{"id":8531,"date":"2017-02-02T16:25:21","date_gmt":"2017-02-02T16:25:21","guid":{"rendered":"http:\/\/sites.jsums.edu\/jsuflash\/?p=8531"},"modified":"2017-02-02T16:25:21","modified_gmt":"2017-02-02T16:25:21","slug":"practicing-responsible-spending-now-avoids-future-financial-debt","status":"publish","type":"post","link":"https:\/\/sites.jsums.edu\/theflash\/index.php\/2017\/02\/02\/practicing-responsible-spending-now-avoids-future-financial-debt\/","title":{"rendered":"Practicing responsible spending now avoids future financial debt"},"content":{"rendered":"

\"\"<\/a>Kendria Haley
\n<\/strong>Staff Writer\/MC486<\/em><\/p>\n

According to studentloanhero.com, if you made $8 dollars an hour it would take approximately two years to pay off the average graduate\u2019s student loan debt. That means you would have to use your entire yearly income on nothing more than loan payments.<\/p>\n

Most lenders caution students to only borrow what they need and to also consider saving refund.<\/p>\n

\u201cSpending your refund check responsibly includes budgeting, planning, and knowing your priorities,\u201d said Savannah Greene, a junior social work major from Detroit, Mich.<\/p>\n

The average class of 2016 graduate had approximately $37,172 in student loan debt according to studentloanhero.com. Loans can come from the federal government or private sources. Most of these lenders offer borrowers many tools to ensure complete financial awareness.<\/p>\n

Devin Hayes, a senior biology\/pre-med major from Terry, Miss. has found an alternative option in controlling his loans.<\/p>\n

\u201cI decided to consolidate all of my loans with a company called Great Lakes. They gather all of my loans in one place, and after graduation I will be able to pay one bill, instead of being confused about what company has my loans,\u201d said Hayes.<\/p>\n

Since most refund checks are a direct result of over payment of loans, being informed and responsible about how you spend your money now can save you tons in the future.<\/p>\n

Tre\u2019Veon Blackmore, a sophomore criminal justice major from Vicksburg, Miss., did not take out loans for his education to avoid the future debt upon graduation.<\/p>\n

\u201cI do not get a refund check, but if I did, I wouldn\u2019t spend it on rims and Jordan\u2019s like some people,\u201d said Blackmore.<\/p>\n

However, all to often when students receive refund checks, spending wisely is the furthest thing from their minds. Saving monies, paying interest on loans, as well as paying down credit card debt are all ways that exemplify good spending habits.<\/p>\n

\u201cMy refund check will be spent on the needs of my family and myself,\u201d said Greene.<\/p>\n

Planning ahead will allow students to graduate with less debt. According to the Department of Education borrowing responsibly includes:<\/p>\n

\u2022Borrow only what you need to pay for education expenses<\/p>\n

\u2022Be realistic about what you can afford to repay when you leave school<\/p>\n

\u2022Create in-school budgets<\/p>\n

\u2022 Track your borrowing<\/p>\n

\u201cConsolidating my loans together allows me to track what I borrow a lot easier. I save on interest charges, and this options is less stressful for me,\u201d Hayes said.<\/p>\n

The Jackson State Office of Financial Services coordinates financial assistance that students may be eligible for. Students can speak to financial counselors by walk in or appointment for assistance with managing their accounts. Entrance and exit counseling is also available for the student to take advantage of.<\/p>\n

Tristan McGowan, a senior physical education major from Jackson, Miss., had advice for his fellow classmates.<\/p>\n

\u201cStudents should pay close attention to the amount of money they are getting back in refunds. It seems like free money, but when you really think of the amount of interest creditors will tack on at the end\u2026 just make sure it\u2019s worth it,\u201d said McGowan.<\/p>\n

For assistance with your financial needs, contact Financial Services at (601)-979-2227. Counselors are available to assist students from 8 a.m. to 5 p.m. Visit studentaid.gov for other helpful tips on responsible spending.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kendria Haley Staff Writer\/MC486 According to studentloanhero.com, if you made $8 dollars an hour it would take approximately two years to pay off the average graduate\u2019s student loan debt. That means you would have to use your entire yearly income on nothing more than loan payments. Most lenders caution students to only borrow what they […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":{"0":"post-8531","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-variety"},"_links":{"self":[{"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/posts\/8531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/comments?post=8531"}],"version-history":[{"count":0,"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/posts\/8531\/revisions"}],"wp:attachment":[{"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/media?parent=8531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/categories?post=8531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sites.jsums.edu\/theflash\/index.php\/wp-json\/wp\/v2\/tags?post=8531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}