Interest on federal student loans will begin accruing for borrowers in New York and across the nation starting this month. The Education Data Initiative finds $93 billion in federal student loan debt belongs to New Yorkers. The average amount of debt is almost $38,000 among the almost 2.5 million student borrowers in the state.

Brian Walsh, director of advice and planning with the personal finance company SoFi, said the new students should consider the return they receive on education before taking on student loan debt.

"At the end of the day, the loans are going to have to be paid back, and you want to make sure that you borrow enough money in order to get an education and further your earning power, and improve your quality of life, and things like that," he said. "But, you don't want to borrow too much money where it's going to negatively affect major aspects of your life."

Some of these major events could be buying a house, getting married and having kids. Walsh advised people be proactive about their repayments and check with their loan servicer to see when repayments begin in October.

As so many people prepare to repay their student loans, Walsh noted there could be challenges such as high inflation and interest rates that have stretched people's finances. Focusing solely on the monthly payment is a common mistake people make when repaying their loans, he said.

"Current monthly payments are important because they need to fit into your monthly budget. But, when it comes to loans, it's really a tradeoff between what you pay now and the amount you pay over the lifetime of the loan. So, you need to kind of go into that with eyes wide open that a lower payment isn't always going to be best for you," Walsh explained.

He said the interest rate will have a big impact on the cost of borrowing. A higher interest rate could mean paying back more money than initially borrowed. But, he added with federal student loans, the interest rate is set based on the type of loan and when it was taken.


get more stories like this via email

A new report found factors like geography play a role in assessing Latino wealth gaps in the U.S.

The findings are from the Brookings Institution, which said there are regional differences between Latino wealth, assets, and debt.

Elvis Rivera, a member of the group Communities Organizing Latino Power and Action, has helped lead financial literacy classes in the Twin Cities. The group's Workers Center also assists with job training and resume building.

Echoing the report, he said there is nuance in helping Latinos overcome wealth barriers, noting there are often multiple generations in a household. He argued younger family members deserve prosperity, too, and it should not be assumed they are limited to low-wage jobs.

"We desire dignity, we desire power," Rivera pointed out. "And we desire to be catered to as it relates to laws, policies and resources, so that we can thrive also."

The Brookings report looked at six states, not including Minnesota. An example showed Illinois has the smallest Latino wealth gap, while it is substantially larger in New York. A separate state summary revealed southwest Minnesota has the highest concentration of Latino residents. It is an area where food manufacturing jobs are prominent, underscoring calls from advocates to create more opportunities.

Whether it is a food processing plant or a construction site, Rivera noted they are also having to respond to an environment where many Latino workers are still being taken advantage of.

"For example, wage theft is something that we're heavily working on addressing," Rivera explained. "Because we tend to see that a lot of folks that are brand new to the state may encounter job insecurity, exploitation."

The group's efforts coincide with recently adopted wage-theft laws in Minnesota.

Rivera, who has a background in finance, said he had to overcome misconceptions about his own ceiling as a working professional. He feels those beliefs still exist among employers and financial institutions. He stressed more culturally appropriate marketing and engagement efforts as Latinos try to build new lives here.

While many Wyomingites of Hispanic descent came from Mexico, there is a lesser-known population from the old Spanish settlements of northern New Mexico who made significant contributions to the state's cultural heritage and economic growth.

Trisha Martinez, assistant professor of Latino studies at the University of Wyoming, has been documenting oral histories of families who came to the Cowboy State along the Manito Trail, a corridor now occupied by Interstate 25. She said most came to work and support their families.

"In Northern New Mexico, the reality was really hard in terms of socio-economic conditions," Martinez explained. "And so, migrating outside of the state was a necessity for survival."

Workers from New Mexico and southern Colorado were recruited to work on the railroad, in the sugar beet industry, and as sheepherders in the early twentieth century, and now have permanent communities in the state going back several generations.

Most sheepherders in the Sierra Madres of southern Wyoming traveled along the Manito Trail, and many made long-lasting impressions on Aspen trees.

Amanda Castañeda, state coordinator for the Wyoming State Historic Preservation Office, said arborglyphs were created with sharp tools carving thin lines, which would expand as the trees grew. Many were straightforward, featuring family names or dates.

"You're also seeing some really beautiful drawings," Castañeda observed. "A lot of religious imagery, glamorous women with 40s and 50s style haircuts. So, you can come across some pretty striking artistic accomplishments in the forest."

Workers and their families settled in segregated Laramie's west side, the south side of Cheyenne, the south park barrio of Riverton, and the south side of Rawlins, where residents still maintain traditions from their home region.

Martinez added many of her students are surprised to learn their direct ancestors traveled the Manito Trail.

"They go home and they ask questions, they call their grandparents to learn more," Martinez noted. "When students explore their communities and histories, they affirm their connection to ancestral knowledge and life-producing energies."


get more stories like this via email

National Hispanic Heritage Month starts this Friday, and runs through Oct. 15. Dozens of events are planned up and down the Golden State to honor California's more than 15 million Hispanic residents, who make up more than 40% of the population.

Adriana Mendoza, associate director for advocacy and community engagement for AARP California, said her organization is hosting a series of online events, including two cooking demonstrations, a telephone town hall on family caregiving, and a webinar on adding a casita or "granny flat" to your property.

"AARP is celebrating the lively energy, the cultural pride and contributions of Latinos to our country. Our celebration centers around the tagline of 'Somos,' which translates to, 'We are' - we are the biggest force in an even bigger country," Mendoza explained.

Hispanic Heritage Month is celebrated from mid-September to mid-October because Sept. 15 is the anniversary of independence for Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. Mexico and Chile celebrate their independence days on Sept. 16 and 18, respectively.

Mendoza said AARP has also produced a video series celebrating four Hispanic and Latino Californians who have made big differences in education and public service.

"These are the four stories that we've selected to highlight, honoring folks who are not always recognized, not always known - but they're making these amazing contributions just right here in our backyard," she continued.

More information is on the AARP California website.

In addition, many cities, universities, and colleges are holding Hispanic Heritage Month events. Several are listed on the website LatinBayArea.com, and there is a gala at the Museum of Latin American Art in Long Beach.


get more stories like this via email