Portland State Magazine Fall 2021

38 // PORTLAND STATE MAGAZINE 5 WAYS TO DEAL WITH COLLEGE DEBT COLLEGE MEMORIES LINGER ON, but unfortunately so can college debt. U.S. student debt totaled $1.6 trillion in the first quarter of 2021.Though federal student loan payments were put on hold during the pandemic, they will resume in January. Here are five tips for taking charge of educational debt from instructors of Personal Finance (FIN 218), Andrew Adeboi, Andy Tilp and Melody Bell. 1. BE INFORMED: Use student loan repayment calculators—for example, from the VIN Foundation ( tinyurl.com/p7c65jux )—to evaluate options such as a standard repayment schedule, income-based repayment (IBR), Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE) repayment.The VIN Foundation calculator provides information on minimum monthly payments, years to repay, total cost of loan and effective interest rates for the different options. It also allows you to customize repayment calculations, for example, with regard to your annual income growth projections. Also, stay in touch with your lender. If you’re having trouble making payments, your lender has options to help. You may be able to defer or switch to a plan that better fits your circumstances. 2. CHECK WITH YOUR EMPLOYER: Some employers are helping to pay student loans by giving employees the choice of a 401k match or equivalent student loan payment. When looking for a new job, find out if a company you are considering has a program to help and check with your current employer.This can also be a negotiation tactic with companies that currently do not offer such a benefit. 3. THINK TWICE BEFORE PAYING OFF EARLY: The opportunity cost of paying off a student loan is the earnings realized on an investment.This is an easier decision if the investment return is higher, for example the annual percentage rate (APR) on the student loan is 4% versus the return on investment (ROI) of 7.5%. However, even if the APR and ROI are equal, it’s often more beneficial to start investing before paying off a student loan. Why? Because there is an inherent value by starting a positive habit such as paying yourself first. 4. DON’T NEGLECT RETIREMENT: Compound growth is the most fantastic tool you have for building the base you will need later in life. Balance paying off your student loan(s) and saving for retirement. Start by setting aside a small amount for retirement on a regular basis, for example, with automatic savings, and make a conscious effort to boost your contribution to your retirement savings with every raise and bonus. 5. REMEMBER ALL DEBT IS NOT CREATED EQUAL: Consumer debt (credit card, per- sonal loans, payday loans, and so on) is considered “bad” debt, while home and student loans are “good” debt. Consumer debt incurred for wants rather than needs should be paid off as fast as possible. But when it comes to student debt, be gentle on yourself. You are taking one step back to move two steps forward. JULIA FREYBOTE is an assistant professor of finance and real estate in PSU’s School of Business. Rebecca Saunders MA ’16 presented “Is There a Linguist in the House? The Benefit of an In-House English for Specific Purposes Course for Hospital Employees” at the Cross-Disciplinary Conference on Engaging Humanities in Health Department Administration in April. Tim Skrotzki MBA ’12 , senior market development lead for the nonprofit Elevate Energy, was honored in Corp! Magazine’s Most Valuable Professional Awards. Skrotzski supports affordable housing owners and underserved communities with energy assessments and building retrofit plans. Taylor Stewart MSW ’21 , founder of the Oregon Remembrance Project, a nonprofit dedicated to helping communities in the state confront and repair instances of racial injustice, helped dedicate a monument to Alonzo Tucker, the only documented African American victim of lynching in Oregon, in Coos Bay, Oregon. Summer Newell MPH ’05 PhD ’18 co-authored a book with Melissa Thompson, sociology faculty, titled Motherhood after Incarceration: Community Reintegration for Mothers in the Criminal Legal System , published with Routledge. Ethelyn Tumalad MA ’16 MEd ’17 was named 2022 Regional Teacher of the Year by the Clackamas Education Service District. She is finishing her fourth year as an English Language Arts and AVID teacher at Clackamas High School. Daniel Vega ’17 finished a double master’s degree in music composition and saxophone performance at the University of Missouri. During his time there, Vega earned several awards and created a score for a film about Pedro Zamora, a Cuban AIDS activist. Jason R. Wiles MS ’99 was honored with a 2021 Friend of Darwin award from the National Center for Science Education. Wiles, a professor of biology at Syracuse University, is a specialist in evolution education. Masaru “Mas” Yatabe ’69 was awarded the 2020 Volunteer of the Year award by the Japan-America Society of Oregon, recognizing his more than 20 years as head judge of the Toyama Cup Japanese Speech Contest held among university students in Oregon. LOSSES Robert B. Everhart, dean of the College of Education, 1986 to 1998. Read tributes at pdx.edu/magazine/remembrances . Have news you’d like to share? Email alum@ pdx.edu or submit your own alumni news online at pdx.edu/alumni/contact. ALUMNI IN THE NEWS (CONTINUED) KURT BEDELL