With life’s busy schedule, it’s hard for most of us to dig through all the information thrown our way. Each week we scour the media universe to find the most interesting and helpful articles, so you don’t have to. Take a look at what we’re reading this week. How to avoid financial infidelity with your partnerCouples fight about money all the time. But if you’re like 71% of these survey respondents, you’ve also lied to your significant other about money or a financial issue. Not only does this create distrust in a relationship, but it also probably doesn’t help the financial problem. Check out this guide to avoiding financial infidelity. (Fox Business) 11 Mother’s Day gifts for ‘mums’ obsessed with the royal familyIf your mom is counting down the days until Duchess Meghan gives birth, you need to check out this list. With everything from “royal bingo” to Kate Middleton-approved essential oil, you’ll be sure to make your own queen happy with one of these presents. (PureWow) Best online grocery delivery servicesIn this day and age you don’t even have to leave your house to go grocery shopping — so why would you? But before you hit up your go-to delivery service, you may want to compare with other companies. Check out this list that ranks online grocery delivery and can help you save money. (Consumer Reports) Why do we still use QWERTY keyboards?The most common layout for English keyboards dates back to the 19th century, but why hasn’t it been updated since then? NPR’s Planet Money investigates the economic lessons we can learn from our reliance on QWERTY. (NPR) 10 signs you’re more stressed than you thinkTypically when we get stressed out, we know it. But sometimes little things could be building up in the recesses of your mind without you realizing that they’re taking a major toll on your mental wellness. Learn how to spot the signs of hidden stress and how to tackle it. (Brit + Co.) What to expect as you’re shopping for a new or used carIf you’re looking to show up to summer with some new wheels, read this guide first. Whether you’re looking for something new or something that’s just new to you, make sure you understand the process and know what to expect. (Yahoo! Finance) Comma mistakes you might be makingNo matter which side of the Oxford comma debate you take, make sure you know how to use this piece of punctuation. Up your grammar game and send expertly styled emails with this explainer on common comma mistakes. (The Everygirl) Interested in refinancing student loans? Here are the top 6 lenders of 2019! LenderVariable APREligible Degrees Check out the testimonials and our in-depth reviews! 1 Important Disclosures for SoFi. SoFi Disclosures Student loan Refinance:Fixed rates from 3.890% APR to 8.074% APR (with AutoPay). Variable rates from 2.500% APR to 7.115% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.500% APR assumes current 1 month LIBOR rate of 2.50% plus 0.00% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) 2 Important Disclosures for Earnest. Earnest DisclosuresTo qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility. Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product. © 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America. 3 Important Disclosures for Laurel Road. Laurel Road DisclosuresFIXED APR Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. VARIABLE APR Variable rate options consist of a range from 2.75% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.25% to 3.80% for the 5-year term loan, 1.50% to 3.85% for the 7-year term loan, 1.75% to 3.90% for the 10-year term loan, 2.00% to 4.15% for the 15-year term loan, and 2.25% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.75% per year to 6.30% per year for a 5-year term would be from $178.58 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com. 4 Important Disclosures for LendKey. LendKey DisclosuresRefinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution. 5 Important Disclosures for CommonBond. CommonBond DisclosuresOffered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019. 6 Important Disclosures for Citizens Bank. Citizens Bank Disclosures Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2019, the one-month LIBOR rate is 2.50%. Variable interest rates range from 3.00% – 9.74% (3.00% – 9.74% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.89% – 9.99% (3.89% – 9.99% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans?and our FAQs. Should I Refinance My Student Loans?includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.The post Weekly Roundup: 7 Superb Stories You Missed This Week appeared first on Student Loan Hero. from https://studentloanhero.com/featured/weekly-roundup-42/
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For some, the modern American dream isn’t about having gobs of money. In an age when many folks suffer from “time famine,” which is when the individual has too much to do but not enough time, the ultimate dream seems to be about having more freedom – the freedom to spend your time the way you want, to spend your money so it’s in step with your values and to carve out a blueprint that’s in step with your best life. That’s why bold, off-the-grid ways of being can be so appealing. Whether it’s living the Bohemian lifestyle, where you follow your artistic passions, seeing the world by way of a catamaran or a school bus seems so amazing. Turning the Camper Van Dream into a RealityDustin Van Ells was one of those who longed fantasized about enjoying the freedom that a camper van provides. Van Ells’s dream slowly turned into a reality about a year ago. At the time, he was working as a field engineer for a military subcontractor and traveling quite a bit. “On average, I was home for 9 days a month while paying $2,000 for an apartment in Portland, Oregon,” says Van Ells, who’s 29 and the owner and engineer of The Van Plan. “It occurred to me that I could just build a sweet van and pocket all that rent money.” When he was let go from his job in the summer of 2018, Van Ells took advantage of his free time in “funemployment” to finish converting the van, which included installing solar panels to the roof. It saved him from homelessness while he plotted his next step. Camper Van LifeVan Ells has a fridge and running water on board that makes it fairly easy to eat simply. “I built my van to be able to enjoy the normal things that people have in their home, but just on the go,” says Van Ells. His converted camper van has one burner stove and an iron skillet which he uses most often. He also installed enough solar and battery storage to use an Instant Pot in his camper van. The only housing-related expenses Van Ells now has are his car insurance and note, which accounts for a little over half of his monthly bills, and adds up to $540. His other living expenses includes gas for his van, food and sundry personal items – which adds up to about $400 a month. Van Ells, who’s a veteran, is able to takes advantage of fringe benefits that are offered to military service persons, such as permanent registration for his vehicles and free health care. “With a lot of careful and meticulous planning, I’ll be able to save up and invest more than half of my income without living off of rice and beans,” says Van Ells. Turning It into a BusinessEarlier in 2019, Van Ells was chilling on the side of the road, when a man came up to tell him how much he liked his van. He then asked if Van Ells was interested in being hired to add a solar panel system to the man’s own recreational vehicle (RV). Fast forward to the present. By a stroke of good timing, luck or pure serendipity, Van Ells is now self-employed and fully booked for the next few months with jobs doing full van and RV conversions, solar panel installations, solving electrical issues and one-off builds. He divides his time between Los Angeles and Portland and now has a woodshop in Los Angeles. If you’re considering a van camper conversion to experience your own taste of freedom, there are a few things to consider. Know the Pros and ConsBefore you roll up your sleeves and convert a camper van — or hire someone like Van Ells to do the heavy lifting — you’ll want to be fully aware of the advantages and downsides of the #CamperVanLife. As Van Ells describes, the freedom to travel is one of the obvious perks. Other benefits include getting rid of your stuff and the potential to live on very little money. Plus, you get to meet like-minded folks who see that there’s more to life than a rent payment and a 9-to-5 job, points out Van Ells. Not to mention that you own a unique converted camper van, which is bound to be a conversation starter. Downsides include finding a place to park your van. Similar to RV living, you’ll have to do a bit of research to figure out which spots are optimal because “House people don’t want van people hanging around their neighborhood, especially if they have a nice view,” he added. What’s more, you won’t have a bathroom on board. And while it’s convenient to have all your belongings packed in a small space, there’s also the risk of theft, vandalism or some incident that could damage your belongings. And of course, there’s the initial start-up costs and maintenance. Tally the CostsAs you might expect, the cost depends on the type of van and the scope of the build. The total costs to build Van Ells’ Club Wagon was less than $7,000. He purchased it for $4,200, spent $1,200 on the electrical and solar panels and another $2,000 on building materials. It took a span of 3 months to do it all on his own and working at a steady pace. While it’s certainly not cheap, the resale value can be quite significant. Recently someone offered Van Ells $30,000 for his converted van. Know the ProcessWhile a lot of work and innovation goes into a van conversion, it starts with the van, he points out. Van Ells likes older models because they’re cheap, reliable, the parts are readily available, and they have a ton of character. He spent a month devising his plans for the build and scrapped at least a dozen different floor plans before landing on his final blueprint. “Once I came up with my master plan, it took me about 1 week to make it livable,” he said. “I parked in my friend’s driveway until it was finished, and just got to work.” Living in your own converted camper van definitely has its perks. Knowing what the lifestyle is all about, and what it requires to build, will help you gauge whether it’s a good fit for you. Are you interested in the camper van life? Let us know in the comments! The post Living in a Converted Camper Van appeared first on ZING Blog by Quicken Loans. from https://www.quickenloans.com/blog/living-converted-camper-van Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the big news that the FPA has released the second iteration of its OneFPA Network initiative, which backs off the key controversial requirement for chapters to be dissolved and “nationalized”… but still doesn’t seem to effectively answer the question of why such a big organization-changing initiative is so necessary, instead of simply focusing on the key items from a better membership database to more engaging strategic committees that FPA members and chapter leaders have been asking for in the first place. Also in the news this week was the announcement that New Jersey is now the latest to put forth a state-level fiduciary requirement out of concern that the SEC’s Regulation Best Interest isn’t stringent enough… and the proposed state fiduciary rule is being driven directly by the state’s regulators (not their legislators), which suggests a much greater likelihood that the rule will actually come to pass. From there, we have a number of practice management articles, including a major new white paper from the CFP Board’s Center for Financial Planning to articulate a standardized career path that advisory firms can use for their next generation advisors, why managing “human capital” is becoming so much more important in the age of fee-based firms (with the recurring revenue that both supports and then necessitates a growing staff infrastructure), and a look at whether financial planning programs today are doing enough to prepare students for the realities of what it takes to be a successful financial planner (and how far they’ve already come in just a few short decades). We also have several articles on retirement planning, from a fascinating research study on how retirees tend to be happiest when they spend their time on “active” activities rather than “passive” ones (but how as we age, reduced mobility tends to shift our time from the happiness-inducing active activities to the less-happy passive ones), tips to better maintaining friends and social relationships as clients get older in retirement, and tips to consider as retirees face four major transitions when they age (health care, financial decision-making ability, living/lifestyle, and transportation). We wrap up with three interesting articles, all around being more “unplugged” and engaging in more “digital minimalism”: the first is a look at one financial advisor, who went to Australia for an extended work trip, found internet access was more limited, and ended out positively reshaping his digital habits in the process; the second looks at one company that pays its employees an extra bonus of up to $750 on their vacations for not checking email or Slack while they’re gone (both to encourage them to really unplug and recharge, and also because it better forces teams to learn how to delegate to and reinforce each other when someone is out); and the last is a look at how to more actively engage in “digital minimalism” itself, which isn’t just about unplugging and eliminating the smartphone and internet from your life, but instead just being more deliberate about which parts of your digital life you do want to remain engaged in (and then consciously eliminating the rest that doesn’t really matter after all). Enjoy the “light” reading! from https://www.kitces.com/blog/weekend-reading-for-financial-planners-apr-20-21-2/ Welcome to Student Loan News, a weekly summary of developments and events affecting college debt in the U.S. Join us each Friday for a look at goings-on that could impact your own student loan situation. Survey looks at the money struggles of younger adultsMore than one-third of college grads aged 18-34 with student loans said “the debt wasn’t worth it,” at least according to a recently released survey from investment bank Merrill Lynch and research firm Age Wave. The survey found that the average student loan borrower in that age group will spend 9% of their pretax income paying off their school debt for a typical 10-year repayment. And those with college debt contribute half as much on average to their retirement compared with their peers with no debt, creating a financial ripple effect far into the future, it said. Among other findings: About a quarter of 18- to 34-year-olds with a 401(k) accounts have taken an early withdrawal — something you would only want to do as an absolute last resort — and more than half of respondents (58%) said they wouldn’t be able to afford their current lifestyle without the help of their parents. How it affects YOU: It’s no secret that millennials have it rough, but this doesn’t mean that younger Americans can’t rise to financial success despite the times we live in. You can tap various strategies for getting out of debt quicker, as well as ways to become more financially independent from your parents. Also note that research generally shows college to be worth the cost, once you account for the difference in earnings between those with and without degrees. More student loan initiatives sprouting on Capitol HillThe recent parade of plans to tackle student loan forgiveness and repayment is rolling onward, with a pair of new proposals to help borrowers. First, a bill introduced earlier this month is sparking debate. The legislation, from Sen. Jeff Merkley (D-Ore.) and Rep. Rosa DeLauro (D-Conn.), would streamline repayment plans into just two: a standard 10-year plan and an income-driven option similar to the current Income-Based Repayment and PAYE programs. The proposed bill would also seek to end interest capitalization on student loans, limit how much the government can seize in a student-loan wage garnishment and allow those on income-driven repayment to automatically recertify for the program each year. The proposal was met with pushback this week from the conservative American Enterprise Institute, which said the language in the bill would allow some students to get out of paying most of the interest on their loans and was introducing “a giant new loan forgiveness program” by stealth. Also this week, U.S. presidential candidate Sen. Elizabeth Warren (D-Mass.) and a group of fellow Democrats called for adding language to an appropriations bill in order to make Public Service Loan Forgiveness easier to get. This one is different than the “five-year PSLF” proposal we reported on last week — here, it simply wants to ease the rules about counting eligible payments to qualify for forgiveness. How it affects YOU: As with many of the bills and proposals at the federal level, the chances for passage are low for now, given the divided government and high levels of partisanship in national politics these days. That said, don’t forget to call your senators and your representative and urge them to advocate for rules that ease the burden of student debt. Likewise, keep watching this weekly news report for developments! Also in the news … The Department of Education issued guidelines to schools on Monday, advising them on how to discuss financial aid with students. Recommendations included avoiding the term “award letter” for financial aid offers, making sure those letters include which “critical next steps” recipients need to take and listing different types of aid (grants, loans, work-study, etc.) separately. A commission with the nonpartisan American Bankruptcy Institute (ABI) is calling for a loosening of the rules on discharging student loan debt through bankruptcy. Currently, federal student loan discharge is extremely difficult, but the ABI wants to return to older rules that allow discharge seven years after the loans are taken out.News can be useful, but if you want some deeper advice, take a moment to sign up for the Student Loan Hero weekly digest email and get valuable financial knowledge sent straight to your inbox … for free! Interested in refinancing student loans? Here are the top 6 lenders of 2019! LenderVariable APREligible Degrees Check out the testimonials and our in-depth reviews! 1 Important Disclosures for SoFi. SoFi Disclosures Student loan Refinance:Fixed rates from 3.890% APR to 8.074% APR (with AutoPay). Variable rates from 2.500% APR to 7.115% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.500% APR assumes current 1 month LIBOR rate of 2.50% plus 0.00% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) 2 Important Disclosures for Earnest. Earnest DisclosuresTo qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility. Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product. © 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America. 3 Important Disclosures for Laurel Road. Laurel Road DisclosuresFIXED APR Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. VARIABLE APR Variable rate options consist of a range from 2.75% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.25% to 3.80% for the 5-year term loan, 1.50% to 3.85% for the 7-year term loan, 1.75% to 3.90% for the 10-year term loan, 2.00% to 4.15% for the 15-year term loan, and 2.25% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.75% per year to 6.30% per year for a 5-year term would be from $178.58 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com. 4 Important Disclosures for LendKey. LendKey DisclosuresRefinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution. 5 Important Disclosures for CommonBond. CommonBond DisclosuresOffered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019. 6 Important Disclosures for Citizens Bank. Citizens Bank Disclosures Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2019, the one-month LIBOR rate is 2.50%. Variable interest rates range from 3.00% – 9.74% (3.00% – 9.74% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.89% – 9.99% (3.89% – 9.99% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans?and our FAQs. Should I Refinance My Student Loans?includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.The post Student Loan News: Millennial Money Woes and New Debt-Relief Proposals appeared first on Student Loan Hero. from https://studentloanhero.com/featured/student-loan-news-21/ If you’re someone who loves to travel, then you know it can be expensive. From the cost of food to accommodation expenses, it adds up quickly. If you’re wondering how to make the most out of your next adventure, here are some of the best money-saving travel hacks straight from the mouths of seasoned travel experts. Be Flexible with Your Travel PlansThe more flexible you are with your travel plans, the easier it will be to find discounts and deals. “Rather than selecting the destination and figuring out what it will cost, look for a bargain. I traveled to India when I found an outrageous special on Jetsetter.com,” says Janice S. Lintz, a consumer education and travel writer and a non-practicing attorney. If you don’t have your heart set on a destination, sites like Skyscanner allow you to type in “everywhere” to your flight search and find the best rates by destination. Using this search option will give you an idea of the travel cost associated with each location. Do Your ResearchWhen traveling, it’s important to research not only transportation and accommodations, but also visa entry requirements, cultural norms, number of pages you need in your passport, travel warnings, local embassy contact information and more. You can find a lot of this information on the Travel page at the U.S. Department of State‘s website. Even the savviest travelers can forget to read up on the countries they’re visiting. Having minimal knowledge of the place you’re visiting could leave you in a sticky situation and cost you a lot more than your budget allows. Set Up Price AlertsSetting up price alerts can help you monitor price fluctuations affecting your bookings. Sites like Kayak and Travelocity allow you to set up price alerts to keep an eye on the flights you’re interested in booking. “If flying, start with Google Flights. It’s a wonderful tool to find the best flights at the lowest price. Flexibility is the key to finding the best fares,” says Jen Hayes, founder of Smarty Pants Finance. Having an open mind about travel dates, airlines and airports can cut fares by hundreds of dollars. Many booking sites allow you to search one-way flights so you can get a low one-way fare, too. For example, if you’re traveling to John F. Kennedy International Airport in New York, you might want to research the airports available in the surrounding area, like LaGuardia Airport. LaGuardia might offer cheaper one-way fares, so you don’t have to buy a more expensive round-trip ticket out of JFK. Purchasing one-way tickets could end up saving you money. Develop a Credit Card Reward Strategy to Maximize Your MilesSean Messier, credit industry analyst at Credit Card Insider, advises, “If you’re a frequent traveler with no brand preference when it comes to airlines or hotels, seek out a general travel credit card that provides a variety of perks.” Try to find a travel rewards credit card that offers benefits like complimentary delay reimbursement, rental car insurance, lost luggage protection and maybe even airport lounge access. Some credit cards even let you transfer earned points to different airlines or hotels. This can be helpful when you’re always on the go. If you’re loyal to one airline or hotel brand, try to find a co-branded credit card. You generally will receive a higher reward rate for purchasing with these specific brands. Catch the Local Transit Everywhere You GoChizoba Anyaoha is the founder of TravSolo, a travel app that helps you create your itinerary on-the-go and update your travel blog easily. “Using public transportation is by far the best way to really save. It may not always be the most reliable but at least you will have more money to spend for food, drinks and activities,” recommends Anyaoha. This is a great opportunity to relax, enjoy the scenery and even make new friends. However, you will need to factor in the additional time it will take to get from point A to point B. If you find yourself feeling unsafe, it may be wise to spend a few extra bucks on a cab. Carefully Select Your AccommodationsSimilar to buying a house or renting an apartment, travel accommodation options come with their own sets of pros and cons. You can choose from hotels, hostels and apartment rentals, or you can opt for couch surfing and house sitting. While hotels may be more expensive, they offer privacy and quiet. Hostels are more economical, and they can provide a social environment and the opportunity to meet other travelers. “Another option to strongly consider is an Airbnb rental, where you get the privacy you need combined with the option to hang out with the local who rented you a room, if they are free to do so,” Anyaoha adds. Every traveler is searching for a unique experience. You must determine what accommodation requirements are most important to you when jaunting around the world. If you’re up for an adventure you may want to try to split your time between multiple accommodation options to add variety to your trip’s dynamic. Travel LightJennifer Fontaine is the managing editor of Outdoor Families Magazine and she’s a family adventure travel expert. “Invest in a regulation carry-on and pack light. This will save precious time, both at check-in and when you arrive at your destination, and eliminates any chance of lost luggage, so you have less to stress about,” suggests Fontaine. Packing light can also save you a lot of money. Some airlines offer free carry-on accommodations. Check your airline’s luggage policy before you book your flight to ensure you can bring your carry-on free of charge. Consider Purchasing Travel InsuranceWhile you’re busy planning your itinerary, you could overlook the possibility of illness. This might not be a big deal if you’re traveling domestically, but if you’re venturing abroad you may want to have a plan in place just in case you contract something. “Prior to traveling, I suggest travelers do their homework on their destination, read up on any recent health outbreaks, and make an appointment with their nearest travel medicine location to get appropriate shots or medications,” recommends Suzanne Garber, Health-Tech co-founder. To protect yourself against additional costs, you can consider purchasing travel insurance as well. Not only does travel insurance help pay for medical costs, it also offers trip coverage for interruptions, lost or delayed baggage, theft, service provider failures and much more. Before purchasing a policy, make sure your credit card company doesn’t offer complimentary travel insurance. This will save you some money and stress. “I recommend evaluating the risks of the travel destination, the planned activities and your personal health situation. Travel insurance is not always a necessity and, in many cases, you’ll get quality care that’s much more affordable than what you’d pay with co-pays back home,” adds Garber. You may find that the cost of care outside the U.S. is less expensive – even without insurance. However, taking preventive measures may be one of the most cost-effective methods if you want to avoid extra medical costs. The Bottom LineTake it from these seasoned travel experts: Saving money when traveling is simple with a little research and flexibility. What are some of your money-saving hacks? We want to hear from you! Please leave your answers in the comments below. The post Expert Travelers Share Their Best Money-Saving Travel Hacks appeared first on ZING Blog by Quicken Loans. from https://www.quickenloans.com/blog/expert-travelers-share-their-best-money-saving-travel-hacks Every April 22, nearly 200 countries observe Earth Day – a holiday that consists of advocating for both policy and environmental change on a global scale. It all started in 1970, in response to the Santa Barbara oil blowout of 1969. More than three million gallons of oil spilled into the coast, killing the native wildlife and striking a cord with Earth Day founder Gaylord Nelson, a U.S. senator from Wisconsin. Earth Day started on a national level, with demonstrations led by passionate Americans, especially college students, advocating for a healthy, sustainable environment by fighting against oil spills, polluting factories and power plants, raw sewage, toxic dumps, pesticides, freeways, the loss of wilderness and the extinction of wildlife. The significance of Earth Day is larger than just a focused day on the environment: It was a time in history where Americans – from all walks of life – aligned for a common goal. By the end of 1970, the inaugural Earth Day had inspired the creation of the United States Environmental Protection Agency (EPA) and the passage of the Clean Air, Clean Water and Endangered Species Acts. Today, Earth Day is celebrated on a global scale as the largest secular observance in the world, focusing on current issues of global warming, clean energy and the elimination of plastic pollution in water sources. However, you don’t have to wait until April 22 to start living a more environmentally friendly lifestyle. We have seven ways you can celebrate Earth Day every day. Use Natural Cleaners in Your HomeWhile store-bought cleaners might seem convenient, they actually have chemicals that cause more harm than good, according to the EPA. These chemicals can cause harm to both your home and the environment, so making the switch to natural cleaners, like baking soda, fruit and vinegar, can make your house healthy, fresh and green. Take Care of Household PlantsHouse plants can do more for you than enhance your interior décor. Some of the more common plants actually help increase oxygen levels in your home. They also clean the air by removing toxins. If you’re looking to add some greenery and clean the air in your home, learn how to take care of common house plants. Try Living Carbon-NeutralOne way to counteract your carbon dioxide emissions, one of the main causes of global warming, is by living a life that’s more carbon-neutral. You can do this by limiting air and car travel, cutting down on meat intake and even adjusting your thermostat. Going carbon-neutral isn’t easy, but it is necessary if you want to eliminate your carbon footprint. Dump the DEETDEET, one of the most common active ingredients in insect repellent, could be harmful to you and the environment and wildlife that may come into contact with it. Instead of using products that contain DEET, opt for alternative mosquito-repelling options – environmentally friendly and a nice addition to your next backyard gathering! Go Zero Waste at Home
Have you ever noticed how much you throw away? Between packaging and food waste alone, it can be a little starteling to see how much waste we create. With a zero waste lifestyle, you’re intentionally buying and repurposing items to eliminate waste. It can be an overwhelming transition but there are some simple steps you can take at home to make zero waste a reality for you. Easy changes like switching to reusable water bottles, bamboo coffee mugs or reusable straws can make a big difference. Upgrade Your Home HardwareWho knew that being green could actually make your life easier! By installing smart features, like a smart thermostat, in your home, you can make your home more environmentally friendly. There are more ways to install smart technology in your home, so if you’re interested in saving money and energy, try out a few today. Install Energy-Efficient WindowsDid you know your widows could be a contributor to your high energy bill? You could be spending more money than you have to in order to regulate the temperature in your home. By installing new, energy-efficient windows in your home, you could save money while also boosting the value of your home. If you’re ready to update the windows in your home, make sure you know what to look for before you make a purchase. Earth Day is a day that globally unites environmentalists and passionate Americans alike to promote a cleaner, greener planet. Celebrate this April 22 by conscientiously making a lifestyle change to keep Earth healthy. How are you celebrating Earth Day? Let us know how you plan to go green this month, in the comments below. The post 7 Ways to Celebrate Earth Day Every Day! appeared first on ZING Blog by Quicken Loans. from https://www.quickenloans.com/blog/7-ways-celebrate-earth-day-every-day From the financial advisor’s perspective, the virtue of emerging advisor technology (i.e., “FinTech”) solutions is the opportunity to operate the firm more efficiently and reduce overhead costs by automating various back- and middle-office functions of the firm. Which means the most likely outcome of FinTech “disruption” is not to eliminate financial advisor jobs… but to reduce the needs for and opportunities of other non-advisor roles in advisory firms (that are more repetitive and more conducive to being automated away). But from the perspective of those back- and middle-office employees, the emerging risk now is whether or how secure their jobs may be in a more FinTech-driven future. Which in turn raises the question: would it be better to shift into a more “front-office” client-facing role as an individual advisor. And if so, the next question is: When is it the best time to make the switch, and launch your own practice as an independent financial advisor? In this episode of #OfficeHours with Michael Kitces, we discuss the three key skillsets would-be advisors need to gain experience and ultimately expertise in before even considering launching on their own as an independent advisor, ways to gain the competency and confidence needed to be able to serve clients (and get them) in the first place, and why it’s so important to have the financial stability – or even a pile of cash socked away – to be able to pay your own living expenses in the first few years while you build your advisory business. The first step in preparing to launch as an independent advisor is gaining the expertise and experience to ensure that you’re able to operate and grow your new business to begin with. Initially, that means having the operations know-how to (to name just a few examples) open accounts, transfer assets, and place trades… because someone is going to have to do it, and that someone is almost certainly going to be you when you start your firm on your own! It also means learning to actually manage client relationships, which encompasses communicating effectively the nature of the advisory relationship, letting clients know what to expect, and setting boundaries. Finally (and perhaps most importantly), you also need to have experience in developing business in the first place, because no matter how great your advice may be, you won’t be in business for very long if you can’t convince anyone to hire you to begin with! The next essential piece of the puzzle is competency. Offering financial advice is a sacred duty, and no matter how good your intentions may be, you have the potential to do severe, life-altering damage to your clients if you don’t make sure you really have the knowledge and know what you’re doing. For many, this means getting your CFP certification (and possibly additional post-CFP designations as well), because simply passing the minimum Series 7 or Series 65 regulatory exams isn’t enough, and earning the right to put those three letters after your name will not only give you credibility in the eyes of prospects, but will help you have the confidence you need to convince people you know what you’re talking about in the first place! Lastly, you absolutely must have your own financial house in order, and the financial stability to be able to handle the foregone income when you go out on your own. Which usually means either having enough cash saved up to cover your living expenses for at least three years (because that’s often how long it takes for even experienced and competent advisors to earn enough to live on), or a dual-income spouse or other additional income source. As even though a career as an advisor can be potentially quite lucrative, it still takes time to get to that level, and it’s simply not feasible if you don’t have a cushion to make it through the first few lean years to survive long enough to get to the higher income levels of the future. Ultimately, the key point is that finding success to launch as an advisor isn’t something that happens overnight. It requires years of preparation to gain the knowledge and experience, to not only provide advice to clients but to make sure all the day-to-day operational tasks happen in the firm as well. At the minimum, an advisor starting from scratch will need their CFP certification, an average of seven years of experience in operations, sales, and relationship management, and the financial stability to cover three years (give or take) of living expenses. Because that’s the sort of foundation that will offer the best odds of succeeding in a career that holds tremendous potential rewards in the long run… both from a financial and psychological perspective! from https://www.kitces.com/blog/launch-independent-financial-advisor-career-switch-experience-cfp-income-gap/ I am not 40-years-old yet. Sometimes I close my eyes and envision what I have accomplished at 40 years old. There are certainly personal goals of mine that come to mind. However, I strongly believe there are four universal career goals that we can all aim to achieve before crossing the line into our 40’s to set ourselves up for success before retirement. 1. Obtain a leadership positionWhen we start our career path, working towards a leadership role brings several different benefits: Increased confidence. When you are responsible for a team or leading others at the job, there is a certain feeling of excitement and pride. Yes, with this role you probably have more stress and uncertainty. But the good often outweighs the bad. The opportunity to mentor others. A great part of learning is educating others for a better tomorrow. When you are in a position of leadership, you are able to teach others to what it takes to be an effective leader, and leave your mark on the organization — and hopefully, the world. Support for administrative tasks. Not everything we do in our career is glamorous or exciting (especially the administrative tasks). When you are in a leadership position, it feels like a blessing to be able to assign those small tasks to others, so you can spend your time on other matters. Freedom to think outside of the box. As a leader, you are typically able to share your opinion and thoughts to help “steer the ship” in the right direction. This potential impact on a company or an organization is something that can feel quite gratifying and exciting at this point in your career.By 40, you should have a leadership position at work or in some other capacity, maybe in a community organization or club. Anywhere you can make an impact and reap the benefits of working your way to the top. 2. Pursue your passionNot everyone wants the same thing out of their career. For me, I realized being an entrepreneur afforded me autonomy with my schedule that corporate America wouldn’t be able to provide. Additionally, I was focusing my work on creative and innovative projects that I couldn’t do when working full time for an employer. Whether you want to create a non-profit or travel the world, most of us have passions that we may not be pursing in our current jobs. However, our passions matter and it is up to us to make time to prioritize them, so we don’t live a less satisfying or fulfilling life. By 40, you should be in the position to pursue your passions, whether it’s by switching departments, adding on responsibilities to your role, or going out and starting your very own business or side hustle. 3) Give backMahatma Gandhi once said, “Be the change that you wish to see in the world.” Whether it is supporting our youth, protecting the environment or providing resources to the disenfranchised, there are several opportunities to make this world a better place. Helping to run a business and doing good in this world are not mutually exclusive. Don’t you agree? By 40, you should find some way to give back to your community with your work, whether it’s by raising money for charity with your ERG, dedicating yourself to ensuring diversity on your team, or dedicating yourself full-time to the less privileged. 4) Share your storyHave you shared your career story? Whether it is on a blog or in a community, sharing your story allows other women to learn from your journey, and provides you with some external when you are going through the ups and downs of your career. Essentially, sharing our experiences is how we make it easier for those that come after us. Don’t keep your journey to yourself. Show others just how amazing you are! This article originally appeared on Fairygodboss and was written by Natasha Nurse. The post 4 Career Goals You Should Achieve by Age 40 appeared first on Student Loan Hero. from https://studentloanhero.com/featured/4-career-goals-you-should-achieve-by-age-40/ Private student loans don’t usually come with the same borrower protections and repayment options as federal student loans do. This makes private student loan default a little more likely than defaulting on federal loans. And that default could potentially lead to a lawsuit — yikes! If you’re at risk of defaulting on your private student loans, timing is everything — you’ll need to act fast to minimize the potential damage to your credit score and avoid harsh consequences. Here’s what you need to know — and do — if you’re at risk of defaulting on private student loans. What can trigger a private student loan default?Each private student loan might have different default triggers outlined in the loan contract. Reviewing your contract will help you understand when your lender will consider your loan in default — and help you avoid those circumstances. Here are some common events that can trigger a private student loan default. You miss paymentsDefaulting on private student loans is often the result of missed payments, and in some cases, the lender will consider the loan in default after just a single missed payment. Check your loan agreement to see how long you have from the first missed payment until the loan defaults. Cosigner enters bankruptcy or diesSome borrowers may add a cosigner to their loan to potentially secure a lower interest rate — but if that cosigner should suffer a bankruptcy, or if they pass away, it could affect your loan. In a few cases, it could even trigger an automatic private student loan default, even if you’re making every payment on time. If something happens to your cosigner, be sure to check for possible ramifications for your loan. You file for bankruptcy or default on another loanYou may also face private student loan default if your credit status dramatically changes. For instance, if you enter bankruptcy, or default on another loan with that lender, your other debt may be affected. As with other situations above, look at your loan contract to understand how this situation will affect you. Here’s what happens when you default on private student loansIf your private student loan defaults, you’re probably wondering what comes next. Here’s what may unfold, though note that the situation can vary from lender to lender. The private student loan delinquency will go on your credit reportIf you make late payments, or fail to pay altogether, the lender will report it to the credit bureaus. The negative report may hit your cosigner’s credit as well, and generally stays on your credit history for seven years, making it more difficult for you to borrow money during that time. Your lender may put your private student loans in collectionsYour lender can send your debt to a collections agency that will likely contact you and any cosigner listed to try to get repayment for your private student loan debt. You may receive a lot of phone calls and letters demanding payment. You might face hefty collections feesCollection fees might be added to your debt after a student loan default, thus increasing your total balance. You may face a lawsuit if you default on your private student loansIf the lender has trouble collecting payment on a private student loan default, it may sue you (and your cosigner) for repayment. If you lose the lawsuit, the court’s judgment could allow the lender to garnish your wages or potentially seize assets like your home, though some states do have protections in certain cases. If you find yourself in this situation, check out our guide on how to deal with a student loan lawsuit. 6 options for handling private student loan defaultWage garnishment sounds scary, but the good news is that you can potentially avoid that and other harsh consequences by dealing with your private student loan default right away. Here’s what to do. 1. Request help with your private student loan repaymentIf you can’t keep up with your private student loan payments, don’t ignore the problem. Reach out to your loan servicer or loan provider to inquire about repayment options. Some lenders will offer forbearance to help you catch up and avoid a private student loan default. You can also request a new repayment plan via email — here’s a sample letter to get the ball rolling. 2. Refinance the private student loanIf you’re having trouble making your private student loan payments, you may be able to refinance your debt to get a lower monthly payment. However, once the private student loan is delinquent, your credit score will take a hit, making it more difficult for you to secure a new loan — so it’s best to try this method before you miss payments. In a pinch, you may be able to ask a relative or friend to borrow money to repay your private student loan. Still, this option can put your relationship at risk, so be sure you tread carefully. 3. Settle your private student loans in collectionsIf you have private student loans in default, you might be able to negotiate a settlement of your student debt. Contact your debt collector and ask them how much it would take to settle the debt — it doesn’t hurt to ask. Note that this method will work best if you have some cash you can offer right away as leverage in your negotiations. 4. Know your rights as a borrowerAs a borrower, you still have certain rights — even if you’re in default. As the Federal Trade Commission notes, it’s illegal for debt collectors to utilize “abusive, unfair or deceptive debt collection tactics.” For instance, they are not allowed to call you before 8 a.m. or after 9 p.m. without your consent, and if you tell them not to contact you at work, it is illegal for them to continue to do so. The Consumer Financial Protection Bureau (CFPB) has some sample letters if you need to push back against a collections agency. Also be aware that the statute of limitations in your state could shield you from action against older debt. 5. Dispute the debt and request verificationA debt collector is legally required to provide you with information that proves you are, in fact, obligated to pay the debt. Usually you will have to request full proof of the loan’s origins, and you have 30 days from the initial communication to request this validation. (Here, too, the CFPB has form letters you can use.) Once you get the validation, compare the information with your records. If there is a mismatch, you might be able to prove that the debt is not valid, that you owe less than the creditor claims, or that the debt doesn’t belong to you. 6. Consult a student loan lawyerIf you have a private student loan in collections, a student loan lawyer may be able to help. The attorney can issue a cease-and-desist letter to collections agencies to stop them from contacting you directly. The attorney can also explain any relevant state laws that may protect you. Hiring a student loan lawyer might become a necessity if you’re being sued over the private student loan default. If so, consult this list of places to find affordable (or even free) legal help. Private student loan default is serious — but solvableThe consequences of defaulting on a private student loan can be serious. However, there are many options to help you avoid harsh repercussions. Work with your lender to explore repayment options to keep your loans current. And if you do end up with a private student loan default, always remember that you have rights. Review your legal protections and assert them as necessary. Joni Sweet contributed to this report. Interested in refinancing student loans? Here are the top 6 lenders of 2019! LenderVariable APREligible Degrees Check out the testimonials and our in-depth reviews! 1 Important Disclosures for SoFi. SoFi Disclosures Student loan Refinance:Fixed rates from 3.890% APR to 8.074% APR (with AutoPay). Variable rates from 2.500% APR to 7.115% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.500% APR assumes current 1 month LIBOR rate of 2.50% plus 0.00% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) 2 Important Disclosures for Earnest. Earnest DisclosuresTo qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility. Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product. © 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America. 3 Important Disclosures for Laurel Road. Laurel Road DisclosuresFIXED APR Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. VARIABLE APR Variable rate options consist of a range from 2.75% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.25% to 3.80% for the 5-year term loan, 1.50% to 3.85% for the 7-year term loan, 1.75% to 3.90% for the 10-year term loan, 2.00% to 4.15% for the 15-year term loan, and 2.25% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.75% per year to 6.30% per year for a 5-year term would be from $178.58 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com. 4 Important Disclosures for LendKey. LendKey DisclosuresRefinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution. 5 Important Disclosures for CommonBond. CommonBond DisclosuresOffered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019. 6 Important Disclosures for Citizens Bank. Citizens Bank Disclosures Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2019, the one-month LIBOR rate is 2.50%. Variable interest rates range from 3.00% – 9.74% (3.00% – 9.74% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.89% – 9.99% (3.89% – 9.99% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans?and our FAQs. Should I Refinance My Student Loans?includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.The post Facing Private Student Loan Default? Here Are Your Options appeared first on Student Loan Hero. from https://studentloanhero.com/featured/options-private-student-loan-default/ When my husband was transferred to San Diego in the early 1980s, we knew someone selling a house and entered into a two-year, rent-to-own agreement. In a rent-to-own, the owner promises to sell the property to the tenant within a certain time frame and price. Typically, a portion of the rent paid each month goes toward the purchase price or the buyer’s closing costs. These deals are more common in slow real estate markets when it’s difficult for homeowners to sell outright. They lose appeal in seller’s markets, because they involve increased risk – the tenant may not qualify at the end of the lease period for a mortgage, or may trash the property and leave. In our case, though, everything worked out. We loved the house and neighborhood and closed right on time. BenefitsRenting-to-own allows tenants to “test drive” a house and neighborhood while accumulating their down payment. The agreement stipulates how much of the monthly rent will become rent credits – to be applied to the purchase price. If the home price is $200,000, the landlord may agree to apply 30% of the $1,500 monthly rent as rent credit. At the end of a two-year lease, the rent credit in this case would lower the purchase price of the home to $189,800. The tenant builds equity in the home each month, although they will be paying fairly high rent. Renting-to-own also benefits the seller since any potential capital gains taxes are mostly deferred if the property is an investment property. How Rent-to-Own WorksThe agreement spells out who’s responsible for what, the lease term, and other variables, so read it carefully and consider asking a real estate attorney to review it, too. You’ll also want to talk with a lender before entering into the agreement to find out what you’ll need to qualify for the loan down the road and get an appraisal and inspection. For you to get a mortgage on the home, the lender will have to agree that the base rent was the fair market value and that the option fee you’re paying was actually extra. This is important because if the lender believes the fair market value was higher, then you won’t be able to use that “extra” money for the down payment. The fair market rent will be determined for the lender by an independent appraiser. What’s an Option Fee?Some rent-to-own agreements include an option to purchase, which means you’ll pay an “option fee,” usually 2 – 7% of the purchase price, for the right to purchase the property at a later date. If the tenant exercises that option, the seller must sell the property to the tenant and apply the option fee to the purchase price. If the tenant chooses not to exercise that option, they’ll forfeit the option money. Lease PurchaseOther rent-to-own contracts include an agreement to purchase. This means both parties have agreed on a purchase price, or that the purchase price will be determined with a future appraisal. This is the type of agreement we had in San Diego, which was fortunate because the housing market there was cool at the time and the home we were renting appraised for less. We met with the owner and agreed on a new price. Which option you choose depends on the market where you are renting. In a rising market, a fixed price will allow you to have equity in the home even before making the purchase. In all other market conditions, an appraisal at the time of purchase will ensure you don’t pay more than market value. Who Pays for Repairs?The rent-to-own agreement should cover who is responsible for maintenance and repairs. Often the tenant will pay for small repairs and regular upkeep while large repairs like a leaking roof or structural damage are the landlord’s responsibility. Other CaveatsUnder most rent-to-own agreements, you will lose your monthly rent credit if you pay the rent late – even by a single day. And even if you’re current with your payments, if the landlord doesn’t pay the mortgage, property taxes and insurance payments on the home, it could turn into a foreclosure and you might be evicted. What Sellers Should KnowAs a homeowner, you have a lot of money invested in your property and you’ll want tenants who will take good care of your home. You should find out all you can about your prospective tenants and review their credit report. Under the contract, you should have the right to collect a deposit and first and last month’s rent, and the right to evict your tenant if the rent is not paid. What Tenants Should KnowIf you’re considering a rent-to-own agreement, be sure your credit score will be high enough to qualify for a mortgage by the time the lease expires. If you cannot qualify for a home loan once your lease-to-own agreement is up, you’ll forfeit all of your equity. What Happens at Lease-End?The tenant can buy the home when the lease ends or earlier if they so choose. If they decide to move forward with the purchase, they’ll work with their lender to qualify for a mortgage that covers the remaining purchase price of the property. If the tenant decides not to buy the home, the owner keeps all of the money paid during the lease, including any upfront option fee. The owner could put the house back on the market or find new tenants. Are you ready to start the mortgage process? Contact a Home Loan Expert to get started! The post Is Renting-to-Own a Good Option for You? appeared first on ZING Blog by Quicken Loans. from https://www.quickenloans.com/blog/how-rent-to-own-works |