Articles Posted in financial wellness

Loans can be repaid without stress

 
Graduation day can come with a very large bill. Many college students face tuition debts of tens of thousands of dollars. It is no wonder some of them panic, wondering how they are ever going to get out from under the loan burden. The greatest problem is that these graduates rely on hearsay or extremely bad advice when it comes to paying such obligations. The balances threaten financial wellness but there are ways to manage college debt.

1. Understand The Terms of Your Loan. It means going into the paperwork and looking at what is required of you. Loan balances and the status of repayments must also be understood. Some of the loans have grace periods, which might be different from one to the other. For example, the grace period of a Stafford loan is different than that of a Perkins loan. It might be possible to start out paying more to the former, since the latter won’t require payments for a few more months.

It is never too early to protect your loved ones. Even though you are in your 20s or 30s, having a last will and testament prepared guarantees that your spouse and children are able to easily take ownership of your estate. Drafting a will is one of the most common services offered by a group legal plan. It is something that should not be ignored by any responsible person. Unfortunately, there are four very serious mistakes which can be made in drafting a will. You need to avoid them.

1. Writing The Will Yourself. This is almost as bad as not having a will at all. Yes, there are templates on the Internet but they are boilerplate documents. These do not fully take in consideration beneficiaries, or special requirements that you want to be included in your estate. Group legal services includes advice from professionals on what to do. It is true that you pay for your lack of knowledge by using an attorney, but that is better than forcing your beneficiaries to deal with a document poorly drafted.
2. Mistakes Regarding Beneficiaries. This can cover a number of wrong decisions. You may have a blended family, and your will only names children from your first marriage. You may also have named your original spouse, only to have divorced that person later. The individual’s name is still on the document, whether you intended it to be there or not. It can also happen that a named beneficiary has died before you.

Good Advice Relieves Anxiety

We all deal with a certain amount of debt in our lives. It can be the mortgage, car loan, and even student loans which have to be paid off. We usually are able to handle them but sometimes emergencies throw things out of balance. We also can be stuck with credit card debt which just seems to grow. The result of all of this can be very overwhelming for some people. They need help but they don’t know who to trust. An employer can provide a wonderful benefit by having a financial wellness program for the staff.

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