It’s 5pm and another Monday working from home has concluded. As I shut down my ThinkPad (work laptop), I am pleasantly surprised to find that my days have not become a blur. Having worked from home since March 12th, I assumed that the pause to my daily commute would have also stopped my sense of time. Alas, I am fully aware. In this awareness, I have been intentional about embracing my newfound stillness, taking advantage of moments to sit in silence or daydream. Moreover, when I grow tired of silence, I binge-watch Billions (for obvious reasons) and House of Cards. Ahh, there’s nothing like head-to-head battles between a billionaire hedge fund manager and an oft corrupt Attorney General and political back-stabbing to increase adrenaline. Finally, when I need a reprieve from scripted shows, I scroll through Twitter in search of comic relief.
Although my timeline has now been dominated by 24-hour coverage of COVID-19 and its devastating global effects, the small pockets of laughter emerge. When the comedy stops, I interact with fellow economics advisors, educators, and students for I find solace in my #finlit community. Thus, as engage in discourse centered on analysis, facts, and opinions, we find ourselves on common ground with two items: the cancellation of student loan debt and the misinformation around the Economic Impact Payments. A large majority within finance and borrowers agree that the current public health crisis, broken healthcare system, and necessity to shelter-in-place overrides the necessity of individuals paying back their student loans. Additionally, as the number of Americans filing for unemployment rises past 12 million, the time for cancellation is now. As of this morning, the student loan debt total is $1,719,965,109,124. Within this total, there are roughly 45 million Americans, me included, who owe a portion of this lump sum. Moreover, two-thirds of women contribute to this debt, with Black woman bearing the largest burden. Even if you have been fortunate enough to maintain employment and work from home, every penny earned has been dispersed to food, shelter, and filling in other monetary cracks. Therefore, if employed workers are treating their student loans as an afterthought, I am certain those who have been furloughed or unemployed are not hard pressed to repay Sallie Mae. As I re-read the above paragraph, I am reminded though that federal student loans have been placed into forbearance until September 2020. I am also reminded that Economic Impact Payments of $1,200 continue to be deposited into the bank accounts of tax filing citizens. Two lights at the end of turbulent tunnels are not without baggage, however. With every deposit of the impact payment follows contentious commentary. For example, conversations have ranged from those casting judgment on those anxiously awaiting assistance, to those above the fray, and to those who strongly urge individuals to practice risky financial planning (investing in volatile marketplaces) versus practicing sound, risk-averse planning. What has begun to grind my gears is that the commentary is not derived from economic schools of thought or economics degree-holders, but passive enthusiasts. It is one thing to speak with facts, it is another to speak from misinformation. To quiet the noise, I will continue to practice due diligence. Now that I have waded through the noise, I am happy to report that I created a plan of action, one that sees a blending of my financial education and receiving the stimulus – paying down on my student loan principal. I like a few am fortunate that my bills are up-to-date and my needs are met. As such, I intend to one-up Sallie Mae and pay down on my principal before September. If you are in a similar position, I implore you to pay down on your principal balance, too. With interest rate accrual halted, the time to loosen student loan debt’s hold is now. As the pandemic continues to wreak havoc on the global economic, political, and social landscape, do not forget to prioritize your well-being above all else. Faulty markets will continue to exist, just like citizens playing the blame-game with their respective governments will continue to exist too. In the end, find peace in your stillness and invest in your wellness.
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WhitneyEducation enthusiast whose mission it is to see Financial Literacy receive well-deserved shine. Archives
September 2020
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