Desert Health News July-August 2024

. www.DesertHealthNews.com July/August 2024 Financial Health The Valley ' s Leading Resource for Health and Wellness 21 www.beaconpointe.com Where will your future take you? 73-833 El Paseo Drive, Suite 102 Palm Desert, CA 92260 beaconpointe.com Michele T. Sarna, CFP ® , AIF ® Managing Director, Partner Phone 760.932.0930 msarna@beaconpointe.com Provided as information only and should not be considered investment, tax, or legal advice or a recommendation to buy or sell any type of investments. Asset Allocation, portfolio diversification, and risk strategies cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. Form ADV contains important information about Beacon Pointe Advisors, LLC, and may be viewed at: www.adviserinfo.sec.gov. Build strength and security through understanding your financial picture–where you are, where you want to go, and how to get there. Let us help you through your financial journey with comprehensive financial planning. www.galieeCenter.org WHAT’S FOR DINNER? Will there be Food insecurity can cause poor school attendance and performance, lowered workplace productivity, and physical and mental health problems. At our weekly drive-thru distribution, the Galilee Center hands out over 300 food boxes to working families who struggle to make ends meet. Your $40 donation will help feed a family of 4 for 4 days. Food Insecurity in the Coachella Valley is Real. Donate today at GalileeCenter.org Donations can also bemailed to: P.O. Box 308 - Mecca, CA 92254 Your donation is 100% deductible. ID # 27-3133601 YOUR FINANCIAL HEALTH By Michele T. Sarna, CFP ® , AIF ® Whether you are entering, enrolled or graduating college, student loans can be overwhelming. While there are numerous options to help ease the burden, research and adhering to terms is of utmost importance. Any student, regardless of income, who wants to be considered for federal, state and school financial aid programs should complete a FAFSA form at studenaid.gov. This includes grants, scholarships, work-study funds and loans. Federal vs. private loans. Federal loans are funded by the federal government while private loans are funded by various financial institutions. Federal loan terms are set by law and include many benefits such as fixed rates and income-driven plans1 while private loans may have higher interest rates and no payment flexibility. Private loans may also require payments to start while the student is still in school, whereas most federal loans provide a six-month grace period after graduation, leaving school or dropping below half-time enrollment to start paying. Depending on the type of federal loan, interest will start accruing from the initiation of the loan. Federal unsubsidized vs. subsidized loans. The main difference between direct subsidized and direct unsubsidized student loans is when the interest starts to accrue. With direct subsidized loans, you will not be charged interest while enrolled in school. Conversely, direct unsubsidized loans start accruing interest from the first day of the disbursement of the loan. Other differences between the two federal loans are the amount you are allowed to borrow, your year in school and if you are considered a dependent. Parent plus loans. Parents have the option to help pay for college with parent plus loans. Like student loans, they may be obtained by the federal government or a private institution. Parent plus loans have higher interest rates and depending on where the loan is originated, less flexibility with deferment and payment options. Payback time. With federal loans, students will receive an email notification offering a variety of payment plan options prior to the payment start date. These options should be considered carefully and terms adhered to. If the student cannot make a timely payment, it is imperative that they contact the federal loan provider andmake arrangements; otherwise, amissed or late payment may default the loan. If a student loan is defaulted, that status will be reported to national credit reporting agencies and may damage the student’s credit rating and future borrowing ability. Understanding Student Loans Educating yourself on college financing options is key to long-term success. Continued on page 23