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What Effect Does the CaronaVirus aka The Rona Have on Your Student Loans? + How to Benefit Financially



It is without a doubt that the Coronavirus pandemic is having and will continue to have an effect on the economy and our pockets. If you are one of the millions of people who have student loan debt, then there is good news coming out of this situation. Student loan borrowers who are planning their finances around the uncertainty of the Coronavirus can take advantage of some new benefits.

A new federal law called the CARES Act, which stands for the Coronavirus Aid Relief and Economic Securities Act has provided an automatic suspension of principal and interest payments on federally held student loans, until September 30 2020. This suspension will also count towards any student loan forgiveness program, so there won’t be a lapse there.

There have been many questions surrounding how these suspensions will come into effect, so here is everything you need to know about your student loans and the (CARES) Act:

The Application Process

You will not need to apply to suspend your payments of federal student loan, your federal student loan servicer will suspend all payments without any action necessary from you. You don’t need to contact them or fill out any special application. If you have a federal student loan. Then the suspension will happen automatically. This does not apply to your private student loans. This is only for government issued loans. Keep in mind that there are some federal loans that are owned by commercial lenders, so these loans are not eligible at this time.

Interest Rates and How They Will Be Affected

As far as interest payments go, interest will not accrue on your federal student loans, while your payments are suspended. For your other loans that do not qualify for suspension, interest will continue to accrue.

The Cost of Suspending Your Loans

Unfortunately, during times of crisis, there are many people out trying to scam you. Please be advised that there is no fee, nor will there ever be a fee to suspend your payments. If you are contacted by someone who is asking you to pay a fee, then this is 100%, a scam. Again, there is no action required by you for you to get these payments suspended. If you are contacted by someone please report it to the FTC’s complaint assistant so that they can be aware, and potentially stop these scam artists.

What If Your Loans Don’t Qualify for Suspension?

For those who have federal loans that do not qualify for the suspension or those who have private loans and your finances have been affected negatively by the Coronavirus pandemic, it is important that you reach out to your lender as soon as possible. Most lenders offer income driven repayment plans that you can take advantage of or you can look into getting a forbearance or deferment while you sort out your finances. You should contact your servicer to find out what options are available to you. If you do not know who your federal loan servicer is, please go to the Department of Education’s website  where you can look it up. Everyone is feeling the impact of the Coronavirus so most private lenders will have some type of option to potentially help reduce your payments.

Other Consideration You Should Think About:

  • If you are already enrolled in an income driven repayment plan, but can no longer afford your payments, then you should contact your servicer immediately to report a change in your income and recalculate your monthly payments.
  • If you are currently part of the public service loan forgiveness program, even though your payments are suspended, those months will count towards your program.
  • Please be advised that the Department of Education has stopped the collection of defaulted federal federally owned student loans, including any garnishment of wages, the offset of tax refunds and Social Security benefits. There is nothing you need to do for your federally owned loans. This will take effect automatically. For the other loans that you have that do not qualify for suspension, you should contact your servicer as soon as possible to see what options are available.

If your income has not been affected by the Coronavirus pandemic and you were already making monthly Student Loan payments then I would suggest to save the monthly payments that you would’ve made in a savings account to give you extra cushion during these times. If your income gratefully stays the same then use this money as a jump start on investing, buying an income producing assets or starting a business or sidehustle.

For tips on how to create a product from scratch check out my Product Creation Planner  which will teach you how to create and monetize a product from A-Z

Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Hip-Hop Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is also a speaker, and bestselling author of six books. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. Ash is best known for helping people maximize their full potentials by giving them the inspiration, tools, and resources needed to live their best lives. For more info on Ash please visit


Teaching Your Children The Importance Of  Wealth



You’ve worked hard to build your estate, and maintain it over time. Eventually, it will be time to leave your estate to your children. How will you make sure that they are prepared?

Just as you have a responsibility to manage your wealth, you have a responsibility to educate your children about how to manage it. Children also have a responsibility to learn. It’s your job to show them the way.

The dialogue about family wealth changes over time. Children might have a certain frame of reference as teenagers, but that dynamic changes once they marry and spouses are introduced into the family. The conversation about transfer of wealth happens over and over again, at different milestones in life. As the point of departure nears where there will be some significant asset transfer, all of the cumulative talks where you have been educating and steering the child over time will have to be used in their OWN lives.

Monday ( Sept 21) on the “Ash Cash Show” Ash Cash shared praise and admiration to his daughter, her growth and respect for money is inspiring, as she is active in the family  business. At the tender age of twelve, seeing her using her earned income to purchase her own items, was a delight for him to see.  Like most parents should, Ash Cash used the best time to start talking to his child about money and the family’s assets as early as he felt comfortable. The process ultimately has two parts that should be handled separately: teaching money skills, and revealing family wealth.

Think of it as a process of apprenticeship, where your children will learn from you how your family’s estate should be handled. Incremental learning and incremental responsibility will be the cornerstones of a successful education process.

When you feel like your children are mature enough to handle wealth management, and you respect the people they are becoming, it’s time to go to the next step and educate them about the family’s wealth and their inheritance. YES! THEIR INHERITANCE. Advisors say, that making them aware of your family’s wealth, and their responsibilities pertaining to it, early on will set them up for the best chance of success.

Allow your children  to sit in on business  conversations  and learn to communicate as a business owner. You need to allow the next generation to make their voices heard when it comes to philanthropic endeavors. Don’t just sit around a table and make decisions about which organizations to give family money to, encourage your heirs to participate in the work these organizations do, and experience the difference that money makes.

It’s important to teach children the story and context that’s behind the accumulation of family wealth. It involves other members of the family who built something that is being passed down. In that story, there are highs and lows, setbacks, victories, and all of this is important in setting the context for stewardship. Share with them how complex it was to achieve the wealth and what it takes to keep it.

The education is KEY. If you have a portfolio and you look at its value over time, your heirs need to understand how different withdrawal rates will affect that value. It’s frequently an eye-opener for children and families when they realize that they have to be very deliberate about this process in order to preserve the wealth through generations.

Remember: This sense of accountability will permeate their lives and help them behave in matters of generational wealth.




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Real Talk, I’m an Under-Earner




Whatchu thinkin’ bout all day. Like Fr. Fr.

What thoughts are consuming your mind? About you? About yo job? About the world? About yo finances? You ever heard the phrase, “As a man [or woman] thinketh in his heart, so is he?”

More about that later.

I recently started reading, Secrets of Six Figure Women, and it has truly shifted my mindset. Truth moment, I’m what Barbara Stanny defines as an under-earner. Listen to her drag me…

“She works hard to succeed, yet barely makes enough to get by, even though she has the ability and ambition to do better. Under earners aren’t all poorly paid, however. You can make decent money and still fall into this category. What distinguishes an under earner is that she could bring in more, and genuinely wants to, but, for whatever reason, she doesn’t.”

Dragged. To pieces.

When I read it, I felt attacked. More so, embarrassed. I’ve allowed myself to consistently take on dynamic opportunities BUT I never asked for what I’m owed. Why? ‘Cause I’m always honored to be invited to the table. Eager to share my gifts with the world, sometimes even at no cost!

Scroll up to the first quote real quick. You back?

If I’m constantly feeding my mind with thoughts about “I can’t have”, “I shouldn’t ask”, That’s too much,” I’m afraid, and my all-time favorite, “ What if they say no”. I will continue to remain in the under earners category.

My mind wasn’t in the right place.

Because my mind ain’t right. My money ain’t right

I recently had a huge mindset shift. I decided. That’s it! I decided I would no longer be in the under earners category. I wrote a number down and I look at that number every day. I know, I know, it’s super self help-y. But it works. I know what I’m working towards. If an opportunity isn’t bringing me closer to the goals I’ve set, I have to let it go.

Cousin. Get your mind right and I promise the money will flow. Cue, Free yo minnndddd, and the rest will follow!

Stay up Fam,


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Personal Finances

Where We Bout to Eat At?



Where We Bout to Eat At?

By: Tiara Davis

Whaddup Cousin,

Somebody asked me, “What y’all doin’ this weekend,” and I almost lost it. 

Kinfolk! I’m is livin’ in my skin and stayin’ at home. And you know issa hurricane comin’, So really, I’m sittin’ in the dark. People really be playin’ on my phone. 

Before C-19, I used to have plans. Big Plans. International plans. Domestic Plans. Family Plans. My days, months, weeks, all had direction. Purpose, if you will. 

Despite not being able to go anywhere, I still continue to plan my monies. All these dollas got to work together for the greater good. From bills to saving to investing. They ain’t just about to sit around, soaking up my good air, doing nothing. They. Need. To. Work. Momma Rita used to tell me some variation of that all summer long.

But check this out.

Government might have something coming your way real soon in the form of a stimulus check. I did a quick research sweep and it doesn’t appear to have been confirmed. But there’s nothing wrong with setting a plan in motion for when them people get they ish together. 

You take that mofo, flip it, dip it, and reverse it. 400 for credit cards, 600 for saving 300 for student loans build your plan and put it to work!

I can hear you already. But cousin my outfit.  Let me stop you right there. 

Clothes: You ain’t goin’ no where so you won’t need nuffin’. 

Brunch: You got food at home. Better yet, fast. Yo digestive system need a break. 

Flight: Side-eye

Hotel: Oh so you really feel like playin’ with me today?

Hair: Cuzzo, you better turn that Zoom camera off and get it poppin’ with audio. Ain’t nobody need to see your face. 

What else you got? This time around. The stimulus money will have a plan; a purpose to elevate you into something better. 

I’mma share my plan in the comments. What’s yours?


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