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4 New Year’s Resolutions You Can Actually Keep

December 31, 2019

The New Year is upon us – it’s a time for celebration, reflection, and inevitably, for setting resolutions. From achieving financial goals such as repaying student loan debt to health-related goals such as losing weight, we are often pressured to set bold aspirations for the upcoming year. But despite the popularity of setting New Year’s resolutions, they can be fairly difficult to stick with if you set your goals too high or merely set them out of obligation. You can set goals at any time in your life, for any reason, and a new year doesn’t have to always mean a completely new you. 

 

For the sake of taking some of the burden off of the holiday, we’re listing out some New Year’s resolutions you can keep through the year – and feel great about, too.

 

Start Volunteering

Volunteering isn’t just for students looking to build their resume. Volunteering for causes you believe in is a great way to build friendships, keep busy, and make connections in your community. Volunteer Match is a great place to find opportunities to support charities, nonprofits, organizations and causes near you. Volunteering will leave you feeling empowered and more fulfilled through knowing you’ve made an impact. Consider taking on the New Year with less stress about adding to your own life and shift the focus to giving back!

 

Stop Procrastinating… As Much

Here’s to making 2020 the year of getting ahead. While it can sometimes be difficult to not put work off until the last minute, make a resolution to spend your free time getting ahead on things – in the end it will leave you with less stress and more free time than you intended on having. Sometimes this requires a shift of mindset, but it is doable. Make 2020 the year you start putting your top priorities first.

 

Don’t Sweat the Small Stuff

No matter your goals for the upcoming year, understand that great things take time. Focus on making improvements where you can and don’t let minor setbacks take you off track. Life can come at you quickly, so it’s important to keep a level head and understand that most bad things are temporary and will pass. Enter 2020 with a plan for managing stress, taking things one step at a time, and having patience – you may just find that this is the most effective resolution you can set.

 

Revisit Your Resume

While you may be happy with your current job and plan on sticking with it, a new year is a good reason to give your resume a tune-up. What skills have you acquired over the previous year? How many years of experience do you now have in your field? Taking stock of what you bring can help you gain a new understanding of the salary you deserve, make you feel accomplished for how far you’ve come, or even help you set goals for your professional life in the year to come.

 

There you go! Now you have four New Year’s resolutions that you can start in 2020 and keep throughout the year. Hopefully these simple, achievable resolutions take some stress off of your holiday and allow you to look into 2020 with a positive and stress-free mindset.

 


 

Notice About Third Party Websites: Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – the bank is not responsible for the content. Please contact us with any concerns or comments.

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Employer student loan repayment benefits keep employees happy
2020-10-13
How to Help Your Employees Pay Off Student Loans

Traditionally, employer benefit programs are focused on two things: investing and healthcare. Keeping your employees healthy and financially secure helps decrease turnover and increase productivity.   But when employees are buried in student debt, investing in retirement feels fruitless. Before they can focus heavily on planning for the future, they need to decrease their current student loan balances.   As an employer, you have the power to make a significant difference in your employees’ debt repayment timeline. Here are a few ways to do just that - and why helping your employees become debt-free is a smart business decision.  

How Student Loan Benefits Work

Currently, employers offer a variety of student loan repayment assistance methods. These include:  

Educational Support

The least expensive method is offering financial education to employees. This would typically involve hiring an outside expert to offer group meetings or one-on-one coaching. These can be done in-person or online.   These sessions can be helpful, especially if done repeatedly throughout the year. They may be offered on their own or in conjunction with direct monetary support.  

Sign-up Bonus

Some employers pay a lump-sum toward an employee’s student loan balance when they join the company. This is a one-time benefit used to attract new employees, but it can also be seen as unfair to existing employees who never received a sign-up bonus.  

Matching 401(k) Contributions

Many companies offer matching contributions to an employee’s 401(k) account. In these cases, the individual contributes their own money and the employer matches a certain amount.   One way that companies are combining student loan and 401(k) benefits is by matching student loan payments with a 401(k) contribution.   Here’s how it works. The employee makes a student loan payment, and the money comes directly out of their paycheck. In exchange, the employer contributes that same amount to their 401(k) account. This allows the employee to balance student loan repayment with saving for retirement.  

Matching Student Loan Contributions

Employers may also offer a dollar-for-dollar matching payment to the employees’ student loans. If the borrower pays $200 to their student loans, the employer adds an additional $200. This is the most straightforward way to help your employees become debt-free.   Most companies that offer a matching student loan payment option will have an annual and lifetime limit. For example, the office chain Staples pays $100 a month for three years for eligible employees. Insurance company Aetna pays up to $2,000 a year for full-time employees, up to $10,000 total. Part-time employees receive up to $1,000 a year, up to $5,000 total.   Like 401(k) contributions, some companies require employees to work for a certain number of months before they become eligible for student loan repayment benefits.   As part of the CARES Act passed in March 2020, any student loan repayment benefits, up to $5,250, made by an employer between March 27, 2020 and December 31, 2020 will not count as taxable income. Unless this provision is extended, student loan repayment benefits will then be taxed after that date.  

How Student Loan Repayment Benefits Employers and Employees

The total US student loan balance grows at a rate of about 7% every year. In 2019, the average graduate had $35,397 in student loans. New hires often bring mountains of student loan debt with them, and student loan repayment benefits can make a huge difference.  

Decreasing Student Loan Stress

A recent study found that more than 85% of individuals with student loan debt name it as a major source of stress, and 33% call it out as one of their top three stressors. A 2019 survey from Marketplace-Edison Research found that those with student loans had two-thirds more economic anxiety than those without student loans.   “When I was paying off student loans I was very anxious and stressed,” said Melanie Lockert, host of “The Mental Health and Wealth” show. “I don't think it affected my productivity per se, but it affected my quality of life and how I felt while doing the work. Of course, those feelings can indirectly affect work as well.”   Employers reap the rewards when workers have less financial stress. According to a study from the International Foundation of Employee Benefit Plans (IFEBP), about 60% of employers said they noticed workers found it hard to focus because of personal financial problems. Another 34% of employers said they noticed absenteeism and tardiness also related to financial stress.   This isn’t a new revelation - it’s basic psychology. Maslow’s Hierarchy of Needs states that humans need to feel physically safe before they can improve their psychological well-being. The same is true with financial stress. If your employee is worried about defaulting on their student loans, they may be too preoccupied to concentrate on work, and too emotionally drained to come up with innovative ideas or brainstorm new solutions.  

Increasing Focus and Employee Retention

When employees feel financially secure, they’ll be more productive and attentive while on the clock. Even if it seems like your employees are producing decent results, they could likely accomplish even more if their attention wasn’t split between work and their student debt balance.   Student loan repayment assistance programs could also improve employee retention. 41% of surveyed companies offering student loan assistance have found it improves recruitment and 38% believe it has improved employee retention rates.   The data backs up those responses. Healthcare company Trilogy offers $100 a month in student loan repayment assistance to both full-time and part-time employees. Employees who utilize this program stay at the company 2.5 times longer than those who don’t.   Since it costs several thousand or even tens of thousands of dollars to train a new employee, it may actually be less expensive to pay their student loans. That’s not even considering the intangible benefits that come from having a roster of experienced, loyal employees.  

Offer Employer Student Loan Repayment with ELFI for Business

If your company is interested in adding student loan repayment assistance as a workplace benefit, they can join ELFI for Business. ELFI will create a student loan repayment program designed for your employees, managing the actual payments so your accounting department doesn’t get bogged down with the details.  
  Notice About Third Party Websites: Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – the bank is not responsible for the content. Please contact us with any concerns or comments.  
Avoid common medical resume mistakes for interview success
2020-10-12
Common Resume Mistakes for Medical Professionals

If you search for “medical resume template” online, you’ll find thousands of options, all very different. Which choice, though, will give you the best chance of earning your dream job? Keep these common resume mistakes for medical professionals in mind when you’re putting together your application, and you’ll already be a step ahead of many other candidates.  

Write Your Resume for the Job You Want

Too many medical professionals make the resume mistake of assuming all jobs are looking for the same thing. This is, in fact, a huge logical fallacy, because although two jobs may be in the same industry,
it doesn’t mean they’re looking for the same candidate. One danger of using an online medical resume template is winding up with a resume that's a little too generic. Pay attention to make sure the format you're using really highlights your medical skills.   For example, if you’re interested in becoming a physician at a hospital, you’ll want to show you’re comfortable with a variety of medical tasks, especially within a hospital setting. You’ll need to prove leadership experience, discipline, problem-solving skills and strong time-management capabilities. In a hospital environment, it’s important to be familiar with your tasks, but also to be prepared to pivot when the situation calls for it.   On the other hand, if you’re applying to become a podiatrist at a group medical practice, your day will likely be more specialized and structured. You’ll need to show experience in the field of podiatry, as well as the ability to provide exceptional patient care. Any hiring manager or supervisor will want to know you’re detail-oriented and that you can clearly explain to patients how to maintain at-home care and general wellness practices.   Some jobs even use an applicant tracking system to screen applications for specific keywords. Do some research before submitting your resume to a potential employer to make sure your resume is optimized. If the hiring manager is looking for keywords like “patient care” or “medical records,” you won’t want to miss these important bullet points.  

Talk About Your Experience, Not Your Goals

Another common resume mistake for medical professionals is focusing on goals and objectives versus real-world experiences. You'll want to be sure you're formatting your medical resume to showcase your hard-earned experience.   In some professions, employers may be looking for someone trainable that can learn most of their job skills on-the-go. In the medical field, however, employers need the opposite. Because you’ll be providing healthcare to patients, knowing your field is far more important than having the ability to learn new skills from scratch.   Most jobs do require learning as you go, however, medical professionals are expected to bring some level of experience with them, even to entry-level positions. After all, you’ve put years of time and effort into earning a high-level degree, so you’ve likely graduated with a significant amount of knowledge. Unlike other professionals who learn many of their job skills after graduation, medical professionals graduate with the knowledge necessary to hit the ground running. Employers need candidates whose experience prepares them to do just that.  

Share Quantifiable Evidence of Success

If you received an award, increased productivity by 10% or worked with 250 trauma cases during your residency, list those numbers on your resume. One common resume mistake for medical professionals is listing vague experiences without backing them up with quantifiable information. Be sure the way you present your experience highlights your medical skills and shows the impact of your work. Here’s an example of how to share your experience, as well as an example of how not to share:  

How Not to Describe Your Medical Experience

“Spoke with several patients about their ongoing medical needs” doesn’t work, because it isn’t specific or quantifiable. Did you speak with five patients or 50? What did you discuss about their ongoing medical needs? While this likely describes months of hard work, without details, the hiring manager may miss what you’re trying to say.  

How to Describe Your Medical Experience

“Conducted medical interviews with 34 new patients, with a 96% patient retention rate” is much more specific. It explains that you spoke with an impressive number of new patients, collecting details about their medical histories and ongoing needs. As a general practitioner, retaining this many patients is a huge win, as most patients stay with the same doctor for a long time.  

Grammatical Mistakes: Missing the Forest for the Trees

Sometimes, when you’re so focused on getting the tiny details of your medical resume right, it’s easy to miss larger mistakes like spelling errors. Even if the information in your resume is fantastic, a misspelled word negates all your hard work.   Several employers will immediately toss resumes with grammatical errors, so be sure to proofread. For good measure, ask a friend or family member to look it over, as well.  

The Bottom Line

Applying for jobs is hard work. If you can avoid these common resume mistakes many medical professionals make, however, you’ll stand out as a stronger candidate. Putting in extra time and effort on your resume will pay off when you receive follow-up calls for fantastic jobs. It will also differentiate you from other candidates, as well as from those using medical resume templates. After crafting the perfect resume, be sure to check out our tips for graduates entering the job market, as well.  
  Notice About Third Party Websites: Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – the bank is not responsible for the content. Please contact us with any concerns or comments.
Celebrate paying off your student loans
2020-10-08
7 Ways to Celebrate Paying off Your Student Loans

At last, you’ve done it! You’ve been diligent in paying off your student loans, and now you’re finally free of them. Being free from student debt means you can start tackling other financial goals. Before you go back to the money-saving grind, however, why not celebrate paying off your student loans? After all, with student loan debt reaching 1.2 trillion in the United States, every time someone pays their debt off it’s worth celebrating.   While it may be a little more difficult to celebrate during the ongoing COVID-19 pandemic, you can still have a good time. Here are 7 great ways to celebrate paying off your student loans without acquiring new debt on the way:  

Relax

Simple as that, sit on the couch and enjoy being debt-free. Paying down student loan debt is stressful, but you’ve done it. Good job. Imagine we’ve given you a high-five and a pat on the back.  

Throw a Digital Party

Include all your friends or family in a video call and enjoy each other’s company. Maybe even schedule several separate video calls so you can focus on celebrating with each group.  

Treat Yourself

It’s time to treat yourself to something nice. Choose an item or experience that is meaningful to you: a new outfit, a new pair of shoes, go out to dinner, whatever makes you happy. Take some time to enjoy whatever you’ve gotten. You’ve certainly worked for it. Just make sure it’s not something that’ll put you into credit card debt!  

Treat Someone Else

What better way to celebrate your paying off your student loans than by including those who helped make you successful? Take your parents out to a nice dinner or have a good time with some close friends. Make sure they know how much you appreciated their support throughout your student loan repayment journey, especially if they’ve helped pay along the way.   Another great option is charitable giving. You can celebrate paying off your student loans by giving to a worthy cause. Whether as a one-time gift or a monthly series of donations, your money will go toward something that you feel is important. Not only will you feel great for having given to something worthwhile, but you may also be able to deduct your charitable donation from your taxes.  

Plan a Trip

Even if you’re planning for the future, now is the perfect time to consider where you’d like to travel. Take a look at some spectacular destinations. Decide where to go. Start saving now, and when the departure date arrives, you’ll be ready to go.   If you’re already saving toward other financial goals and want to be careful of your budget, consider a road trip. There’s still plenty of time for a cross-country odyssey before winter, and the countryside will look particularly beautiful in the fall. If you’re looking for more vacation ideas, here are a couple of vacation ideas that won't break the bank.  

Plan Your Next Financial Conquest

For those who are goal-oriented, now is the perfect time to decide what financial goal you’ll tackle next. Is it time to get a new car? Eliminate the rest of your credit card debt? Maybe it’s even time to buy a house. Ultimately it’s up to you to decide, but you should set up a plan to tackle that next big financial goal in a timely and efficient manner. The good news is, since you’ve already bested your student loan debt, you’re not only experienced but also prepared to face whatever comes next.  

Save Your Student Loan Payment

They say the best time to start saving was yesterday. The second-best time is today. Celebrate paying off your student loans by investing in your future financial health. Put the amount of your student loan payment in a savings account each month or consider investing it. Your future self will thank you. You’ve already proven you can live without it, so why stop now? But as always, make sure to do your research before you launch any type of investing strategy!   Congratulations on eliminating the last of your student loan debt. You should be incredibly proud of the effort you’ve put into seeing your payments through. Before you start the next step in your financial journey, take some time for yourself. Enjoy that feeling of success and use it to push yourself toward your next goal. Now is the time to celebrate!   If you haven’t yet paid off your student loans, you may want to consider student loan refinancing. Take a look at what student loan refinancing could do for you here.  
  Notice About Third Party Websites: Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – the bank is not responsible for the content. Please contact us with any concerns or comments.