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Student Loans

There is no doubt that the subject of student loan debt has become incredibly contentious over the last few years.

The U.S. Department of Education has once more extended a pause on student loan payments in light of the ongoing Covid-19 pandemic. Before we dive into ways to address student loan debt, let’s take a look at the big picture.

The average cost of full-time college at a four-year institution (tuition, fees, room, and board) in 1980 was $3,167 for one year, or $9,307 (adjusted to 2019-20 dollars). The average cost in 2019-20 was $25,281. See HERE for a further year-by-year breakdown, which also includes tables differentiating private and public institution costs.

Student loan debt in the US totals $1.747 trillion. In a regular year, the total debt grows 6 times faster than the nation’s economy (like everything else, the pandemic has affected this rate in 2020-22). The U.S. Department of Education holds 92% of outstanding student loan debt, totaling over $1.611 trillion.

43.4 million people have federal student loan debt. The average federal student loan debt balance is $37,113, or potentially as high as $40,904, including private loan debt. The average public university student borrows $30,030 to attain a bachelor’s degree. The average interest rate for federal student loans is 4.12%, and 5.8% when factoring in private loans.

It is projected that for 2021 graduates, it will take the average four-year undergraduate degree borrower 7-9 years to pay off their loans, and the average graduate degree borrower 13-18 years. The average doctoral degree borrower will take 13-38 years.

Unlike other kinds of loans, it is extremely difficult to have these loans discharged due to bankruptcy. The U.S. Student Aid website says one may have some or all of one’s loans forgiven only if paying them off will leave a borrower unable to maintain a minimal standard of living, among other qualifications.

It is possible to chip away at student debt over time. Consider enrolling in autopay to ensure your monthly payments are made. Check to see whether your company has any programs to help pay employees’ student loans. You can also refinance your loan to secure a lower interest rate (though note that this path may entail a shorter repayment period and bigger monthly payments). Click HERE for additional strategies to help pay off student debt more quickly.

MeasureOne Research and News-Private Student Lending | Research Report
Student Loan Debt Statistics [2022]: Average + Total Debt (educationdata.org)
MeasureOne Private Student Loan Report Q3 2021 (hubspotusercontent00.net)
Average Student Loan Interest Rate [2022]: New & Existing Loans (educationdata.org)

FMLA: Ensuring You Can Take Time Away

If you’ve been in the workforce for a while, it’s likely you have a set number of sick and vacation days. The average American worker has 7-8 paid sick days, but some years that just isn’t enough time. Between prolonged sickness, birth or adoption of a child, or family illness, you may need a longer block of time away from work.

In 1993, Congress recognized the need for extended time away from work and passed the Family and Medical Leave Act (FMLA). This act allows eligible employees to take up to 12 unpaid weeks off from work with the guarantee that they will be reinstated at the end of their leave or be given an equivalent position. It also guarantees that employees keep any benefits they had before the leave period began (for example, you would not lose your medical coverage if you had accrued it before taking leave). The FMLA applies to all public agencies, public and private elementary and secondary schools, and companies with 50 or more employees.

There are multiple reasons one may qualify to take FMLA-covered leave (this list is not exhaustive, but a full list of requirements can be found HERE):

  • The birth, adoption, or foster care placement of a child within one year
  • Taking care of an ill spouse, child, or parent
  • Being too ill to properly do one’s own job
  • Emergencies related to the employee’s spouse, child, or parent being a covered military member on active duty

Additionally, in order to be eligible, one must:

  • Have worked for their employer at least 12 months
  • Have worked at least 1,250 hours over the past 12 months
  • Work at a location where the company employs 50 or more employees within 75 miles

If you need to apply for FMLA, the best place to start is your company’s Human Resources department. They can let you know whether you are eligible and help you through the application process if you are.

Fact Sheet #28: The Family and Medical Leave Act | U.S. Department of Labor (dol.gov)

Private industry workers with sick leave benefits received 8 days per year at 20 years of service : The Economics Daily: U.S. Bureau of Labor Statistics (bls.gov)
The Family and Medical Leave Act (FMLA): The Basics | Bipartisan Policy Center

Not Just for Kids: Adult ADHD

Most of us knew a kid, often a boy, in elementary school who bounced off the walls, had trouble being quiet in class, and found homework impossible to finish. If this child were born in the 1980s or later, they might have been diagnosed with Attention-Deficit/Hyperactivity Disorder (ADHD), which the American Psychological Association first made a formal diagnosis in 1987.

However, the creation of the diagnosis did not mean that the disorder itself was new, nor that it was limited to children. Therefore, there has been a recent shift to addressing ADHD in adults. The symptoms often present differently and may include the following difficulties:

  • Maintaining attention
  • Executive function (properly managing time, priorities, and actions)
  • Physical restlessness
  • Forgetting/losing things
  • Being easily distracted
  • Completing lengthy tasks that involve sustained mental effort
  • Feeling overwhelmed

While most of us experience these difficulties from time to time, adults with ADHD tend to struggle often and severely. Unmanaged ADHD can lead to frustration and problems at work and home. Mounting research, including a 2021 review by the National Institutes of Health, shows that women especially tend to be underdiagnosed, particularly in childhood, as the symptoms of ADHD tend to manifest in women as inattentiveness rather than the hyperactivity many professionals and parents associate with male ADHD presentation.

If you recognize many of these symptoms in yourself and are interested in being assessed for ADHD, talk with your primary care doctor first. They will be able to address some of your concerns and refer you to a specialist if necessary. There are many options for management and treatment, including medication (stimulant and non-stimulant) and therapy. ADHD is not a personal failing, and there is never shame associated with seeking help for mental health.

The History of ADHD: A Timeline (healthline.com)
Overview – CHADD
NIMH » Attention-Deficit/Hyperactivity Disorder (nih.gov)
Women and Girls – CHADD

Pull In Case of Emergency

In an ideal world, life would be fairly predictable. We would all have a steady, guaranteed income and no blindsiding emergencies.

Unfortunately, life entails some measure of chaos. The last few years have been more unpredictable than ever, from a global pandemic that has lasted over two years to its ripple effects of unemployment, shifts in demand, and long-term illnesses.

Even if you’ve been fortunate enough to weather the pandemic with minimal financial disruption, accidents happen, cars break, and job markets change. Experts traditionally have recommended saving three to six months’ worth of income to cushion the impact of these unplanned occurrences.

That is admittedly an ambitious goal, especially if you are already experiencing financial difficulty (you’re not alone – according to a 2018 Federal Reserve report, roughly half of Americans said they’d struggle to afford a $400 emergency). If 3-6 months’ income is too daunting right now, instead aim to first save $500, and then build slowly on it. Adding a savings category to your budget is the best way to start this fund (click HERE for tips on efficient budgeting).

Once you have that $500+ in a savings account, consider a money market account or CD to help grow the nest egg. THIS site provides a calculator to help you determine how much you should try to save based on your current situation, as well as suggested accounts in which to put your savings. Even if you have to build this safety net slowly, every little bit helps.

Emergency Fund Calculator: How Much Will Protect You? – NerdWallet
How Much Money Should You Have Saved in Your Emergency Fund? (cnbc.com)

Juice Cleanses: Are They Effective?

Whether through television, social media, or glowing celebrity endorsement, most of us have heard of juice cleanses.

The core concept is simple: for several days, you only consume fruit and vegetable juices in place of your regular diet. You can juice produce yourself or sign up for any number of services that will ship bottled, cold-pressed juices right to your door. Proponents of juice cleanses claim there are multiple benefits — namely weight loss and system detoxification. It sounds like an easy thing to do, but how accurate are these claims?

Many juice cleanse programs tout weight loss as a benefit. People can and do lose weight on juice cleanses, but the juice itself has very little, if anything to do with it. The weight loss comes from the calorie deficit caused by not eating solid foods for several days. People often regain this weight afterwards. Fruit juice is also high in sugar, which over time can cause the body to store rather than lose fat. This particular factor makes juice cleanses incredibly dangerous and not recommended for people with diabetes.

We eat more processed foods than ever, so detoxification is often a goal of juice cleanses. There is little evidence, however, that juice cleanses actually perform any detoxifying function. The human body is made to cleanse itself naturally over time via the diligent work of the liver and kidneys. Additionally, juice lacks crucial nutrients that the whole fruits provide, such as fiber. Cutting out other food entirely in favor of juice means you will also not consume enough protein, a nutrient your body needs.

Are there any benefits to drinking fruit and veggie juice? Yes. These juices contain high levels of vitamins and antioxidants that our bodies need to function. However, it is better to eat fruits and vegetables in their whole forms on a regular basis as part of a balanced diet. At the end of the day, juice cleanses just don’t live up to the hype.

Are Juice Cleanses Actually Good for You? | Houston Methodist On Health
What to Know Before Doing a Juice Cleanse or Juice Detox – Consumer Reports
“Detoxes” and “Cleanses”: What You Need To Know | NCCIH (nih.gov)

Recognizing Postpartum Depression

Becoming a parent is often associated with a lot of positive emotions – the joy of meeting your little one, the delight of introducing them to friends and family, and, for some, the relief of no longer being pregnant. What is less talked about is that giving birth can also be associated with a lot of negative emotions and physical feelings.

“Baby blues” happen to many people after they have given birth. Caring for an infant around the clock is quite an adjustment, and some feelings of exhaustion and being overwhelmed are natural. Often these feelings clear up quickly. However, if these feelings stick around or worsen, postpartum depression may be involved.

Postpartum depression is a blanket term for a host of feelings someone may suffer after giving birth or completing the adoption process, including anxiety, extreme fatigue, irritability, lack of interest in the baby, mood swings, and lack of hope. There are many potential factors that cause PPD, including drastic changes in hormone levels, exhaustion of new schedules, and social and psychological changes. It’s important to note that PPD is a medical issue. It does not occur because a new parent has done anything wrong.

Traveling Health

Everyone likes to think of vacation as a break from everything – work, regular life, responsibilities – but sometimes things happen, and you or a family member get sick.

So, be prepared. Before you travel next time, look into your medical insurance’s telehealth options. The beauty of telemedicine is that you don’t need to sit in a physical waiting room or pay high costs for an urgent care visit. As long as you have a suitable electronic device, you can take advantage of telehealth from almost anywhere.

There are many benefits to using telehealth while traveling. A telemedicine visit is generally cheaper than an in-person visit. Many telehealth providers have physicians available 24/7, so it doesn’t matter what time zone you’re in or what time of day it is. Some physicians can even write scripts that can be filled at a pharmacy near you. Bonus: If you’re in physical discomfort, you don’t have to pile into a rental car or onto public transportation to see a doctor.

Every telemedicine provider is a little different and operates under different rules. Some can provide help internationally, but others can only operate in the United States. Make sure you check with your telehealth provider before traveling to see what services they provide while you’re away.

RESOURCES

Telemedicine Benefits: 17 Advantages for Patients and Doctors (healthline.com)
Benefits of Telemedicine | Johns Hopkins Medicine

Paying Off Credit Card Debt

While credit cards can be helpful in certain situations, they can also land you in crushing debt. The interest rate on unpaid balances each month can be up to 30%. Month over month, that initial charge can balloon into an unmanageable amount and negatively impact your credit score.

There are some steps to take to get out of credit card debt. First, examine your spending habits to find out how you got in debt to start with. Compare how much money you spend to how much you earn. If the former is higher than the latter, you either need to cut back on expenses or bring in more income. With this knowledge, you can make a budget to follow (click HERE for tips on creating a budget).

Now that you’re aware of how much you have to spend, make sure to pay more than the minimum required amount for each card. This will incrementally reduce the amount of money you have to pay interest on. To avoid paying extra for late fees, consider automating your monthly payments, especially if you have a guaranteed, steady income stream.

There are two main tactics to tackling the debts themselves, the avalanche method and the snowball method. With the avalanche method, you pay off the credit card with the highest interest rate first while paying the minimum on other cards. This helps you take out the most expensive debt first. The snowball method entails paying off the smallest debt first, and then building on that win to pay off more expensive ones. Getting out of credit card debt isn’t easy, but it can be done!

RESOURCES

How to Get Out of Credit Card Debt: A 4-Step Guide – NerdWallet
How to get out of credit card debt – CNET

Bouncing Along

Exercise balls are a staple of many gyms, typically stacked next to foam rollers and yoga mats, and have many uses. There are simple exercises that you can do with them at the gym, at home, or even at work to strengthen your low back and core. Keeping these muscle groups strong will help your posture and make lifting heavy items easier and safer.

The simplest way to use an exercise ball is to use it in place of a chair. Its instability means you will have to activate your abdominal muscles and your low back in order to stay upright. Focus on keeping your spine straight – don’t slouch over. If you want to add an element of difficulty, use the balls of your feet to bounce slightly up and down. This will keep your core and low back even more engaged.

If you prefer a standing exercise, try wall squats. Place the ball at the small of your back between your spine and the wall. Stand with your feet about shoulder-width apart and then squat downward, not leaning too hard into the ball, and then stand back up. It’s important to not let your knees extend over your toes – if this happens, you’re squatting too deeply.

To specifically engage your core, you can do abdominal crunches on the ball. Sit centered on the ball with your feet steady on the ground in front of you. Tighten your abs and lean back as far as you comfortably can. Stay there for 3 or 4 seconds before steadily bringing yourself back to a seated position. Repeat this 10 or so times until those muscles feel fatigued.

While these may seem like small things, these exercises can do wonders for muscles you use every single day – give it a try!

RESOURCES

Slide show: Core-strength exercises with a fitness ball – Mayo Clinic
Exercise Ball Uses (spine-health.com)

HSAs: Health Nest Eggs

2022 May, Benefit Spotlight April 27, 2022

Retirement life is the stuff dreams are made of. So many of us have been socking away money each month in 401(k)s, 403(b)s, or any flavor of IRA for years. Those types of accounts, however, are not the only options. Health Savings Accounts are also an excellent way to save for specific retirement needs. Let’s look at a few reasons why.

Rollover. While there is a fixed annual amount you can set aside in an HSA (limits for 2022 are $3,650 for an individual and $7,300 for a family), you keep any amount you don’t spend. Unlike other healthcare-specific accounts, you never lose the money you put in an HSA.

Tax advantage. Other traditional retirement accounts require you to pay taxes on the funds, whether it’s now or later. As long as the funds contributed to an HSA are used to pay for qualified medical expenses, they are never taxed. It is especially likely that you will need increased medical care in your retirement years, making this an excellent way to provide for yourself down the road.

Investing. If you are in a financial position where you can pay some medical expenses in cash, you may be able to save enough funds in your HSA to invest. Even if you’re only investing half of your HSA contributions annually, over the years the money earned on the investment will stack up.

It’s important to note that you must elect an HSA-compatible medical plan in order to open an account (although if you change plans down the road, the funds in the account are yours to keep). At your company’s next Open Enrollment period, check to see whether you have an HSA-compatible plan available to you.

RESOURCES

The Power Of Health Savings Accounts For Retirement Planning (forbes.com)
5 ways HSAs can fortify your retirement | Fidelity
4 ways to use an HSA in retirement | Principal