The best student loans can help you earn a college degree that will lead to higher earnings later in life. They also come with low interest rates and reasonable fees (or no fees), which will make it easier to keep costs down while youâre in school and once youâre in repayment mode.
For most people, federal student loans are the best deal. With federal student loans, you can qualify for low fixed interest rates and federal protections like deferment, forbearance, and income-driven repayment plans. To find out how much you can borrow with federal student loans, you should fill out a FAFSA form. Doing so can also help you determine if you qualify for any additional student aid, and if so, how much.
While federal student loans are usually the best deal for borrowers, many students need to turn to private student loans at some point during their college careers. This is often the case when federal student loan limits have been exhausted, or when federal student loans are no longer an option due to other circumstances. We’re providing the top 8 options, at least according to us, as well as a guide to help you get the best rate.
Apply now with our top pick: College Ave
Most Important Factors When Applying for Student Loans
Start with a federal loan. Fill out a FAFSA form prior to applying for a private loan to make sure youâre getting all the benefits you can.
Compare loans across multiple lenders. Consider using a comparison company like Credible to do so.
Always read the fine print. Fees arenât always boasted on the front of a lenderâs website, so take time to learn about what youâre getting into.
Start paying as soon as you can to avoid getting crushed by compound interest.
Best Private Student Loans of 2021
Fortunately, there are many private student loan options that come with low interest rates and fair terms. The best student loans of 2021 come from the following private lenders and loan comparison companies:
Best for Flexibility
Best Loan Comparison
Best for Low Rates and Fees
Best for No Fees
Best Student Loans from a Major Bank
Best Student Loans with No Cosigner Required
Best for Fair Credit
Best for Comprehensive Comparisons
#1: College Ave â Best for Flexibility
College Ave offers private student loans for undergraduate and graduate students as well as parents who want to take out loans to help their kids get through college. Variable APRs as low as 3.70% are available for undergraduate students, but you can also opt for a fixed rate as low as 4.72% if you have excellent credit. College Ave offers some of the most flexible repayment options available today, letting you choose from interest-only payments, flat payments, and deferred payments depending on your needs. College Ave even lets you fill out your entire student loan application online, and they offer an array of helpful tools that can help you figure out how much you can afford to borrow, what your monthly payment will be, and more.
Qualify in Just 3 Minutes with College Ave
#2: Credible â Best Loan Comparison
Credible doesnât offer its own student loans; instead, it serves as a loan aggregator and comparison site. This means that, when you check out student loans on Credible, you have the benefit of comparing multiple loan options in one place. Not only is this convenient, but comparing rates and terms is the best way to ensure you get a good deal. Credible even lets you get prequalified without a hard inquiry on your credit report, and you can see loan offers from up to nine student lenders at a time. Fixed interest rates start as low as 4.40% for borrowers with excellent credit, and variable rates start at 3.17% APR with autopay.
Compare Dozens of Rates at Once with Credible
#3: Sallie Mae â Best for Low Rates and Fees
Sallie Mae offers its own selection of private student loans for undergraduate students, graduate students, and parents. Interest rates offered can be surprisingly low, starting at 2.87% APR for variable rate loans and 4.74% for fixed-rate loans. Sallie Mae student loans also come without an origination fee or prepayment fees, as well as rate reductions for students who set up autopay. You can choose to start repaying your student loans while youâre in school or wait until you graduate as well. Overall, Sallie Mae offers some of the best âdealsâ for private student loans, and you can even complete the entire loan process online.
Get Access to Chegg Study FREE with Sallie Mae
#4: Discover â Best for No Fees
While Discover is well known for their excellent rewards credit cards and personal loan offerings, they also offer high-quality student loans with low rates and fees. Not only do Discover student loans come with low variable rates that start at 3.75%, but you wonât pay an application fee, an origination fee, or late fees. Discover student loans are available for undergraduate students, graduate students, professional students, and other lifelong learners. You can even earn rewards for having a 3.0 GPA or better when you apply for your loan, and Discover offers access to U.S. based student loan specialists who can answer all your questions before you apply.
Apply for a Loan with Discover
#5: Citizens Bank â Best Student Loans from a Major Bank
Citizens Bank offers their own flexible student loans for undergraduate students, graduate students, and parent borrowers. Students can borrow with or without a cosigner and multi-year approval is available. With multi-year approval you can apply for student funding one time and secure several years of college funding at once. This saves you from additional paperwork and subsequent hard inquiries on your credit report. Citizens Bank student loans come with variable rates as low as 2.83% APR for students with excellent credit, and you can make full payments or interest-only payments while youâre in school or wait until you graduate to begin repaying your loan. Also keep in mind that, like others on this list, Citizens Bank lets you apply for their student loans online and from the comfort of your home.
#6: Ascent â Best Student Loans with No Cosigner Required
Ascent is another popular lender that offers private student loans to undergraduate and graduate students. Variable interest rates start at 3.31% whether you have a cosigner or not, and there are no application fees required to apply for a student loan either way. Terms are available for 5 to 15 years, and Ascent even offers cash rewards for student borrowers who graduate and meet certain terms. Also note that Ascent lets you earn money for each friend you refer who takes out a new student loan or refinances an existing loan.
Get a Loan in Minutes with Ascent
#7: Earnest â Best for Fair Credit
Earnest is another online lender that offers reasonable student loans for undergraduate and graduate students who need to borrow money for school. They also offer a free application process, a 9-month grace period after graduation, no origination fees or prepayment fees, and a .25% rate discount when you set up autopay. Earnest even lets you skip a payment once per year without a penalty, and there are no late payment fees. Variable rates start as low as 3.35%, and you may be able to qualify for a loan from Earnest with only âfairâ credit. For their student loan refinancing products, for example, you need a minimum credit score of 650 to apply.
Learn Your Rate in Minutes with Earnest
#8: LendKey â Best for Comprehensive Comparisons
LendKey is an online lending marketplace that lets you compare student loan options across a broad range of loan providers, including credit unions. LendKey loans come with no application fees and variable APRs as low as 4.05%. They also have excellent reviews on Trustpilot and an easy application process that makes applying for a student loan online a breeze. You can apply for a loan from LendKey as an individual, but itâs possible youâll get better rates with a cosigner on board. Either way, LendKey lets you see and compare a wide range of loan offers in one place and with only one application submitted.
Pay Zero Application Fees with LendKey!
How to Get the Best Student Loans
The lenders above offer some of the best student loans available today, but thereâs more to getting a good loan than just choosing the right student loan company. The following tips can ensure you save money on your education and escape college with the smallest student loan burden possible.
Consider Federal Student Loans First
Like we mentioned already, federal student loans are almost always the best deal for borrowers who can qualify. Not only do federal loans come with low fixed interest rates, but they come with borrower protections like deferment and forbearance. Federal student loans also let you qualify for income-driven repayment plans like Pay As You Earn (PAYE) and Income Based Repayment (IBR) as well as Public Service Loan Forgiveness (PSLF).
Compare Multiple Lenders
If you have exhausted federal student loans and need to take out a private student loan, the best step you can take is comparing loans across multiple lenders. Some may be able to offer you a lower interest rate based on your credit score or available cosigner, and some lenders may offer payment plans that meet your needs better. If you only want to fill out a loan application once, it can make sense to compare multiple loan offers with a service like Credible.
Improve Your Credit Score
Private student loans are notoriously difficult to qualify for when your credit score is less than stellar or you donât have a cosigner. With that in mind, you may want to spend some time improving your credit score before you apply. Since your payment history and the amounts you owe in relation to your credit limits are the two most important factors that make up your FICO score, make sure youâre paying all your bills early or on time and try to pay down debt to improve your credit utilization. Most experts say a utilization rate of 30% or less will help you achieve the highest credit score possible with other factors considered.
Check Your Credit Score for Free with Experian
Get a Quality Cosigner
If your credit score isnât at least âvery good,â or 740 or higher, you may want to see about getting a cosigner for your private student loan. A parent, family member, or close family friend who has excellent credit can help you qualify for a student loan with the best rates and terms available today. Just remember that your cosigner will be liable for your loan just as you are, meaning they will have to repay your loan if you default. With that in mind, you should only lean on a cosignerâs help if you plan to repay your loan amount in full.
Consider Variable and Fixed Interest Rates
While private student loans offer insanely low rates for borrowers with good credit, their variable rates tend to be lower. This is why you should always take the time to compare variable and fixed rates across multiple lenders to find the best deal. If you believe you can pay your student loans off in a few short years, a variable interest rate may help you save money. If you need a decade or longer to pay your student loans off, on the other hand, a low fixed interest rate may provide you with more peace of mind.
Check for Discounts
As you compare student loan providers, make sure to check for discounts that might apply to your situation. Many private student loan companies offer discounts if you set your loan up on automatic payments, for example. Some also offer discounts or rewards for good grades or for referring friends. It’s possible you could qualify for other discounts as well depending on the provider, but you’ll never know unless you check.
Beware of Fees
While the interest rate on your student loan plays a huge role in your long-term loan costs, donât forget to check for additional fees. Some student loan companies charge application fees or prepayment penalties if you pay your loan off early, for example. Others charge origination fees that tack on a few additional percentage points to your loan amount right off the bat. If you can find a student loan with a low interest rate and no additional fees, youâll be much better off. Since loan fees may not be prominently advertised on student loan provider websites, however, keep in mind that you may need to dig into their fine print to find them.
Make Payments While Youâre in School
Finally, no matter which loan you end up with, it makes a lot of sense to make payments while youâre still in school if you’re earning any kind of income. Even if you make interest-only payments while you attend college part-time or full-time, you can save yourself from paying thousands of dollars in additional interest payments later in life. Remember that compound interest can be a blessing or a curse. If you can keep interest at bay by making payments while youâre in school, you can squash compound interest and keep your loan balances from growing. If you let compound interest run its course, on the other hand, you may wind up owing more than you borrowed in the first place by the time you graduate school and start repayment.
What to Watch Out For
A private student loan may be exactly what you need in order to finish your degree and move up to the working world, but there are plenty of âgotchasâ to be aware of. Consider all these factors as you apply for a new private student loan or refinance existing loans you have with a private lender.
Interest that accrues while youâre in school: Remember that subsidized loans may not accrue interest until you graduate from college and enter repayment mode, but that unsubsidized loans typically start accruing interest right away. Since private student loans are unsubsidized, youâll need to be especially careful about ballooning interest and long-term loan costs.
Getting a cosigner: Make sure you only apply for a private student loan with a cosigner if youâre entirely sure you can repay your loan over the long haul. If you fail to keep up with your end of the bargain, you could destroy trust with that person and their credit score in one fell swoop.
Youâll lose out on some protections: Also remember that private student loans come with fewer protections than federal student loans. You wonât have the option for income-driven repayment plans with private loans, nor will you be able to qualify for federal deferment or forbearance. For this reason, private student loans are best for students who are confident in their ability to repay their loans on their chosen timeline.
In Summary: The Best Student Loans
Best for Flexibility
Best for Loan Comparison
Best for Low Rates and Fees
Best for No Fees
Best Student Loans from a Major Bank
Best Student Loans with No Cosigner Required
Best for Fair Credit
Best for Comprehensive Comparisons
The post Here Are The Best Student Loans of 2021 appeared first on Good Financial CentsÂ®.
How much does college cost? This is a question many wonder. There’s rarely a week that goes by where I don’t receive an email from a student or parents of a student who are looking for ways to cut college costs. That’s why today I want to talk about college costs and how you can create a college budget that works so that you can save money in college.
College is very expensive – there is no doubt about that.
However, I want you to know that it IS possible to get a valuable college degree on a budget!
The average public university is over $20,000 per year and the average private university totals over $45,000 once you account for tuition, room and board, fees, textbooks, living expenses and more.
Even with how expensive college can possibly be, there are many ways to cut college expenses and create a college budget so that you can control rising college costs.
Continue reading below to read about the many different ways I cut college costs. While I was not perfect and still racked up student loan debt, I did earn three college degrees on a reasonable budget.
How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500
How I Paid Off $38,000 In Student Loan Debt In 7 Months
The Benefits of Paying Off Student Loan Debt Early
Should I Ruin My Retirement By Helping My Child Through College?
How To Save Money – My Best Money Saving Tips
1. Take classes at a community college to cut college costs.
Whether you are in college already or you haven’t started yet, taking classes at a community college can be a great way to save money.
Earning credits at a community college usually costs just a small fraction of what it would cost at a 4-year college, so you may find yourself being able to save thousands of dollars each semester.
There is a myth out there that your degree is worth less if you go to a community college. That is NOT TRUE at all. When you finally earn your 4-year degree, your degree will only say where you graduated from and it won’t even mention the community college credits at all. So this myth makes no sense because your degree looks the exact same as everyone else’s’ who you went to college with. You might as well save money because it won’t make much of a difference.
I only took classes at a community college during one summer semester where I earned 12 credits, and I still regret not taking more. I probably could have saved around $20,000 by taking more classes at my local community college.
Also, you are most likely just taking general credits at the community college, so it’s not like you would be missing much by taking classes there instead of a college that has a better reputation for the major you are seeking.
If you do decide to go to a community college, always make sure that the 4-year college you plan on attending afterwards will transfer all of the credits. It’s an easy step to take so do not forget! You should do this before you sign up and pay for any classes as well as to make sure that ALL of the classes will transfer succesfully.
2. Take advantage of high school classes to lower your college budget.
Many high schools allow you to take college classes to earn both college and high school credits at the same time.
This is something I highly recommend you look into if you are still in high school, as it saves time and is one of the best ways to save money on college costs.
When I was in my senior year in high school, nearly all of my classes were dual enrollment courses where I was earning college and high school credit at the same time. I took AP classes and classes that earned me direct college credit from nearby private universities. I left high school with around 14-18 credit hours (I can’t remember the exact amount). This way I knocked out a whole semester of college. I could’ve taken more, but I decided to take early release from high school and worked 30-40 hours a week as well.
3. Take all the credits you can to stay within your college budget.
At many universities, you pay a flat fee. So whether you take 12 credit hours or 18 credit hours, you are paying nearly the exact same price.
For this reason, I always recommend that a student take as many classes as they can if they are going to a college that charges a flat fee tuition.
If you think you can still earn good grades and do whatever else you do on the side, definitely get full use of the college tuition you are paying for!
4. Apply for scholarships to lower your college costs.
Before you start your semester, you should always look into scholarships, grants, FAFSA, and more. You usually have to turn in any paperwork around spring time for the following semester, so I highly recommend doing this right now if you are going to college in the fall.
Another myth will be busted right now. Many believe that all scholarships are impossible to have or it means you have to win a contest. That is just a myth.
I received around $16,000 a year in scholarships to the private university I attended. That helped pay for a majority of my college tuition. The scholarships were easy for me to get as they were all just because I earned good grades in high school and scored well on tests. I received scholarships to all of the other colleges I applied for as well just for good grades, so I know they can be found as long as you do well in high school!
There are other ways to find scholarships as well. You can receive scholarships from private organizations, companies in your town, and more. Do a simple Google search and I am sure you will find many free websites that list out possible scholarships for you to apply to.
Tip: Many forget that you usually have to turn in a separate financial aid form directly to your college. Don’t forget to do this by the deadline each year!
5. Search for cheaper textbooks to lower your college budget.
Students usually spend anywhere from around $300 to $1,000 on textbooks each semester, depending on the amount of classes they are taking and their major.
For me, many of my classes required more than one book and each book was usually around $200 brand new. This means if I were to buy all of my college textbooks brand new, I probably would have had to spend over $1,000 each semester.
I saved a decent amount of money on college textbooks by renting them and finding them used. Renting them was nice because I just had to pay one fee and didn’t ever have to worry about what to do with the textbook after the class was done, as I only had to return them. There was no worrying about the book being worthless if a new edition came out, which was nice! Buying books used was nice occasionally as well just because sometimes I could make my money back.
I recommend Campus Book Rentals if you are looking for textbook rentals. Their rentals are affordable and they make getting the textbooks you need easy.
Read: How To Save Money On Textbooks + Campus Book Rentals Review
6. Skip the high price of living on campus to cut your college budget.
To save more money, I decided to live on my own. I didn’t have the option of living at home after high school and living on campus would have cost me a ton of money.
Instead, I found a very cheap rental house (the house was VERY small and probably could have been considered a tiny home) and was able to somewhat easily commute to work and college from it. I probably saved around $500 a month by living on my own instead of on campus, and I learned a lot by living on my own at a young age as well.
If you can live at home though and want to save money, I highly recommend it if it’s an option for you. You can save thousands of dollars a semester by doing this!
I understand that some are against this because it may impact your “college experience,” but I think most people would be fine not living on campus, especially if it’s not in the budget. You could probably save around $40,000 over the years on your degree by living at home.
How did you cut college costs and control your college budget? How much student loan debt did you have when you graduated?
The post 6 Ways I Saved Money On College Costs appeared first on Making Sense Of Cents.
All articles about college rankings should perhaps be read with a grain of salt and primarily through a lens of what matters most to individuals about the college experience and what theyâre hoping it will be an investment toward.
Prominent publications and people have conveyed a variety of views about whether college rankings matter:
The editor-in-chief of the Science Family of Journals said no in May 2020. âTo any logical scientific observer, the fine distinctions of where schools show up on this (U.S. News & World Report Best Colleges) list are statistically meaninglessâbut try telling that to a roomful of alumni or parents,â H. Holden Thorp wrote.
Ian Bogost, distinguished chair at Georgia Tech, wrote in The Atlantic in June 2020: âThe absurdity of a numerical ranking mechanism for colleges becomes apparent the moment you look at how U.S. News calculates it. The methodology reads like a Dungeons and Dragons character sheet: 8% for class size; 10% for high-school-class standing; 4.4% for first-to-second-year student retention, and so on.â
But just because the consensus leans toward ânoâ doesn’t mean it should be the last word on anyoneâs ultimate decision about where to go to school.
Even U.S. News & World Report says on its best-colleges website: âThe rankings provide a good starting point for students trying to compare schools. â¦ The best school for each student, experts say, is one that will most completely meet his or her needs, which go beyond academics.â
What Are the College Rankings?
There is no single, ultimate, etched-in-stone set of college rankings. All over the world, there are entities using a wide array of criteria to appraise universities.
Rather than expecting a âyesâ or ânoâ to the question of whether college rankings matter, it would be more beneficial to understand why “It depends” could be more appropriate.
If you’re aiming for an education from a prestigious school, and money is no objectâwell, first of all, congratulations and good luck.
NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal. SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFiâs eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Lending Corp. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
The post Do College Rankings Matter? appeared first on SoFi.
According to the Consumer Financial Protection Bureau, around 2.3 million car loans originate every year. Car loans can take years to pay off. So when you finally pay it off, you might be wonderingânow what?
What happens when you pay off your car? What should you do with the money you were previously putting towards your monthly payments? Weâve got a few ideas, but keep in mind that everyoneâs finances are different. So while our suggestions might work for some people, they probably wonât work for everyone.
What to Do When You Pay Off Your Car
Firstly, paying off your car loan is a huge accomplishment. So congratulations! Paying off any loan isnât always easy. And now you finally own your car, which is a pretty big deal.
Luckily for you, the hard part is over. But there are still a few steps you should take after you pay off your car.
1. Get Your Car Title
You usually don’t have to take action for this step. In most states, your lender notifies the Department of Motor Vehiclesâor BMV or other equivalent entity in your stateâof the title change. Once the paperwork clears, the title is mailed to you.
Thereâs not much for you to do except keep an eye on the mail. If you donât get your title a few weeks after paying off your loan, call your lender. Youâll need the title if you ever want to sell your car or use it for collateral when applying for credit.
2. Reconsider Your Finances
If you’re paying off a vehicle and not planning to buy another with a new loan, youâll have a little more extra room in your budget. In 2019, new car buyers committed to an average monthly payment of around $550. So when you pay off your car loan, thereâs a good chance youâll have an extra $300 (or more) per month.
You might be tempted to splurge on fun stuff or to make large purchases you’ve been putting off. But unless your transportation situation is radically changing soon, you’ll always need a car. And that means you’ll eventually need to pay for the next one.
Plus, owning a car is expensiveâeven if youâve completely paid it off. Youâll have to your oil changed, new tires and much more. And thatâs just regular maintenance. If you get in even a minor accident, you could have a major repair expense on your hands.
Thatâs why itâs a good idea to put that some of that extra money in savings. If you end up getting a new car eventually, you can pay for all or part of your next vehicle with cash. That reduces how much you have to finance, which can significantly reduce the total cost of your next vehicle. Another option is to use the money to continue to pay down other debt to put yourself in a better financial situation in the future.
It’s also worth putting part of that cash in your short-term savings. You could easily dip into those funds if you need to get any work done on your car. But whatever you plan to do with the money, take the time to look at your personal budget. That gives you a chance to see exactly where this extra money might make the most difference.
3. Notify Your Car Insurance Company
Notify your car insurance company when you’ve paid off your loan so you can remove the lien holder from your policy. You don’t need to wait until you have the title in your hand to make the call.
This step is important because if your financed vehicle were totaled in a wreck, the insurance payment would go to the lender. Once you’ve paid off the car and own it outright, the payment goes to you.
4. Consider Any New Insurance Options
Most states have requirements for what type of coverage you must carry on your car. At minimum in most states, you need bodily injury and property damage liability that will cover the losses of other people if it’s caused in a wreck that is deemed your fault. There are some exceptions to those requirements, though.
But your lender will likely require additional insurance coverage until you pay off the loan. Many lenders require you to also carry comp and collision coverage. This is the part of your insurance policy that pays for damage to yourvehicle if you get into an accident that is deemed your fault.
Lenders require this extra coverage to protect their investment. They want to know that if your car is totaled, they can recover the value that you owe them. Once you pay off the loan, whether or not you carry this level of coverage might be your choice.
Talk to your insurance agent to find out what your options are and if you can save money by changing your insurance coverage. Just remember that if you drop this coverage and get into an accident, you may have to cover the costs of repairs or a new vehicle on your own.
Does Paying Off Your Car Loan Early Hurt Your Credit?
To get out of debt or change your current car, you might decide to pay off your car loan early. Your credit isn’t penalized by making early payments on debt. However, paying off an entire account can cause a small dip in your credit score temporarily. That’s because open accounts with a positive payment history impact your score more than closed accounts with positive payment histories.
Your wallet might also take a small hit depending on how your loan is structured. Find out if your loan includes any penalties for paying off the principle early before you make a decision to go this route.
If a fire happens, will your important documents stay safe?
Apartment dwellers need to be proactive about protecting critical information in case of a fire. Plenty of us have gone digital when it comes to storage of personal information, but certain items still need to come in hard copies. And some things, other than papers, also need a tangible safe place.
The safety deposit box at the local bank is still an option. However, bank hours aren’t always aligned with yours. If you want to go the digital route, look for companies that specialize in the storage of critical data. You can access your info directly from your phone, tablet or Amazon’s Alexa device. But if you prefer to go more old school â you need to think about protecting your valuables that are difficult to replace.
What will you need easy access to when you’re in an emergency fire crisis? Your list will probably look like this: an original birth certificate, social security card, insurance papers and car titles and other original docs. You could also include spare keys, passports and irreplaceable items like heirloom jewelry. A fireproof safe box will give you peace of mind. And, it will act as a security measure should a fire occur.
Are all fire safe boxes the same?
Did you know that not all fire safe boxes are alike? For example, standard fireproof safes protect your valuables against intense heat and smoke damage for periods of up to 120 minutes, according to Western Safe, while others can withstand the heat for longer. So, what’s the best type of fireproof box? Experts say it all depends on what you intend to store.
You should look for a fire safe box that has emergency override keys so you can open it up even if you forget the passcode. The keys are also good if the batteries run out on the keypad.
To help you know what things to keep in a fire safe box in your apartment, we’ve organized a list. These items make good sense to safeguard against fire:
Critical documents:Store your checking and savings account bank books, birth certificates, social security cards, wills and passports in a fire safe box. If you need to get out at a moment’s notice, these important documents will be safe and accessible.
Digital media: Your digital must-haves include USB sticks, memory cards and CDs. These items are your physical back-up. And this is especially true if you don’t want your most private data to live on remote servers.
Insurance policies: Talk to your insurance company about your renters insurance following the fire. Having access right away to your policy will help you to take action post-fire.
Cash: Life today is debit and credit card-driven. But it’s also smart to keep a stash of small bills on hand. If an emergency calls for quick cash, you’ll be glad you thought ahead and put some aside.
Other valuables: Remember to organize a file with essential information. Include emergency numbers of family members. Have your prescriptions, who your family doctor is and contact info for your pet’s vet, too.
Do your homework
Before purchasing a fire safe box, be sure to research what’s on the market. You’ll be surprised to find a range of choices. You can even select from fireproof safes that you can bolt to the ground or wall. Is the fire safe box waterproof? If not, be sure to protect all contents by storing them in plastic.
An official fire rating from the Underwriters Laboratory comes with all safes, according to Haven Life. The rating lets you know what temperature the fire safe box will stay inside during a fire. It will also let you know how long it will stay at that temperature.
Look for fire safe boxes that are either 125 degrees Fahrenheit or 325-degrees safe. They typically come with up to three hours’ worth of protection. Spruce reports that some fire safe boxes can withstand fires with temperatures up to 1,550 degrees Fahrenheit for 30 minutes.
Does size matter?
Fire safe boxes are compact to mid-size and come in a range to meet your needs. You can find options with a capacity of 0.17 cubic feet and weighing in at just 14 pounds. Or, one that weighs a little less than 28 pounds and can store flat 8-1/2-by-11-inch, letter-sized documents.
Extra-large capacity fire boxes can hold much more. They can weigh more than 100 pounds and measure more than 1-1/2-feet on each side. But the size is worth it because it gives your stuff a greater chance of surviving a disaster, according to Wirecutter. The site recommends a fire safe box the size of a mini-fridge that weighs in at 56 pounds.
Choose a fire safe box that has all the protective features and benefits to keep your important documents safe. In the long run, the investment could prove to be a wise one.
The post What Items Should You Put in a Fire Safe Box appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
The landlord-tenant relationship can be a difficult one to navigate, especially if it involves a lot of renter complaints.
But that doesn’t mean it’s impossible to build a strong foundation with your landlord. Both parties have a lot at stake.
For you, it’s your home and your security deposit, and for your landlord, it’s their income and the property in which they have invested time and money. It’s not uncommon for tension to arise at some point, but how you handle difficult situations can make or break the relationship with your landlord moving forward.
The best initial step you can take to avoid a less-than-stellar landlord is to include an assessment of your potential landlord as part of the decision process when searching for a new place to live. Have they been easy to contact so far? Have they answered your questions and addressed your concerns? Do some background research and see if you can find any reviews from past tenants.
If you do find yourself experiencing one of these common renter complaints, there are steps you can take to try and resolve the situation.
Common renter complaint #1: Poor communication
Many renters deal with a lack of communication from their landlords and feel that they’re unaware of certain rules or expectations as they relate to the property. Maybe you sign your lease agreement, move into your new home and never really hear from your landlord again. Or, maybe you’re having trouble with your landlord’s responsiveness to issues like maintenance requests, noisy neighbors or other important questions.
Early on in the relationship with your landlord, ask if they can walk through the lease agreement with you and point out any rules or expectations that are especially important to them (something a good landlord should do on their own.) As a tenant, it’s your responsibility to read through the lease agreement in its entirety and bring up any questions you may have.
Do your best to keep lines of communication open with your landlord â make timely contact about any issues or questions that arise and don’t be afraid to ask for help. If your landlord lives in the same building or is frequently on the property, be sure to be friendly and say hello when you cross paths. Establishing this relationship from the get-go will build trust.
Common renter complaint #2: Maintenance issues
Maintenance issues and repairs are one of the main reasons you’ll have to get in touch with your landlord throughout your rental experience. Whether it’s something minor like a lighting fixture fix or something major like a water leak, your landlord should be responding and repairing your requests in a timely manner.
Establish your landlord’s preferred method of communication from the get-go. Can you text them a picture of the issue to make sure it’s catching their attention and not getting lost in an email inbox? Are they not as tech-savvy and prefer you give them a call directly? If you don’t already have a tenant portal, ask your landlord if they would consider setting one up so you can easily submit maintenance requests and your landlord can easily track everything in one place.
Be clear on what your responsibility is as a renter and what your landlord’s responsibility is. Make sure to check in on your local laws to figure out what the expectations are on important maintenance issues like water, heating or other habitability issues.
Common renter complaint #3: Lack of privacy
Sometimes, a landlord might be on the property without actually entering your home. He might comment on whether or not your front porch had been cleared of leaves or whether or not the recycling bin was too full, and it always felt like an invasion of privacy to have him pop up unannounced.
As a tenant, you absolutely have a legal right to the quiet enjoyment of your home and your landlord is required to provide you with at least 24 hours notice before entering your property (unless there’s an emergency situation). If your landlord is showing up for maintenance or inspections without notifying you first, bring it to their attention right away.
If your landlord performs regular inspections, ask if they would be willing to come on the same day every month or give you a schedule for the entirety of your lease agreement. If language around routine inspections isn’t included in your lease agreement, be sure to ask about it before you sign.
Common renter complaint #4: Security deposit refunds
It’s always upsetting to move out of a property and learn that your security deposit refund is much smaller than you were expecting â especially if you followed all move-out instructions and didn’t cause any major damage.
It’s important to understand that typically, landlords are not profiting off of your security deposit â they’re using the finances to repair an issue that occurred when you were the renter. Of course, there are situations where this isn’t the case and legal action is the only feasible option.
Before you move out, ask your landlord to provide you with a move-out checklist or clearly state their expectations. Refer to any checklists or inspection documents that you may have completed upon move in to make sure you’re leaving the property in the same condition you found it.
Ask your landlord if they would be willing to do a property walkthrough with you before you hand over the keys to address any issues that can be fixed or cleaned before you leave. Take pictures upon move out so you have evidence to show your landlord if need be.
If you are charged or your landlord withholds your security deposit, ask for an itemized list of the deductions so you can clearly see where your money is going.
Keep it friendly
Establishing a positive relationship with your landlord from the beginning and keeping lines of communication open will make it easier for both parties to deal with any issues that arise down the road.
The post The Most Common Renter Complaints That Landlords Hear appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Times are tough. When you find yourself struggling to scrape together enough money to pay rent, what are your options? Will you face eviction if you canât pay all of your rent on time? While rules vary from state to state, learn what commonly happens and what landlords can and canât do when you can […]
The post Can You Be Evicted If You Pay Partial Rent appeared first on Apartment Life.
Due to financial consequences of COVID-19 â and the broader impact on our economy â now is an excellent time to consider refinancing most loans you have. This can include mortgage debt you have that may be converted to a new loan with a lower interest rate, as well as auto loans, personal loans, and more.
Refinancing student loans can also make sense if youâre willing to transition student loans you currently have into a new loan with a private lender. Make sure to take time to compare rates toÂ see how you could save money on interest, potentially pay down student loans faster, or even both if you took the steps to refinance.
Get Started and Compare Rates Now
Still, itâs important to keep a close eye on policies and changes from the federal government that have already taken place, as well as changes that might come to fruition in the next weeks or months. Currently, all federal student loans are locked in at a 0% APR and payments are suspended during that time. This change started on March 13, 2020 and lasts for 60 days, so borrowers with federal loans can skip payments and avoid interest charges until the middle of May 2020.
Itâs hard to say what will happen after that, but itâs smart to start figuring out your next steps and determining if student loan refinancing makes sense for your situation. Note that, in addition to lower interest rates than you can get with federal student loans, many private student lenders offer signup bonuses as well. With the help of a lower rate and an initial bonus, you could end up far âaheadâ by refinancing in a financial sense.
Still, there are definitely some negatives to consider when it comes to refinancing your student loans, and weâll go over those disadvantages below.
Should You Refinance Now?
Do you have student loan debt at a higher APR than you want to pay?
If no: You shouldnât refinance.
If yes: Go to next question.
Do you have good credit or a cosigner?Â
If no: You shouldnât refinance.
If yes:Â Go to next question.
Do you have federal student loans?
If no: You can consider refinancing
If yes: Go to next question
Are you willing to give up federal protections like deferment, forbearance, and income-driven repayment plans?
If no: You shouldnât refinance
If yes: Consider refinancing your loans.
Reasons to Refinance
There are many reasons student borrowers ultimately refinance their student loans, although they can vary from person to person. Here are the main situations where it can make sense to refinance along with the benefits you can expect to receive:
Secure a lower monthly payment on your student loans. You may want to consider refinancing your student loans if your ultimate goal is reducing your monthly payment so it fits in better with your budget and your goals. A lower interest rate could help you lower your payment each month, but so could extending your repayment timeline.
Save money on interest over the long haul. If you plan to refinance your loans into a similar repayment timeline with a lower APR, you will definitely save money on interest over the life of your loan.
Change up your repayment timeline. Most private lenders let you refinance your student loans into a new loan product that lasts 5 to 20 years. If you want to expedite your loan repayment or extend your repayment timeline, private lenders offer that option.
Pay down debt faster. Also, keep in mind that reducing your interest rate or repayment timeline can help you get out of student loan debt considerably faster. If youâre someone who wants to get out of debt as soon as you can, this is one of the best reasons to refinance with a private lender.
Why You Might Not Want to Refinance Right Now
While the reasons to refinance above are good ones, there are plenty of reasons you may want to pause on your refinancing plans. Here are the most common:
You want to wait and see if the federal government will offer 0% APR or forbearance beyond May 2020 due to COVID-19. The federal government has only extended forbearance through the middle of May right now, but they might lengthen the timeline of this benefit if you wait it out. Since this perk only applies to federal student loans, you would likely want to keep those loans at 0% APR for as long as the federal government allows.
You may want to take advantage of income-driven repayment plans. Income-driven repayment plans like Pay As You Earn (PAYE) and Income-Based Repayment let you pay a percentage of your discretionary income each month then have your loans forgiven after 20 to 25 years. These plans only apply to federal student loans, so you shouldnât refinance with a private lender if you are hoping to sign up.
Youâre worried you wonât be able to keep up with your student loan payments due to your job or economic conditions. Federal student loans come with deferment and forbearance that can buy you time if youâre struggling to make the payments on your student loans. With that in mind, you may not want to give up these protections if youâre unsure about your future and how your finances might be.
Your credit score is low and you donât have a cosigner. Finally, you should probably stick with federal student loans if your credit score is poor and you donât have a cosigner. Federal student loans come with fairly low rates and most donât require a credit check, so theyâre a great deal if your credit is imperfect.
Important Things to Note
Before you move forward with student loan refinancing, there are some details you should know and understand. Here are our top tips and some important factors to keep in mind.
Compare Rates and Loan Terms
Because student loan refinancing is such a competitive industry, shopping around for loans based on their rates and terms can help you find out which lenders are offering the most lucrative refinancing options for someone with your credit profile and income.
We suggest using Credible to shop for student loan refinancing since this loan platform lets you compare offers from multiple lenders in one place. You can even get prequalified for student loan refinancing and âcheck your rateâ without a hard inquiry on your credit score.
Check for Signup Bonuses
Some student loan refinancing companies let you score a bonus of $100 to $750 just for clicking through a specific link to start the process. This money is free money if youâre able to take advantage, and you can still qualify for low rates and fair loan terms that can help you get ahead.
We definitely suggest checking with lenders that offer bonuses provided you can also score the most competitive rates and terms.
Consider Your Personal Eligibility
Also keep your personal eligibility in mind, including factors beyond your credit score. Most applicants who are turned down for student loan refinancing are turned away based on their debt-to-income ratio and not their credit score. Generally speaking, this means they owe too much money on all their debts when you compare their liabilities to their income.
Credible also notes that adding a creditworthy cosigner can improve your chances of prequalifying for a loan. They also state that âmany lenders offer cosigner release once borrowers have made a minimum number of on-time payments and can demonstrate they are ready to assume full responsibility for repayment of the loan on their own.â
Itâs Not âAll or Nothingâ
Also, remember that you donât have to refinance all of your student loans. You can just refinance the loans at the highest interest rates, or any particular loans you believe could benefit from a different repayment term.
4 Steps to Refinance Your Student Loans
Once youâre ready to pull the trigger, there are four simple steps involved in refinancing your student loans.
Step 1: Gather all your loan information.
Before you start the refinancing process, it helps to have all your loan information, including your student loan pay stubs, in one place. This can help you determine the total amount you want to refinance as well as the interest rates and payments you currently have on your loans.
Step 2: Compare lenders and the rates they offer.
From there, take the time to compare lenders in terms of the rates they can offer. You can use this tool to get the process started.
Ads by Money. We may be compensated if you click this ad.Ad
Where will you be attending college?
Select your state to get started
Step 3: Choose the best loan offer you can qualify for.
Once youâve filled out basic information, you can choose among multiple loan offers. Make sure to check for signup bonus offers as well as interest rates, loan repayment terms, and interest rates you can qualify for.
Step 4: Complete your loan application.
Once you decide on a lender that offers the best rates and terms, you can move forward with your full student loan refinancing application. Your student loan company will ask for more personal information and details on your existing student loans, which they will combine into your new loan with a new repayment term and monthly payment.
The Bottom Line
Whether it makes sense to refinance your student loans is a huge question that only you can answer after careful thought and consideration. Make sure you weigh all the pros and cons, including what you may be giving up if youâre refinancing federal loans with a private lender.
Refinancing your student loans can make sense if you have a plan to pay them off, but this strategy works best if you create a debt repayment plan you can stick with for the long-term.
The post Should You Refinance Your Student Loans? appeared first on Good Financial CentsÂ®.