In Perspectives

$1,200,000,000,000. That’s a lot of zeros. That’s also our country’s nationwide student loan debt. Student loan debt has recently passed both auto loans and credit card debt, but this shouldn’t come as much of a surprise.

Recent college graduates, much like myself, didn’t have many options when graduating high school and entering college in the heart of a recession. My parents were losing their jobs, so how was I supposed to find one right out of high school? College was really the only option. Having grown up in the Detroit area, one of the hardest hit areas of the country; my family was greatly impacted by the recession, leaving me with very little college savings. I had to borrow four years worth of tuition, books, housing and living expenses.

At the time, it didn’t seem like such a big deal. And honestly, getting my refund check every semester was almost like winning the lottery. Then I graduated in the Spring of 2012. I didn’t have a full-time job and I wasn’t sure what was next. I ended up taking a summer internship and moving back in with my parents. It wasn’t long after I walked across that stage that the harassing phone calls began. I had finished school and Sallie Mae wanted her money. Once I finally got those payments sorted out, my six-month grace period had expired on my federal loans, and I received a payment schedule that looked much like a mortgage payment!

Terrified, I made the call to the loan officer and was able to work out a much more affordable payment. But still, the road is long and often times overwhelming. Even though I have a solid job, the monthly payments that I face will prohibit me from saving up for that first house and starting a family any time soon.

I would never say that I regretted going to college, it was an invaluable time of my life where I learned who I was, what I wanted to do, and got to have some fun along the way. I just wish I would have had more education on the borrowing that I was doing and how it would impact future me – I may have wanted to consider other options.

I never imagined that the financial decisions that I (necessarily) made at such a young age would have such a big impact on the next 20+ years. But I am glad this issue is starting to come to the forefront, and hopefully someday my kids will have other options when it comes to financing their education.

Legacy Trust and Your Right to Financial Privacy

At Legacy Trust we have established policies and practices that respect the financial privacy of all individuals who use our trust company. We believe it is critical to comply with the laws and regulations designed to secure your financial privacy. Your relationship with us as our client is very important to us, and we want you to understand our policies and practices about handling your information.

This Policy applies to you – This Policy applies to our relationships with individual clients who inquire about or obtain products or services from us for personal, family and household purposes.

Strict security measures – We take the security of information very seriously. We have established security standards and procedures to prevent access to client information. We maintain physical, electronic and procedural safeguards to guard client information.

Limited employee access – We have established procedures to limit employee access to information to only those employees with a business reason for accessing such information. We educate our employees about the importance of confidentiality and client privacy. We take appropriate disciplinary measures to enforce employee responsibilities regarding client information.

Why we collect information – We collect information about you to:

  • accurately identify you;
  • protect and administer your records, accounts and funds;
  • help us design or improve our products and services;
  • understand your financial needs;
  • save you time when you apply for new products and services; offer you quality products and services; and comply with certain laws and regulations;

We collect information – We collect and maintain your personal information so that we can provide investment management and other services to you. The types and categories of information that we collect and maintain about you include:

  • Information we receive from you to open an account or provide investment advice or other services to you (such as your home address, social security number, telephone, financial information and investment objectives).
  • Information that we generate to service your account or from our transactions with you (such as account statements and other financial information).
  • Information on your transactions with nonaffiliated third parties.

We have established procedures so that the financial information we collect is accurate, current and complete. We are committed to work with you to promptly correct any inaccurate information.

Our selective sharing of information – In order for us to provide investment management and other services to you, we do disclose your personal information in very limited instances, which include:

  • Disclosures to nonaffiliated companies as permitted by law, including those who help us service your account (such as providing account information to brokers and custodians).
  • Other limited disclosures as permitted by law, for example, required reports to government entities.

We do not share your information with third parties for marketing purposes. We do not sell your information.

Former clients – If you end your relationship with us, we will continue to adhere to the privacy policies and practices described in this notice.


Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

We apologize for any inconvenience this may cause; however, federal law prohibits us from waiving these requirements.

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