Summer vacation is a magical time for children all across America. No schoolwork, no early mornings and no responsibility. Amid all the fun in the sun, however, summer break can also pose risks to your child’s education. According to The Brookings Institution for research, there are three major drawbacks of summer vacation with regard to a student’s education: “on average, students’ achievement scores declined over summer vacation by one month’s worth of school-year learning, declines were sharper for math than for reading, and the extent of loss was larger at higher grade levels.” Bearing this in mind, what is a parent to do in order to counteract the uglier aspects of this “summer slide” phenomenon? Summer Reading Programs One of the most effective methods for maximizing learning opportunities during the summer is to have your child participate in a summer reading program. Nearly all public libraries in the nation program summer reading into their calendars, and some even offer incentives and prizes for successful completion of the program. Similarly, bookstores like Barnes and Noble organize summer reading programs in tandem with their children’s books departments. Activities like story time sessions and interactive reading games help to bolster excitement around reading for younger children. Summer School There is a slight stigma regarding summer school that those who attend are lagging in their studies. On the contrary, summer school can be an opportunity to get ahead as well. Before the spring term ends, reach out to your child’s school counselors to get additional information regarding curriculum, cost and enrollment. Math Prep In addition to reading, math abilities are at a risk of taking a nosedive during your child’s summer months of recreation. Fortunately, there are many possibilities for practicing math in between trips to the pool, and not all of them need to be costly. Mathnasium offers summertime math programs online for all grade levels. Most local colleges and universities offer math camps and courses for a few weeks out of the summer as well. If you do a bit of digging, you are sure to find a practical math practice regimen that suits your student’s needs. No matter how you decide to tackle the “summer side,” we hope you and your child make the most of the break by boosting their academics. Good luck!
With college graduation season just a short six weeks away, most recent graduates focus on surviving final exams, crossing off the last remaining items on their bucket lists, and securing new job or fellowship opportunities. While the Commence Day ceremony marks the conclusion of undergraduate life, it also signifies the beginning of paying back student loans. Even those who deferred their first student loan payment will need to begin planning. We compiled five easy-to-implement ways to plan for student loan payback that will not break your budget. 1. Make a lump sum payment After May graduation, many students will be receiving graduation gift money, job signing bonuses and tax refunds. Applying this lump sum to your student loans can save you thousands in accrued interest and decreases the repayment time. Use Make Lemonade’s Lump Sum Calculator to gauge how much you could save in time and interest by applying a lump sum at the beginning of repayment. 2. Make more than the minimum payment This tip is quite straightforward. The more you pay, the less interest is added to your remaining balance and the quicker the loan is paid off. No need to put pressure on yourself to double the payment. Even $50 more each month will make an impact. Still on the fence? Incorporate this added amount to your automatic loan payments so that you stay consistent and hesitation-free in your payments. 3. Refinance Your Loans Regardless of whether you have one loan or multiple, refinancing creates an opportunity to lower your interest rate. Before diving into refinancing, first consult a lender to verify that your interest rate will decrease. Here is a list of awesome banks that help refinance loans. 4. Avoid Repayment Programs It is true that many of these programs aim for lower monthly loan payments. But they do so by extending the length of the payback term. This means that it will take you longer to pay back your balance and your principal will continue to accrue interest during that extended period. 5. Start a Side-Hustle Spend a few hours each week on a side-hustle that you contribute 100% of the income into loans repayment. Ideally, choose something easy and enjoyable that does not restrict your schedule. Do you enjoy shopping? Apply to work part-time at a retail store. Get a discount off of apparel, and direct that cash toward your loan. In California, working one 5-hour shift per week at $11.00 minimum wage means you could earn $220 toward your loans every month. Not a bad trade-off, eh? Regardless of how you tackle the loan behemoth, be proactive about making a plan. Loans can be a challenge to navigate, but with the proper strategy, you’ll find your balance at $0.00 in no time.
