Two former New Jersey-based mortgage loan originators have been charged with conspiracy to commit bank fraud by the U.S. Attorney’s Office, District of New Jersey according to an announcement by the U.S. Department of Justice (DOJ) and U.S. Attorney Philip Sellinger.
Christopher Gallo has been recognized as a top-producing loan originator, at one point being named Scotsman Guide‘s fourth-ranked LO in America. Gallo previously shared perspectives with HousingWire on his business strategy for 2023 after enduring challenges in 2022. At the time, Gallo was employed by NJ Lenders Corp, which primarily operates in New Jersey, New York and Pennsylvania.
Alongside Gallo, Mehmet Elmas was also named in the complaint, filed by a special agent working under the Office of the Inspector General (OIG) at the Federal Housing Finance Agency (FHFA). The complaint says that Gallo and Elmas were employed by the same company at the time of the alleged offense, with Elmas working as Gallo’s assistant.
Gallo and Elmas have each been released on a $200,000 bond after appearing before a magistrate judge in Newark federal court, the DOJ said.
“From 2018 through October 2023, Gallo and Elmas used their positions to conspire and engage in a fraudulent scheme to falsify loan origination documents sent to mortgage lenders in New Jersey and elsewhere, including their former employer, to fraudulently obtain mortgage loans,” the DOJ alleges.
The pair allegedly “routinely mislead mortgage lenders about the intended use of properties to fraudulently secure lower mortgage interest rates,” adding they “often submitted loan applications falsely stating that the listed borrowers were the primary residents of certain proprieties when, in fact, those properties were intended to be used as rental or investment properties,” the complaint alleges.
The alleged scheme misled lenders about the “true intended use of the properties,” and “Gallo and Elmas secured and profited from mortgage loans that were approved at lower interest rates,” the DOJ claimed.
The alleged conspiracy also included falsifying property records, including “building safety and financial information of prospective borrowers to facilitate mortgage loan approval,” the DOJ alleged.
In a statement, NJ Lenders Corp told HousingWire that it is cooperating with law enforcement as the investigation progresses.
“NJ Lenders is proud of its 33 years of successfully assisting homeowners with integrity and professionalism. We are fully cooperating with law enforcement and the ongoing investigation of two former employees,” said Mark Tabakin, an attorney for NJ Lenders.
“The actions of these former employees appear to have been coordinated to benefit them financially while taking advantage of the reputation and trust of the firm,” he continued. “NJ Lenders’ work will continue uninterrupted as we provide the highest level of service to our clients.”
Gallo originated more than $1.4 billion in loans between 2018 and October 2023, according to the DOJ. When listed as the fourth top-producing LO in 2022 by Scotsman Guide, the publication placed his total volume at $1.175 billion for that year alone. One-third of his loans were purchases, with the remainder being refinances.
“The conspiracy to commit bank fraud charge carries a maximum potential penalty of 30 years in prison and a $1 million fine, or twice the gross gain or loss from the offense, whichever is greatest,” DOJ said.
Gallo joined CrossCountry Mortgage in October 2023, according to NMLS licensing information. His webpage at CCM was taken down on Wednesday, and a spokesperson for the Cleveland-based retail lender did not immediately return a request for comment.
This story has been updated with a statement from NJ Lenders Corp.
FaZe Clan co-owner and uber-successful Youtuber Brian Rafat Awadis, better known as FaZe Rug, is moving up in the world. Or rather, moving out.
Known for his engaging content that spans from pranks to heartfelt vlogs, the YouTube phenomenon — who has a massive following of over 25 million subscribers — set up residence in a ritzy $4.4 million mansion located in Poway, California, a suburb of San Diego.
The purchase came after a stressful time that saw the Youtuber move back in with his parents due to the pressures of his growing fame, seeking comfort during a challenging time.
Now in a much better mental space, the successful content creator is enjoying life in his lavish new digs, often sharing clips filmed inside his two-story mansion. He’s even given his fans a full tour of the sprawling abode, and his followers had nothing but words of support and admiration.
And if one of his hit videos got you wondering where FaZe Rug lives, we have the scoop on the YouTube creator’s impressive Cali home.
Purchased in 2022 for $4.4M
In January 2022, FaZe Rug shelled out $4.4 million for a luxurious estate in the private gated community of The Heritage in Poway, one of the most popular suburbs around San Diego.
Sitting on a 1.04-acre lot, the 6,714-square-foot home is not the only structure on the property. There’s also an attached guest house, a gazebo, and a private sports court, with a total of 10 parking spaces.
The purchase marked a significant upgrade from his previous living arrangements, signaling a fresh start for the content creator. Prior to this, Rug had opened up about the decision to move back in with his parents for a while due to the pressures of his growing fame.
Property specs & amenities
FaZe Rug’s mansion spans a total of 6,714 square feet, featuring seven bedrooms, six full bathrooms, and one half bathroom.
The property, built in 2017, boasts modern amenities and sophisticated architecture that includes Mediterranean and Spanish influences. Highlights of the home include two grand staircases, a fully equipped open-concept kitchen, and a family room that seamlessly transitions into a stunning outdoor living space.
Beyond the basics: Plenty of unique features
What sets FaZe Rug’s house apart are its many playful, unique features, fully displayed during the video tour the Youtuber recorded for his fans.
A wall made entirely of LEGO bricks not only dazzles but hides miniature-themed rooms, providing quirky surprises that echo Rug’s creative and fun-loving personality.
These rooms feature everything from a LEGO spaceship to a tiny treasure trove, making them a hit not just in person but also as fun spots during his video tours.
It has a grand double staircase
Entering Rug’s mansion, you’re greeted by a grand double staircase reminiscent of a scene straight out of “Dynasty.”
This opulent entryway, complete with a sparkling chandelier and modern, airy aesthetics, sets the stage for the rest of the home’s lavish elements. It’s this kind of dramatic flair that gives the house its soap opera-worthy feel — luxurious, inviting, and just a tad over the top.
“The best backyard in the entire world”
FaZe Rug’s mansion is not just impressive on the inside; the outdoor amenities turn his backyard into a true entertainment paradise, making it perfect for both relaxation and hosting epic gatherings — not to mention shooting wildly creative videos.
The centerpiece is a large swimming pool with an integrated spa, perfect for cooling off or enjoying a soak under the California sun. Surrounding this is a luxurious patio area equipped with comfortable seating and an outdoor fireplace, and there’s also a private sports court and a mini golf course complete with a sandpit.
The backyard — which FaZe calls “the best backyard in the entire world — also comes with a full-scale outdoor kitchen, a pizza oven, and multiple fire pits. With breathtaking views of the surrounding mountains as a backdrop, the backyard offers not just fun and games but also a peaceful escape.
Fans were swept away by FaZe Rug’s house
When FaZe Rug shared his new home with his YouTube audience, the reactions were overwhelmingly positive.
Fans praised not only the house’s beauty and FaZe Rug’s taste but also the inspirational aspect of his success. Comments ranged from excitement about future content filmed in the home to personal messages of congratulations, emphasizing how Rug’s journey has motivated others to pursue their dreams.
“Congrats Rug, you deserve this dream house can’t wait to see your future vids at this house you bloody legend love your vids you deserve this house more than anything,” one fan shared.
“This is what happens when you’re humble and filled with gratitude! Stay you always Rug!” another chimed in.
See also: Inside JoJo Siwa’s $3.5 Million Mediterranean-Style Mansion
Netizens who’ve been following FaZe’s content since he first started out have expressed joy for the content creator’s success: “I have literally watched you grow up thru YouTube, this is nuts! Your home is so beautiful!!!! Congratulations Rug, for anyone dreaming big, you will do it. If you’re thinking about it, Just do it! Don’t worry about what anyone thinks, just worry about you and the ones who support you Let’s get it”
The new house’s resemblance to his former digs didn’t go unnoticed
Other fans were quick to point out the house’s resemblance with FaZe Rug’s parents’ house:
“Can we just talk about how the layout of this house is so similar to his parents house?!!! Maybe that’s what makes it feel so homey. Congrats rug it’s well deserved” one fan noted, with another echoing his observation: “It feels homie because the entrance looks like your parents’ house haha. Congrats,” @therealwaseem said.
More stories
YouTube power couple Cody Ko and Kelsey Kreppel list Malibu home — See inside their beach retreat
All the luxe houses MrBeast toured in his “$1 vs $100,000,000 House!” viral video
A look at TikTok stars Nicky Champa and Pierre Boo’s house
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
A hard credit inquiry occurs when lenders look at your credit score after you apply for new credit. This process can temporarily reduce your score by a small amount. Inquiries can stay on your credit report for up to two years, but they typically only impact your score for the first six to 12 months.
If you’re wondering “what is a hard inquiry on my credit?” here’s a quick breakdown: a hard inquiry, also known as a “hard pull,” occurs when a potential lender reviews your credit report after you apply for new credit.
There are two types of credit inquiries: hard inquiries and soft inquiries. Hard inquiries stay on your credit report for up to two years and temporarily hurt your score, while soft inquiries have no impact.
Below, we’ll explore the nuances of hard credit inquiries and explain how credit repair services can help you improve your credit after it takes a hit.
Key takeaways:
Hard credit inquiries will cause your score to briefly dip.
Inquiries will stay on your credit report for 2 years, though they only affect your score for about 12 months.
FICO® will usually lump multiple inquiries of the same type together if they occur within a window of 14 to 45 days.
Table of contents:
What is a hard credit inquiry?
A hard credit inquiry is a formal request by another party to review your credit report. These requests usually come from potential lenders who want to vet your credit history before agreeing to offer you a loan. The process of looking into your credit report generates a hard inquiry.
Creditors do this to check that your credit profile meets their requirements and to look for negative items on your report, like late payments or charge-offs. The more negative items that appear on your credit report, the less likely you are to get approved for new loans or credit cards.
Hard inquiries typically occur when applying for:
Credit cards
Auto loans
Student loans
Personal loans
Mortgages
Apartment rentals
New phone or utility applications
What is a soft credit inquiry?
A soft credit inquiry is a check into your credit report that will not affect your credit score. While hard inquiries are thorough reviews of your credit history, soft inquiries are partial reviews that aren’t as extensive. For example, soft pull credit cards are typically sent in the mail by lenders who’ve already reviewed your report and preapproved you.
Soft inquiries typically occur when:
You access your credit report
You are preapproved for a credit card without request
A potential employer performs a background check
You apply for certain utilities and services
How much does a hard inquiry affect your credit score?
Typically, a single hard inquiry will not majorly impact your credit score. For example, one hard inquiry will usually decrease your credit score by a small amount, such as five to 10 points or less. When thinking about what affects your credit score, keep this in mind: new credit makes up 10 percent of your FICO credit score.
A hard credit inquiry impacts your credit score based on your credit history. FICO will usually lump multiple inquiries of the same type together if they occur within two weeks to 45 days, depending on the exact model being used. But be careful about applying for different kinds of credit in a short time span.
Hard inquiries may have a greater effect on your credit score if:
You have few or no credit accounts
You have a short credit history
You authorize many different inquiries within a short time
When do hard inquiries fall off your credit report?
A hard inquiry will stay on your credit report for two years, though it only usually impacts your credit score for about 12 months. Inquiries within the past six months affect your credit the most.
If your credit history is substantial, a few hard inquiries on your credit report will not likely have a significant impact over the two years they are on your account.
How to remove a hard inquiry from your credit report
Credit bureaus cannot remove accurate, authorized inquiries. However, you can dispute inaccurate information and unauthorized inquiries with the credit bureaus. Federal law will support credit disputes against inaccurate or suspicious information on your credit report.
Here is how you can initiate this process:
Frequently review your credit reports and challenge inaccurate or unfair items. In some cases, unauthorized hard inquiries could signal that you’ve experienced identity theft.
Write letters to credit bureaus. This is one of the first steps in the credit inquiry removal process. List all relevant information about the hard inquiry, including the date it occurred.
Wait for credit bureaus to investigate your dispute. Hard inquiries will be removed from your report if the credit bureau determines that an error has been made, which could help improve your credit.
You can contact the Consumer Financial Protection Bureau for issues concerning your credit reports, including the dispute of a hard inquiry.
Can you avoid hard credit inquiries?
It is difficult to avoid hard credit inquiries if you apply for a loan or credit card. However, hard inquiries generally don’t significantly impact your credit, so don’t let them worry you too much.
If you want to improve your credit after it has been affected by a hard inquiry, consider focusing on the other factors that play a role in determining your credit health. These factors include your payment history, your credit usage, the length of your credit history and your credit mix.
It may be easier to improve your credit by paying your bills on time, monitoring your credit card balances and clearing any collection accounts that may appear on your credit report rather than trying to avoid credit inquiries.
Work to recover from hard inquiries with Lexington Law Firm
Our credit scores can fluctuate vastly over time, but recovering from a hit is possible. Consider using our services to help you challenge inaccurate, unfair or invalid items with Experian®, Equifax® and TransUnion®. We can also help you learn more about responsible credit management to maintain your credit health moving forward.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Brittany Sifontes
Attorney
Prior to joining Lexington, Brittany practiced a mix of criminal law and family law.
Brittany began her legal career at the Maricopa County Public Defender’s Office, and then moved into private practice. Brittany represented clients with charges ranging from drug sales, to sexual related offenses, to homicides. Brittany appeared in several hundred criminal court hearings, including felony and misdemeanor trials, evidentiary hearings, and pretrial hearings. In addition to criminal cases, Brittany also represented persons and families in a variety of family court matters including dissolution of marriage, legal separation, child support, paternity, parenting time, legal decision-making (formerly “custody”), spousal maintenance, modifications and enforcement of existing orders, relocation, and orders of protection. As a result, Brittany has extensive courtroom experience. Brittany attended the University of Colorado at Boulder for her undergraduate degree and attended Arizona Summit Law School for her law degree. At Arizona Summit Law school, Brittany graduated Summa Cum Laude and ranked 11th in her graduating class.
A post-occupancy agreement, also known as a post-closing possession agreement, allows the seller to remain in the property they just sold to the buyer for a set period after closing. This can be a win-win for both parties in some situations, but it comes with major risks for the buyers. I have personally bought many houses with post-occupancy agreements and some worked out great while others ended in a costly eviction. A post-occupancy agreement may be needed in some cases but as a regular home buyer, I would be very careful ever accepting one.
Table of Contents
What is a post-occupancy agreement?
In a typical home sale transaction, the seller and buyer agree to a closing date and time, and possession of the home transfers when that closing takes place. The sellers bring the keys and hand them to the buyers if they are both at closing. Or the buyers can pick up the keys or their agent can give them the keys if both parties are not at the closing table (my preference).
In some cases, a seller may want extra time to move out after closing. They may be waiting for their new house to close, or for a house to be built, or they might just want more time to move. This sounds like a reasonable request for the seller but it can come with major risks for the buyer. This is why I try to avoid post-occupancy agreements if possible.
The video below was a nightmare after a post-occupancy agreement went bad:
What are the risks of a post-occupancy agreement?
Many people have heard the stories on the news of a seller who will not move out of their home are they sell. Almost all of these situations come from post-occupancy agreements. During a typical sale, the buyer does a walk-through of the home to make sure it is clean, all the seller’s stuff is moved out, and the property is in the same condition as when they put a contract on it (unless the contract says otherwise). If there is anything wrong, the buyer can delay or even not buy the home.
When the seller is still living in the home and the buyer closes on it (completes the purchase), they cannot make sure it is clean, all the seller’s stuff is gone, or the seller is out. Some sellers want the money that is in their home but want to stay! If the seller does not leave after a post-occupancy agreement, the buyer cannot simply kick them out, they must go to court and evict them.
An eviction can take months or even years in some states like New York.
Why do I agree to post-occupancy agreements?
I am a real estate investor who works hard to get the best deals I can. I buy a lot of distressed properties that need work and many sellers have unique situations. I also buy from many wholesalers who make deals with sellers that I must agree to. In a perfect world, I would never do a post-occupancy agreement but in some cases, it is a take-it-or-leave-it situation and the deal is good enough for me to take the risk.
I would estimate I have some kind of problem with 30 percent of the post-occupancy agreements I do. For me, it is not as big of a problem as it can be for inexperienced homeowners or people who need to move into the home. I also have a YouTube channel that helps me recoup some of my losses with the crazy situations that occur. I also know how to handle evictions, squatters, and other situations where someone not as experienced could be completely lost on what to do.
How should a post-occupancy agreement be structured
There are also risks with how post-occupancy agreements are structured. Some people just agree to let the seller stay and maybe pay a little rent. The problem with this is there is no motivation for them to move out. When we do a post-occupancy agreement we try to make it painful if the seller does not hold up to their obligations and move.
The post-occupancy agreement should always be in writing and money should be held back in escrow from the seller proceeds. I like to hold back at least $10,000 on houses below $400k and if they do not move by a certain date, I get that $10,000 as the buyer. That may seem like a lot but an eviction and a few months of house payments can eat through that very fast. If you are buying a more expensive home, I would hold back much more.
I have seen many agreements that can be wishy-washy and not work out for either party. Some will charge a per diem if the seller does not move like $200 a day. It can be confusing when they are officially out, and when the dates officially start and proving when they are out. I have seen some people create a lease with rent charged and a deposit. You have to be very careful with this as many states have laws on how much the deposit can be compared to rent, how a deposit is paid back or kept, and the rights of the tenant after the lease is started. It is usually easier to evict a seller who does not move than a tenant with a lease.
Another crazy situation:
Should you agree to a post-occupancy agreement?
If you are a regular home buyer looking for a place to move into, be very careful agreeing to a post-occupancy agreement. I would make sure you love that house and have no other options. If you do agree, make sure there is a large enough penalty to make it worthwhile to you if the seller does not move. You also need to make sure your insurance is set up correctly, there is an agreement for who pays for utilities and there is recourse if the house is damaged during the extra time the seller lives there. It also helps if you have a YouTube channel where you can post crazy stories if something goes bad.
Conclusion
I am okay doing post-occupancy agreements if everything is set up correctly and that is my only option. But even as an experienced investor, I try to avoid them if at all possible. If you happen to live in a state with long eviction timelines I would be really careful agreeing to any post-occupancy agreement.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
As we head into peak home-buying season, signs of life have begun to spring up in the housing market.
Even so, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many.
Moreover, the National Association of Realtors agreed to a monumental $418 million settlement on March 15 following a verdict favoring home sellers in a class action lawsuit. Still subject to court approval, the settlement requires changes to broker commissions that will upend the buying and selling model that has been in place for years.
Housing Market Forecast for 2024
Elevated mortgage rates, out-of-reach home prices and record-low housing stock are the perennial weeds that experts say hopeful home buyers can expect to contend with this spring—and beyond.
“The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024,” said Doug Duncan, senior vice president and chief economist at Fannie Mae, in an emailed statement. “Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast.”
Despite ongoing affordability hurdles, Fannie Mae forecasts an increase in home sales transactions compared to last year. Experts also anticipate a slower rise in home prices this year compared to recent years, but price fluctuations will continue to vary regionally and depend strongly on local market supply.
U.S. home prices declined in January for the third consecutive month due to high borrowing costs, according to the latest S&P CoreLogic Case-Shiller Home Price Index. But prices year-over-year jumped 6%—the fastest annual rate since 2022.
Chief economist at First American Financial Corporation Mark Fleming predicts a “flat stretch” ahead.
“If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won’t yet be just right,” Fleming said in his 2024 forecast.
Will the Housing Market Finally Recover in 2024?
For a housing recovery to occur, several conditions must unfold.
“For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher,” says Keith Gumbinger, vice president at online mortgage company HSH.com. “This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
And, of course, mortgage rates would need to cool off—which experts say is imminent despite rates edging back up toward 7%. For the week ending April 11, the 30-year fixed mortgage rate stood at 6.88%, according to Freddie Mac.
However, when mortgage rates finally go on the descent, Gumbinger says don’t hope they cool too quickly. Rapidly falling rates could create a surge of demand that wipes away any inventory gains, causing home prices to rebound.
“Better that rate reductions happen at a metered pace, incrementally improving buyer opportunities over a stretch of time, rather than all at once,” Gumbinger says.
He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.
Nonetheless, Kuba Jewgieniew, CEO of Realty ONE Group, a real estate brokerage company, is optimistic about a recovery this year.
“[W]e’re definitely looking forward to a better housing market in 2024 as interest rates start to settle around 6% or even lower,” says Jewgieniew.
NAR Settlement Rocks the Residential Real Estate Industry
Following years of litigation, the National Association of Realtors (NAR) has agreed to pay $418 million to settle a series of antitrust lawsuits filed in 2019 on behalf of home sellers.
The plaintiffs claimed that the leading national trade association for real estate brokers and agents “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”
Though the landmark settlement is subject to court approval, most consider it a done deal.
The settlement requires NAR to enact new rules, including prohibiting offers of broker compensation on multiple listing services (MLS), the private databases that allow local real estate brokers to publish and share information about residential property listings. The rule is set to take effect in mid-July, once the settlement receives judge approval.
Moreover, sellers will no longer be required to pay buyer broker commissions and real estate agents participating in the MLS must establish written representation agreements with their buyer clients.
NAR denies any wrongdoing and maintains that its current policies benefit buyers and sellers. The organization believes it’s not liable for seller claims related to broker commissions, stating that it has never set commissions and that commissions have always been negotiable.
How Will the New Rules Impact the Buying and Selling Process?
Per the settlement’s terms, the costs associated with buying and selling a home are set to change dramatically.
“The primary things that will change are the decoupling of the seller commission and the buyer commission in the MLS,” says Rita Gibbs, a Realtor at Realty One Group Integrity in Tucson. “It’s gonna cause some chaos.”
While sellers will no longer be able to offer broker compensation in the MLS, there’s no rule prohibiting off-MLS negotiations. Because of this, Gibbs suspects buyers and sellers will continue offering broker compensation off the MLS.
The Department of Justice confirmed it will permit listing brokers to display compensation details on their websites. However, buyer agents will need to undergo the tedious task of visiting countless broker websites to find who’s offering what.
Michael Gorkowski, a Virginia-based real estate agent with Compass, is also trying to figure out how to manage the potential ruling.
“We often work with buyers for many months and sometimes years before they find exactly what they’re looking for,” Gorkowski says. “So in a case where a seller isn’t offering a co-broker commission, we will have to negotiate that the buyer pays an agreed-upon commission prior to starting their search.”
The Changes Will Impact These Home Buyers Most
“In the short term, it is absolutely going to injure buyers, especially FHA and VA buyers,” Gibbs says. “With rare exception, these buyers are not in a position to pay for their own agent.”
Gibbs says that if sellers don’t offer compensation, many buyers who can’t otherwise afford to pay a broker will choose to go unrepresented.
Gorkowski notes that veterans taking out VA loans face a unique challenge under the new rules. “[P]er the VA requirements, buyers cannot pay so it must be negotiated with the seller for now.”
As a result, NAR is calling on the U.S. Department of Veterans Affairs to revise its policies prohibiting VA buyers from paying broker commissions. Even so, there’s skepticism that the federal government will be able to implement changes in time for the July deadline.
Gibbs and Gorkowski are among the many agents especially concerned about first-time home buyers. After July, first-time and VA buyers will be required to sign a buyer-broker agreement stating that they will compensate their broker—but Gibbs says many won’t have the means to do so.
In this situation, agents would likely only show buyers homes where sellers are offering compensation.
“This is a very troubling situation,” Gorkowski says.
Housing Inventory Forecast for 2024
With many homeowners “locked in” at ultra-low interest rates or unwilling to sell due to high home prices, demand continues to outpace housing supply—and likely will for a while—even as some homeowners may finally be forced to sell due to major life events such as divorce, job changes or a growing family.
“I don’t expect to see a meaningful increase in the supply of existing homes for sale until mortgage rates are back down in the low 5% range, so probably not in 2024,” says Rick Sharga, founder and CEO of CJ Patrick Company, a market intelligence and business advisory firm.
Housing stock remains near historic lows—especially entry-level supply—which has propped up demand and sustained ultra-high home prices. Here’s what the latest home values look like around the country.
Yet, some hopeful housing stock signs have begun to sprout:
Existing inventory is showing signs of loosening as impatient buyers and sellers have begun to accept the reality of mortgage rates oscillating between 6% and 7%.
Home-builder outlook also continues to get sunnier, trending back up amid declining mortgage rates and better building conditions.
The most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which tracks builder sentiment, saw a fourth consecutive monthly rise, surpassing a crucial threshold with an increase from 48 to 51 in March. A reading of 50 or above means more builders see good conditions ahead for new construction.
At the same time, new single-family building permits ticked up 1% in February—the 13th consecutive monthly increase—according to the latest data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development (HUD).
Residential Real Estate Stats: Existing, New and Pending Home Sales
Though some housing market data indicates signs of growth are in store this spring home-buying season, persistently high mortgage rates may hinder activity from fully flourishing.
Here’s what the latest home sales data has to say.
Existing-Home Sales
Existing-home sales came to life in February, shooting up 9.5% from the month before, according to the latest data from the NAR. Sales dipped 3.3% from a year ago.
Experts attribute the monthly jump to a bump in inventory.
“Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, chief economist at NAR, in the report.
Existing inventory rose 5.9%—logging 1.07 million unsold homes at the end of February. However, there are still only 2.9 months of inventory at the current sales pace. Most experts consider a balanced market falling between four and six months.
Meanwhile, existing home prices continue to soar to unprecedented heights, reaching $384,500, which marks the eighth consecutive month of yearly price increases and a February median home price record.
New Home Sales
Sales of newly constructed single-family houses ticked down by a nominal 0.3% compared to January, but outpaced February 2023 sales by 5.9%, according to the latest U.S. Census Bureau and HUD data.
Amid a high percentage of homeowners still locked in to low mortgage rates, home builders have been picking up the slack.
“New construction continues to be an outsized share of the housing inventory,” said Dr. Lisa Sturtevant, chief economist at Bright MLS, in an emailed statement.
Sturtevant notes that declining new home prices are coming amid a recent trend of builders introducing smaller and more affordable homes to the market.
The median price for a new home in February was $400,500, down 7.6% from a year ago.
Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development
Pending Home Sales
NAR’s Pending Homes Sales Index rose 1.6% in February from the month prior even as mortgage rates approached 7% by the end of the month. Pending transactions declined 7% year-over-year.
A pending home sale marks the point in the home sales transaction when the buyer and seller agree on price and terms. Pending home sales are considered a leading indicator of future closed sales.
The Midwest and South saw monthly transaction gains while the Northeast and West saw declines due to affordability challenges in those higher-cost regions.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said Yun, in the report.
Ongoing Affordability Challenges Could Throw Cold Water on Spring Home-Buying Hopes
Though down from its 2023 high of 7.79%, the average 30-year fixed mortgage rate in 2024 remains well over 6% amid rising home values. As a result, home buyers continue to face affordability challenges.
According to data from its first-quarter 2024 U.S. Home Affordability Report, property data provider Attom found that median-priced single-family homes remain less affordable than the historical average in over 95% of U.S. counties.
For one, the data uncovered that expenses are eating up more than 32% of the average national wage. Common lending guidelines require monthly mortgage payments, property taxes and homeowners insurance to comprise 28% or less of your gross income.
At the same time, home prices and homeownership expenses continue to outpace wage growth.
Consequently, the latest expense-to-wage ratio is hovering at one of the highest points over the past decade, according to the Attom report, despite some slight affordability improvements over the last two quarters.
“Affording a home remains a financial stretch, or a pipe dream, for so many households,” said Rob Barber, CEO at Attom.
Pro Tips for Buyers and Sellers
Here are some expert tips to increase your chances for an optimal outcome in this tight housing market.
Pro Tips for Buying in Today’s Real Estate Market
Hannah Jones, a senior economic research analyst at Realtor.com, offers this expert advice to aspiring buyers:
Know your budget. Instead of focusing on price, figure out how much you can afford as a monthly payment. Your monthly housing payment is influenced by the price of the home, your down payment, mortgage rate, loan term, home insurance and property taxes.
Be flexible about home size and location. Perhaps your budget is sufficient for a small home in your perfect neighborhood, or a larger, newer home further out. Understanding your priorities and having some flexibility can help you move quickly when a suitable home enters the market.
Keep an eye on the market where you hope to buy. Determine the area’s available inventory and price levels. Also, pay attention to how quickly homes sell. Not only will you be tuned in when something great hits the market, you can feel more confident moving forward with purchasing a well-priced home. A real estate agent can help with this.
Don’t be discouraged. Purchasing a home is one of the largest financial decisions you’ll ever make. Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.
Pro Tips for Selling in Today’s Real Estate Market
Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage, has this expert advice for sellers:
Research comparable home prices in your area. Sellers need to have the most up-to-date pricing intel on comparable homes selling in their market. Know the market competition and price the home competitively. In addition, understand that in some price points it’s a buyer’s market—you’ll need to be prepared to make some concessions.
Make sure your home is in top-notch shape. Homes need to be in great condition to compete and create a strong “online curb appeal.” Well-maintained homes and attractive front yards are major features that buyers look for.
Work with a local real estate agent. A real estate agent or team with a strong local marketing presence and access to major real estate portals can offer significant value and help you land a great deal.
Don’t put off issues that require attention. Prepare the home by making any repairs or improvements. Removing any objections that buyers may see helps focus the buyer on the positive attributes of the home.
Will the Housing Market Crash in 2024?
Despite some areas of the country experiencing monthly price declines, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.
“[T]he record low supply of houses on the market protects against a market crash,” says Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions, a non-QM lender.
Moreover, experts point out that today’s homeowners stand on much more secure footing than those coming out of the 2008 financial crisis, with many borrowers having substantial home equity.
“In 2024, I expect we’ll see home appreciation take a step back but not plummet,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
This outlook aligns with what other housing market watchers expect.
“Comerica forecasts that national house prices will rise 2.9% in 2024,” said Bill Adams, chief economist at Comerica Bank, in an emailed statement.
Divounguy also notes that several factors, including Millennials entering their prime home-buying years, wage growth and financial wealth are tailwinds that will sustain housing demand in 2024.
Even so, with fewer homes selling, Dan Hnatkovskyy, co-founder and CEO of NewHomesMate, a marketplace for new construction homes, sees a price collapse within the realm of possibility, especially in markets where real estate investors scooped up numerous properties.
“If something pushes that over the edge, the consequences could be severe,” said Hnatkovskyy, in an emailed statement.
Will Foreclosures Increase in 2024?
In February, total foreclosure filings were down 1% from the previous month but up 8% from a year ago, according to Attom.
“These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices,” said Barber, in a report.
Lenders began foreclosure on 22,575 properties in February, up 4% from the previous month and 11% from a year ago. Meanwhile, real estate-owned properties, or REOs, which are homes unsold at foreclosure auctions and taken over by lenders, spiked year-over-year in three states: South Carolina (up 51%), Missouri (up 50%) and Pennsylvania (up 46%).
Despite foreclosure activity trending up nationally and certain areas of the country seeing notable annual increases in REOs, experts generally don’t expect to see a wave of foreclosures in 2024.
“Foreclosure activity is still only at about 60% of pre-pandemic levels … and isn’t likely to be back to 2019 numbers until sometime in mid-to-late 2024,” says Sharga.
The biggest reasons for this, Sharga explains, are the strength of the economy—we’re still seeing low unemployment and steady wage growth—along with excellent loan quality.
Massive home price growth in homeowner equity over the past few years has also helped reduce foreclosures.
Sharga says that some 80% of today’s homeowners have more than 20% equity in their property. So, while there may be more foreclosure starts in 2024—due in part to Covid-era mortgage relief programs phasing out—foreclosure auctions and lender repossessions should remain below 2019 levels.
When Will Be the Best Time To Buy a Home in 2024?
Buying a house—in any market—is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.
Use a mortgage calculator to estimate your monthly housing costs based on your down. But if you’re trying to predict what might happen next year, experts say this is probably not the best home-buying strategy.
“The housing market—like so many other markets—is almost impossible to time,“ Divounguy says. “The best time for prospective buyers is when they find a home that they like, that meets their family’s current and foreseeable needs and that they can afford.”
Gumbinger agrees it’s hard to tell would-be homeowners to wait for better conditions.
“More often, it seems the case that home prices generally keep rising, so the goalposts for amassing a down payment keep moving, and there’s no guarantee that tomorrow’s conditions will be all that much better in the aggregate than today’s.”
Divounguy says “getting on the housing ladder” is worthwhile to begin building equity and net worth.
Frequently Asked Questions (FAQs)
Will declining mortgage rates cause home prices to rise?
Declining mortgage rates will likely incentivize would-be buyers anxious to own a home to jump into the market. Expect this increased demand amid today’s tight housing supply to put upward pressure on home prices.
What will happen if the housing market crashes?
Most experts do not expect a housing market crash in 2024 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.
Is it smart to buy real estate before a recession?
If you’re in a financial position to buy a home you plan to live in for the long term, it won’t matter when you buy it because you will live in it through economic highs and lows. However, if you are looking to buy real estate as a short-term investment, it will come with more risk if you buy at the height before a recession.
The median annual salary for detectives is $52,120 for the most recent year reviewed, according to the Bureau of Labor Statistics.
This can be an exciting career for many people. Is there anything quite as satisfying as solving a big mystery? For anyone who is passionate about putting the puzzle pieces together until they discover the truth, working as a detective could be a dream job.
Read on to learn more about this career path. In addition to how much a detective makes a year, you can find out about the responsibilities and benefits involved.
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What Are Detectives?
Working as a private detective involves searching and piecing together financial, legal, and personal matters to help get to the root of an unanswered question. For example, private detectives can help find missing persons or investigate cybercrimes. Here’s a quick breakdown of some common on-the-job responsibilities that detectives tackle on a daily basis:
• Conduct interviews to help collect information
• Pursue evidence
• Review civil judgments and criminal history
• Plan and execute surveillance
• Search records (court, public, and online).
Some private detectives work for themselves and offer their services to a variety of clients, whereas others work for businesses, like law firms.
Regardless of where one works, being a detective can involve a good number of interviews and interpersonal interaction. For this reason, it may not be a good job for antisocial people. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Detectives Make a Year?
In the early days of their career, detectives can expect to earn less until they gain more experience and a strong reputation for their sleuthing skills. When it comes to entry-level detective work, competitive pay can be fairly low. The lowest 10% of detective earners made less than $33,710 per year.
However, there is considerable room for improvement when it comes to salary for this role. The highest 10% earn more than $92,660 annually. This indicates that it can be possible to earn $100,000 per year as a detective.
Recommended: Work-at-Home Jobs for Retirees
What is the Average Salary for a Detective?
Some detectives earn an annual salary (a median of $52,120), but others earn an hourly wage. How much does a detective make an hour? The median hourly wage is $25.06.
How much someone earns on average working as a detective can vary based on where they live and the industry they work in. When it comes to working in different industries, these are the median annual wages for detectives in a few different industries for the most recent year available:
• Government: $64,220
• Professional, scientific, and technical services: $61,280
• Investigation, guard, and armored car services: $47,280
• Retail trade: $37,290
The state someone works in also plays a big role in their earning potential. The following table highlights how average detective wages can vary by state, with salaries listed from highest to lowest.
What is the Average Detective Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Wisconsin
$68,202
$5,683
$1,311
$32.79
Alaska
$66,013
$5,501
$1,269
$31.74
Massachusetts
$65,834
$5,486
$1,266
$31.65
Oregon
$65,791
$5,482
$1,265
$31.63
New Mexico
$65,593
$5,466
$1,261
$31.54
North Dakota
$65,592
$5,466
$1,261
$31.53
Washington
$65,380
$5,448
$1,257
$31.43
Minnesota
$64,657
$5,388
$1,243
$31.09
Hawaii
$64,277
$5,356
$1,236
$30.90
Ohio
$63,203
$5,266
$1,215
$30.39
Colorado
$62,621
$5,218
$1,204
$30.11
Nevada
$62,417
$5,201
$1,200
$30.01
South Dakota
$61,992
$5,166
$1,192
$29.80
New York
$61,597
$5,133
$1,184
$29.61
Iowa
$61,016
$5,084
$1,173
$29.33
Rhode Island
$60,938
$5,078
$1,171
$29.30
Connecticut
$60,392
$5,032
$1,161
$29.03
Tennessee
$60,347
$5,028
$1,160
$29.01
Vermont
$60,038
$5,003
$1,154
$28.86
Utah
$59,824
$4,985
$1,150
$28.76
Mississippi
$59,304
$4,942
$1,140
$28.51
Delaware
$59,138
$4,928
$1,137
$28.43
Virginia
$58,393
$4,866
$1,122
$28.07
Illinois
$57,890
$4,824
$1,113
$27.83
Maryland
$57,300
$4,775
$1,101
$27.55
New Jersey
$56,643
$4,720
$1,089
$27.23
California
$56,576
$4,714
$1,088
$27.20
Louisiana
$56,450
$4,704
$1,085
$27.14
Pennsylvania
$56,431
$4,702
$1,085
$27.13
Nebraska
$56,157
$4,679
$1,079
$27.00
Kansas
$55,812
$4,651
$1,073
$26.83
Missouri
$55,599
$4,633
$1,069
$26.73
Maine
$55,350
$4,612
$1,064
$26.61
South Carolina
$55,077
$4,589
$1,059
$26.48
New Hampshire
$54,828
$4,569
$1,054
$26.36
Oklahoma
$54,383
$4,531
$1,045
$26.15
Idaho
$54,051
$4,504
$1,039
$25.99
Wyoming
$54,049
$4,504
$1,039
$25.99
North Carolina
$53,940
$4,495
$1,037
$25.93
Texas
$53,624
$4,468
$1,031
$25.78
Indiana
$53,401
$4,450
$1,026
$25.67
Arizona
$52,297
$4,358
$1,005
$25.14
Kentucky
$52,131
$4,344
$1,002
$25.06
Michigan
$51,864
$4,322
$997
$24.94
Montana
$51,509
$4,292
$990
$24.76
Alabama
$50,866
$4,238
$978
$24.46
Arkansas
$49,398
$4,116
$949
$23.75
Georgia
$47,386
$3,948
$911
$22.78
West Virginia
$43,583
$3,631
$838
$20.95
Florida
$41,937
$3,494
$806
$20.16
Source: ZipRecruiter
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Detective Job Considerations for Pay & Benefits
Detectives who work for businesses such as large corporations or law firms on a full-time basis often receive employer-sponsored benefits as a part of their compensation package. These benefits can include paid time off, retirement accounts with employer contribution matches, and health insurance.
However, many detectives work on a part-time basis or are self-employed and then are on the hook for supplying their own benefits which can be quite expensive.
Recommended: The Highest Paying Jobs in the US
Pros and Cons of Detective Salary
Detectives can earn a very good salary, and the work can be very interesting.
However, the tradeoff may not be worth it for some. Working as a detective often involves long and varied hours due to the nature of their work — especially when they are conducting surveillance. Some people may find that working on weekends, nights, or holidays isn’t worth the salary. It simply may not align with their career goals and the desired work-life balance.
The Takeaway
Skilled detectives stand to earn a lot of money (close to six figures) as they work their way up in their industry. This can be a very exciting, but also extremely demanding role.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
Can you make 100k a year as a detective?
It is possible to make $100,000 a year or more as a detective. The top 10% of earners in this field make $92,660 or more per year. As a detective gains years of experience and improves their skills, they can expect to earn more competitive pay.
Do people like being a detective?
Many people pursue a career as a detective because they are passionate about the work they do and enjoy a lot of satisfaction from their job. It’s worth noting that this job can require a lot of personal interactions and may not be the best fit for anyone who is antisocial.
Is it hard to get hired as a detective?
Getting hired as a detective can be competitive, but there is currently anticipated to be 3,800 openings for private detectives each year until 2032. There is also a projected 6% growth in employment opportunities, so someone with the right qualifications should be able to find a job in this field.
Photo credit: Andrii Lysenko
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Call it the Yellowstone effect, but ranch living is definitely having a moment.
In recent years, countless homebuyers seeking a blend of luxury, privacy, and a closer connection to nature have opted for rural properties that offer more bang for your buck — and a tranquil lifestyle that promises less fuss and more rewards.
This trend has not gone unnoticed in the celebrity world, with notable figures like Donald Glover, Kelis, and even Calvin Harris (who ventured as far as Ibiza to secure a 183-acre farm) embracing the ranch lifestyle.
And now, there’s a new option on the market for prospective buyers seeking to own a piece of rural California.
The Green Acre Ranch — a nearly 20-acre property in Somis, California with mini-horse stables and over 1,500 income-producing fruit trees — has just been listed for $7.35 million, presenting a unique blend of luxury ranch living and lucrative agricultural potential.
Rochelle Maize and Myra Nourmand of Nourmand & Associates hold the listing, and they’ve given us all the deets on this unique opportunity.
Like Fancy Pants Homes’ content? Be sure to follow us on MSN.
An income-producing ranch
Located conveniently an hour’s drive from Los Angeles and a stone’s throw from the charming towns of Camarillo and Moorpark, the Green Acre Ranch offers a perfect retreat for those wanting proximity to the city while enjoying the tranquility of the countryside.
The property spans 20 acres and is adorned with 1,500 matured avocado, pomegranate, and lemon trees, which have historically turned a profit, generating $72k and $84.5k in revenue in 2023 and 2022, respectively.
The estate boasts an array of features designed to cater to the luxury-minded homeowner with a penchant for outdoor living.
From a long gated driveway lined with roses to a swimming pool and a large pond that mirror the property’s serene setting, each detail has been curated to enhance the ranch’s natural beauty and its panoramic views of the valley.
The sprawling property has a charming, Mediterranean-style home that allows guests and residents to soak in the picturesque canyon views from nearly every room of the house.
“The estate is set away from the street, which gives the homeowner ultimate privacy,” listing agent Myra Nourmand tells us.
See also: Is the Yellowstone ranch real? We found the Dutton ranch in real life
Inside the 5-bedroom home
Featuring 5 bedrooms, 5 bathrooms, an inviting eat-in kitchen, and a showstopping Spanish-tiled staircase, the interiors draw you in as much as the idyllic surroundings.
Built in 2008, the house features tile, wood, and stone flooring with two fireplaces adding to the coziness of the home. And the rooms are as grand and impressive as the rest of the property.
The heart of the home
The great room stands out as the property’s crown jewel, providing breathtaking views of the expansive yard and the canyon beyond.
As Myra Nourmand highlights, the ranch offers vistas on par with those found in Italy, creating a scenic backdrop that could rival scenes from “The Sound of Music.”
“The Green Acre Ranch’s views are truly magnificent,” agent Myra Nourmand tells us. “I’ve traveled extensively across Europe and can say that this property is on par with the views found in Italy. As you walk through the property’s French doors, it’s like you’re in “The Sound of Music” with these stunning views of the hills and canyon.”
A rich historical tapestry
The Green Acre Ranch carries a storied past with Hollywood connections, having been a preferred gathering spot for musicians at the behest of previous owner Mary Hollander.
Mary Hollander directed and produced for the Sagamore Players, a local theater troupe, often staging shows in her home. Her husband, Max Hollander, was a violinist in the early 1940s and he was an associate concertmaster for the NBC Symphony Orchestra led by Toscanini.
According to our sources, Hollander used to have parties at the property where all these Hollywood musicians would come up on the first Sunday of the month. The ranch’s Hollywood legacy, coupled with its robust agricultural potential, makes it a property with both charm and investment value.
It has an orchard with 1,500 fruit trees
Rochelle Maize emphasizes the ranch’s vast outdoor amenities, including an 11-stall horse stable, a luxurious BBQ pavilion, and the possibility to add more facilities such as sports courts or additional animal shelters.
The property also boasts an orchard of 1,500 fruit trees, including avocado, orange, lemon, guava, grapefruit, pomegranate, and more, offering a trove of California produce just moments away. With this much land, prospective buyers can cultivate a vineyard, build sports facilities like a pickleball court, or construct more animal shelters and barns for pigs, ducks, or goats. All animals are welcome!
The property’s orchard not only enhances its appeal but also offers a sustainable living option by allowing homeowners to cultivate a variety of fruits.
See also: Sandra Bullock sells 91-acre compound with organic avocado, citrus orchards
Stables for mini-horses
Possibly the most charming amenity is reserved for the equestrian enthusiast, as the property can easily be turned into a miniature horse farm.
An 11-stall miniature horse stable stands ready to accommodate small equine companions, with the flexibility to convert for full-size horses.
There’s even a private pond
In line with the whole “trading the city life for quiet ranch living”, this particular luxury listing comes with both the traditional pool AND a cute little pond.
The tranquil private pond adds a touch of whimsy to the landscape, offering a serene backdrop for entertainment and relaxation.
See also: Suzanne Somers’ beloved 28-acre Palm Springs retreat re-lists for $8.95 million
Located in Somis, California
“Somis is conveniently located just an hour’s drive from Los Angeles, making it ideal for someone who seeks a quiet and relaxing retreat but still wants to be close to city life,” listing agent Rochelle Maize says in an exclusive quote for Fancy Pants Homes.
“Situated amidst the charming towns of Camarillo and Moorpark each just a short 15–20-minute drive away, residents and visitors alike can enjoy outlet malls, scenic hiking trails, and country club golf courses. The town of Somis itself is ripe with neighboring farms and nurseries that provide fresh local fruits, vibrant flowers, and delicious nuts, adding to the area’s idyllic rural charm.”
A multifaceted opportunity
Beyond its enchanting living spaces and outdoor amenities, the ranch serves as a fully functional farm.
The previous owner leveraged the orchard’s produce to create a line of kitchen and bath products, from gourmet balsamic vinegar, including fig and pomegranate flavors, to avocado soaps, body scrubs, and body lotions, showcasing the estate’s versatility and entrepreneurial potential.
The Green Acre Ranch is more than just a home; it’s a lifestyle choice for those seeking privacy, luxury, and the opportunity to live off the land, all within reach of Los Angeles.
As the trend towards ranch living grows among celebrities and luxury homebuyers alike, this listing represents a rare chance to own a piece of California’s coveted rural lifestyle.
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It seems the cruise lines are all trying to outdo each other by seeing who can build the biggest ship with the most bells and whistles. However, bigger is not always better. Some ports can’t fit the mega ships or accommodate the large number of passengers they bring with them. Other times, the cruise is all about the itinerary and not the ship.
That’s the case with the Celebrity Millennium, the namesake of Celebrity Cruises‘ Millennium class of ships which also includes the Infinity, the Constellation, and the Summit.
All four ships are on the smaller side when compared to Celebrity’s Solstice and Edge class ships, and they don’t have all of the latest and greatest amenities, but they’re very adequate, especially for port-intensive itineraries in Asia.
Celebrity Millennium overview
The Millennium is an older ship, with its maiden voyage taking place on July 1, 2000. However, in 2019 it received an extensive upgrade as part of Celebrity’s fleet-wide modernization effort, which cost the cruise line more than $500 million. The Millennium currently has a guest capacity of 2,218 with 11 guest decks.
The ship’s home port is in Tokyo, and it has spent the past few seasons sailing itineraries around Asia, notably taking passengers to various ports of call in Japan. It will remain there at least through the 2025-2026 season.
Unlike some cruise ships, the Millennium spends a lot of time in port, visiting up to eight ports on a 12-night itinerary. This means the ship is more often a place to eat and sleep when you’re not out exploring, instead of a destination itself — the onboard entertainment options are just an extra bonus.
Millennium accommodations
There are a total of 1,109 staterooms on the Millennium, and 58% of them feature a veranda. There are 10 different room types from which to choose — they range from luxurious suites to concierge-level rooms to basic interior staterooms.
The photo below shows a veranda stateroom on Deck 6, with 170-square feet of space and a 38-square foot balcony. The large bed can also be separated into two twin beds if needed. In addition to the area pictured, the room also features a refrigerator, drawers, a closet and a safe.
The veranda room also comes with a small desk area near the sliding glass balcony door. The desk features several outlets for charging your electronics: two American-style outlets, two USB-A ports and one European-style outlet. There are additional outlets near the bed.
A small bathroom features a walk-in shower along with a toilet and vanity.
The balcony was set up with two chairs and a small table, and included dividers on each side for privacy from the neighbors.
🤓Nerdy Tip
Bring a small clock with you if you’re sailing on the Millennium. There isn’t one in the room, and it’s nice to know what time it is without having to pull out your phone.
Millennium cabin types
In addition to the veranda stateroom described above, the Millennium has several other room types:
Inside cabins and ocean view staterooms: These rooms provide 170-square feet of space and either no windows or a porthole window with ocean view, but no balcony.
Concierge Class staterooms: Concierge class rooms come with a veranda and are slightly larger at 209-square feet. These rooms have a dedicated concierge and provide passengers with access to exclusive events.
Aqua Class staterooms: For those interested in a wellness-focus, these rooms come with a veranda, premium bathroom amenities, complimentary fitness classes, access to the Persian Gardens thermal suite and complimentary dining at Blu, a “clean cuisine” restaurant solely for Aqua Class passengers.
The Retreat: This exclusive section on the ship is reserved for four different types of suites. The cabins are larger — two penthouse suites clock in at 1,432-square feet each — and guests have access to a private lounge and sundeck as well as a dedicated restaurant, Luminae. In addition to the two penthouse suites, there are 48 smaller suites on offer.
Dining on the Celebrity Millennium
The Celebrity Millennium is a bit of a throwback to the days where the main dining room was the main attraction, with the Metropolitan dining room taking center stage. However, there are several other dining options on board, ranging from a buffet to specialty restaurants that cost extra.
Metropolitan dining room
The Metropolitan dining room is the main dining venue on Decks 4 and 5. The lower deck offers anytime seating where guests can come and go when they want. The seating on Deck 5 is divided into early and late seating, where passengers show up for meals at a set time.
Parts of the restaurant are open for breakfast, lunch, and dinner and the dinner menu changes nightly. Dining in the main dining room is included in the cruise fare.
The Oceanview Café
The Oceanview Café is the buffet on Deck 10 that has a variety of food stations to choose from.
The Oceanview is open for all meals and for late-night pizza. The offerings change daily for lunch and dinner, while the breakfast menu stays pretty much the same.
The Oceanview is also where many special events happen, like special Christmas and New Year’s buffets.
Other free dining venues
Other free dining venues on the Millennium include:
Café al Bacio on Deck 5 has coffee drinks, both boozy and traditional, as well as a case with breakfast pastries in the mornings and desserts all day.
Spa Café on Deck 10 in the Solarium has healthy dishes for free and a juice/smoothie bar (which you have to pay for unless you have a premium or non-alcoholic drink package).
The Mast Grill is near the outdoor pool and has grilled hamburgers, veggie burgers, turkey burgers and hot dogs. It’s also the place to get great French fries that are perfect to eat while getting some sun near the pool.
Restaurants for Aqua Class and Retreat passengers
There are also two restaurants that are exclusively for those staying in certain cabin types.
Luminae on Deck 4 is for guests staying in suites in The Retreat. It is always open for breakfast and dinner and serves lunch on days at sea.
Blu is on Deck 5 and is for guests staying in AquaClass cabins. It is open for breakfast and dinner.
Specialty dining restaurants
The Celebrity Millennium also has four specialty dining venues that either have a prix fixe menu or a la carte fare:
Le Petit Chef at Qsine combines food, entertainment and 3D mapping to create a unique dinner show experience.
The Tuscan Grille is a combination of an Italian restaurant and a steakhouse.
Sushi on Five is exactly what it says it is, a sushi restaurant on Deck 5.
The Gelateria is also on Deck 5 and serves gelato charged by the scoop.
🤓Nerdy Tip
If you want to dine at all of the specialty dining restaurants, a specialty dining package can save you some money instead of paying each cover charge separately.
Bars and lounges
As with any cruise, there’s no shortage of places to partake in a cocktail or enjoy a glass of wine. Drinks and lounges are available on each deck, and you can carry drinks from place to place.
The Sky Lounge is located on Deck 11 and features great ocean views as well as music and dancing after dark.
Cellar Masters is on Deck 5 near the Metropolitan Restaurant. Wine is the specialty here and they serve vintages that are not available at other bars.
🤓Nerdy Tip
Make sure you understand the pricing limits if you have a drink package. The classic drink package includes most items up to $10. The Premium package includes items up to $17. If you order something that costs more than your package limit, you will have to pay the difference.
At the Martini Bar and Crush on Deck 4, bartenders put on a show for guests while constructing complicated drinks, all atop an ice-covered bar.
The Rendezvous Lounge is on Deck 4 near the lower level of the Metropolitan Restaurant. It’s a great spot for a pre-dinner cocktail or after-dinner dancing.
The Sunset Bar is also the outside seating area for the Oceanview Café on Deck 10. It’s a great place to watch the wake when the ship is sailing or catch some live music in the evenings.
Public areas
The Celebrity Millennium is one of the line’s smaller ships. There is a main atrium area that runs through Decks 3, 4 and 5.
If you need to visit guest services or the shore excursion desk, both are in this central area on Deck 3.
The Theater spans Decks 4 and 5. During most cruises, there are several shows featuring singers, dancers and aerialists as well as other shows with musicians and comedians.
The Casino is on Deck 4. It is closed while in port, but open when at sea. There are plenty of slot machines, roulette wheels, blackjack tables and more.
Pools and outdoor venues
The Celebrity Millennium has two main pools. One is outdoors and for all ages. The other, dubbed The Solarium, is indoors and for adults only. Both are on Deck 10.
The main pool has chairs situated around its perimeter. Some are in the sun while others are under cover. There are also several hot tubs passengers can use here. A dual-purpose jogging and walking track circles the pool up on Deck 11.
The Solarium is near the front of the ship and features a relaxing waterfall. The Spa Café is nearby, as well as the entrance to the spa itself.
Sports decks
A multipurpose sports court is located on Deck 12. At times, it’s used as a basketball court, while other times it is for pickleball.
There are also nearby cabanas for taking a break between games.
The Rooftop Terrace
Above the Sunset Bar on Deck 12 is the Rooftop Terrace, a space with cabanas, comfortable chairs and an outdoor movie screen.
Shopping
Shopping is not a big focus on a smaller ship like the Celebrity Millennium, but there are a few shops on Deck 5. You can find necessities like toiletries, as well as indulgent items like jewelry.
Celebrity Millennium recapped
The Celebrity Millennium may not be the newest or biggest cruise ship, but it’s an adequate vessel for port intensive itineraries like Asia, where it will be sailing at least through the 2025-2026 season.
If you’d like to sail on the Millennium, itineraries range from 11 to 14 nights and may include stops in Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam.
Top photo by Tiffani Sherman.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
Looking for the best jobs that help people? Whether you are looking for a full-time job or a way to make extra income, there are many ways to make money by helping others. Picking a job that matches what you want to achieve personally and lets you help others can feel really good. In lots…
Looking for the best jobs that help people?
Whether you are looking for a full-time job or a way to make extra income, there are many ways to make money by helping others.
Picking a job that matches what you want to achieve personally and lets you help others can feel really good. In lots of different fields, jobs where you can help people have become very popular.
Whether it’s teaching, counseling, healthcare, or responding to emergencies, each job lets you change someone else’s life for the better. If you like the idea of helping out your community and giving assistance to those who need it, there are plenty of rewarding jobs that might be right for you.
Now, that doesn’t mean the jobs below are easy. While you may feel good knowing that you are helping people, many of these jobs are very hard. But, you will know that you are truly helping people and changing the world for the better.
30 Best Jobs That Help People
Below are 30 full-time and part-time jobs helping others in crisis, in your community and at homes.
1. Social worker
If you’re someone who likes to help others, becoming a social worker might be the perfect job for you. Social workers support people who face challenges in their lives. This could mean working with children, families, or even whole communities.
Social workers might work in schools, helping kids and families get through tough times, or in hospitals guiding patients through health challenges.
2. Teacher
A teacher’s job is about more than just giving lessons. The job is to guide and help students understand new information. When you teach, you make a real difference in the lives of your students.
Teachers work in different settings, such as at a public school, private institution, or even provide one-on-one education as a tutor. Some teachers work online too, which is a great option if you’re looking for more flexibility.
You can choose to become a kindergarten teacher, high school teacher, college instructor, or anything in between.
Recommended reading: 36 Best Side Jobs for Teachers To Make Extra Money
3. Nurse
Nurses play an important role in healthcare, helping people feel better and stay healthy.
I have met so many amazing nurses in my life, and it is such a helpful career path. I still very much remember all of the wonderful nurses who helped me when I was in the hospital giving birth to my daughter – these nurses were amazing and helped me so much, and I truly felt like they cared.
Nurses can work from home, in a hospital, or even in a law firm. A similar career path where you can help people is to become a nurse practitioner, with a higher salary and extra responsibilities.
Recommended reading: 27 Best Side Hustles For Nurses To Make Extra Money
4. Personal trainer
If you like staying active and want to help others, becoming a personal trainer could be a great fit for you.
As a personal trainer, you’ll get to work with people every day, helping them achieve their fitness goals. It’s not just about showing exercises; it’s about motivating and guiding people to live healthier lives.
Here are some of the things that personal trainers do:
Create workout plans.
Show people how to exercise correctly.
Keep track of a client’s progress.
Teach clients about healthy lifestyle choices.
Personal trainers are found in places like gyms, fitness centers, and sometimes they can even come to your home. Some trainers lead group classes, while others give one-on-one sessions.
5. Occupational therapist
An occupational therapist (OT) helps people of all ages do different activities that are important for their daily lives, work, school, and leisure. Some examples of occupational therapy include:
Dressing – OTs help individuals in selecting appropriate clothing and developing strategies to independently dress themselves.
Eating – OTs may recommend adaptive equipment or techniques to help individuals with feeding difficulties.
Household chores – They provide strategies to make household chores more manageable for individuals with physical or cognitive limitations.
Job tasks – OTs help individuals develop skills and strategies to perform job duties effectively and safely.
Community integration – They support individuals in participating in community events, clubs, and social gatherings.
As you can see, OTs help people in so many ways.
They work in places like hospitals, schools, or even patients’ homes are common spots for occupational therapists.
6. School counselor
School counselors play a big part in guiding students toward their future.
They help with class schedules, give advice, or plan big steps like going to college or finding a job. This job is important because school counselors help students do their best and feel good about themselves.
They also help in other ways, such as helping students who are going through a hard time in life, like helping them with handling a mental health issue or even dealing with the passing of a parent. They are very much needed in all schools!
7. Substance abuse counselor
Substance abuse counselors help people fight addiction and get their lives back on track. Their job is important because they guide people through tough times, showing them how to stay away from drugs or alcohol and live a healthier life.
They meet with people and listen to their stories, teach them new ways of dealing with problems without using substances, and support them as they make changes to better their lives.
8. Physician
Being a doctor is a way to make a big impact in your community, as everyone knows.
Depending on the specialty, they can check your health, find out what’s wrong when you’re sick, and give you the right medicine to help you feel better.
Doctors are important because they help us when we’re sick and also keep us healthy. They listen to our concerns, offer comfort, and provide treatments. This makes a big impact on many people’s lives every single day.
9. Lawyer
A lawyer’s main job is to protect the legal rights of their clients. This means giving advice based on the law and, sometimes, defending your client in court.
A lawyer might work at a large law firm, for businesses, or for everyday people with different problems. Lawyers tend to specialize in one area of law, like helping injured people, family issues, working with businesses, traffic tickets, and so on.
10. Paramedic
Paramedics are the people who arrive first when there’s a medical emergency.
Their job is to take care of people who are hurt or very sick, right there on the spot or while they’re on the way to the hospital for further treatment. They give first aid and other medical care, stay calm under pressure, and drive an ambulance if needed.
11. Firefighter
Firefighters are trained to fight fires and keep people, buildings, and nature safe. They rescue people and animals from burning buildings, help at accident scenes, and teach the public about staying safe from fires.
This is a tough job that every community needs.
12. Nutritionist
If you like helping people and love everything about food and health, think about becoming a nutritionist! A nutritionist is someone who helps people eat better and live healthier lives.
A nutritionist is a health expert who knows a lot about food and how it affects our bodies. They look at what people eat, their health goals, and make personalized plans to help them eat better. Nutritionists teach people about healthy eating, help with meal plans, and give support to make lasting changes in lifestyle.
They work in different places like schools, hospitals, or their own offices to help people be healthier through good nutrition.
13. Pediatric sleep consultant
Getting enough sleep is super important for babies and their parents. But sometimes, parents have trouble making sure their baby sleeps well.
This can lead to some parents getting nearly no sleep, and it impacts their life, their job, and their mental health.
That’s where pediatric sleep experts come in handy. They know a lot about helping kids sleep better, which helps families have better nights. If you really like working with kids and want to help them, becoming a sleep coach could be a great career option for you.
This is an area that so many parents need so that they can continue living their lives.
For me, I have taken many tips from pediatric sleep consultants so that I could help my child sleep better, and so that I in turn could get sleep as well. These were life-changing tips!
Recommended reading: How To Become A Sleep Consultant And Make $10,000 Each Month
14. Dentist
Dentists work with teeth and gums, and they help keep your mouth healthy as well as fix problems when they come up.
If you have a cavity, they can fill it. Or if you have something more serious, they can fix it too. Dentists tell you how to take care of your teeth so you can keep them strong and avoid future problems.
15. Psychologist
Psychologists help people deal with their feelings and thoughts by listening to people and understanding their problems. They work in schools, offices, and sometimes even online.
They ask questions, do tests, and figure out the best way to help people feel better.
16. Police dispatcher
Being a police dispatcher is an extremely important job that helps people in crisis.
Dispatchers have an important job in keeping communities safe and making sure everything runs smoothly. They answer emergency calls when you call 911 and send out the right help.
17. Police officer
Police officers in law enforcement keep areas safe by stopping crime and making sure laws are followed. They patrol the streets, keep an eye out for any trouble, and if someone calls for help or there’s an accident, police officers are the first to arrive.
A police officer’s work is very important for everyone’s safety. They are trained to handle many kinds of situations.
Some police officers have a degree in criminal justice, but not all have college degrees.
18. Massage therapist
Massage therapists use their skills to help relax tight muscles and ease pain. They work in many places like spas, hospitals, or sports centers.
This is a career path where you can make others feel physically better, relieve stress, and feel relaxed.
19. Speech and language therapist
Speech therapists (also known as speech-language pathologists) help people of all ages overcome difficulties with communication, as well as swallowing disorders.
Speech therapists work with children and adults who face challenges with speaking and understanding others, help those who have trouble eating or swallowing due to health issues, and create fun and engaging exercises to improve clients’ speech and language skills.
Many, many people use speech-language pathologists these days, especially for young children, and it is such a needed career path right now. Many cities have very long waitlists because there simply are not enough speech therapists, so this can be a very helpful career choice to get into.
20. Rehabilitation specialist
Rehabilitation specialists give support to those who need a little extra help due to health troubles like injuries or mental health challenges.
A day in the life of a rehabilitation specialist could include working with kids or adults, helping them with their skills to live a good life (kind of like teaching and cheering on someone as they learn or remember how to do important daily stuff).
These jobs are often found in places like hospitals, private clinics, or community centers.
21. Caregiver
Caregiving roles are very important careers that help people who really need it.
Caregivers play an important role in the lives of those who need help due to age, sickness, or disability. They provide support and company, making a real difference every day.
Caregivers do things like cook meals, drive people places, or just talk to make someone’s day brighter.
22. Home health aide
A home health aide is somewhat similar to a caregiver. Caregivers and home health aides both help people who need support with daily activities because of sickness, disability, or getting older. However, caregivers usually do a wider range of tasks like keeping people company, driving people places, cooking, and doing chores.
Home health aides focus more on personal care, such as helping with bathing, dressing, and reminding about medications. Home health aides often get formal training and might work under a nurse or another healthcare worker, while caregivers might not have formal training and often work on their own or for agencies.
Home health aides have an important job where they help people who need extra care to live comfortably in their homes. People like seniors or those with disabilities count on them to be there for them.
23. Translator
Translators connect people who speak different languages, and this job is important because they help people understand each other.
Translators work in many places. Some work in hospitals, making sure doctors and patients understand one another. Others translate books or websites, so everyone can enjoy stories or information, no matter what language they speak.
Many translation jobs let you work from home. Some jobs are full-time, and some are part-time. You can find what fits your life.
Recommended reading: 28 Ways To Get Paid To Text And Make Money
24. Environmental engineer
Environmental engineers figure out how to keep nature clean and safe. They sometimes work on projects that prevent pollution or create plans to fix damage that’s already been done, like cleaning up oil spills.
25. Pharmacist
Pharmacists know all about medicine, fill doctors’ prescriptions for patients, and explain how to take the medicine safely. This is a job that helps people because people need medicine in order to feel better.
Pharmacists work in pharmacies, drugstores, clinics, and hospitals.
26. Optometrist
Optometrists are eye doctors that help people see better. They check your eyes, find out if you need glasses or contacts, and can spot eye troubles before they become a bigger issue.
Eyes are important, of course, and so this is a job that definitely helps people.
27. Midwife
Becoming a midwife might be a great job for you if you enjoy helping people and have an interest in healthcare. Midwives are healthcare professionals who help women before, during, and after they have a baby.
Midwives work in different places, such as in a hospital, in a clinic, or visiting moms at their homes.
I had a midwife and doctor team for my pregnancy, and the midwife was amazing. She made me feel comfortable and was very friendly and calming.
28. Conservationist
Conservationists get to spend their days outdoors, helping plants and animals survive and stay healthy. They research and learn about different species and find ways for humans to live alongside them without causing harm.
The planet is home to incredible animals and places, but some are at risk. Conservationists help protect these natural wonders and make sure there are plenty of wild areas for animals to thrive in. They also work to keep the air and water clean for everyone to enjoy.
29. Dental hygienist
Dental hygienists are important in preventing and treating oral diseases. It’s more than just cleaning teeth.
They also teach patients how to take care of their mouth, show them the right way to brush and floss, and help them understand why oral health is so important.
30. Blogger
Okay, so I realize that this option is not like any of the rest.
But, I have personally helped thousands of people over the years with my blog, so I think being a blogger definitely helps people. I have received many emails and letters from readers who have said that I helped them pay off their debt, stop living paycheck to paycheck, reach retirement, and more.
With a blog, you can help people understand different topics, learn actionable tips, get motivated to reach their goals, and more.
If you enjoy writing and sharing stories or expertise, becoming a blogger might be right up your alley. A blogger creates content for a blog, which is an online space for posting thoughts, knowledge, and insights.
Your blog can become a helpful resource on topics you’re passionate about. Whether it’s cooking, personal finance, or even traveling, your words could be valuable to someone else.
I started Making Sense of Cents back in 2011. Since then, my blog has made over $5,000,000.
I didn’t plan to make money when I started the blog. It was just a way for me to keep track of my own money journey. At first, I didn’t even know people could make money from blogging or how to make a successful blog!
But after only six months, I started earning money from my blog.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Frequently Asked Questions
Below are answers to common questions about how to find jobs that help people.
What is the best career to help others?
The best careers to help others include becoming a social worker, teacher, nurse, therapist, counselor, and firefighter.
What job helps people with their money?
Financial planners or advisors help people manage their money effectively. They provide advice on investments, savings, and budgeting to help individuals achieve their financial goals and secure their future financial stability.
What job can I do to make people happy?
Many of the jobs above can help people become happy, such as being a teacher, personal trainer, school counselor, nutritionist, pediatric sleep consultant, psychologist, and massage therapist.
What are some jobs that help people’s mental health?
Mental health counselors and therapists give support and treatment to people dealing with mental illnesses. They play an important part in improving their clients’ emotional and psychological well-being.
What are some creative jobs that help others?
Art therapists help people deal with stress, trauma, or sickness by using creative activities. They combine the healing power of art with counseling techniques to support healing and personal development.
What are jobs that help people in crisis?
Jobs that help people in crisis include substance abuse counselors, social workers, registered nurses, and art therapists.
What are jobs helping others without a degree?
A bachelor’s degree, master’s degree, or doctoral degree is not required for all jobs that help people. For example, home health aides and personal care aides help people with daily tasks and give companionship. Typically, formal education is not required, but training and a caring personality are important to actually help people.
Best Jobs That Help People – Summary
I hope you enjoyed this article on the best jobs that help people.
When you think about jobs that help others, you might think of social work or healthcare right away.
But there’s a wide range of options, including jobs in teaching, therapy, public service, and even technical fields like translation or environmental engineering.
Each of these jobs is important for making our community better and healthier, often by working directly with people to make their lives better. These roles give more than just a paycheck – they give you the satisfaction of knowing that your work helps people outside of the office too.
What do you think are the best jobs that help people and pay well?
Some federal student loans can indeed be forgiven after 20 years. Borrowers can access forgiveness through income-driven repayment (IDR) plans and other options. These programs can make a significant difference for those who are working their way through their debt and the stress that can accompany it.
In fact, in January 2024, the Biden administration revealed that it successfully canceled nearly $5 billion in student debt for 74,000 borrowers. Of these borrowers, 30,000 received forgiveness under an IDR plan.
Getting your loans forgiven through this process isn’t as immediate and sweeping as what President Biden had originally proposed (more on that in a moment) to assist those with student debt. However, the new program effectively forgives student loans after 20 years. Here’s what to know about IDR plans and other paths to student loan forgiveness.
Forgiveness With Income-Driven Repayment Plans
First, to address what you may have heard about on the news: Yes, the Supreme Court decided in the summer of 2023 to strike down President Biden’s cancellation relief plan of up to $20,000 in forgiven federal loans.
However, there’s the $5 billion in forgiveness mentioned above, and there’s still help to be accessed. Income-driven repayment plans help make your installments more manageable by stretching your term and reducing how much you owe each month. They also forgive federal student loans after 20 years or 25 years of payments, depending on the plan.
There are four IDR plan options, and each recalculates your required payment amount based on your family size and discretionary income.
• Saving on a Valuable Education (SAVE) Plan. The SAVE Plan sets your monthly payment at 10% of your discretionary income over 20 years for loans that went toward your undergraduate education. If you borrowed any federal loans for graduate school, you’ll be eligible for forgiveness after 25 years.
Also, as of summer 2024, there is the possibility that some borrowers will pay just 5% of their discretionary income and have their loans forgiven at the 10-year mark. Research the details to see if you might qualify.
• Pay As You Earn (PAYE) Plan. The PAYE Plan also has payments at 10% of your discretionary income, but payments are capped. They must be lower than what you’d pay on a 10-Year Standard Plan. The repayment period is for 20 years.
• Income-Based Repayment (IBR) Plan. IBR plans calculate your monthly payment at 10% of your discretionary income for a 20-year term. However, if you followed your loans before July 1, 2014, your payment is 15% of your discretionary income for 25 years.
• Income-Contingent Repayment (ICR) Plan. Borrowers on ICR have the highest payments in relation to their income. The ICR Plan sets payments at 20% of discretionary income for 25 years before you’d qualify for forgiveness.
Depending on your situation, you might qualify for a monthly payment of $0. After completing all payments under your IDR plan, the remaining balance on your eligible loans is forgiven. Note that based on current IRS guidelines, the canceled amount through an IDR forgiveness might be considered taxable income.
These programs can help you end your federal student loan payments and apply the money that’s freed up to other financial priorities. 💡 Quick Tip: Ready to refinance your student loan? You could save thousands.
Eligibility Criteria for Income-Driven Repayment Plans
There are a few requirements to meet eligibility requirements, depending on the IDR plan you’re interested in. First, some points to know:
• Only Direct Loans that were borrowed by the student are eligible for any IDR plan.
• Borrowers with other federal non-Direct Loans, like Federal Family Education Loan (FFEL Program Loans) or Parent PLUS Loans, must first convert their loan into a Direct Consolidation Loan to access IDR.
• Parents who do this for their Parent PLUS Loans are only eligible for the ICR Plan after consolidation.
• Only new borrowers can enroll in PAYE. New borrowers are those who didn’t have a pre-existing federal loan balance upon receiving a federal loan on or after October 1, 2007, and received their loan disbursement or Direct Consolidation Loan on or after October 1, 2011. You must meet both requirements for PAYE.
• Your loans must also be in good standing and not in default. If you have defaulted loans, you must get them out of default before enrolling in IDR. One way to do so is by participating in the Fresh Start program.
• Once you’re enrolled in an IDR plan, you must recertify your income and family size information every year. If your income drops during the year, you don’t have to wait until your due date to recertify. Instead, you can recertify immediately and have your monthly payment adjusted accordingly.
• If you’re interested in applying for an IDR plan, submit an online application by logging into your StudentAid.gov account, or by contacting your loan servicer.
Note: You can use Student Aid’s Loan Simulator to see how much your payments might be under each IDR plan.
Pros and Cons of IDR Repayment Plans
An IDR plan is a nuanced repayment approach that has its share of benefits and disadvantages. Below is a quick overview of the pros and cons of these federal programs.
Pros:
• Helps you access impactful loan forgiveness programs.
• Might lower your monthly payment, possibly to $0 per month.
• Frees up cash flow in your budget for other expenses.
• Doesn’t require good credit.
Cons:
• You’ll pay more interest over time.
• Requires annual income and family size recertification.
• You might owe taxes on the amount forgiven by the IDR plan.
• It technically keeps you in debt longer. 💡 Quick Tip: If you have student loans with variable rates, you may want to consider refinancing to secure a fixed rate in case rates rise. But if you’re willing to take a risk to potentially save on interest — and will be able to pay off your student loans quickly — you might consider a variable rate.
Federal Programs That Forgive Student Loans Sooner
Federal student loans aren’t just forgiven after 20 years or longer. There are other cancellation programs you can reach in less time, depending on your employment or loan type.
• Public Service Loan Forgiveness is available to full-time public service employees at eligible jobs. It lets you reach loan forgiveness after 120 qualifying payments while on an IDR plan. This means you could qualify for federal loan forgiveness in 10 years, instead of 20 years or longer.
• Other cancellation programs include Teacher Loan Forgiveness (TLF) which cancels up to $17,500 in federal Direct and Stafford Loans. To qualify for TLF, you must complete five years of full-time and consecutive teaching service with a qualifying educational agency or low-income school.
Recommended: What Percentage of Your Income Should Go to Student Loans?
Plan for the Future
Understanding the basics of student loans, including your repayment options, can make managing your debt smoother. Remember, student loans aren’t forever; they are a financial phase you are moving through, as you would with a mortgage or car loan.
• Make interest-only payments. If you have unsubsidized student loans, they accrue interest as soon as the loan funds are disbursed. To avoid interest capitalization (i.e. interest added to your principal balance) later, consider making interest-only payments while you’re in school.
• Put cash windfalls toward your loans. If you can afford to, redirect cash windfalls (say, a tax refund, cash gifts, or annual performance bonus) toward your student debt. This can go a long way at paying them off sooner.
• Ask about employer student loan assistance. Some companies help their employees pay off their student debt faster, by matching all or a portion of an employee’s monthly loan payment. Talk to your human resources department to see if your employer offers this benefit.
• Private education loans don’t qualify. Remember that private student loans aren’t eligible for federal loan forgiveness or other programs. If you’re struggling with your private loan payments, reach out to your lender ASAP to learn about your options.
Refinancing Options
Another alternative repayment option is a student loan refinance. This involves having a private lender pay off one or more of your existing federal loan balances and then create a new loan for the amount it paid on your behalf. The refinanced student loan will have a new rate, term, and features, and you’ll make your payments to your new lender.
Some advantages of refinancing student loans include potentially finding a lower interest rate, simplifying your repayments, and/or decreasing your monthly payment, but there are also downsides.
• If you refinance federal loans, they’re no longer eligible for federal benefits and protections, such as loan forgiveness programs or forbearance. So, before refinancing, ensure you won’t need these federal benefits in the future.
• Also, if you refinance for an extended term, you will likely pay more interest over the life of the loan. It’s important to consider how this may impact your overall financial picture.
If refinancing does seem as if it might be a good path for you, compare rates from a handful of lenders, and review the terms and costs carefully, perhaps using an online student loan refinancing calculator.
The Takeaway
Putting money toward student loans can have a dramatic impact on your day-to-day cash flow. And, if you’re like many student loan borrowers, you’re eagerly looking forward to paying off your debt. Getting forgiveness of student loans after 20 years might sound painfully long. But with some federal plans, you might get out from under that debt sooner, reduce your payments to as low as $0, and/or get any remaining balance canceled anyway. It’s important to research your options and the qualifications so you can move past student loan debt as soon as it makes sense for your particular situation.
This prospect alone is worth talking to your federal loan servicer to see if you qualify for enrollment.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
Photo credit: iStock/hobo_018
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
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