It's Not Too Late Ask The Instructor.

On and off Planet College the pace of business and social activities heats up markedly right about now. If you've become distracted by endeavors and find you've been skipping class sessions lately it is a good time right now to check out your standing in any classes you have missed. This can be accomplished effectively by asking the instructor or TA what you need to do to pass that class. Texts, tweets, phone messages and e-mails accomplish most communications effectively but this particular
communication is best done in person.

Here is what you need to do.

Find your instructor's office if she has one.  If not, see if you can catch her  (or him) after class. This time of year there is likely to be a line to talk to your instructor or TA because you are not the only one who has been skipping class sessions and missing assignments. When you do talk to her identify yourself, "I'm your student and I'm in your section for your subject,"-whatever it is.  Than say, " I'd like to know what I need to do to complete this course with a passing grade." Just that.  ( She ( or he) may not have all the information right now. If not ask the instructor to e-mail you with the information. ) But ,if they do, write down the total due now. Missed assignments and possibly missed examinations or quizzes, whatever the total is. Take note of them and say, "Thanks. I will make a serious effort to make these up and complete this course."

 That is all you need to do, right?

 No, not quite. You still have to do what she said. Follow through. No more excuses. Don't miss any more class sessions. Turn in the material due. If it is possible to take make-ups for the missed exams and quizzes do so. Right now. Find out, schedule and do it. 

What About IBR?

 Because Winter break is coming, a time to earn for most students and, of course a time to spend, Planet College brings you this reminder.

This is about Income Based Repayment, IBR.

If you have been using loans to fund your education and you are approaching graduation either this term or Spring then re-payment is looming on your financial horizon.  Briefly, loans are the temporary use of some product or service with the expectation that the property or service will be returned along with compensation. When the product is money the compensation along with returning the borrowed money is called interest. Interest is the fee, usually expressed as a percentage, for using the money. Most loan rates are expressed as annual percentage rates meaning the total due on the loaned money is figured yearly.

Interest is a kind of rent.

Here is a simple example. If you needed a thousand dollars to go to school and some person or organization said " We can loan you the thousand dollars you need. We will charge you ten per cent interest annually."  Ten percent of a thousand dollars is a hundred dollars. They would be saying that after you have received the money you would owe them a hundred dollars a year in addition to the thousand dollars you borrowed until you paid them back. If you paid them back within one year you would have paid them eleven hundred dollars.

Those are the basic principles and the basic procedure.  There is more to it but that is the basis your lender is working from.

So. What about IBR?

Lenders who deal with a large number of people develop a variety of programs which are intended for specific types or groups of borrowers.  One group is graduates with loans who do not initially earn large salaries.  Individuals in this group often have, relatively speaking, large debt. That means large loans to repay but a small income  from which to repay .  With this in mind some lenders have developed a program which bases the debtors payments on their earnings.  This program uses income as reported by the former student to calculate their monthly payments. This program has two purposes. One, to get the lender their money, two to assist the former student in dealing with their loans.  Simply put, the sooner you pay off your loans the less you will pay total.      ( And you will get to keep more of your income to spend on things you really want.)

Annual Reminder The Turkey Trap.

With the long anticipated and hugely welcomed break approaching Planet College here again reprints its annual reminder about break.  The original is here.

If you are too tired to click the link this is what it says.

It is almost time for a welcome break from Planet College. It is also time to remind students of the looming danger called The Turkey Trap.

Polly's story explains it well.

Polly heard the pilot announce 'Please fasten your seat belt as we approach for a landing.” and awoke from her reverie.  It had been a restful Thanksgiving break. She had arrived home Tuesday evening after an eventful freshman semester. She visited with her family, ate too much turkey and went on a snooze cruise. Saw friends, got caught up and now, as her return flight approached the airport,the cabin lights came on and another light went on in Polly's head. It was accompanied by an announcement that said, ”Oh my God, I've got a paper due for my ten o'clock class and I haven't even started it!"

 

 Polly had fallen for The Turkey Trap.  Since colleges started giving students breaks students mistakenly had assigned these times to get “caught up.”  “Oh, I'll just do it over break” is a common mis-conception students have applied to work due later in the term.   Don't fall for it.  You will not do anything over break. Don't fall for The Turkey Trap.  When you get an assignment start on it right away. Finish it in as timely a fashion as possible. Over break pig out, kick back, visit your sister. Bounce your new little niece on your knee and just generally forget about school. Period.  That's what breaks are for.  Don't fall for the Turkey Trap. If you haven't even started the paper before break, you won't do it over break.