Tag Archives: students

Student Loan PSA: What Student Debt Really Looks Like

Student Loans

Obtaining your secondary education can be a landmark goal on your journey to success. By opening up opportunities, and enhancing your capabilities, the study of a discipline gives you the skills you need to conquer your future ambitions. More often than not, student loans offer a helpful supplement when financing this experience. However, many students are able to obtain these financial aids without having to budget or offer a credit history, causing a higher likelihood of default among student borrowers. To help avoid this, Raccoon Valley Bank suggests answering the following questions before choosing how to pay for your collegiate participation:

 

What are you starting with?

The first question you should ask yourself is, ‘What money do I have to begin my education?’ If you have applied for and received scholarships, those should first count towards tuition and books. Additionally, if you have any financial support from relatives, these funds may be allocated best at the base of your budget during your college planning. By totaling the sum of these two amounts, you can determine the support outside your own savings that will be contributed towards your future learning efforts. Knowing whether or not this amount will be offered on a recurring basis can help you then decide what financial steps you need to take in order to save, earn, and/or borrow the remaining funds necessary.

 

How much and how often can you contribute?

After learning your total amount of support, it is now possible to create a plan of action to facilitate the rest. Depending on your length and type of education, your costs may vary drastically. When selecting both a field and institution of study, the factor of price is an important one to consider. By thinking of your education as an investment, you can ensure that you choose both a rewarding and promising career path to help you repay any debt you do incur during this time. To help decrease overall expenditures, many students take on a part-time job to supplement the costs of their education, along with the associated room and board. Utilizing this choice can decrease the overall amount of your anticipated loan, and help you avoid the additional expense of interest. Should the cost your education still be more than you can currently cover, the option of a student loan may be a viable solution.

 

What is student debt?

While obtaining an education has potential and opportunities, the accompanying debt can often be overbearing. In order to minimize this, we recommend borrowing only the minimum amount needed. By opting for a lesser sum, you are able to save your future-self hundreds or thousands of dollars on interest alone. For example, the average debt for a United States student is approximately $37,172. With borrowers averaging ten years for repayment, the potential cost of interest alone can add up to over $9,000.

 

Choosing the best option to finance your education can affect your life well past college. To help you make the most informed decisions, our team at Raccoon Valley Bank offers sound financial advice and information. To learn more, stop by one of our locations, we’d love to get to know you and your education aspirations.

10 Things Successful People Do

Successful People

Ever wonder how Mark Zuckerberg or Richard Branson got where they are today? Success doesn’t come easy, but it grows where it is watered. At Raccoon Valley Bank, we want to help you climb into success with these simple tactics! Learn how to begin your journey to the top with these 10 key actions:

 

  1. Have maker time. No matter how many meetings there are in a day, schedule time each and every day to create, produce, and whittle down your to-do list. Not only will you get more done, but you’ll get more completed within your structured time!
  2. Prioritize your tasks. Sometimes that to-do list can be a mile long. Start your day with one main priority, and three sub tasks. Once these core items have been completed you can move on to the other smaller agendas you have for the day.
  3. Keep your values. Whether it’s making it home for dinner, or keeping on top of an evening health regiment, realize there are other values outside of work that need your attention too. Designate your time at work to do the most you can, so once the clock hits five, you know you’re scheduled to be somewhere else.
  4. Strategize your meetings. Do you need to be in every one of your meetings? Perhaps not! Speak with meeting organizers to determine if your input is truly needed and if so, could that be communicated through email instead? Time is precious, so make the most of yours!
  5. Say no. No is a powerful word. While you may not be able to say “no” to a supervisor’s request, when being asked to participate in additional projects, be selective and only join the workload you can handle appropriately
  6. Know when to delegate. You can’t do everything yourself. Invest time in your peers and ensure that if you need a task completed, they are up to the challenge. A great leader utilizers their team’s strengths and weaknesses, so be sure you’re putting the best person on each task.
  7. Create a daily routine. Everything from your morning breakfast choices, the various times you check your emails, to your scheduled breaks, you need to have a routine, and stick to it!
  8. Treat failure as a lesson. There’s a learning experience in every failure. By taking this simple mindset to heart, you can embrace the good that comes with every thwarted attempt. This insight helps not only grow your current project, but also broadens your mind to potential possibilities for future endeavors.
  9. Choose a mentor. The day you stop learning is the day you stop growing. One of the most effective things successful people do is to continue to learn. By never boasting a full cup, you can continue to add valuable knowledge to your repertoire and learn from someone who’s navigated many experiences you’ll soon face.  
  10. Wake up early. The early bird gets the worm! Whether you start work at 4:00am, 8:00am, or 8:00pm arrive early to collect your thoughts before your co-workers swarm in. During rush hour you’ll also notice an easier drive if you leave an extra half hour or hour early.