The one Navient thought I was Beyonce (AKA, why I opened an Arkansas 529 college savings plan for my son) SINGLE MOM

Disclosure: I've been the Arkansas 529 Official Brand Ambassador since last month. 5 years ago I opened an Arkansas 529 account for my son. When I learned that they were looking for brand ambassadors to publicize the program, I went in. Any content you see on my blog or in my social media profiles on Arkansas 529 is my own thoughts and opinions. 🙂

One day, I logged in to Yahoo to find an email from Navient. My shift had just ended, and it was time to repay her for the loans I had taken during the graduate school.

I opened the email and was told to log into my Navient account to see how much I owed.

I might have expected a few hundred dollars a month. Which, considering my finances, was not ideal, but I thought it was the cost of education.

But the crowd I saw made me cry and hand me over.

$ 5,000.

Not every year.

Not in total.

$ 5,000 a month.

After that first moment of terror, I was overwhelmed with laughter. The kind of laughter that happens when something is so ridiculous can not even be believed to happen.

"Who do you think I am ?! Beyonce? "

Beyonce could easily afford a monthly bill of $ 5,000. Me? I'm trying to get to a point where I even make so much money in a month.

I felt like Justin Finch-Fletchley when he thought Harry Potter was trying to pull a killer snake at him. "What are you playing on?"

Yes, I am already very scared. This did NOTHING to improve it.

You know, I'm a single mother. Maybe you also know that it is me Since 2012 working full-time from home and that I teach my son at home.

I am. Not. Rich.

I do not get child support. I do not receive SSI or monthly financial support.

While I had some really good months in my business, I also had some really slow ones. To be honest, I'm still one of the freelancers who live in the dreaded "feast-or-hunger cycle".

My point is, "I did not understand it". Lol!

Do not be fooled by my lol and funny writing. So I tend to deal with stressful situations – laugh so as not to cry. That has stressed me all the way over.

I speak of panic attacks from nowhere, cry under the shower, the heart races for no reason and have all sorts of feelings about how I feel in life / business is bad. And the fact that I did not even complete my very expensive studies made me all worse.

The sad thing is, I'm not the only one dealing with this kind of thing. There are many people who feel that they will repay their student loans until they die – even if they never actually get a job in their field.

In fact after the Federal Reserve69% of the 2018 class had to borrow and closed with an average debt of $ 29,800.

Think about it for a minute. From the time you graduate, you need to worry about finding a job to settle the debts you've accumulated in your attempt to qualify for a job. And the debt can be so high that you could still owe money if you hand over every single paycheck for a year.

When I think of the fact that it is over $ 1.56 trillion in national student loan debtI think of the 45,000,000 people like me who are probably thinking about how to pay it off.

The stress is real! Whether you owe $ 1,000, $ 10,000 or $ 100,000, it's no fun paying off debts. It's even worse when you have financial problems, as so many of us do at one point or another.

I do not know about you, but I do not want that for my son.

Not only me start teaching him about financial education When he was 4 years old, at the time I was thinking about going to college. I want him to be able to go to college without having to dig into a hole that is known to be difficult to crawl out of. Ideally, he would be able to do what I did for undergrading and get a full scholarship. But what if he does not? So I decided to open an Arkansas college investment plan for him, so hopefully he would never have to take out a student loan to finance the college.

What is an Arkansas 529 college investment plan?

With the Arkansas 529 College Investment Plan, you can set up a strategic college savings account that grows with your child. He or she can use the funds for education, food and lodging, books, supplies, study equipment and other eligible items to be successful in college. It's set up so that someone like me (single mother and entrepreneur) can afford to save for my son's college education regardless of my income situation. Even if I do not save enough in the end to cover everything, it still helps when ETWAS is stored.

Why I love Arkansas 529

Only $ 25 for the start

You do not have to have much money to get started. You only need $ 25 and you do not have to spend a certain amount of money every month / year. It is up to you and what you can afford to put aside.

Not limited to Arkansas Schools

One thing I was worried about when I first thought about opening a college savings account in Arkansas 529 was that the money I would save would simply be lost if my son moved away from Arkansas School would go. We live in Arkansas now, but I do not intend to live here forever. In fact, I would like to live abroad for a while. And I want Christian to be open where he goes to school. I was delighted to learn that the money saved can be spent on schools across the country and even internationally!

Can be used even if you do not attend college

Although I went to college, I do not think college is suitable for everyone. Many people make a living from what they love without ever going to college. If my son chooses this path, he will support him 100%. But what about college savings ?! With Arkansas 529 you have three options if your child does not go to college:

Option 1: Continue to invest if you change your mind (no age limit when you can use the money for the school).

Option 2: Change the designated beneficiary into someone who wants to use the money for the school. (However, there are restrictions on who qualifies as eligible.)

Option 3: Use the money for other purposes (this is taxable, except in special circumstances, if your child receives a scholarship (if the amount you withdraw does not exceed the scholarship amount) The US Military Academy (again, as long as the withdrawn Amount that does not exceed participation costs) will be hindered or dying.

Great idea for birthday and Christmas gifts

If you want others to contribute to your child's college savings account on their birthday or Christmas (or anytime), Arkansas 529 makes it easy with Ugift, You can make direct contributions to your account through checks or online transactions, with no back-end access to the account. Many families feel that their children have more than enough toys and games. This is a cool way to make a meaningful gift anyway, without causing clutter.

Easy to open accounts for a loved one

This did not matter when I opened an account for my son, but now that I have two nieces, I like the idea that I could open a savings account for each of them to help them with college. Even if someone else (like his grandparents, aunts, uncles, or godparents) wants to open separate accounts for my son, they can! And it does not take long. In fact, it should only take 15-20 minutes!

Curious how you open an Arkansas 529 college investment plan (or give someone you love)? Everything you need to know can be found on the Arkansas 529 website. You can also call or send an e-mail Emma WillisWho's the point of contact for Arkansas 529. She helped me get started and really knows!

The post in which Navient thought I was Beyonce (AKA, why I opened an Arkansas 529 college savings plan for my son) first appeared at The Single Parent Warrior.

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