Author: Owen Bowers

Student loan repayment can feel overwhelming, but understanding your options can make a huge difference. Whether you’re looking for a predictable plan, a gradual increase in payments, or an income-driven approach, there’s a repayment strategy that can work for your financial situation. In this blog, we’ll break down the three primary repayment strategies: Standard, Graduated, and Income-Based repayment plans.

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1. Standard Repayment Plan: The Fastest Route to Debt Freedom

The Standard Repayment Plan is the most straightforward option. If you have federal student loans, this is the default plan unless you choose another.

How It Works:

• Fixed monthly payments
• 10-year repayment term (up to 30 years for consolidation loans)
• Lower overall interest paid compared to other plans

Best For:

• Borrowers who can afford consistent payments
• Those looking to minimize total interest costs
• Individuals with stable incomes

Pros & Cons:

Pros: Lower interest costs, faster debt payoff
Cons: Higher monthly payments compared to other plans

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2. Graduated Repayment Plan: Start Low, Increase Over Time

The Graduated Repayment Plan is designed for borrowers who expect their income to grow over time.

How It Works:

• Lower initial payments that increase every two years
• 10-year repayment term (up to 30 years for consolidation loans)
• Payments start low but gradually rise

Best For:

• Recent graduates with lower starting salaries
• Those expecting steady income increases over time
• Borrowers who want predictable increases in payments

Pros & Cons:

Pros: Easier entry-level payments, predictable increases
Cons: Higher total interest paid compared to the Standard Plan

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3. Income-Based Repayment (IBR) & Other Income-Driven Plans

For those with high student debt relative to their income, Income-Based Repayment (IBR) and other income-driven repayment (IDR) plans offer flexible options.

Types of IDR Plans:

• Income-Based Repayment (IBR): 10-15% of discretionary income, forgiveness after 20-25 years
• Pay As You Earn (PAYE): 10% of discretionary income, forgiveness after 20 years
• Revised Pay As You Earn (REPAYE): 10% of discretionary income, forgiveness after 20-25 years
• Income-Contingent Repayment (ICR): 20% of discretionary income or fixed payments over 12 years, forgiveness after 25 years

How It Works:

• Monthly payments based on a percentage of your income
• Payments can adjust yearly based on earnings
• Loan forgiveness possible after 20-25 years

Best For:

• Borrowers with fluctuating or lower incomes
• Those working in public service (who may qualify for Public Service Loan Forgiveness (PSLF))
• Borrowers who need flexibility in monthly payments

Pros & Cons:

Pros: Lower monthly payments, potential loan forgiveness
Cons: More interest paid over time, possible tax implications on forgiven debt

Building good credit is a key factor in achieving financial success. Whether you’re buying a home, leasing a car, or applying for a credit card, your credit score plays a significant role in your ability to access financial opportunities. Fortunately, building credit is a process you can control with a few smart steps. Here are five effective ways to build your credit and boost your financial standing.

1. Start with a Secured Credit Card

If you’re new to credit or rebuilding after a setback, a secured credit card can be a great starting point. With this type of card, you’ll need to make a deposit that serves as your credit limit. This deposit minimizes the risk for the lender, making it easier for you to qualify. Over time, as you use the card responsibly—paying off your balance on time and keeping your utilization low—you’ll build a positive credit history.

Make sure to choose a secured card that reports to the credit bureaus, as this ensures your efforts will be reflected in your credit report. After several months of responsible use, you may be able to transition to an unsecured card with a higher limit and more benefits.

2. Pay Your Bills on Time, Every Time

The most important factor in building and maintaining good credit is paying your bills on time. Late payments are one of the most significant negative factors that can damage your credit score. These late payments are reported to the credit bureaus and can remain on your credit report for up to seven years.

To stay on track, consider setting up automatic payments for recurring bills or setting reminders. The earlier you start making on-time payments, the quicker your credit score will reflect your positive habits.

3. Keep Your Credit Utilization Low

Your credit utilization ratio is a key component of your credit score. It’s calculated by dividing your credit card balances by your total available credit limit. For example, if your total credit limit is $5,000 and you’ve used $2,000 of it, your utilization rate is 40%. Ideally, you want to keep this ratio under 30%. This shows lenders that you’re responsible with credit and don’t rely too heavily on it.

To keep your utilization low, you can either pay off your balances in full each month or ask for a credit limit increase. Just make sure that you don’t increase your spending when your limit goes up.

4. Diversify Your Credit Mix

Lenders like to see that you can manage different types of credit responsibly. Having a mix of revolving credit (like credit cards) and installment loans (such as a car loan or student loan) can help improve your credit score. However, it’s essential to only take on credit that you can manage. Don’t apply for new types of credit just to diversify your mix if you’re not ready for it.

Opening new credit accounts should be done cautiously and strategically. Too many hard inquiries within a short time can lower your credit score, so be mindful of how often you apply for credit.

5. Monitor Your Credit Report Regularly

It’s essential to keep an eye on your credit report to ensure that everything is accurate and up to date. Mistakes or fraudulent activity can negatively impact your credit score without your knowledge. You’re entitled to a free copy of your credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—once a year through AnnualCreditReport.com.

Take the time to review your credit report for errors, such as incorrect personal information, unfamiliar accounts, or wrongly reported late payments. If you spot an error, dispute it with the credit bureau immediately to have it corrected.

Conclusion

Building credit takes time, but the payoff is well worth it. By using these strategies, such as starting with a secured credit card, paying your bills on time, maintaining low credit utilization, diversifying your credit mix, and monitoring your credit report, you’ll be on your way to a strong credit score.

Remember, the key to building credit is consistency and patience. Stay disciplined in your financial habits, and your credit score will improve, unlocking better opportunities for your future financial goals.

Paying for college can be a challenge, but at the University of Wisconsin-Whitewater (UWW), there are plenty of scholarship opportunities to help ease the financial burden. Whether you’re an incoming freshman, a transfer student, or already a part of the UWW community, there are several unique scholarships specifically for Warhawks that you can apply for. These scholarships are offered by UWW departments, alumni, and local organizations, ensuring a variety of options for students from all backgrounds.

Here’s a guide to finding scholarships that are unique to UWW:

1. The UWW Scholarship Portal

The University of Wisconsin-Whitewater provides a centralized Scholarship Portal that offers a wide range of scholarships exclusive to UWW students. This portal is your one-stop shop for all UWW-specific scholarship opportunities, where you can apply for multiple scholarships with just one application. Scholarships here are offered by the university, individual departments, and even private donors.

How to Access:

• You can find the Scholarship Portal through your WINS account or access it at https://www.uww.edu/scholarships
• Make sure to check the portal every semester, as new scholarships become available on a regular basis.
• Be sure to follow any specific instructions for submitting documents or essays and adhere to deadlines.

2. Department-Specific Scholarships

Many academic departments at UWW offer scholarships specifically for students within their programs. Whether you’re studying business, education, science, or the arts, there’s a good chance that your department offers financial assistance to support your academic journey.

Examples of Departmental Scholarships:

• College of Business and Economics: This college offers a range of scholarships for students majoring in business disciplines, such as accounting, finance, marketing, and management.
• College of Education and Professional Studies: Students pursuing education, social work, or health-related programs can find scholarships through the College of Education.
• College of Arts and Communication: Scholarships for students in fields such as music, theater, and communication are available.
• College of Letters and Sciences: Many general scholarships are available for students in this college, which includes a wide variety of majors ranging from biology to political science to psychology.

How to Apply:

• Contact your department or check your department’s webpage for scholarship opportunities.
• Some scholarships may require a separate application, while others are part of the general scholarship application process in the UWW Scholarship Portal.

3. Club and Organization-Specific Scholarships

Many student clubs, fraternities, sororities, and campus organizations at UWW offer scholarships to their members. If you are involved in a student organization or club, there may be scholarship opportunities available specifically for members who demonstrate leadership, involvement, and academic success.

Examples:

• Greek Life Scholarships: If you’re a member of a fraternity or sorority at UWW, there may be scholarships offered by the Greek community or individual chapters.
• Honor Society Scholarships: UWW’s honor societies, such as Phi Theta Kappa or the National Society of Collegiate Scholars, often offer scholarships to active members.
• Club-Specific Scholarships: Many student organizations like the Student Government Association (SGA), International Student Organization, or the Warhawk Leadership Program provide scholarships to members.

How to Apply:

• Check with your club, organization, or Greek chapter for available scholarship opportunities.
• Most organizations will have a process for applying, which may involve submitting an application or a statement of involvement.

Final Thoughts

There are many unique scholarship opportunities for students at the University of Wisconsin-Whitewater, and it’s essential to explore all the available options to maximize your chances of receiving financial support. From the general UWW Scholarship Portal to department-specific opportunities, local community foundations, and alumni-backed funds, the resources available are vast and varied. Be proactive, check deadlines, and apply for as many scholarships as you’re eligible for. With the right approach, you can secure valuable funding to help you succeed as a Warhawk!

The holiday season is upon us, and while it’s the perfect time to celebrate with friends and family, it can also be an expensive time of year. However, gifting doesn’t have to break the bank. With a little creativity and effort, you can create heartfelt and personal presents that won’t cost a fortune. DIY holiday gifts are not only budget-friendly but also meaningful, as they show you’ve put time and care into the gesture. Below, we’ll share some affordable and easy-to-make DIY gift ideas for everyone on your list.

1. Handmade Candles

Candles are a classic gift, and making them yourself can be fun and cost-effective. You can experiment with different colors, scents, and even unique containers like teacups or mason jars. Plus, there’s something incredibly cozy about receiving a handmade candle during the cold winter months.

What You’ll Need:

• Wax (soy or beeswax)
• Wick
• Fragrance oils (lavender, cinnamon, etc.)
• Containers (mason jars, teacups, etc.)

Instructions:

1. Melt the wax according to package instructions.
2. Add fragrance oils once the wax is melted.
3. Pour the wax into your chosen containers, securing the wick in place as it hardens.
4. Allow the candles to cool for 4-6 hours before use.

Cost: $10 for several candles (bulk buying the wax and supplies)

2. Personalized Photo Calendar

Give the gift of memories with a DIY photo calendar. This is a great option for grandparents, parents, or anyone who enjoys looking back on special moments. You can easily create a photo calendar online using various services (like Shutterfly or Vistaprint) or make one by hand, selecting a photo for each month.

What You’ll Need:

• 12 photos
• Cardstock or pre-made blank calendar template
• Craft supplies (markers, stickers, etc.)

Instructions:

1. Select and print a photo for each month.
2. Attach the photos to the calendar template and decorate with personal notes or stickers.
3. If you prefer, you can simply create a handmade card for each month with a note attached to make it extra personal.

Cost: Free if using photos you already have, or $10 for online printing

3. DIY Bath Bombs

Bath bombs are a luxurious treat, and making them yourself is surprisingly easy! With a few basic ingredients like baking soda, citric acid, and essential oils, you can create colorful and fragrant bath bombs that make the perfect self-care gift.

What You’ll Need:

• 1 cup baking soda
• 1/2 cup citric acid
• 1/2 cup Epsom salt
• 1 tablespoon coconut oil
• Essential oils for fragrance
• Food coloring (optional)

Instructions:

1. Mix the dry ingredients together in a bowl.
2. Slowly add the wet ingredients (coconut oil, essential oils, and food coloring).
3. Pack the mixture into molds (silicone molds work best) and let them dry overnight.

Cost: Around $5 for 6-8 bath bombs

4. Customized Cookie Jars

For those who enjoy baking, a jar filled with homemade cookies or cookie mix is a sweet and thoughtful gift. You can either bake the cookies and present them in a mason jar, or layer the dry ingredients for a DIY cookie mix and add a recipe card. Either way, it’s a gift that’s sure to be appreciated.

What You’ll Need:

• Mason jar or any glass container
• Cookie ingredients (flour, sugar, chocolate chips, etc.)
• Recipe card

Instructions:

1. Layer the dry ingredients in the jar in the order they’re needed for the recipe.
2. Tie a ribbon or twine around the jar with a tag that includes baking instructions.
3. You can also include a batch of homemade cookies in the jar for an extra touch.

Cost: Around $5 per jar

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Conclusion

DIY holiday gifts don’t have to be expensive to be meaningful. Whether you’re making a personalized calendars, crafting homemade candles, or baking a batch of cookies, the key is putting thought and care into each gift. These affordable DIY ideas allow you to share something personal with your loved ones while staying within budget. So, get creative this holiday season, and enjoy the joy that comes from making a gift with your own hands!