http://www.mccshh.com/finance.html

WEEK 7: Student Loans & Education 01MAY2020 – 07MAY2020

We are Marine Corps Community Services,

and we are here to serve you.

IN THIS ISSUE

PG2 Student Loan Payment Strategies during COVID-19 PG3 Free Education Resources & Funding Dependents’ Education PG4 Learning to Communicate: Effective Communication PG5 Scholarship Search PG6 Reliable Resources

Student

Loan

Balance

$0

Resources to help you to decide on pay down strategy for Student Loans:

If you have a Qualifying Federal Student Loan Your payments will automatically stop (get suspended) from March 13, 2020, through Sept. 30, 2020. 0% interest. Why? To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. During the period of 0% interest, the full amount of your payments will be applied to principal once all the interest that accrued prior to March 13 is paid. This is an opportunity to aggressively pay down your student loan! U.S. Department of Education COVID-19 Update: https://studentaid.gov/announcements-events/coronavirus U.S. DOE Federal Student Aid. Retrieved from: https://studentaid.ed.gov/ U.S. DOE For Members of the U.S. Armed Forces: https://studentaid.ed.gov/sa/sites/default/files/military-student-loan-benefits.pdf U.S. Department of Education (2015). Federal Student Aid. Repaying Your Loans: https://studentaid.ed.gov/sa/sites/default/files/repaying-your-loans.pdf Sallie Mae Manage Your Private Student Loan: https://www.salliemae.com/student-loans/manage-your-private-student-loan/ The repayment estimator: www.studentloans.gov Consumer Financial Protection Bureau: https://www.consumerfinance.gov/paying-for-college/ Consumer Financial Protection Bureau Servicemembers Tackling Student Loan Debt: https://files.consumerfinance.gov/f/documents/201604_cfpb_servicemember-student-loan-guide.pdf

Activity: Comparing Repayment Plans At www.studentloans.gov, select “Repayment and

Consolidation. Then select: “Use the Repayment Estimator.”

You do not have to log in to complete this activity.

Move down the screen to “Estimate My Payments” and

input the scenario information starting at “View or Add Your

Loans”.

Questions to ask yourself before you make the decision to pay down your student loans now:

Should I pay off my student loans now?

Yes (more likely benefit)

No (less likely benefit)

What is your interest rate on your loan?

Higher – loans with higher interest rates generally should be paid off first.

Lower – Other investment opportunities?

How many student loans do you have?

Are you considering Public Service Loan Forgiveness? PSLF If so reach out to your CFS.

What is your loan balance?

What is your household income? Can I afford to pay down the basis of my student loan now?

Do you have public loans or private loans?

Private loans are not eligible for PSLF or 0% interest. Federal loans may be paused at 0% interest, I’m not in PSLF.

Are there other factors impacting your financial situation?

Free Tutor.com!!!

NEW RELEASE!!!

MARINE CORPS DOCTRINAL PUBLICATION

LEARNING

https://www.marines.mil/News/Messages/Messages-

Display/Article/2142006/availability-of-mcdp-7-learning/

Exciting news!!! More people are now eligible to use the

Tutor.com for US Military Families program! To support

DoD personnel and their families who are being impacted

by COVID-19 disruptions, the DoD has temporarily

expanded coverage of the Tutor.com for US Military

Families program to include all Active Duty, National Guard,

Reserves, and Wounded Warrior service members; DoD

civilian personnel; and all of their dependent children and

spouses! Survivors of KIA service members plus ROTC,

NROTC, and DoD Service Academy Cadets are also now

eligible to use the program! For details please visit:

www.tutor.com/military/eligibility .

Estimate Costs:

https://www.finra.org/investors/learn-to-invest/types-

investments/saving-for-education/estimate-your-

education-savings-needs

Calculate how much to Save:

https://tools.finra.org/college_savings/

Consider Your Options:

https://www.finra.org/investors/learn-to-invest/types-

investments/saving-for-education

Consider Tax Benefits: Credits and IRA option:

https://studentaid.gov/resources/tax-benefits

Compare 529 options:

https://tools.finra.org/529_calculator/main

Review SECURE Act 529 changes:

https://www.finra.org/investors/learn-to-invest/types-

investments/saving-for-education/529-savings-plans

Funding Your Dependents’ Education

For Tuition Assistance and Education Questions contact the

HH Education Office at 703-614-9104

For VA Post 9/11 Education Questions contact: 888-GIBILL-1

VA Education:

https://benefits.va.gov/GIBILL/COVID19EducationBenefits.asp

GI Bill Comparison Tool: https://www.va.gov/gi-bill-comparison-

tool/

Student Veteran Coronavirus Response Act of 2020, Signed into law

28APR2020: https://www.congress.gov/bill/116th-congress/house-

bill/6322/text

Education Resources for Marines and Spouses: eLibrary USMC MCCS Library:

https://mccs.ent.sirsi.net/client/en_US/default

*Morningstar & Weiss Ratings

Marine Corps Credentialing Opportunities On-Line (COOL):

https://www.cool.navy.mil/usmc/

*New Opportunity for Command Financial Specialist to attain

Accredited Financial Counselor Certification.

Military Spouse Resources:

My Career Advancement Account (MyCAA) Scholarship:

https://mycaa.militaryonesource.mil/mycaa/

Military Spouse Reimbursement for Licensure due to PCS:

https://www.usmc-mccs.org/articles/marine-corps-spouse-

professional-relicensing-reimbursement/

Free Educational Resources:

Learning to Communicate: Effective Communication

Article by: Candi Heinberger Prevention and Education Specialist, Marine & Family Programs

Candi.Heinberger@usmc-mccs.org

A few weeks ago, we discussed the “magic formula” for

assertive communication.

I feel…(describe how you are feeling)

When you…(describe what is bothering you)

Because…(describe how that behavior is affecting you)

I need…(describe the requested change)

Let’s take that a step further. Most of us have harmful

communication patterns that work against us on occasion;

however, if we learn to recognize those patterns and apply

effective communication skills we will be able to clearly

portray what we want.

Sending clear messages is the number one tool that assertive communicators use. This means that

your words and tone of voice need to match your non-verbal cues (posture, smile, facial

expressions, eye contact).

Learning to listen, really listen, not just hear is another powerful tool used in assertive

communication. Do not listen to respond or prove the other party wrong. Try to listen to identify

common ground, understanding, or compromise in the situation. By repeating back what you heard

in your own words is a helpful way to check for understanding.

Giving and receiving praise and gratitude is another assertive communication tool. Seeing and

acknowledging the positive in the situation and the other person involved may not seem that

important, but only commenting on the negative is harmful in any relationship.

Learning to express your feelings openly is a personally impactful communication tool. This does

not mean to blow up at the first sign of an issue. It simply means to not bottle feelings up. Instead,

express them appropriately, with honesty and in a thoughtful way by using “I” messages.

When asking for help, assertive communication is honest, open, and clear. You may be in a less than

desirable situation, but that does not mean asking for help has to be a negative conversation. Simple

questions or statements can open the door for you to start on the path to positive results:

I need help with consolidating my student loans.

Can you help me with my educational goals?

How do I start an investment portfolio?

Utilize your resources at M&F. They are there to help. Approach with confidence and the end goal in mind.

Be honest and clear about your need. Actively listen to the advice given, asking questions as needed along

the way. Acknowledge the positive in the situation and continue to move forward.

The above assertive communication tools were adapted from:

Fiore, A., & Novick, A. (2005). Anger management for the 21st century: eight anger control tools to learn

before it’s too late. Long Beach. CA: Century Anger Management.

*Voluntary counseling services are available through MCCS Behavioral Health. Please call our main line at

703-614-7204 to inquire about our services. Anonymous calls with questions about our services are

welcome!

You can also access counseling services through the Military Family Life Counselor at 703-414-9885 or

through Military One Source at 1-800-342-9647.

SECO Scholarship Finder. https://myseco.militaryonesource.mil/portal/spouseprofile/spousefundingsources/search Search for financial assistance resources and professional

development opportunities offered specifically to military

spouses and family members

College Board Scholarship Search.

https://bigfuture.collegeboard.org/scholarship-search

Identifies scholarship opportunities, other financial aid

opportunities, and internships

U.S. Department of Labor. Career One Stop Scholarship Finder.

https://www.careeronestop.org/toolkit/training/find-

scholarships.aspx

Allows you to search more than 7,500 scholarships, fellowships,

grants, and other financial aid award opportunities

My Career Advancement Account.

Https://mycaa.militaryonesource.mil/mycaa/Default.aspx#

Provides scholarships to eligible military spouses for high-

demand portable careers

American Legion. https://www.legion.org/scholarships

Offers the Samsung American Legion scholarship to eligible

students

AMVETS. http://amvets.org/scholarships/

Provides three different types of scholarships

Navy-Marine Corps Relief Society.

http://www.nmcrs.org/pages/education-loans-and-scholarships

Provides interest free loans and grants

Fleet Reserve Association Educational Foundation.

https://www.fra.org/fra/Web/FRAHome

Offers multiple scholarship opportunities

ThanksUSA. https://www.thanksusa.org/scholarships.html

Offers multiple scholarships for military families

Military Officers Association of America (MOAA).

http://www.moaa.org/loans/

Provides loans, scholarships, and grants

Paralyzed Veterans of America.

https://www.pva.org/membership/scholarship-program

Offers scholarship opportunities for family members of paralyzed

veterans

FINRA Military Spouse Fellowship Program.

https://www.saveandinvest.org/military/military-spouse-

fellowship-program

Offers military spouses the opportunity to earn a career-

enhancing credential—the Accredited Financial Counselor®

certificate—while providing financial counseling and education to

the military community

Marine Corps Spouses Clubs. At your local installation.

May offer scholarship opportunities for dependents. Options vary

based on location.

State Financial Aid Programs.

https://www.nasfaa.org/State_Financial_Aid_Programs

Provides information about financial aid programs for every state

COVID-19 Scams Cont. Scholarship Search:

The Personal Financial Management Program is here

for you and your family as you adjust to the new

normal. Every Friday, in the wake of the COVID-19

situation, we will provide the PFM’s Financial Solutions

Corner, where we will discuss ways to stay on top of

your finances during these uncertain times.

Just as we begin to navigate life with COVID-19, the

Financial Industry has begun adjusting their strategy,

which affects everyone’s finances. We are collecting

the updates and will publish a Friday Financial Solutions

Newsletter for the duration of the crisis.

Personal Financial Management Program Specialist: Letty Stevens AFC® CFP® Candidate Leticia.Stevens@usmc.mil Personal Financial Counselor: Katie Lynch AFC ® pfc.henderson.usmc@zeiders.com Appointments for individuals and couples.

Phone Number: 703-614-6950

Or contact your unit’s Command Financial Specialist.

GOVERNMENT INFORMATION: WEBSITE

The Consumer Financial Protection Agency: https://www.consumerfinance.gov/coronavirus/ CFPB Facebook: https://www.facebook.com/CFPB/

Department of Defense Office of Financial Readiness: https://finred.usalearning.gov/ FINRED Facebook: https://www.facebook.com/DoDFINRED/

Military OneSource: https://www.militaryonesource.mil/ MOS Facebook: https://www.facebook.com/military.1source/

RELIABLE SOURCES OF FINANCIAL INFORMATION:

Internal Revenue Service: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed IRS Facebook: https://www.facebook.com/IRS/

Double-check your state's tax deadlines. Go to your states’ guidance on TAX deferments:

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

Thrift Savings Plan: https://www.tsp.gov/whatsnew/Content/index.html TSP Facebook: https://www.facebook.com/tsp4gov/

Federal Deposit Insurance Corporation: https://www.fdic.gov/coronavirus/faq-customer.pdf FDIC Facebook: https://www.facebook.com/FDICgov/

MORTGAGE RELIEF AVAILABLE:

Federal Mortgage Home Loan Relief FAQ: https://www.aarp.org/money/credit-loans-debt/info-2020/mortgage-

coronavirus-faq.html

Fannie Mae Website: https://www.knowyouroptions.com/covid19assistance

Fannie Mae Facebook: https://www.facebook.com/fanniemae/

Freddie Mac Website COVID-19: https://myhome.freddiemac.com/own/getting-help-

disaster.html?sf119393107=1&fbclid=IwAR0cQp8wHhcWfPVbzZJfVNcwktm2EToKMkSXDBsCTCiwbPp5M9PHClSYh5c

Freddie Mac Facebook: https://www.facebook.com/FreddieMac/

STUDENT LOAN RELIEF AVAILABLE:

Federal Student Loan Relief: https://studentaid.gov/announcements-events/coronavirus Federal Student Aid

Facebook: https://www.facebook.com/FederalStudentAid/

FINANCIAL RESOURCES FOR RELIEF:

FOR MILITARY: Navy-Marine Corp Relief Society FAQ: https://www.nmcrs.org/

NMCRS Facebook: https://www.facebook.com/NMCRS/

FOR CIVILIANS: CALL 211

Dial 211 to speak to someone who can help with finding food, paying housing bills: http://www.211.org/services/covid19

(SBA) SMALL BUSINESS ADMINISTRATION RELIEF:

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

SBA Facebook: https://www.facebook.com/SBAgov/

Virginia Unemployment Insurance Program

General Information about the Unemployment Insurance Program: http://www.vec.virginia.gov/unemployed

To file a UI claim online: http://www.vec.virginia.gov/unemployed/online-services/apply-for-unemployment-benefits

To file a claim by telephone number: 1-866-832-2363

Coronavirus update: Virginia is providing updates on Unemployment Insurance changes related to COVID-19 here:

http://www.vec.virginia.gov/qa-coronavirus

Facebook: https://www.facebook.com/VirginiaEmploymentCommission/

District of Columbia Unemployment Insurance Program

General Information about the Unemployment Insurance Program: http://does.dc.gov/service/unemployment-

compensation-process

To file a UI claim online: https://does.dcnetworks.org/InitialClaims/

To file a claim by telephone number: 202-724-7000

Update DC is providing updates on Unemployment Insurance changes related to COVID-19 here:“nbsp”

https://does.dc.gov/release/bowser-administration-announces-ui-benefit-flexibilities-passage-covid-19-response-

emergency

Facebook: https://www.facebook.com/DCDeptofEmploymentServices/

Maryland: Maryland Unemployment Insurance Program

General Information about the Unemployment Insurance Program:

http://www.dllr.state.md.us/employment/unemployment.shtml

To file a claim by telephone number: http://www.dllr.state.md.us/employment/officenum.shtml

Facebook: https://www.facebook.com/MarylandLabor/

Unemployment: DMV https://myseco.militaryonesource.mil/portal/content/view/1428