want help with student loans, job offers, budgeting, or have additional questions about other financial topics, remember Powercat Financial is available for Zoom or in-person financial counseling sessions. They may be requested via our website link at www.k-state.edu/powercatfinancial.

https://www.nerdwallet.com/article/loans/student-loans/student-loan-debt

https://ticas.org/affordability-2/student-aid/student-debt-student-aid/student-debt-and-the-class-of-2019/

Cal Shimkus

Peer Financial Counselor II

Powercat Financial

powercatfinancial@ksu.edu

www.ksu.edu/powercatfinancial

As some of us begin meeting with our academic advisors to plan for next semester and others start planning for life after college, now is a great time to start thinking about three financial events that also require preparation. By starting to plan and think through these events, you can save your future self a lot of stress.

1. How to pay for college

In order to optimize your financial success during and after college and minimize the amount of student loans you will need, it is important to plan how you will pay for college. Here are three ways you can start minimizing loan amounts:

1. FAFSA: Every year the Free Application for Student Aid opens on October 1^st and K-State’s priority deadline to have it completed is December 1^st (though you can still submit the FAFSA until June 30, 2023 for the 22-23 academic year). Filing the FAFSA allows you eligibility consideration for federal financial aid such as Pell Grants, work study and federal student loans. Filing the FAFSA also helps you become eligible for certain need-based and other state aid, scholarships, etc. as these organizations use your Expected Family Contribution amount and other data that comes from the FAFSA.

*Even if you think your family earns too much for you to receive any aid, we encourage you to fill the FAFSA out to be eligible for federal unsubsidized loans which are not need based and other aid opportunities outside the federal government that may require FAFSA information. Who know you may be pleasantly surprised and receive aid you do not have to repay.

1. Scholarships: As free money you do not have to pay back, scholarships can significantly decrease the amount of student loans needed to complete school. However, in order to win them, it is important to regularly spend time searching, becoming a quality applicant, and applying. Each of which require time and planning ahead. See Cameron’s scholarship post on 9/17/21 to learn more scholarship tips.
2. Work savings: In order to cash flow some or all of your college expenses, it is important to plan ahead to determine how much you will need to save in order to cover those costs. Meeting with a peer counselor can help you determine the amount of money you need to save and how many hours of work will be needed to achieve this goal.

2. Transitioning into life after college

Life after college is both exciting and terrifying. By preparing ahead and beginning to think through some of these questions, you can help make the transition less stressful.

1. How will your expenses change? Will you start being responsible for new expenses such as your phone bill, insurance, etc.? If you need to move, what will some of those costs be?
2. If you have student loans, when will your payments begin? Who is your loan servicer? What payment plans do you have access to?

At Powercat Financial we understand each student has vastly different needs and concerns. We are uniquely suited to help you navigate this transition before you graduate.

3. Emergencies and Unexpected Expenses

The last two years have reminded us more than ever before how quickly circumstances can change: job loss, hospitalizations, losing loved ones, power outages due to massive winter storm, flat tires, etc. The unexpected can occur at any point, which is why it is incredibly important to prepare for costly surprises before they happen.

1. Emergency Funds: An emergency fund helps provide a buffer between you and the unexpected events of life. It is recommended you save 3-6 months of expenses in a savings or money market account for this purpose. These expenses can be for your bare necessities (food, shelter, basic transportation, etc.) or they can be the amount needed to maintain your current standard of living for 3-6 months. As a college student it can be hard save the full 3-6 months of expenses, so you can start by saving $500 or $1,000.
2. Insurance: There are several different insurances which all help protect you financially from different events. While there are many types of insurance I specifically want to mention three kinds. Here is the general purpose of each type: 1. health insurance limits the amount you will owe out of pocket for a health emergency, 2. disability insurance replaces a portion of your income if you become disabled, 3. renter’s insurance can help protect your belongings.

Free tip: Set up an appointment with Powercat Financial today to help you find out how much you need for college, understand your student loans, learn to budget, etc. Powercat Financial is available for online or phone financial counseling sessions which may be requested via our website link at www.k-state.edu/powercatfinancial. Also check out YOU@KSU for additional personal well-being help.

Thrifty Giving is happening Thursday November 4th at 4:30 pm in Union 227. That Friday (11/5) Pop Up to PF is happening at our office in Union 302 (third floor). Come ask us your quick money questions and get a free pop.

Ana Sanko

Peer Counselor III

Powercat Financial

302 K-State Student Union, Third Floor

918 N. 17th Street

Manhattan, KS 66506-2800

785.532.2889

www.k-state.edu/powercatfinancial

Let’s face it eating healthy is hard! The food is more expensive and weekly grocery shopping can put a lot of stress on your budget, if not done carefully. However, if you are able to stick to a plan, eating healthy may not be as difficult as first thought. So, how can we eat healthy without putting stress on our budget? Here are a few tips that can help you eat healthy and stay on budget.

1. Plan your meals: Once a week set aside time where you plan your meals for the upcoming week. During this time make a grocery list of everything you need to prepare those meals. Before you leave for the store scan your fridge and pantry for items you already have. If you notice you have food that is about to expire, try and plan meals around those items. Purchase only what you have on the list.
2. Cook in large portions and save the leftovers: Cooking is time consuming. As college students you are always on the go and it is difficult to set aside an hour each day to cook. It is much easier to go to the nearest fast-food joint. Instead of cooking every day and/or getting fast food, choose to cook large meals only three times a week. You can save the leftovers and if you make more than what you initially hoped for you can freeze it. This way the food stays fresh for longer periods of time.
3. Never shop hungry: While shopping hungry you are more likely to stray from your grocery list. If you find yourself hungry before you go shopping eat a piece of fruit, some veggies, or any other nutritious snack before you go to the store.
4. Buy generic or store brands: These brands are less expensive, than the name brands. However, you may be wondering is this food safe to eat? The answer is yes, all food manufacturers have to follow standards to provide safe food. If you are really questioning the food quality read the ingredients list and check expiration dates.
5. Avoid buying processed foods and drinks: While these foods/drinks may satisfy your craving they are bad for you and tend to be more expensive than initially perceived. They also lack beneficial nutrients. By avoiding these foods you can spend more on higher quality, nutrient-rich foods.

Budgeting your meals is important, and having healthy food is just as important. This task of staying on budget and eating healthy may seem daunting, but if you are able to stick to your plan this daunting task will diminish. As a reminder all K-State students have access to Cats’ Cupboard, KSU’s campus food pantry. The pantry is located in 009 Fairchild Hall and more information about their services can be found at https://www.k-state.edu/cats-cupboard/

On Thursday, October 7^th at 4:30pm Powercat Financial is hosting their annual Eating Healthy on a Budget event. Unlike last year, we will be hosting the event in person in partnership with Family Consumer Sciences Education Student Organization. Feel free to join us at the KSU Student Union in room 227. We will be providing more tips on how to eat healthy on a budget, a grocery store gift card giveaway, and there will be free food. You do not want to miss this event!

Eli McDonald

Graduate Assistant

Powercat Financial

302 K-State Student Union, Third Floor

918 N. 17^th Street

Manhattan, KS 66506-2800

785.532.2889

www.k-state.edu/powercatfinancial

PowercatFinancial@k-state.edu

When people typically think about health and wellness, the first thoughts that come to mind are exercise, nutrition, and staying active. The issue that students often overlook is their financial issues that inevitably cause them to have financial stress. Financial stress can stem from worrying about how you are going to make next month’s rent payment, paying off credit card debt, worrying about paying next semester’s tuition, and even how you are going to pay for your next meal. When financial stress is not given the attention that it deserves through proper money management, these issues can lead to problems with physical, mental, and emotional health. Ohio State University’s 2015 National Student Financial Wellness Study found that a stunning 70 percent of college students reported feeling stressed bout their finances. It is important that people understand that they are not alone and there are resources that can help including Powercat Financial.

1. Physical Health

The daily stress of your financial situation can impact your physical health in various ways including raising your risk of chronic illness, having trouble sleeping, headaches, stomach aches, and migraines.

2. Mental Health

Your financial situation can also impact your ability to have good mental health as it has been linked to raising your risk of depression, anxiety, and substance abuse.

3. Emotional Health

Another area in which having financial stress can impact your overall health is emotional health. It can affect school performance, job performance, raise the risk of relationship problems (strains on relationships with your significant other and friendships), and even your outlook on life in general.

Sometimes there is nothing that we can do to completely eliminate some types of stress, but the truly important thing is how what we do to manage and minimize the negative potential effects stress can have on our daily lives.

What can we do?

 A positive way to go about minimizing the affect financial stress has on our daily lives is to address the issues head on and give those issues the attention they deserve. One way to address these issues is to visit the Powercat Financial office. A peer financial counselor could work with you one-on-one to first find the source of where your financial stress is stemming from and then provide you with the resources/education to remedy the issue. Powercat financial offers help with topics such as:

• Budgeting/overspending
• Student Loans
• Credit
• Transitioning into the workforce

Other resources include:

Visiting a local Financial Counselor/Advisor. Financial Counseling/Advising can have a huge impact on learning more about how you currently view money and may identify some potential bias you may have that negatively affect your ability to manage money. An advisor or counselor can also give advice on how to change your behavior and increase your financial behavior so that the problems you are facing will not happen again in the future.

Anytime you want help with student loans, job offers, budgeting or have additional questions about other financial topics, remember Powercat Financial is available for Zoom or in-person financial counseling sessions. They may be requested via our website link at www.k-state.edu/powercatfinancial.

We also have walk-in days on the first Friday of every month where students can simply walk-in without an appointment to ask a quick money question and get a free pop. Our next Pop Up to Powercat Financial day will be next Friday October 1st.

Do not miss our other upcoming events including:

Investing 101 on October 4th from 5 p.m. – 6 p.m. located in the K-State Union in room 207. This event will discuss the basics regarding investing and what student need to know before starting to invest.

Eating Healthy on a Budget on October 7th from 4:30 p.m. – 5:30 p.m. also located in the K-State Student Union.

Alex Miller

Peer Counselor II

Powercat Financial

302 K-State Student Union, Third Floor

918 N. 17th Street

Manhattan, KS 66506-2800

785.532.2889

www.k-state.edu/powercatfinancial

PowercatFinancial@k-state.edu

Many students believe that scholarships are only awarded during your senior year of high school and meant to last all four years of college. These students would be surprised to learn that scholarships are available for students even in college. In fact, there may be even more opportunities for scholarships once you attend college. Scholarships can be found anywhere from your department, to university-wide, to your specific clubs and organizations. Every college at K-State has scholarship opportunities to search for.

There are so many benefits to scholarships in college. You don’t have to take out as many loans that will need paid back, you have more flexibility with working to allow you to stay involved in clubs and other organizations you are passionate about, and you have the opportunity to take classes that interest you without worrying about only taking the number of credit hours you can afford.

With a little time and effort, you have the opportunity to pay for your tuition and maybe even housing/living costs with the scholarships you apply for in college.

Below are some tips to ensure you are a quality applicant for scholarships:

1. Stay involved to make sure your resume is competitive with other applicants: Stay involved and make sure that you are doing everything to can to be qualified for scholarship. Many scholarships want to see school and community involvement. Some would even prefer involvement over perfect grades.
2. Practice interview skills: Many scholarships require an interview as a final stage. Make sure you are aware of the STAR interview method and well versed on your experiences and common interview questions.
3. Maintain a close relationship with professors and advisors: when you network and maintain close relationships with professors and advisors, they will know which scholarships you qualify for and may send you opportunities when they come across one.
4. Apply for everything: This is the most important part, just keep applying for every scholarship that you are qualified for. The more you apply, the better your odds of receiving an award.
5. Know how to elaborate on your accomplishments: When filling out your resume or applications, make sure to elaborate and use the correct and professional wording for your experiences. You can ask the KSU Career Center or a professor for help with this.

Next are some tips to help you find scholarships at K-State and in the community.

1. KSN: The KSN or K-State Scholarship Network is one of the most important places to apply and look when needing a scholarship. This is your one-stop-shop for most scholarships that are awarded at K-State. Most scholarships that are awarded at K-State are given out though your KSN application. It is very important to fill this form out accurately and in full EACH year by March 15thas a returning student. Make sure to include any community or school involvement and go in depth about these experiences to stand out as an applicant.
2. Read K-State Today: K-State posts many scholarships opportunities in K-State Today. Each morning, make an effort to scan the headlines for something that mentions a scholarship, then look into it further to see if you qualify.
3. Check with your college and department: Sometimes your college and department will have opportunities for scholarships or competitions that award a monetary prize. Ask your advisor, career coach, or professors to see what opportunities are available to you.
4. Check with clubs and organizations: Many clubs and organizations offer scholarships to K-State students. Check with organizations such as Blue Key and Mortar Board. Also check with clubs and organizations you are a part of. Many sororities and fraternities as well as national organizations offer scholarships at both a local and national level.
5. Search for outside scholarships: Outside scholarships come from companies or nonprofit organizations offer scholarships to students. Ask companies that you are familiar with and search for nonprofit organizations that offer money for activities or community service that you are interested in such as your church, insurance company, etc.

Information about K-State scholarships, the KSN scholarship portal and recommended outside scholarship search engines can be found on the financial aid website at: https://www.k-state.edu/sfa/scholarships-aid/scholarships/.

Remember that scholarships are ‘free money’ that does not need to be paid back, but does require some time and effort to win these awards. With a few hours searching and applying each month you could be set up for financial success for the rest of college! Don’t forget to request a free appointment with us at Powercat Financial so we can review these and more scholarship search strategies with you or discuss other financial matter via www.ksu.edu/powercatfinancial/services.

Cameron Jones

Peer Counselor II

Power Financial

302 K-State Student Union, Third Floor

918 N. 17^th Street

Manhattan, KS 66506-2800

785.532.2889

www.k-state.edu/powercatfinancial

PowercatFinancial@k-state.edu