Monthly Archives: January 2018

How to Tackle Student Loan Repayments

What they didn’t teach you in school, was how to pay for school. Many know what it’s like to look excitably into your direct deposit account or open that envelope on payday to only be dissatisfied by the large withdrawal that was taken towards your student loan debt.

Confronting what seems like the impregnable wall of debt can be overwhelming. And many can feel unprepared – even duped by the debt to income ratio their college degree has given them. However, it doesn’t have to be this way forever. By changing your strategy and perspective on your educational investment, you can eliminate your monthly payments at an accelerated rate. Learning to tackle debt in the right way will become muscle memory for future financial discipline.

Choose the Right Repayment Plan

Americans owe 1.45 Trillion in student loan debt, spread out among 44 million people. While this may seem counterintuitive, choosing the right plan for your income can make a large difference in how much you pay over time. 85 percent of student loans are either: Stafford, Perkins, PLUS, & Direct Consolidated. They have 5 repayment options, with the lowest minimum payment starting at $50 for ten years, to the income based plan that takes a “fair” percentage of your salary (decided by the Federal Government) and forgives any debt left after 25 years.

Although it’s tempting to pick whatever has the lowest monthly payment, it isn’t the wisest. How much you pay and on what terms can seriously impact future investments like a home or being able to put enough away for retirement. Try to pay 10% of your gross (pre-tax) income towards your debt. By biting the bullet now, you will give yourself freedom in the future.

Scrap for Savings

There are some basic practices you can implement to prevent being delinquent on payments. One of those is consolidating your Federal loans. This won’t initially save you on interest, but it will help to relieve you from the headache of keeping track of many different loans. Having them all in one place with one simple payment will enable you to stay on track. Second, sign up for automatic withdrawals from your checking account. Doing so will cut your interest rate by .25 percent. If you would like to establish a college fund repayment account, contact one of our loan specialists at Iowa State Bank & Trust Company of Fairfield to help.

Keep Your Eye on the Prize

The average student loan monthly payment is $351 a month, and we recommend you paying more than that if you can fit it into your budget. The most important thing you can do is to not fall off the wagon when it comes to tackling your debt. Stay focused on the goal set before you. The impulse purchases and comforts of the present are alluring, but ridding yourself of a financial burden is more rewarding. The more you take hold of your debt, the sooner it will be conquered.

 

Common Cyber-Security Threats While Traveling

Whether you are traveling for work or pleasure, the last thing you want to battle with is having your cyber-security compromised. If knowledge is power, Iowa State Bank & Trust Company of Fairfield has created a list of potential threats to your private information and steps to prevent damage while away from home.

Before You Go

Along with remembering to pack a toothbrush, you should also prepare your devices for travel. You should ensure all updates are completed. This will make your systems harder for hackers to penetrate.

You may consider backing up your information on cloud storage. You would hate to have forever lost important documents and photos. Should your information become compromised, having these copies of your private information will be useful. We would also recommend changing all of your passwords prior to leaving and again when you return. It is also extremely important, especially when traveling abroad, to let Iowa State Bank & Trust Company of Fairfield know where you will be traveling and when.

While You’re There

Unfortunately, you are at higher risk the more you travel and use the internet abroad. However, this shouldn’t stop you should you use the proper precautions from these threats.

While convenient, public wireless networks are not secure. Nevertheless, if you need to connect, be sure it is a legitimate network by verifying the account with employees. However, your mobile connection is going to be more secure. You are going to want to turn off auto-connect for wifi and Bluetooth as well. If you are able, purchase a VPN  (Virtual Private Network), so you have peace of mind while surfing the web. We would recommend staying away from public computers-even the hotel and library. You cannot trust that these are on secure networks, and that Keylogger Malware is not present.

To many people’s dismay, you are being watched in ways like never before. You should get into the habit of guarding yourself at all times. When traveling to fun places, it is tempting to share your location. But waiting to share this information is best, so hackers don’t follow where you are, and maybe even make their way up to your hotel room to take your computer when they know you’re away. This is another reason why you might consider eating meals outside the normal hours, as that is when most hotel thefts occur.

You can’t avoid purchases while on the road, but be aware of ATM skimmers, point of sale compromises and hidden cameras. ATM skimmers have been on the news frequently. If you can avoid using this altogether by sticking to credit cards or Apple Pay on the road, it may make the experience easier. Business card readers may be compromised or a hidden camera could be tracking your pin input, so it’s important to always be aware.

We hope that these tips have informed you to be a cyber-secure traveler. For more information about anti-fraud services, please stop by and speak with our helpful staff!

Gloomy Day Fun for the Budget-Conscious

You made it! It’s finally the end of the work week, you can’t wait to do anything that doesn’t involve sitting in an office. Maybe you can get that hike in you’ve been thinking about all week. Disappointment sets in as you peek out the window to gaze upon a blustery, cloudy and plain gloomy day. And as misfortune would have it, there isn’t room left in the budget this week for a trip to the movies or an indoor game park.

However, this doesn’t have to call for an uneventful day. Iowa State Bank & Trust Company of Fairfield is here to give you some options to make the most of your day off! Here are some great low-cost activities you can do now.

Local Adventures

While you may not want to spend the gas money traveling out of town, this is an opportunity to explore places in the community you may not normally think of visiting. Local museums are typically low-cost and if you make it on certain days, they have discounts for the kiddos! You’d be surprised at how entertaining local history and innovation can be. Bring some friends with you so you can discuss what you learn.

Let’s not forget about the neglected library. They may even have free events going on! Join a book club, rent a book or take a free class about computer literacy. Nothing is easier on your wallet than the library.

If the library is closed on your gloomy day, check out local department stores. They may have a free class for you to take to learn about a DIY home improvement project. They teach a variety of classes from how to install a home security system to woodworking projects.

Host an Activity

Can’t go out? Bring people to you! There are probably others who are not digging the gloomy day, so invite them over for a game night. Everyone can bring their favorite board game and an appetizer to share.

What’s your favorite movie? Host a movie night or show marathon to watch with your friends. If you have kids, you can have two different movies playing. You can center your snacks around the theme of the movie with what you have in the pantry, or buy some generic items from the store. With a little creativity, you can make this a memorable event.

Plan a Vacation

“But it’s not in the budget.” This day is the perfect opportunity to not just daydream about a vacation, but get the wheels turning for how to practically get to the white sand beach or ride that elephant in Thailand. Break down what you want and how much you need, so you know what you need in savings to get there. Research average flight prices and best places to stay for the price – don’t forget to read those reviews! Maybe look around your place to see if there is anything worth selling that you are willing to part with. Once you have where and how, build an itinerary of everything you want to see while you are there! Adjust the budget sheet accordingly. Making your travel dreams become a reality is sure to boost your mood.

Any of these activities will be kind to your budget, and hopefully, boost your mood on this not so bright day.

Jared Lyle Named to the Board of Directors of Iowa State Bank & Trust and Iowa State Financial Services Corporation

FAIRFIELD, IA – January 16, 2017 – Iowa State Bank is pleased to announce that Jared Lyle has been appointed to both the Iowa State Bank & Trust (ISBT) and Iowa State Financial Services Corporation (ISFSC) board of directors.

Jared joined Iowa State Bank in 2014 as the Senior Vice President and Senior Loan Officer. He leads the banks’ lending department and assists the President, Aaron Kness, in other duties across the institution. President/CEO, Aaron Kness commented, “Jared has played a key role in our continued growth throughout Southeast Iowa. I am fortunate to work with such an accomplished group of directors, and know that Jared is going add unique perspective and great value to our organization for years to come. ”

Jared has brought great depth and breadth of experience to our loan department in his nearly four years with the bank. “We are pleased to announce the appointment of Jared to the board of directors. Jared’s wealth of experience and expertise will be a tremendous asset to our board as we further our mission of delivering financial solutions with every opportunity,” said Dave Eastburn, Chairman of the Board.

Jared is a native of Keota and a 1994 graduate of Iowa State University with a degree in Agricultural Business. He began his lending career with Farm Credit and served as a SVP/Branch Manager for Pilot Grove Savings Bank in Packwood for nearly 10 years.

Jared is an Elder of the Packwood Christian Church and a board member with the Fairfield Arts & Convention Center. He also served as President of the Keota School Board, President of the Keota Alumni Association, and as Co-President of the Keota Ball Association.

Jared and his wife, Angela, a teacher at Pekin, currently reside in rural Hedrick. They have been married for 25 years and are the proud parents of 6 children with 2 wonderful grandsons.

About Iowa State Bank

Iowa State Bank & Trust Company opened its doors for the first time on May 19, 1934 after a merger between Iowa State Savings Bank and the Iowa Loan and Trust Company. Over the last 83 years, the bank has been dedicated to Jefferson County and surrounding areas, leading the charge for many projects focusing on expanding our arts, education, athletics, and other various organizations and activities. Today, Iowa State Bank & Trust Company has grown to an institution with more than $120 million in assets.

 

For more information contact:

Aaron Kness (akness@isbff.com) – President/CEO, 641-469-5285

Meredith Flattery (mflattery@isbff.com) – Marketing Coordinator, 641-472-3161

 

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