student loans – shemakescents

What The Navient Lawsuit Means for Student Loan Borrowers

Published on January 23, 2017January 23, 2017 by Danielle YB Vason3 Comments

The government or more specifically the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Navient, the nation’s largest student loan service provider last week. Navient is the twin sister to the head of the student loan mafia, Sallie Mae, Inc. that services the loans of more than 12 million borrowers, including my own. As a loan service provider, they manage borrowers’ accounts, process monthly payments, and communicate directly with borrowers. The suit was filed on January 18^th with another following just days before the transition of presidential power.

According to the CFPB Director, Richard Cordray, “Navient chose to shortcut and deceive consumers to save on operating costs. Too many borrowers paid more for their loans because Navient illegally cheated them and today’s action seeks to hold them accountable.” Some of the most pressing allegations include failing to correctly apply or allocate borrower payments to their accounts, steering struggling borrowers toward paying more than they have to on loans, obscured information consumers needed to maintain their lower payments and deceived private student loan borrowers about requirements to release their co-signer from the loan.

What That Means for You?

If this lawsuit is successful, consumers affected by Navient’s alleged misdoings may receive some monetary restitution. Don’t get too excited yet. This is not a class-action suit that you can sign up for. According to ClassAction.org, “Attorneys usually find out those who were affected by looking at the defendant’s records in a phase of the litigation known as the discovery phase. People who could be covered by the suit are usually sent a notice or check in the mail. The agency that filed the lawsuit will also have information on their website about the suit and who can claim money in the event of a settlement”.

{2016 Money Recap} She Makes Cents Money Challenge Success!!

Published on December 30, 2016May 23, 2017 by Danielle YB VasonLeave a comment

Hello #SMCmoneytribe! It’s the last Friday of the year and I am so happy to hear from you all who are completing the She Makes Cents 52 Week BINGO Money Challenge today and tomorrow. I officially finished mine today! In the past three years I have attempted to complete this challenge, I would accomplish a short term goal and just stop. This year, however, I have made it all the way to the end thanks to my accountability partners in the #SMCmoneytribe, as well as, my will to stay focus on my goals of zero credit card debt (mission accomplished) and snowballing my student loans (current goal in progress). 2016-52-week-money-challenge

She Makes Cents Money Challenge vs. the 52 Week Money Challenge

The She Makes Cents Money Challenge is a variation of the traditional 52 Week Money Challenge. In the traditional version, participants save a specific dollar amount based on the corresponding week. For example on week one you save $1.00 and on week 52 you save $52.00. Doing it this way would have you shelling out the bigger bucks in the weeks leading up to the holidays. No Bueno. Also, doing the traditional version only leaves you with $1378.00, which is not bad for money that you would normally spend unintentionally, but it could be better. With the She Makes Cents BINGO Money Challenge, you have the same time period, 52 weeks, but you empowered to decide how much you save on a weekly basis. You control your own money and have the ability to cross of boxes that correspond to your current financial situation at any given time, which is how is should always be. Plus with the bonus boxes you can save $1900.00+.

The Breakdown of Money

This past year, I found myself keeping track of the weekly and monthly savings and comparing the amounts during my frequent progress reports. I saved the most money in the month of January with $286.00 and the least amount of money during the month of September with $76.00. Below is my breakdown of the monthly savings that reflect my grand total savings for 2016… an even $1900.00!!!! 2016-money-challenge-yearly-report

Join the #SMCmoneytribe

Thank you to everyone who did this challenge this past year. It was so much fun. We all cultivated the habit of saving and you might have made a new friend in the process like I did, hi Alysa! Want to join the #SMCmoneytribe to get access to a tribe of goal minded accountability partners who are invested in your success and your FREE money guide? Click here, fill in your info, and we will do the rest. Mark your calender’s for the next round of the challenge starting January 7th!

shemakescents{at}gmail {dot}com | Instagram @shemakescents

{Week 4 Progress Report} 52 Week BINGO Money Challenge

Published on January 22, 2016May 23, 2017 by Danielle YB Vason10 Comments

It’s the fourth Friday of the year which means it’s time for the 52 Week BINGO Money Challenge. Today I have crossed off $20.00 on my BINGO money sheet. This puts me at a total of $245.00 extra dollars to be applied to my credit card balance. What makes this challenge exciting to me is that fact that I’m saving little chucks of money that I don’t miss in my day to day life. I know with each passing week, those “little chucks of money” will start snowballing into something bigger.

Here is how month has broken down so far:

Week One: $35.00
Week Two: $40.00
Week Three $50.00 + $100.00 (bonus)
Week Four: $20.00

We are lucky enough to have five weeks in January, which is great because you gain an extra opportunity to save a little more while the momentum is good and people are still somewhat on focus with their 2016 resolutions.

shemakescents{at}gmail {dot}com | Instagram @shemakescents

How Much Have You Saved So Far?

{Week 3 Progress Report} 52 Week BINGO Money Challenge

Published on January 15, 2016May 23, 2017 by Danielle YB Vason1 Comment

It’s Friday and week 3 for me for the 52 Week BINGO Challenge. This week I am crossing off $50 and my first bonus box for $100.00 for a combined savings of $150.00 for week 3 and a grand total of $225.00. Every day I receive emails with inspiring stories of people, their financial goals, and their progress of making smarter money moves. It makes me so happy to get check-ins on Fridays, especially from people who have joined the challenge. I hope is it shows readers of shemakescents that you are not on this financial journey alone.

If you would like a personalized check in, please leave your twitter handle below or tweet me at @shemakescents.

How Much Have You Saved So Far? Please Share Below.

shemakescents{at}gmail {dot}com | Instagram @shemakescents

{Week 2 Progress Report} 52 Week BINGO Money Challenge

Published on January 8, 2016May 23, 2017 by Danielle YB Vason15 Comments

It’s the start of the year and people are still very focused with their resolutions. For some, the 52 Week BINGO Money Challenge is another goal on their resolution list. For me, it has to be a lifestyle. For the past few years, I have accepted the challenge to save for a specific amount to help with paying down my credit card, saving for the holidays, or even saving to help out with my wedding to the Mr; however, once I accomplished the goal, I fell off. I was doing well with a zero balance and then I started to swipe my credit card for wedding expenses so now I am back to the beginning of Dave Ramsey’s Baby Step 2. That’s why they call it a challenge because it is challenging.

This year, I am back at the goal of wiping out my $3,886.78 credit card balance completely by or before May 1, 2016. My plan is to pay a set amount every two weeks plus the savings from BINGO money challenge, every Friday. Once the credit card balance is non-existent, I can start snowballing my student loans so I can shorten the length of the term dramatically and reduce the amount of interest I would have to pay back. Today, I marking off number 40 on my Bingo Money Sheet (leave a comment below for your FREE copy of the 2016 BINGO style sheet).

What Are You Using Your BINGO Savings For?

shemakescents{at}gmail {dot}com | Instagram @shemakescents

{Cash Is Fab} How One Girl Resolves to Never Use Plastic Again!

Published on January 11, 2015 by Danielle YB Vason6 Comments

This morning I was cleaning out old files from the computer, aka procrastinating writing my next blog post, when I found an old resolution. I wrote in it December of 2013 but never posted it. I decided to post it today, however, to show what a year of working toward financial goals looked like for me. I encourage you to write down your goals so you can have a reference of just how far you have come and then take a step back and acknowledge your progress. Check out my 2014 financial goals below:

Cash Is Fab! How One Girl Resolves to Never Use Plastic Again!

Some people hear the word “resolution” and immediately shutter. I on the other hand, look at resolutions as a new beginning… a do over to do better. Hey, if you don’t like the word resolutions, substitute it for goals because everyone knows that goals are AWESOME! This year I resolve to pay off my credit card balance before my birthday in August, kick start my snowball toward financial freedom, and say no to plastic forever (ambitious, right?). I am working toward this goal by paying a set amount every two weeks (each payment over the monthly minimum) and doing the 52 Week Money Challenge (Bingo Style) every Friday. If I were okay with just paying the minimum, it would take me 4 years, instead of eight months, to complete step one of my financial plan. The Bingo version of the challenge plays a big role in completing my financial resolutions because if I am having a tough financial week, I can pick a lower amount to save. Once the credit card is paid off, my monthly credit card payments (including the 52 Week Challenge savings) will become extra payments to my student loans and so on until I have zero debt. I keep myself motivated by constantly reminding myself and my accountability partner, The Mr., of my ultimate goal to pay of all debt, credit card, student loans, and mortgage in the next ten years. If I can’t afford to pay for it in cash, I can’t afford it!

Now, one year later my credit card balance is not a concern because it is non-existent. I sometimes forget about the stress that carrying a credit card balance had on me. Yes, I paid my credit card off and before my target date by doing this risky move, which worked and then immediately backfired. I also think about how my snowball plan for my student loans has been transformed into a snowball for my October wedding expenses to the Mr. Boy oh boy, what changes can happen in a year.