Many have left their jobs to make it out on their own in business, but becoming an effective solopreneur isn’t easy and takes a lot of dedication. Stephanie Scheller, CEO of Grow Disrupt, joined this KSAT Money Q&A to discuss tips for solopreneurs who want to be effective in their business strategy.

Stephanie Scheller, CEO of Grow Disrupt, joined this week's KSAT Money Q&A to discuss how business owners can use funding effectively and provided tips about loans and grants.

Even with some recent reforms, many pay day loans still come with hefty fees and very high interest rates. The good news is there are alternatives.

But right there at checkout, there is an option that lets you buy know and pay later, in four interest-free installments. Transparency and predictability is another plus, according to Schulz, because shoppers can see exactly how much they need to pay and when. A key thing to know about these payment options, according to Schulz, is that they are not all the same. For instance, some require payment once a month, but others require payment every two weeks. Even a short-term loan is still debt.

The $2.2 trillion congressional coronavirus relief plan passed in March did not shield the stimulus payments from certain private debt collectors, though it specifically protected the money from being taken to cover unpaid taxes or federal student loan payments. Some states and local governments -- including Massachusetts, Ohio, Illinois and Washington, DC -- have issued their own orders to shield the stimulus payments from private debt collectors. The stimulus payments are meant to provide emergency assistance during the coronavirus outbreak. She said many Americans may not know their bank account is at risk of seizure because they have not been served properly in a collection lawsuit. The stimulus payment should be deposited in the same bank account where you received your tax refund in either 2018 or 2019.

Still, the student loan repayment system is complex. Here's what you need to know about who qualifies and how it works with existing loan forgiveness plans:No, you don’t need to request a forbearanceThe legislation made the suspension of payments automatic. That includes loans known as Direct federal loans, as well as PLUS loans that parents may have taken out on behalf of their children. A benefit for those seeking loan forgivenessThere's a bonus for those borrowers who were already enrolled in the Public Service Loan Forgiveness program or another federal forgiveness plan. The Public Service Loan Forgiveness program requires 120 monthly payments before borrowers see their remaining debt wiped away.