Monthly Archives: June 2020
Where to learn if you have time on your hands
You’re stuck at home with nothing to do, and you’ve watched every season of The Crown on Netflix twice already. How you will pass the rest of your free time without going absolutely insane? This could be just the opportunity you have been looking for to learn a new skill – and we have ideas on where to get started.
Learn to code with Treehouse
Coding is a useful skill, even if you don’t have to use it for your job. Knowing a little bit about coding can you take you far in both hobbies and your professional life alike. So why not try out Treehouse? You can sign up for a week’s worth of classes to see if it suits you, and go from there. Do it alone or try it with a friend to encourage each other as you both learn a new skill.
Fine tune your fine motor skills with crocheting or knitting
A lot of people enjoy crocheting or knitting, both as a stress reliever and as a way to occupy their time. If this is a skill you are interested in honing, there are plenty of tutorials on YouTube – and you can even watch Emily Blunt teach you how to make snakes from finger weaving. This is an activity that even young kids can learn, and it’s a great way to keep those fine motor skills fresh.
Learn some new lingo
Have you always dreamed of being bilingual? This is the perfect time to get a head start. Sign up with a program like Duolingo to begin learning Spanish, or to tune up that rusty French you remember from high school. Or check out this list from Mashable that gives you great tips and resources for learning American Sign Language. By the time life goes back to normal, you will be a true expert.
Start a project – and finish it
Organize your pantry. Clean out your linen closet. Get rid of the pile of clothes that you have been meaning to throw out for months. You can even take it a step further and repaint an old room, or spice up your décor with some new pillows. You have been given a unique opportunity to devote extra time to all of the house projects you started and never completed, so make a list and get moving.
Become a famous chef… or at least learn to make dessert
If you’re going to have to cook at home all the time, why not branch out and try some new dishes? This tutorial features over 40 recipes that take only three ingredients to make – sounds doable, right? Take a look and then see if you can recreate some of these delicious snacks for your family. Don’t worry – they’ll let you know if you get it wrong.
Get certified
At many workplaces, employees are required to complete continuing education credits, or to take courses that allow them to be certified in a skill or become licensed through a manufacturer. Even if it isn’t a requirement, this is an ideal circumstance for you to seek out information on how to get certified, and to complete the steps necessary.
You can even ask your HR department for ideas, and once you’ve done the work, you will have gained some knowledge and will be in a great position to find a new job later down the road.
Go back to school
You probably can’t complete an entire semester before things begin to go back to normal, but you can certainly get a head start on working towards a new degree. Do some research on online schooling options and figure out how you could continue your education once everything is back in full swing. This is your chance to get that degree that no one said you would ever use but that you always wished you had.
Improve your mile time
Running isn’t everyone’s favorite pastime, but why not see how fast you can go? You can try out apps like Couch to 5K to ease yourself into a new running routine, and, before you know it, you’ll be unstoppable. Even if you don’t want to enter a marathon anytime soon, getting outside and taking a brisk walk will do wonders for your body and your mind.
You may be ready to rejoin the world, but it’s important to take advantage of the extra time on our hands. You’re stuck at home, so you may as well make the most of it and come out on the other side with a brand new skill to brag about. Happy learning!
Forbearance vs. deferment: what’s the difference?
When you’re in the midst of a financial crisis, it can seem nearly impossible to dig your way out—especially if you’re paying off loans. However, there are various alternatives to ease the strain on finances, like forbearance or deferred payments. Forbearance and deferment are terms often used interchangeably—but, there are differences between the two. We’ve broken down the basics of forbearance and deferment, so you can decide what works best for you and your financial situation.
Forbearance
What is forbearance?
A forbearance is an agreement between a borrower and lender to temporarily suspend or reduce payments. People typically request forbearance when they’ve experienced a temporary financial setback, like job loss or illness.
How does forbearance work?
During a forbearance agreement, lenders agree to accept reduced payments or no payments for up to 12 months. When the forbearance period ends, the borrower must resume payments and repay what they owed during the forbearance period, plus interest and possible fees. Repayments can be made in a lump sum or up to 12 installments added to regular monthly payments.
Most people request a forbearance on their mortgage or student loans. But, forbearance works differently depending on each situation.
Homeowners can request a mortgage forbearance to catch up on payments and avoid foreclosure. Most lenders require proof that homeowners are enduring a temporary financial hardship, as well as assurance that the borrower can pay back what they owe when the forbearance period is over. During the forbearance period, lenders stop foreclosure proceedings and allow the borrower to make reduced payments or no payments. If your financial trouble lasts longer than anticipated, or you don’t have the funds to make repayments, you can discuss options with your lender, like a loan modification.
Student loan borrowers can apply for forbearance when they are facing a temporary hardship and don’t qualify for deferment. With student loan forbearance, you can temporarily halt payments for up to 12 months at a time with no set maximum for federal loans. You do not need a specific, qualifying event to apply for student loan forbearance.
Are you still charged interest during a forbearance?
Interest accrues on both mortgage and student loan forbearance, unless otherwise stated. Because of COVID-19, federal student loans were placed on administrative forbearance, and interest rates were reduced to 0%, so they’re not accruing interest right now. For mortgage forbearance, interest accrues on skipped or lowered payments. So, you will have to pay back what you owed during the forbearance period, plus interest. For student loan forbearance, the amount you owe will always increase—at the end of your forbearance period, interest may capitalize, which means it’s added to your loan’s current principal balance. From there, interest will be calculated on the new amount.
Does a forbearance impact your credit score?
Mortgage forbearance can lower your credit score—but, it depends if your lender reports it to the credit bureau. If they do, then your credit score could dip. And, if you wanted to refinance or purchase a new home, you have to reestablish yourself as a credible borrower, so you must repay what you owe. Still, a temporary drop in your credit score from a forbearance is much better than a missed payment—and it helps avoid foreclosure, which can stay on your credit report for seven years. For student loans, forbearance does not affect your credit score.
Deferment
What is deferment?
Deferred payments, sometimes called payment holidays, allow you to delay or suspend payments on a loan—generally a consumer loan. If you’re experiencing financial hardship, deferring a payment could be beneficial, as it temporarily halts the burden of making repayments. It could impact you in the long run—you may end up with higher monthly payments, and your loan’s term will increase.
How does deferment work?
Similar to a forbearance, during a deferment period, payments are suspended but for a shorter amount of time. And, unlike forbearance, you are not required to pay back what you owe all at once. What you owe is usually tacked onto the end of your loan’s term, which is why your loan term often increases. Most people request deferred payments on their auto loans or student loans. Again, deferred payments work differently depending on the circumstances.
Lenders will sometimes allow you to defer your car payment for a month or sometimes up to three months. Most lenders ask you to provide a brief explanation as to why you need to defer your payment, and they may also review your credit score or credit report. It can be a viable solution in the short run. But, deferring a car payment isn’t always the best long-term choice. If you realize your financial trouble may last longer than anticipated, discuss refinancing options with your lender.
Similarly, borrowers can request a deferment on their student loans to relieve the financial burden. Unlike forbearance, you must have a specific, qualifying event to be approved. Student loan deferment generally works best if you have a subsidized federal student loan or a Perkins loan. And, deferment length depends on the type of deferment—some last up to three years, while others last as long as you qualify.
Are you still charged interest during a deferment?
For student loans, interest does not accrue on subsidized federal student loans and Perkins loans. For other consumer loans, whether or not you’re charged interest depends on your loan type, so it’s best to check with your lender first. You may be responsible for interest that accrues while your payment is postponed. You could potentially receive a break if your interest rate only applies to your principal balance—which means you won’t be charged interest on the interest that accrues. Once you restart payments, the interest that accrued during your payment holiday could be added to your principal balance, and your interest rate would then be applied to the new, larger principal balance—meaning even more interest could accumulate once you resume your regular payments.
Does a deferment impact your credit score?
Deferred payments usually don’t impact your credit score. When your application is approved, your lender reports to the credit bureau that your payments are deferred. But, if you stop making payments or miss a payment due date before you’re approved, those missed payments could damage your credit. If you missed payments before you applied for a payment holiday, those won’t be removed from your credit history, either. You must continue making your payments until you have verification that your payments are deferred.
Deciding to apply for forbearance or deferment is an enormous decision, and there are various factors to consider. It’s critical to think about how long you anticipate a lapse in finances, your needs, and the potential outcomes.
If you’re facing financial trouble, you’re not alone—at Georgia’s Own, we’re here to help and provide financial advice and resources to get you through whatever financial struggles you’re facing. If you require financial assistance because of COVID-19, click here to see how Georgia’s Own is helping members during this time of need.
2020 What’s Ne[x]t Scholarship Winners
The 2020 What’s Ne[x]t Scholarship winners are in, and we were truly blown away by all of the applicants this year! We awarded a total of $15,000 to three deserving students. Congratulations to Sydney, Massiel, and Hanna! Each of these women demonstrated an exceptional commitment to others, a strong academic background, and a bright vision for their future. We are beyond proud to have them in the Georgia’s Own community.
$8,000 Scholarship Winner
Sydney Laws (Atlanta) – Cultural Anthropology, University of Southern California
$5,000 Scholarship Winner
Massiel Nunez (Lawrenceville) – Journalism & Emerging Media, Kennesaw State University
$2,000 Scholarship Winner
Hanna Paz (Roswell) – Finance Risk Management/Mathematics, University of Georgia
How to help during the pandemic: practical ways you can help your community
These are crazy times we’re living in, and many of us feel unsure of what to do with ourselves. Some of us used to work outside the home and are now home all the time, while others have suddenly found themselves stepping into the role of school teacher as they manage their child’s education online.
Everyone is relying more on others to meet their basic needs. But that doesn’t mean you can’t give back. In fact, there are several ways that you can help your community without ever leaving your home – and, for bonus points, they are also inexpensive.
Make face masks
Are you handy with a sewing machine? Many people have started making masks from their homes to donate to neighbors, family, or even healthcare and other essential workers. You don’t have to get fancy – there are even some local groups, like the members of Mask Members 2020 West Cobb, who are banding together to create nearly 7,000 face masks for essential workers. They also uploaded some tutorials to their Facebook page, so join their group and get to sewing!
Reach out to public servants
Did you hear about Emerson, the 11-year-old from South Dakota who decided to write a special note to her mailman, Doug? This small act of kindness has erupted into a huge operation, in which several dozen postal employees have written to Emerson, while she answers every single letter. This is a great idea for your own postal worker, along with sanitation workers, policemen, and any of the other public servants in your area. Write a quick note of encouragement to say thanks for their hard work!
Send food to essential workers
Many essential workers, both in medical care facilities and places like grocery stores, are working overtime at exhausting jobs with little or no time for rest and good food. Contact your local hospitals, like Northside Hospital Gwinnett, and ask if you can donate a few meals.
If that isn’t financially feasible for you, team up with a group of friends and donate to a gift card that you can send to the units most heavily impacted so they can order food in for everyone working. Many hands make light work, so use your social media accounts to gather more people to the cause.
Check on your neighbors
Do you have neighbors? This is a great opportunity to reach out to them and see if they are okay. If you are picking up groceries at Kroger this weekend, leave a note in their mailbox asking if you can add anything to your list for them. Even asking your kids to make a special card is a great way to remind people that they have friends around them.
If your neighbors are older, or are working constantly, or have young kids in need of a lot of supervision, they may not have the chance to do things like yardwork, so if you have the time and ability, offer to water plants or mow the lawn.
Do some online tutoring
If you are or have ever been a Georgia teacher, you know how complicated it can be to teach kids, especially from home, surrounded by distractions. Why not offer others the benefit of your expertise and help local kids out with their math homework over Zoom or Google Meet?
Let others know that you happen to be amazing at tenth-grade geometry, and set up a time to work with students who may need some extra assistance to complete their studies. If you’re not a teacher, but you have a great eye for proper grammar, offer to proofread essays and papers for students trying to complete final grades.
As the saying goes, no one can do everything – but everyone can do something. Find a way, big or small, to reach out to your community and offer some encouragement. There’s no time like the present, so go ahead and get started!