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October 2019 Newsletter

RAISE Texas News

What is YOUR Financial Goal?

October 15th is National Financial Goal Day! Many of us work hard to assist other Texans in reaching their financial goals every day. But, have you stopped to consider your own financial goal? Take time this month to be sure that you are taking steps to achieve your own financial goal. And, share your goal with us on October 15th on Twitter @RAISETexas or Facebook. We can't wait to hear your goals!

Support Asset Building in Texas While Shopping!

Fall is here which means the holidays are coming!! Remember that YOU can support the asset building work in Texas now while shopping! AmazonSmile will donate a portion of your eligible purchases to RAISE Texas if you use our link. So tag our link in your phone or on your computer and THANK YOU for your support: smile.amazon.com/ch/26-2087882. Let's keep RAISING Texas together!

Texas News

New Report on The Medical Debt Crisis in Texas

The Center for Public Policy Priorities (CPPP) released a new report, The Mountain of Medical Debt in Texas, to sound the alarm for state leaders about the growing medical debt that is threatening the health and financial security of Texas families. Although medical debt affects people of all backgrounds in Texas, the debt crisis disproportionately affects Texas households in neighborhoods of color. The report reveals that 26% of Texas households experience medical debt; however, for households in neighborhoods of color the rate is nearly one in three (29 percent). Click here to read the report and learn what policy solutions CPPP recommends to address medical debt in Texas.

Texas Jump$tart Coalition Fall 2019 Roundup in Austin on October 24

Everyone agrees that the student loan landscape is complicated. College costs are rising, outpacing wages. Data shows 60% of first year wages must go to student debt payments. College kids are dropping out, with no degree to show value for the debt they have acquired. Legislators are involved. Academics are involved. Families are involved. This is a personal financial management conversation that impacts us all. On Thursday, October 24, 2019, Texas Jump$tart is hosting The Student Loan Landscape: The Dog Fight is Real a presentation by Jerel Booker, Assistant Commissioner for College Readiness and Success, Texas Higher Education Coordinating Board, discuss these real concerns and provide a lesson on being "student ready." Register today!

National News

New Report on Destructive Long-Term Impacts of Holding Student Loans

The Institute on Assets and Social Policy at Brandeis University recently released a new report exploring the destructive long-term impacts of holding student loans, especially for first generation students and students of color. The report, "Stalling Dreams: How Student Debt is Disrupting Life Chances and Widening the Racial Wealth Gap", reveals how student loans widen the racial wealth gap and threaten long-term economic security for those who cannot count on family wealth to support their educational goals. "While the student loan system was designed to provide access to higher education, it has turned into a debt sentence for borrowers from low wealth backgrounds, first generation and black students," Tatjana Meschede, IASP Associate Director. Read the entire report here.

New Paper Explores Whether Periodic EITC Payments are Better than a Lump Sum?

The Earned Income Tax Credit (EITC) addresses the economic needs of low-income families, but its annual distribution in one lump-sum sometimes means that those dollars aren't there to deal with financial emergencies that arise throughout the year. A new paper, Periodic Earned Income Tax Credit (EITC) Payment, Financial Stress and Wellbeing: A Longitudinal Study explores the relationship between periodic payments of EITC and recipients' wellbeing. The authors compared the perceived financial stress of recipients receiving a traditional lump-sum payment to a group of recipients that received four advanced payments spread throughout the year. The study found that periodic payment recipients experienced significantly lower levels of financial stress. Click here to read the new paper.