Wage growth is not spiraling out of control as some have feared; this would have been bad news for mortgage rates because that’s what happened in the 1970s. However, wage growth has stayed firm the past few months. With headline consumer price index inflation running at 3% year over year, people are seeing real wage growth again, as we have been steady at 4.4% for a few months here.
The unemployment rate for those who didn’t finish high school has been pretty wild up and down lately; in this report it fell from 6.0% to 5.2%. Traditionally, those without a high school education tend to have the highest unemployment rates in any recession.
In this job report,the unemployment for education levels:
Less than a high school diploma: 5.2%
High school graduate and no college: 3.4%
Some college or associate degree: 3.1%
Bachelor’s degree or higher: 2.0%
The hours worked were less in this report, meaning that employers are holding onto their labor but are cutting hours. If you want to see why mortgage rates are falling today, this is one data line to keep an eye on going out for months.
What other labor data did we have this jobs week?
This week we had a decrease in job openings, but that number is still abnormally high for the Fed. Even though we have fallen from 12million to under 10million, the Federal Reserve would love to see this back toward the 7million level. So far, no luck! Here is a look at job openings with a longer-term view, and you can see the decline from the peak.
Now the quits ratio is almost back to pre-COVID-19 levels; this is a big thing for the Fed because less people are leaving work for higher wages, which they see as a positive.
Jobless claims, the most important data line at this expansion stage, rose this week, but it is still far from my key 323,000 target level for the Fed to pivot.
From the St. Louis Fed: Initial claims for unemployment insurance benefits increased by 6,000 in the week ended July 29, to 227,000. The four-week moving average declined to 228,250
So what does this mean for mortgage rates? Today we were close to testing the high-end range for my 10-year yield 2023 forecast of 4.25%. We got as high as 4.20% but bond yields have fallen since that level. As I write this article, the 10-year yield is currently at 4.04%.
The 10-year yield channel has held in my range of 3.21%-4.25%, which equates to mortgage rates of 5.75%-7.25%, assuming where the spreads were at the start of the year. This is how I traditionally forecast mortgage rates for a year, by creating a level of where the bond market should be for most of the year. If the 10-year yield closed above 4.25% today and we saw more bond market selling next week, we would need to have a new conversation about mortgage rates rising more this year than I had anticipated. However, that hasn’t happened yet.
It’s been a crazy week with jobs data and the bond market. The key, for now, is that the labor market is slowing down but not breaking. We held the key line on the 10-year yield and mortgage rates went lower today, so at least for one day the housing market can say it was a good Friday. Next up is the Consumer Price Index inflation report on Aug. 10, which will be a market-mover for mortgage rates.
Amanda recently sent J.D. an e-mail looking for advice about gift-giving:
My husband and I have made huge lifestyle changes since our son was born with congenital heart disease four years ago. He’s had five open-heart-surgeries, and we’ve had some killer medical bills. My husband stays home with both of our kids to help prevent Liam from getting sick too often, so we’ve gone down to one income, one car, basic cable, and a really aggressive budget.
One of our worst budget breakers however is gifts. I have eleven nieces and nephews, two kids, etc. At Christmas we’ve convinced both sides to just do a name exchange and then we only have to buy for two nieces/nephews on either side, which helps and we’ve just outright stopped exchanging gifts with our brothers & sisters, but there are still our parents, his grandparents, kids of friends who have birthday parties, and graduations, weddings, and baby showers!
We actually do plan most of these things into discretionary spending since we know when people have birthdays, but it’s always those gotchas like weddings and new babies (and we didn’t pre-think graduations with this year’s planning).
Could you offer any advice on fitting generosity and gift giving into a frugal budget? No one wants to be a grinch, but it really adds up some months. Sometimes, it’s half of our discretionary spending just to get small gifts (we only spend $10-15/kid!).
Ah, Amanda, I hear you! Gifts can be a budgeter’s downfall! Many of us readily accept our own sacrifices in the name of being frugal, but don’t want to seem “cheap” when it comes to giving gifts to others. I’ve struggled with both sides of this issue.
One side of me likes choosing and giving gifts, likes having those gifts appreciated, likes receiving gifts in return. But the other side opposes the commercialism and expectations that accompany holidays and occasions. Too often, hastily-purchased gifts can seem like a substitute for the spare time and energy we don’t have to make a gift meaningful. These gifts can be merely an obligation, which is no fun for either giver or recipient.
For big family gift-oriented occasions like Christmas (Hanukkah, Kwanzaa, etc), you must have “The Talk”. In some families, money is a difficult subject, but your options are either to continue spending more than you want on presents, or to mystify everyone when you cut them off cold turkey. A good way to start is to explain your budget goals, as in, “We’re starting to save for the kids’ education funds,” “…to buy a house,” “to be able to afford to live on one salary,” “pay off the credit cards” or something like that — just make sure you’re being honest.
Whatever you do, don’t insist that everyone stop giving gifts to you (or your kids). You have the right to stop giving gifts, but for many people, being generous with presents is a true pleasure and you should avoid depriving them of that pleasure. It may seem wrong to accept without giving, but you can give back in other ways. Of course, your relatives and friends may be relieved at the prospect of the never-ending gift-exchange ending — maybe they were just too shy to bring it up.
If you don’t want to stop all gifts, here are some ideas to cut costs.
Draw names. As Amanda does, this can allow you to focus on one or two recipients instead of the whole clan. There are various arrangements. Some families write their name and a gift suggestion or two on a slip of paper. In some systems, adults pick an adult and each kid gives to a kid (with adult help as needed). Or, if everyone is gathering together, each person can bring one gift (marked as adult or child) and you can do a sort of “Yankee swap” exchange where unwrapped presents can be stolen or traded until everyone ends up with someone.
Be creative. On J.D.’s side of the family, we have been doing $5 gifts for several years. Everyone (7 adults, 4 kids) buys a $5 (or under) gift for everyone else. (This was my sister-in-law’s idea.) J.D.’s mother asked to be excepted — she loves piling gifts on everyone and exercises her grandmotherly rights to do so. The $5 limit has forced us to be bargain hunters and the results are often both surprising and hilarious. We found a practically new set of drafting pens for a brother’s gift: $80 new, marked as $10 at a garage sale but we bargained it down to five!
Emphasize the experience. Some people have more time than money. If you fit in that category, you can use it to your advantage for all sorts of occasions. Do friends have a new baby? Deliver dinner to the new parents, then stay to hold the baby while they eat the meal. Clean up afterwards, of course. Nieces and nephews? For that special occasion, invite them to join your family for camping, a hike, miniature golf — whatever your family does for fun. You’ll all get to know each other better, too. Parents and grandparents often would rather have you spend time than money on them, as well. Invite them over for brunch, or go feed the ducks at the park, or hear a free concert together.
Don’t turn your nose up at used. Aren’t we silly Americans! We talk about how great recycling is but we want everything we get to be new, new, new! It’s all about mindset. For kids’ toys, as long as they’re in safe condition, the fact that they’re “pre-owned” means little to a child — unless non-stop commercialism has already gotten to them! J.D. and I found two wooden sleds set out for the trash pickup in a ritzy neighborhood. After swallowing our hesitation, we grabbed them. With a cleaning and a few minor repairs, they were good to go — and looked great under the Christmas tree. Keep your eyes open all year for bargains, or arrange a toy exchange or toy hand-me-down system with friends and neighbors. Get to know people’s tastes and decorating styles so you can choose gifts they will appreciate.
Kids love the dollar store. I know, I know — everything’s made in foreign countries by underpaid workers. But seriously, if you are spending more than $3 for a kid’s birthday party gift, you need to visit a dollar store. The kids I know are fascinated by dollar store stuff until age 6 or 7. The parents may turn up their noses, but what kid wouldn’t love growing giant lizards or sharks (600% growth — just soak ’em in water!), red-white-and-blue glow necklaces, or a hundred fuzzy animal stickers?
Agree that gifts are only for the kids. Not having kids myself, I wouldn’t vote for this option, but I know many families like it. I think a better choice if you’re going to do this is to have adults buy small gifts for the kids ($5-10), and let kids make homemade gifts for the adults. I think this gets kids to think about giving as well as receiving.
Use homemade gifts. I’m a big fan for using the homemade gift for most every occasion. Special birthdays get a bouquet of garden flowers in a mason jar. Or, I take the time to write a sincere note in a beautiful card. If someone’s a fan of sweets, I’ll whip up a batch of cookies. If the season’s right, I might present them with fresh berries or a holly and cedar swag. The cost for all these gifts is minimal, but the gesture is still meaningful.
Mass produce. Last year, English Major offered a great tip about gift-giving ideas. You can save lots of dough by the assembly line approach. Pick a gift that will be appropriate for your list of recipients and buy craft items, ingredients, or components in bulk. Before you start, figure out how many gifts you’ll need and the cost per assembled gift. Check the figures against your budget. To maximize this idea, choose an idea that still allows for some personalization, say in the color or style of gift.
Just speak up. At my workplace, the envelope is constantly being passed for one event or another. The loss of a parent, a new baby, a retirement, etc. The flowers or gifts purchased with the collected cash may very well be much appreciated. But if your budget prevents you from chipping in, instead write a heartfelt note or tell the person face-to-face. A verbal expression of sympathy or support may be just what they need.
Shrug it off. Unfortunately, some people are all about the goods. If the people in your life aren’t going to appreciate or adjust to your frugal mindset, you have a choice to make. Keep spending to keep up with the Joneses, or go your own way and hold your head high. Find ways to show you care that don’t just involve handing over your debit card. Give when you can; give what you want to.
The side benefit of implementing any of these ideas is that it moves the whole concept of giving gifts back to thoughtfulness, effort, and individual creativity, rather than the focus on prices and packaging. Think of it as one small chink in the great wall of marketing and consumerism!
These are just some thoughts on the topic to get the discussion rolling. I’m sure there are scores of creative solutions out there.
With friendly Midwestern cities and beautiful rolling plains and prairies, Kansas has a fantastic blend of urban and rural living. Cities like Topeka, Wichita and Kansas City (which is split between Kansas and Missouri) are world-class hubs for everything from industries like aircraft manufacturing to melt-in-your-mouth barbecue. While it’s true that Kansas City is a great city with cool neighborhoods, dining and more, Kansas has much more to offer. Artsy small cities and towns have affordable, family-friendly living, and a refreshing lake or scenic wilderness preserve is never far away.
Overall, the cost of living in Kansas is also affordable. While bigger cities may have higher rents and housing prices, the diverse range of cities and towns guarantees you’ll find a place that fits your budget and lifestyle. Some are up-and-coming destinations for young professionals, while others focus on relaxed, family-centered towns. Covering everything from housing to utilities, here’s what you can expect in terms of the cost of living in different places around the Sunflower State.
Kansas housing prices
One of the biggest benefits of living in Kansas is its low housing costs. In most Kansas cities and towns, the cost of housing is below the national average. In most major cities, you’ll find reasonably-priced apartments and houses, with rents rarely surpassing $1,000 a month.
Here’s what the average rent and home prices are like in some of Kansas’ biggest and most popular cities.
Hutchinson
Surrounded by the beautiful Kansas prairie in the center of the state, Hutchinson is a compact city with a population of around 39,712. Due to its location, some of its biggest industries are wheat farming and working in the local oil industry. In addition to being the site of the Kansas State Fair, city parks and nearby state parks make this a lovely place for outdoor recreation. It also has a zoo and the famous Cosmosphere, a space museum and STEM education center.
At 45.6 percent below the national average, Hutchinson’s total housing costs are the lowest beneath the national average of our highlighted cities. The average monthly rent for a one-bedroom apartment is $719, up 6 percent from last year. The monthly rent for a two-bedroom apartment is up 14 percent to $829.
Hutchinson’s housing market has also grown over the past year. The median sale price to purchase a home here is up 2.6 percent to $143,450.
Kansas City
Straddling the border of Kansas and Missouri, Kansas City, KS’s population of 154,545 makes it the third-largest city in the state. This dynamic metro area is best known for its jazz, barbecue and culture. Live sports are also a big deal here, thanks to both professional and collegiate teams, courtesy of local universities. The combination of a vibrant cultural scene, affordable cost of living and a diverse job market make it a popular Midwestern metropolis to call home.
Kansas City’s cost of housing is 0.4 percent below the national average. The average rent for a one-bedroom apartment is $915 and a two-bedroom unit is $1,034. These rates are up 5 and 2 percent from the previous year.
If you want to buy a home in Kansas City, KS, you’ll be looking at a median sale price of $205,000, which is up 10.8 percent from last year.
Manhattan
Located at the confluence of the Big Blue and Kansas Rivers in northeastern Kansas, Manhattan is one of Kansas’ top college towns. It’s the home of Kansas State University, which is one of the top higher learning institutions in the state. As a college town, Manhattan has great dining, a lively cultural scene and fun activities. Nearby Turtle Lake is a regional destination for boating, hiking and other outdoor recreation.
As a college town, housing costs here are affordable, falling 19.9 percent below the national average. You can rent a one-bedroom apartment for $805 and a two-bedroom apartment for $952. These rates are both up 10 percent from last year.
With no significant growth or decline over the past year, houses in Manhattan go for a median sale price of $178,000.
Topeka
Apart from being the state capital, Topeka in northeastern Kansas has many other claims to fame. For one, the landmark Supreme Court case Brown v. Board of Education of Topeka, which ruled that racial segregation in schools was unconstitutional, originated here. Along with the rest of its rich history, an abundance of parks, family activity centers and laidback neighborhoods make Topeka a very family-friendly city.
Extremely affordable housing is another benefit of living here, with housing costs being 20.4 percent below the national average. You can rent a one-bedroom apartment for $790 or a two-bedroom apartment for $857. However, rent prices have been going up slightly over the past year. The cost for a one-bedroom unit is up 1 percent and two-bedroom unit prices are up 12 percent.
Topeka offers potential homeowners a refreshing low median sale price of $140,000. This rate is up a whopping 64.7 percent from last year. With national median sale prices currently at $428,006, buying a home in Topeka is quite the deal.
Wichita
Located in south-central Kansas, Wichita is the most populous city in the state. In addition to being known as the “Air Capital of the World” due to its many airline manufacturing facilities, numerous airports and Air Force base, it’s a regional hub for art, culture, healthcare and the restaurant industry (Pizza Hut and White Castle originated here). Residents can enjoy the great outdoors in both the heart of the city at parks like Botanica, the Wichita Gardens and out of town at nearby wilderness and recreation areas like Cheney Reservoir.
Even though both average rent and home prices have increased over the past year, Wichita’s housing costs are 34.3 percent below the national average. One-bedroom apartments are up 15 percent to $800 and two-bedroom apartments are up 12 percent to $964.
Wichita also has one of the most expensive housing markets in the state. The median sale price for a house here is up 16.2 percent from the previous year to $215,000.
Kansas food prices
From access to fresh, local meat and produce to delicious state specialties like barbecue and chicken-fried steak, the cuisine in Kansas is some of the best in the Midwest. Agriculture is a major industry in Kansas, with wheat being its biggest cash crop. Corn and soybeans are also top crops. Along with Texas and Nebraska, it’s one of the biggest suppliers of cattle in America. Cities like Kansas City, Topeka and Wichita have fantastic dining scenes, with nationally-renowned barbecue joints.
With so much great food to enjoy, luckily, locals pay below the national average for the cost of living in Kansas for food costs. Total grocery costs here are 7.4 percent below the national average. The average Kansas resident pays between $233 and $266 a month on food, which comes out to between $2,801 and $3,200 annually.
Although overall food costs here are lower-than-average, some cities have even more affordable food prices:
Topeka is 22.9 percent below the national average
Manhattan is 8.1 percent below the national average
Kansas City is 7.8 percent below the national average
Hutchinson is 7.7 percent below the national average
Wichita is 2 percent below the national average
Topeka has some of the lowest food prices in the state. A dozen eggs cost $1.09 in Topeka compared to $1.60 in Manhattan and $1.70 in Kansas City. The price tag for a half-gallon of milk in Topeka is $1.55. In Manhattan, it will set you back $2.11 and $2.26 in Kansas City. Steak costs $15.09 in Wichita but $9.49 in Topeka and $13.28 in Kansas City. As you’ll see, even though Wichita is the closest to the national average, food prices are sometimes higher in other cities.
Kansas utility prices
In most cities, you’ll pay less than the national average for the cost of living in Kansas for utilities like electricity, water and internet.
Kansas boasts a diverse energy profile. The state gets its electricity from a mix of nuclear power and traditional natural gas and petroleum, as well as renewables like solar power and hydroelectric power. The majority of the state’s water comes courtesy of the Missouri River.
Here’s how total utility costs in these different cities stack up to the national average:
Topeka is 4.1 percent below the national average
Hutchinson is 2.5 percent below the national average
Wichita is 2.1 percent below the national average
Manhattan is 0.9 percent below the national average
Kansas City is 2.6 percent above the national average
Of our highlighted cities, Kansas City has the most expensive utilities. As an example, the average monthly energy bill is around $178.88. In Topeka, the least expensive city, your monthly energy bill will likely skew closer to $154.60.
The average water bill in Kansas is $26.
Kansas transportation prices
From gas prices to the cost of mass transit, transportation is a key part of any monthly budget to figure out the cost of living in Kansas. Overall, transportation costs in Kansas are below the national average. Along with personal vehicles, most cities and counties in Kansas offer some form of public transportation. These largely consist of bus routes. The Kansas Department of Transportation helps support 145 transit programs that cover most Kansas cities. In some cases, these services are focusing on aiding senior citizens, those with disabilities and other eligible riders with getting around easily and affordably.
Not only does using mass transit help residents save money on gas and other vehicle expenses, but using public transportation has a host of other benefits. In bigger cities, it can reduce commuting times and traffic congestion. It’s also more environmentally friendly, reducing the number of vehicles on the road and, therefore, emissions.
Here’s how transportation costs vary between these different Kansas cities:
Kansas City is 13.4 percent below the national average
Hutchinson is 10.2 percent below the national average
Topeka is 9.1 percent below the national average
Wichita is 8 percent below the national average
Manhattan is 6 percent below the national average
While each of these cities has some kind of mass transit, options are more limited in smaller cities. In Hutchinson, the Reno County Area Transit provides several fixed bus routes around the city and Reno County. It also has an on-demand service for rural routes. Fares for in-town service start at $4 and rural service at $8, with discounts for eligible citizens like the elderly.
Manhattan residents have the ATA bus system, with routes around Manhattan and surrounding counties and cities like Ogden and Junction City. There are five different routes in town, as well as dedicated routes to and around Kansas State University. All students, staff and faculty of K-State get to ride these routes for free. Bus fares within Manhattan start at $1 for a one-way ride and you can also get day, week and monthly passes.As two of the state’s biggest cities, Topeka and Wichita have some of the most extensive public transportation systems in Kansas.
Topeka Metro in Topeka
Residents of Topeka can get around their city with the help of Topeka Metro. Consisting of a fleet of buses and paratransit vehicles, it operates 12 different bus routes. In a more sustainable move, the fleet will soon acquire three all-electric vehicles.
Single ride fares cost $2, with day passes available for $4 and monthly passes for $50. Senior citizens, those with disabilities and youth between the ages of 5 and 18 are eligible for discounted rates.
However, with a low transit score of 25, having a car might be a necessity in Topeka. Car drivers may need to plan for tolls on the Kansas Turnpike. This 236-mile-long freeway starts in Kansas City and runs through several major Kansas cities, including Topeka. Toll fees vary depending on the length of your trip. You can use this toll calculator to estimate toll fees for your drive. Traveling the entire length of the turnpike would cost $11.15 with a K-tag and $15 without.
Topeka is also not the most bike- or pedestrian-friendly city, with a walk score of 41 and a bike score of 56.
Wichita Transit in Wichita
The Wichita Transit system in Wichita operates 18 different bus routes around the city. It also has paratransit services. The organization dedicates itself to making local mass transit more sustainable and eco-friendly, being the first city in Kansas to include zero-emission, 100-percent electric buses in its fleet. A single ride costs $1.75. Pass options include an unlimited day pass for $5 and a monthly pass for $55.
With a low walk score of 43 and a decent bike score of 50, it’s still necessary to own a personal vehicle to get around Wichita. The Kansas Turnpike also passes through Wichita, so you’ll need to know of tolls, as well.
RideKC in Kansas City
Consisting of buses, bus rapid transit and streetcars, RideKC provides mass transit throughout the interstate Kansas City metro area. It has 78 bus routes, three bus rapid transit lines and a downtown streetcar. Through 2023, all RideKC buses and streetcars are zero-fare.
With a transit score of 28, a walk score of 40 and a bike score of 32, having your own vehicle is likely a necessity in Kansas City. If you do plan to use a car in Kansas City, the Turnpike ends in Kansas City so you may need to pay tolls if you use it.
Kansas healthcare prices
Depending on where you live in Kansas, you may pay more or less than the national average for healthcare. While the location is a factor in healthcare prices, so is your personal health. In general, the cost of living in Kansas for healthcare is a difficult category to quantify and get accurate averages since healthcare costs vary by person. Some people may need to pay more for their healthcare due to pre-existing conditions or the need for specialized care. So, the prices below are not set in stone and are subject to change due to your individual healthcare needs.
But to give you a rough overview of how healthcare costs vary between Kansas cities, here’s the average cost to go to the doctor’s office in these different cities:
Topeka: $129
Hutchinson: $142.50
Wichita: $104.40
Manhattan: $137.50
Kansas City: $89.77
Although Hutchinson has the highest price for doctor’s visits, it’s one of the least expensive cities to go to the dentist. A dental check-up costs $92 in Hutchinson. In Manhattan, you’ll pay high prices for both general and dental health, as a dental check-up there costs $109.50.
Now, let’s see how overall healthcare costs in these cities compare to the national average:
Manhattan is 10.4 percent above the national average
Kansas City is 9.7 percent below the national average
Wichita is 2.9 percent below the national average
Topeka is 0.7 percent below the national average
Hutchinson is 6 percent above the national average
Looking at the overall average and individual costs, Topeka and Wichita have lower healthcare costs. But, prices do fluctuate between cities, so it’s something to know.
Another important factor to know is the quality of Kansas’ healthcare system. The state ranks 41st in the nation for healthcare, with especially low marks for quality. It also doesn’t score well for access to healthcare services and for overall public health. So, higher prices may not always correlate to the best care.
Kansas goods and services prices
Living in Kansas, you’ll pay below the national average for miscellaneous goods and services. These include routine activities like going to the movies or getting your hair cut or regular purchases like toothpaste and ibuprofen.
Overall, Kansas cities boast lower-than-average prices for goods and services:
Topeka is 23.4 percent below the national average
Kansas City is 8.7 percent below the national average
Manhattan is 5.5 percent below the national average
Hutchinson is 2.4 percent below the national average
Wichita is 0.1 percent below the national average
Wichita is the closest to the national average. Getting your hair cut in Wichita costs $19 compared to $14.25 in Hutchinson, which is the cheapest rate in our highlighted cities. But, prices in Wichita won’t always rank higher. In many cases, costs are higher in smaller cities like Manhattan or Hutchinson. For example, movie tickets in Manhattan cost $14 but $10.12 in Wichita. Taking your clothes to the dry cleaners in Manhattan costs $17.99, the most expensive rate in the state. You can find the cheapest dry cleaning bill in Topeka at $12.20. In other instances, prices in Kansas City are higher, with haircuts costing $19.70 and a trip to the dry cleaners costing $14.63.
Taxes in Kansas
Taxes are another cost of living in Kansas factor that can vary widely between states and even between cities within that state. If you live in a city with high sales tax, those added expenses will have an impact on activities like grocery shopping.
Kansas has a statewide sales tax of 6.5 percent. If you spend $1,000 on a delicious Kansas barbecue spread, you’ll be paying $65 extra in sales tax. But, many counties or cities also levy their own sales tax on top of the statewide rate. This can significantly hike up the amount you’ll pay in sales tax:
Topeka has a combined tax of 9.15 percent
Hutchinson has a combined tax of 8.6 percent
Wichita has a combined tax of 7.5 percent
Manhattan has a combined tax of 8.95 percent (with an increase to 9.45 percent in 2023)
Kansas City has a combined tax of 9.12 percent
This makes Wichita the most affordable city for sales tax. Instead of paying $65 in sales tax for every $1,000 spent, you’ll spend $75 in sales tax. Currently, Topeka has the highest sales tax, adding $91.50 to every $1,000 spent. But, Manhattan will claim the top spot next year when the sales tax within city limits increases to 9.45 percent. The sales tax for Riley County will stay the same. You can see exactly how much you’d pay in sales tax in different Kansas cities and counties with this tax rate locator from the Kansas Department of Revenue.
For income taxes, the tax rate in Kansas ranges between 3.10 percent and 5.70 percent depending on your income level.
How much do I need to earn to live in Kansas?
Overall, the cost of living in Kansas is below the national average. Living here has affordable rates on everything from housing to food. But, how much do you actually need to make to afford the cost of living here?
Since experts recommend you only spend 30 percent of your gross monthly income on rent, you’d need to make $3,380 a month or $40,560 annually to afford Kansas’ average rent of $1,014. Average salaries here range from $22,063 to $101,222, and a single person paying for only their expenses needs to make a minimum gross annual income of $34,073. If you work in a lower-paying field, you may need to spend more than 30 percent of your monthly income on rent. But, with a median household income of $61,091, family households or renters with roommates are better able to make things work.
If you’re unsure what you can comfortably afford to pay in rent, use our rent calculator.
Living in Kansas
Whether you want a vibrant city or a laidback small town, Kansas has a diverse range of places and price points to choose from when deciding where to live. Overall, though, the cost of living in Kansas is accessible for many different people and budgets. And, no matter where you live in Kansas, you can enjoy access to its delectable local cuisine and natural beauty.
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The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Over the last couple of weeks, those of us currently saddled with student loan debt have watched closely as the topic of debt relief has bounced around between the Biden Administration, Congress, and the Supreme Court – which only very recently struck down the Administration’s plan to cancel up to $400 billion in student loans as unconstitutional.
As of Friday, July 14, however, the Biden-Harris Administration announced that over 804,000 borrowers will have a total of $39 billion in federal student loans automatically forgiven in the coming weeks. But what does that mean for you?
Who Qualifies: Income-Driven Repayment Plans
This action is specific to borrowers who have income-driven repayment loans, meaning borrowers whose monthly student loan payment is calculated based on income and family size.
As of April 2022, borrowers with income-driven repayment plans are offered forgiveness upon completion of a specified number of monthly payments, most commonly after 20 to 25 years.
However, this announcement broadens the definition of that forgiveness threshold and counts new circumstances as credit towards loan forgiveness, including:
If you spent 12+ consecutive months in forbearance
Months spent in repayment status
Months spent in military deferments
Months spent in economic hardship
Note: For a complete list please see the announcement on the U.S. Department of Education
When Will This Happen?
According to the Biden-Harris Administration, this will happen immediately. Eligible borrowers should expect to receive a notification of their eligibility starting Friday, July 14, 2023. They can then expect to receive a discharge 30 days “after emails are sent.”[1]
Why Are These Loans Being Forgiven?
The stated goal from the administration is to address issues with income-driven repayment (IDR) plans and ensure accurate tracking of borrowers’ progress toward loan forgiveness. There has been some question as to whether qualifying payments made under IDR plans were not properly accounted for in the past.
If you live in San Diego and want help putting together a financial plan, managing your investments, planning for taxes, or valuable insights on other parts of your personal finances, a financial advisor could be right for you.
Things have really changed over the past decade: more and more people are hiring financial advisors because they’ve got the financial savvy and experience that most of us don’t have to vastly improve our financial situation.
The best financial advisors in San Diego offer high levels of customer service when helping you make the best financial decisions. Here are the best financial advisors in San Diego you may want to consider for your financial advising needs.
What’s Ahead:
Overview of the best financial advisors in San Diego
Bull Oak Capital
Bull Oak Capital is a firm recognized with multiple awards and high ratings across many review platforms. The fee-only, fiduciary financial advising firm focuses on financial planning and portfolio management.
According to the Bull Oak Capital website, the firm works with working professionals, soon-to-be and current retirees, and business owners, among other clients. Led by Ryan Hughes, this small team brought in excellent reviews on Yelp, Facebook, Angie’s List, and Google. To start with Bull Oak Capital, you’ll need at least $1 million in investable assets not including real estate.
Address: 4747 Executive Dr Suite 1010, San Diego, CA 92121.
Phone number: 858-999-3550.
Creative Capital Management
Creative Capital Management is a fee-only, fiduciary advisor with a focus on business owners, working professionals, individuals, and families. The firm offers a range of planning and portfolio management services including estate planning, insurance, and tax planning.
While the firm doesn’t have a ton of online reviews from customers, those it has earned are generally very positive. The firm has a strong track record with more than 35 years in business.
Address: 8880 Rio San Diego Dr #1150, San Diego, CA 92108.
Phone number: 619-298-3993.
Define Financial
Led by Taylor Schulte, Define Financial is a fee-only, fiduciary financial planning firm. This unique advising firm works exclusively with adults 50 and older with a focus on retirement planning. That includes a look at investments, taxes, and cash flow in retirement.
Define Financial has won awards from reputable publications including Investopedia, San Diego Magazine, and Financial Advisor Magazine. The firm earns great reviews on Yelp, Google, and Facebook and holds a top A+ rating from the Better Business Bureau.
Specialty: Retirement planning for ages 50 and older.
Address: 12526 High Bluff Dr #238, San Diego, CA 92130.
Phone number: 858-345-1197.
Dowling & Yahnke Wealth Advisors
Dowling & Yahnke is one of the largest asset managers in San Diego when measured by assets under management. Trusted with more than $4.7 billion in client funds, the company offers a very wide range of financial services including investment management, financial planning, charitable giving, and retirement planning.
Founded in 1991, Dowling & Yahnke has more than 1,200 clients and operates as a fee-only, fiduciary advisor. It earns excellent reviews on Yelp, Google, and other platforms.
Address: 12265 El Camino Real UNIT 300, San Diego, CA 92130.
Phone number: 858-509-9500.
GuidedChoice Asset Management
GuidedChioce is the largest investment manager in San Diego with over $14 billion in assets under management. The financial planning and portfolio management firm offers digital apps and tools to help you manage your investments.
Many end-customers of GuidedChoice have their assets at GuidedChoice held through an employer-sponsored retirement plan. The high tech firm has placeholders on its website for new financial advising products launching very soon. Founded in 1999, GuidedChoice works with clients nationwide.
Specialty: Retirement planning.
Address: 8910 University Center Ln #700, San Diego, CA 92122.
Phone number: 888-675-4532.
Physician Wealth Services
Led by Ryan Inman, Physician Wealth Services is a financial advisor with a focus on doctors and the medical community. While the team is based in San Diego, they work with doctors nationwide.
The fee-only, fiduciary financial planning firm offers a roadmap for first-year clients to get a grasp on their finances before building a long-term financial plan. The firm holds more than $11 million in client assets under management.
Specialty: Medical professionals.
Address: Virtual/online-only.
Phone number: 619-304-0777.
Pure Financial Advisors
Pure Financial Advisors is one of the largest financial advising firms in San Diego with more than $2.2 billion in assets under management. Pure Financial Advisors offers investment management and financial planning services with a focus on financial education for its clients. The large fiduciary, fee-only planning firm has four locations across Southern California and runs regular events and classes to help you upgrade your financial IQ.
Address: 3131 Camino Del Rio N #1550, San Diego, CA 92108.
Phone number: 619-814-4100.
Rowling & Associates
When looking for reputable financial advisors in San Diego, you’re sure to come across Rowling & Associates. The fee-only, fiduciary planning firm offers wealth management, financial planning, and tax planning and preparation services.
The firm offers several specialized services including sustainable investment advising, estate planning, life insurance advice, planning for stock options, and tax planning for charitable giving.
Investors with at least $187,500 in investable assets.
Rowling & Associates
Investments, taxes, financial planning
Families and professionals looking for a sustainable (ESG) investment portfolio
How I came up with this list
There are many high-quality financial advisors in San Diego. This list is based on a combination of sources and factors. Major areas reviewed include customer reviews, assets under management, and services offered.
Fee-only, fiduciary financial planners
All advisors on this list offer fee-only financial planning services and act in a fiduciary capacity. That means you know exactly what you’ll be charged, there are no conflicts on interest due to commissions from third-party investment companies, and the advisor agrees to always work with your best interests in mind.
Strong reviews and positive customer feedback
While many factors of financial planning and investment advising are subjective, consistently positive customer reviews are a good indicator of a high-quality firm. I looked at reviews on Yelp, Facebook, Angie’s List, Google, and the Better Business Bureau, among other sources. I also read many top advisor lists and award winners from both local and national publications.
Broad services offered for diverse backgrounds
Whether you have just a small nest egg or millions of dollars to invest, there’s a financial advisor in San Diego that could meet your needs.
What questions should you ask a financial advisor?
Financial advisors are paid professionals who help people manage their money. Through financial planning, wealth and investment management, tax planning and preparation, and other services, financial advisors play an important role in the finances of many households. If you are unsure about your investments, need help reaching financial goals, or just want a second set of eyes to confirm you’re making wise financial choices, a financial advisor could be right for you.
How can you help me improve my personal finances and investments?
Financial advisors may offer some specialized services or take a more general approach to your finances. Here are some of the most common financial advising services you’ll find:
Investment management – Investment management, sometimes called wealth management, is a service where advisors pick investments for you or help create your investment strategy.
Financial planning – With this service, advisors help you review your finances and create a plan for savings, investments, and spending to help you reach your financial goals.
Tax preparation – Some financial advisors offer tax services including planning to minimize taxes and preparation so you don’t have to worry about it yourself.
Are you a fiduciary advisor who avoids conflicts of interest?
Fiduciary duty means a financial advisor (or other professional) is obligated to put your best interests above their own. That means they are required to give you the best financial advice even if they make less money. As discussed above, working with a fee-only advisor helps avoid these conflicts. Choosing an advisor that also acts as a fiduciary helps ensure your needs are taken care of in the best way possible.
What are the costs of hiring a financial advisor?
Financial advisors can charge in several ways. The best type of advisor is a fee-only financial advisor. That means they are only paid predictable fees by you. In some cases, advisors can be paid in a way that creates a conflict of interest.
Some financial advisors receive commissions from investment or insurance companies for selling their products. While this could line-up with client needs some of the time, advisors under this model have an incentive to put your money into funds that might not be the best for your financial goals.
A fee-only financial advisor only charges client fees as an income source. Advisors under this pricing model avoid the conflicts of interest and can genuinely put your financial needs first.
Fee-only advisors often charge fees per meeting, per hour, or annual or monthly fees for ongoing support and services. For investments, many advisors charge a fee based on total assets under management.
Summary
Financial advisors are not required, but many people feel better or get a positive experience from working with a financial professional. While you don’t need an MBA or finance degree to manage your finances, many people simply feel more comfortable knowing a financial professional is looking out for their money.
The best financial advisor in San Diego is someone who will help you make the right financial choices, feel confident that your money is working for you, and answer all of your money questions. This list of the top financial advisors in San Diego is the best place to get started.
Sometimes you need a little guidance — especially when it comes to your money. After all, mistakes can cost you your financial future.
If you happen to live in Chicago, you not only have access to deep-dish pizza and Chicago Cubs games, but you have access to some of the best financial advisors in the country.
Here are eight of the best financial advisors in Chicago to help you forge the path ahead.
What’s Ahead:
Overview of the best financial advisors in Chicago
Asset requirements: Mindful Money Financial Counsel does not have investment minimums.
Typical fees: Initial planning fees start at $600; a written plan of normal complexity is $3,600. You can sign up for a Wealth Builder membership, which is $60 per month and hourly support is $300 per hour.
Whether you’re looking for small tweaks or a complete game plan, Mindful Money Financial Counsel is ready to help you. This Chicago-based firm operates on a fee-only basis, so you know their advice is objective and not based on whether they’ll get a commission by signing you up for something you may not need. Plus, their approach is holistic and there are no investment minimums.
You don’t have to sign over any of your money to them, and you can lean on them as much or as little as you need: hire them for a one-time session, or keep them on year after year to help shape your finances as life progresses.
Asset requirements: Basil Financial does not list an account minimum required.
Typical fees: Basil Financial Group are fiduciaries, meaning they are bound to advise in your best interest — not theirs. They operate on a fee-only basis, so you don’t have to worry that they are trying to sell you something so they can earn a commission.
Basil Financial Group is a Chicago-based firm that offers integrated financial planning services, including planning, investments, and taxes.
Basil Financial Group takes a holistic approach as well, so that all your decisions affecting your finances work seamlessly together.
Typical fees: The Planning Center is a fee-only, fiduciary firm.
At The Planning Center, which has offices in Chicago as well as New Orleans, Tulsa, Fresno, Quad Cities, Twin Cities, and Anchorage, you have access to 232 combined years of experience. The Planning Center’s team gives you a safe place to discuss your finances and figure out your goals.
Asset requirements: Veo Financial doesn’t advertise a minimum investment level, but does say they’re happy to advise clients who want to control their own investments in addition to those who want to turn it all over to an expert.
Typical fees: For a one-off session, expect to pay about $420-$630. Retiree resource planning typically starts at $1,050 and a full portfolio review can be $2,220 and up.
Garrett Investment Advisors connects clients with fee-only, fiduciary financial planners in offices across the country. Leisa Aiken, founder of Veo Financial Counsel, is a member who operates out of Chicago proper. Veo Financial Counsel offers a range of services to fit your budget and your needs.
Lake Life Wealth Advisory Group
Contact: (224) 286-1625 or patti.hughes@lakelifewealthadvisorygroup.
Typical fees: Lake Life is a fee-only, fiduciary advisor, earning no commissions on their recommendations and putting your best interests first. Annual retainer fees range from $3,000 to $20,000, depending on net worth, services needed, and other factors.
Patti Hughes of Lake Life Wealth Advisory Group is a fee-only financial planner who serves clients both Chicago-based and nationwide. She provides comprehensive financial planning services to clients in all financial situations.
Typical fees: Crescendo is a fee-only firm, and they offer no-cost consultations so you can see if their services are a good fit for you.
Actually located in Oak Brook, IL, just outside the city, Crescendo Financial Planners believes your investment portfolio is just part of the picture. They too take a holistic approach to your finances, helping you plan all the different parts of your financial life so they integrate effectively.
Services offered: Tax planning, employee benefit plans, investment management, saving for education, saving for a home.
Asset requirements: None listed.
Typical fees: Mentor Capital is fee-only. Fees for investment management range from 0.5% for very large portfolios to 1% for smaller portfolios. Financial planning fees depend on the complexity of your situation but will be spelled out at your initial meeting.
Mentor Capital Management offers comprehensive financial planning services and investment advice. Founder and principal John S. Davis is a NAPFA-registered Certified Financial Planner and has been helping people grow their money since 1991.
Asset requirements: DeRose does not require any minimum income or net worth to work with them.
Typical fees: DeRose charges a flat fee, which is quoted at your initial meeting. It may depend on your net worth and the complexity of your financial situation.
DeRose Financial Planning Group is a holistic firm serving the greater Chicagoland area. They were founded by Karen DeRose, CFP, CRPC.
Summary of the best financial advisors in Chicago
Advisor
Help with
Contact info
Mindful Money Financial Counsel
• Student loan pay down • Investing • Retirement • Tax optimization • General financial optimization
8755 West Higgins Road Suite 200 Chicago, IL 60631
(773) 380-8523
How I came up with this list
This list of top Chicago financial planners was created to focus on the needs of young professionals.
Companies focused on only high-net-worth individuals did not make this list, in order to be more inclusive of all incomes and backgrounds. I also wanted to make sure each company abided by the following:
They are Certified Financial Planners
All of the advisors on this list are Certified Financial Planners (CFP), a designation that lets you know that they will be focused on your bottom line — not theirs.
They are fee-only
I excluded brokers that sell by commission to focus on fee-only advisors. With commission-based brokers or advisors, you may be pressured into an investment or other product because they stand to benefit from the commission. With fee-only advisors, you pay a flat rate no matter what their recommendations include.
They accept all income levels
There is no sense in recommending a financial planner that caters only to high-net-worth individuals, because many times people at the start of their careers still need financial advice, even if their income hasn’t caught up to their plans yet.
Although all material has been double-checked against published information, you should take special care to make run your selection through FINRA’s BrokerCheck system for the most up-to-date information. FINRA is the regulatory agency dedicated to protecting investors and can tell you if a broker is legally registered to be able to sell securities or give investment advice. You can also check FINRA’s Barred Individuals list if you are curious about your broker.
What questions should you ask a financial advisor?
No matter who you choose, it’s important to ask a few key questions before you commit to hiring a financial planner.
Are you certified?
Are you a fiduciary?
How do you receive compensation for your services?
What is your fee structure?
Are you a member of any financial planner associations or membership groups?
What is your education or background?
Do you require a minimum income or asset level?
Do you require an ongoing commitment, or can I hire you for a one-time consultation?
What is your investment philosophy?
What are the costs of hiring a financial advisor?
Hiring professional help isn’t free. Understand what the typical costs and expenses are in hiring a financial advisor so you know what to expect when you hire them.
You’ll be able to schedule an initial consultation, which is a time for you to “try out” the advisor and see if you like them as well as get a feel for whether there is a personality fit. Use this time to ask them questions about their philosophy, their methods, their fee structure, and everything else pertinent to your situation.
After that initial consultation, expect the advisor to charge an hourly fee for their advice and assistance, usually at a rate of a couple of hundred dollars. Some may be more, some may be a little less. Ask them for a declaration sheet, which should disclose their rates, fees, and other charges.
A typical, comprehensive financial plan from a certified financial planner should cost about $1,000 or $2,000, but an exceptionally complex financial situation could cost more.
When it comes to managing your investments, an advisor will typically charge a percentage of the assets under their management: usually about 1%. That is an incentive for them to help you grow your wealth, because the more returns you receive, the more they are paid. So if you have $100,000 invested, they would take $1,000 as a fee.
The Jefferson Avenue commercial district in Buffalo, New York, is anchored by a supermarket.
There are dozens of other businesses and services along the 12-block corridor — a couple of bank branches, a library, a coffee shop, gas stations, a small plaza with a dollar store and a primary care clinic and a business incubator for entrepreneurs of color.
But Tops Friendly Markets, the only grocery store on Buffalo’s vast East Side, is the center of activity. More than just a place to buy food, pick up medications and use an ATM, the store is a communal gathering space in a predominantly Black neighborhood that, for generations, has been segregated, isolated and disenfranchised from the wealthier — and whiter — parts of the city.
Which explains how it came to be the site of a mass shooting on a spring day in May of last year. On that Saturday, a gunman, who lived 200 miles away in another part of the state, drove to Jefferson Avenue and went into Tops, and in just a few minutes killed 10 people, injured three and inflicted mass trauma across the community.
It is a scenario that has sadly, and repeatedly, played out in other parts of the country that have experienced mass shootings. But this one came with a twist: The gunman’s intention was to kill as many Black people as possible.
To achieve that, he specifically targeted a ZIP code with one of the highest percentages of Black residents in New York state. All 10 who died that day were Black.
“The mere fact that someone can research, ‘Where will the greatest number of Black people be … on a Saturday morning,’ that’s not by chance,” said Franchelle Parker, a community organizer and executive director of Open Buffalo, a nonprofit focused on racial, economic and ecological justice. “That’s not a mistake. It’s a community that’s been deeply segregated for decades.”
The day of the shooting, Parker, who grew up in nearby Niagara Falls, was driving to Tops, where she planned to buy a donut and an unsweetened iced tea before heading into the Open Buffalo office, which is located a block away from Tops. The mother of two had intended to complete the mundane task of cleaning up her desk — “old coffee cups and stuff” — after a busy week.
She saw the news on Twitter and didn’t know if she should keep driving to Jefferson Avenue or turn around and go back home. She eventually picked the latter.
When she showed up the next day, there were thousands of people grieving in the streets. “The only way that I could explain my feeling, it was almost like watching an old war movie when a bomb had gone off and someone’s in, like, shell shock. That’s how it felt,” said Parker, vividly recounting the community’s collective trauma in a meeting room tucked inside of Open Buffalo’s second-story office on Jefferson Avenue.
Almost immediately following the May 14, 2022, massacre, which was the second-deadliest mass shooting in the United States last year, conversations locally and nationally turned to the harsh realities of the East Side and how long-standing factors that affect the daily life of residents — racism, poverty and inequity — made the community an ideal target for a white supremacist.
Now, more than a year after the tragedy, there is growing concern that not enough is being done fast enough to begin to dismantle those factors. And amid those conversations, there are mounting calls for the banking industry — whose historical policies and practices helped cement the racial segregation and disinvestment that ultimately shaped the East Side — to leverage its collective power and influence to band together in an effort to create systemic change.
The ideas about how banks should support the East Side and better embed themselves in the neighborhood vary by people and organizations. But the basic argument is the same: Banks, in their role as financiers and because of the industry’s history of lending discrimination, are obligated to bring forth economic prosperity in disinvested communities like the East Side.
I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.
Chiwuike Owunwanne, corporate responsibility officer at KeyBank
“Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that,” said The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity, a four-year-old enterprise focused on racial, geographic and economic health disparities. “But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.”
To be sure, banks’ ability to reverse the course of the community isn’t guaranteed — and there is no formula to determine how much accountability they should hold to fix deeply entrenched problems like racism. Several Buffalo-area bankers said that while the Tops shooting heightened the urgency to help the East Side, the industry itself cannot be the sole driver of change.
“There are a lot of institutions … that can certainly play a part in reversing the challenges that we see today,” said Chiwuike “Chi-Chi” Owunwanne, a corporate responsibility officer at KeyBank, the second-largest bank by deposits in Buffalo. “I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.”
A long history of segregation
How the East Side — and the Tops store on Jefferson Avenue — became the destination for a racially motivated mass murderer is a story about racism, segregation and disinvestment.
Even as it bears the nickname “the city of good neighbors,” Buffalo has long been one of the most racially segregated cities in the United States. Of the 114,965 residents who live on the East Side, 59% are Black, according to data from the 2021 U.S. Census American Community Survey. The percentage is even higher in the 14208 ZIP code, where the Tops store is located. In that ZIP code, among 11,029 total residents, nearly 76% are Black, the census data shows.
The city’s path toward racial segregation started in the early 20th century when a small number of job-seeking Black Americans migrated north to Buffalo, a former steel and auto manufacturing hub at the far northwestern end of New York state. Initially, they moved into the same neighborhoods as many of the city’s poorer immigrants and lived just east of what is today the city’s downtown district. As the number of Blacks arriving in Buffalo swelled in the 1940s, they were increasingly confronted with various housing challenges, including racist zoning laws and restrictive deed covenants that kept them from buying homes in more affluent white areas.
Black Buffalonians also faced housing discrimination in the form of redlining, the practice of restricting the flow of capital into minority communities. In 1933, as the Great Depression roiled the economy, a temporary federal agency known as the Home Owners’ Loan Corporation used government bonds to buy out and refinance mortgages of properties that were facing or already in foreclosure. The point was to try to stabilize the nation’s real estate market.
As part of its program, HOLC created maps of American cities, including Buffalo, that used a color coding scheme — green, blue, yellow and red — to convey the perceived riskiness of making loans in certain neighborhoods. Green was considered minimally risky; other areas that were largely populated by immigrant, Black or Latino residents were labeled red and thus determined to be “hazardous.”
“The goal was to free up mortgage capital by going to cities and giving banks a way to unload mortgages, so they could turn around and make more mortgage loans,” said Jason Richardson, senior director of research at the National Community Reinvestment Coalition, an association of more than 750 community-based organizations that advocates for fair lending. “It was kind of a radical concept and it has evolved over the decades into our modern mortgage finance system.”
The Federal Housing Administration, which was established as a permanent agency in 1934, used similar methods to map urban areas and labeled neighborhoods from “A” to “D,” with “A” considered to be the most financially stable and “D” considered the least. Neighborhoods that were largely Black, even relatively stable ones, were put in the “D” category.
The result was that banks, which wanted to be able to sell mortgage loans to the FHA, were largely dissuaded from making loans in “risky” areas. And Buffalo’s East Side, where the majority of Blacks were settling, was deemed risky. Unable to get loans, Blacks couldn’t buy homes, start businesses or build equity. At the same time, large industrial factories on the East Side were closing or moving away, limiting job opportunities and contributing to rising poverty levels.
“Today what we’re left with is the residue of this process where we’ve enshrined … a pattern of economic segregation that favors neighborhoods that had fewer Black people in them and generally ignores neighborhoods that had African Americans living in them,” Richardson said.
Case in point: Research by the National Community Reinvestment Coalition shows that three-quarters of neighborhoods that were once redlined are low- to moderate-income neighborhoods today, and two-thirds of them are majority minority communities.
Adding to the division between Blacks and whites in Buffalo was the construction of a highway called the Kensington Expressway. Built during the 1960s, the below-grade, limited-access highway proved to be a speedy way for suburban workers to get to their downtown jobs. But its construction cut off the already-segregated East Side even more from other parts of the city, displacing residents, devaluing houses and destroying neighborhoods and small businesses.
As a result of those factors and more, many Black residents have become “trapped” on the East Side, according to Dr. Henry Louis Taylor Jr., a professor of urban and regional planning at the University at Buffalo. In 1987, Taylor founded the UB Center for Urban Studies, a research, neighborhood planning and community development institute that works on eliminating inequality in cities and metropolitan regions. In September 2021, eight months before the Tops shooting, the Center for Urban Studies published a report that compared the state of Black Buffalo in 1990 to present-day conditions. The conclusion: Nothing had changed for Blacks over 31 years.
As of 2019, the Black unemployment rate was 11%, the average household income was $42,000 and about 35% of Blacks had incomes that fell below the poverty line, the report said. It also noted that just 32% of Blacks own their homes and that most Blacks in the area live on the East Side.
“Those figures remain virtually unchanged while the actual, physical conditions that existed inside of the community worsened,” Taylor told American Banker in an interview in his sun-filled office at the center, located on the University at Buffalo’s city campus. “When we looked upstream to see what was causing it, it was clear: It was systemic, structural racism.”
Banks’ moral obligations
As the East Side struggled over the decades with rampant poverty, dilapidated housing, vacant lots and disintegrating infrastructure, banks kept a physical presence in the community, albeit a shrinking one. In mid-2000, there were at least 20 bank branches scattered across the East Side, but by mid-2022, the number had fallen to around 14, according to the Federal Deposit Insurance Corp.’s deposit market share data. The 14 include four new branches that have opened since early 2019 — Northwest Bank, KeyBank, Evans Bank and BankOnBuffalo.
The first two branches, operated by Northwest in Columbus, Ohio, and KeyBank, the banking subsidiary of KeyCorp in Cleveland, were requirements of community benefits agreements negotiated between each bank and the National Community Reinvestment Coalition. In both cases, Northwest and KeyBank agreed to open an office in an underserved community.
Evans Bank opened its first East Side branch in the fall of 2021. The office is located in the basement of an $84 million affordable senior housing building that was financed by Evans, a $2.1 billion-asset community bank headquartered south of Buffalo in Angola, New York.
Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that. But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.
The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity
On the community and economic development front, banks have had varying levels of participation. Buffalo-based M&T Bank, which holds a whopping 64% of all deposits in the Buffalo market and is one of the largest private employers in the region, has made consistent investments in the East Side by supporting Westminster Community Charter School, a kindergarten through eighth-grade school, and the Buffalo Promise Neighborhood, a nonprofit organization focused on improving access to education in the city’s 14215 ZIP code.
Currently, Buffalo Promise Neighborhood operates four schools. In addition to Westminster, it runs Highgate Heights Elementary, also K-8, as well as two academies that serve children ages six weeks through pre-kindergarten. Twelve M&T employees are dedicated to the program, according to the Buffalo Promise Neighborhood website. The bank has invested $31.5 million into the program since its 2010 launch, a spokesperson said.
Other banks are making contributions in other ways. In addition to the Jefferson Avenue branch and as part of its community benefits plan, Northwest Bank, a $14.2 billion-asset bank, supports a financial education center through a partnership with Belmont Housing Resources of Western New York. Meanwhile, the $198 billion-asset KeyBank gave $30 million for bridge and construction financing for Northland Workforce Training Center, a $100 million redevelopment project at a former manufacturing complex on the East Side that was partially funded by the state.
BankOnBuffalo’s East Side branch is located inside the center, which offers KeyBank training in advanced manufacturing and clean energy technology careers. A subsidiary of $5.6 billion-asset CNB Financial in Clearfield, Pennsylvania, BankOnBuffalo’s office opened a month after the shooting. The timing was coincidental, but important, said Michael Noah, president of BankOnBuffalo.
“I think it just cemented the point that this is a place we need to be, to be able to be part of these communities and this community specifically, and be able to build this community up,” Noah said.
In terms of public-private collaboration, some banks have been involved in a deeper way. In 2019, New York state, which had already been pouring $1 billion into Buffalo to help revitalize the economy, announced a $65 million economic development fund for the East Side. The initiative is focused on stabilizing neighborhoods, increasing homeownership, redeveloping commercial corridors including Jefferson Avenue, improving historical assets, expanding workforce training and development and supporting small businesses and entrepreneurship.
In conjunction with the funding, a public-private partnership called East Side Avenues was created to provide capital and organizational support to the projects happening along four East Side commercial corridors. Six banks — Charlotte, North Carolina-based Bank of America, the second-largest bank in the nation with $2.5 trillion of assets; M&T, which has $203 billion of assets; KeyBank; Warsaw, New York-based Five Star Bank, which has about $6 billion of assets; Northwest and Evans — are among the 14 private and philanthropic organizations that pledged a combined $8.4 million to pay for five years’ worth of operational support, governance and finance, fundraising and technical assistance to support the nonprofits doing the work.
Laura Quebral, director of the University at Buffalo Regional Institute, which is managing East Side Avenues, said the banks were the first corporations to step up to the request for help, and since then have provided loans and other products and education to keep the program moving.
Their participation “is a signal to the community that banks cared and were invested and were willing to collaborate around something,” Quebral said. “Being at the table was so meaningful.”
Richard Hamister is Northwest’s New York regional president and former co-chair of East Side Avenues. Hamister, who is based in Buffalo, said banks are a “community asset” that have a responsibility to lift up all communities, including those where conditions have arisen that allow it to be a target of racism like the East Side.
“We operate under federal charters, so we have an obligation to the community to not only provide products and services they need but also support when you go through a tragedy like that,” Hamister said. “We also have a moral obligation to try to help when things are broken … and to do what we can. We can’t fix everything, but we’ve got to fix our piece and try to help where we can.”
In the wake of a tragedy
After the massacre, there was a flurry of activity within banks and other organizations, local and out-of-town, to respond to the immediate needs of East Side residents. With the community’s only supermarket closed indefinitely, much of the response centered around food collection and distribution. Three of M&T’s five East Side branches, including the Jefferson Avenue branch across the street from Tops, became food distribution sites for weeks after the shooting. On two consecutive Fridays, Northwest provided around 200 free lunches to the community, using a neighborhood caterer who is also the bank’s customer. And BankOnBuffalo collected employee donations that amounted to more than 20 boxes of toiletries and other items that were distributed to a nonprofit.
At the same time, M&T, KeyBank and other banks began financial donations to organizations that could support the immediate needs of the community. KeyBank provided a van that delivered food and took people to nearby grocery stores. Providence, Rhode Island-based Citizens Financial Group, whose ATM inside Tops was inaccessible during the store’s temporary closure, installed a fee-free ATM near a community center located about a half-mile north of Tops, and later put a permanent ATM inside the center that remains there today. And M&T rolled out a short-term loan program to provide capital to East Side small-business owners.
One of the funds that benefited from banks’ support was the Buffalo Together Community Response Fund, which has raised $6.2 million to address the long-term needs of the East Side.
Bank of America and Evans Bank each donated $100,000 to the fund, whose list of major sponsors includes four other banks — JPMorgan Chase, Citigroup, M&T and KeyBank. Thomas Beauford Jr., a former banker who is co-chair of the response fund, said banks, by and large, directed their resources into organizations where the dollars would have an immediate impact.
“Banks said, ‘Hey, you know … it doesn’t make sense for us to try to build something right now. … We will fund you in the work you’re doing,'” said Beauford, who has been president and CEO of the Buffalo Urban League since the fall of 2020. “I would say banks showed up in a big way.”
Fourteen months later, banks say they are committed to playing a positive role on the East Side. For the second year, KeyBank is sponsoring a farmers’ market on the East Side, an attempt to help fill the food desert in the community. Last fall, BankOnBuffalo launched a mobile “bank on wheels” truck that’s stationed on the East Side every Wednesday. The 34-foot-long truck, which is staffed by two people and includes an ATM and a printer to make debit cards, was in the works before the shooting, and will eventually make four stops per week around the Buffalo area.
Evans has partnered with the city of Buffalo to construct seven market-rate single family homes on vacant lots on the East Side. The relationship with the city is an example of how banks can pair up with other entities to create something meaningful and lasting, more than they might be able to do on their own, said Evans President and CEO David Nasca.
The bank has “picked areas” where it can use its resources to make a difference, Nasca said.
“I don’t think the root causes can be ameliorated” by banks alone, he said. “We can’t just grant money. It has to be within our construct of a financial institution that invests and supports the public-private partnership. … All the oars [need to be] pulling together or this doesn’t work.”
‘Little or no engagement with minorities’
All of these efforts are, of course, welcomed by the community, but there is still criticism that banks haven’t done enough to make up for their past contributions to segregating the city. And perhaps more importantly, some of that criticism centers on banks failing to do their most basic function in society — provide credit.
In 2021, the New York State Department of Financial Services issued a report about redlining in Buffalo. The regulator looked at banks and nonbank lenders and found that loans made to minorities in the Buffalo metro area made up 9.74% of total loans in Buffalo. Overall, Black residents comprise about 33% of Buffalo’s total population of more than 276,000, census data shows.
The department said its investigation showed the lower percentage was not due to “excessive denials of loan applications based on race or ethnicity,” but rather that “these companies had little or no engagement with minorities and generally made scant effort to do so.”
“The unsurprising result of this has been that few minority customers or individuals seeking homes in majority-minority neighborhoods have made loan applications … in the first instance.”
Furthermore, accusations of redlining persist today, even though the practice of discriminating in housing based on race was outlawed by the Fair Housing Act of 1968.
In 2014, Evans was accused of redlining by the New York State Attorney General, which said the community bank was specifically avoiding making mortgage loans on the East Side. The bank, which at the time had $874 million of assets, agreed to pay $825,000 to settle the case, but Nasca maintains that the charges were unfounded. He points to the fact that the bank never had a fair lending or fair housing violation, no specific incidents were ever claimed and that the bank’s Community Reinvestment Act exam never found evidence of discriminatory or illegal credit practices.
The bank has a greater presence on the East Side today, but that’s because it has grown in size, not because it is trying to make up for previous accusations of redlining, he said.
“Ten years ago, our involvement [on the East Side] certainly wasn’t what you’re seeing today,” Nasca said. “We were looking to participate more, but we were participating within our means and our reach. As we have grown, we have built more resources to be able to do more.”
Shortly after accusations were made against Evans, Five Star Bank, the banking arm of Financial Institutions in Warsaw, New York, was also accused of redlining by the state Attorney General. Five Star, which has been growing its presence in the Buffalo market for several years, wound up settling the charges for $900,000 and agreeing to open two branches in the city of Rochester.
KeyBank is currently being accused of redlining by the National Community Reinvestment Coalition. In a 2022 report, the group said that KeyBank is engaging in systemic redlining by making very few home purchase loans in certain neighborhoods where the majority of residents are Black. Buffalo is one of several cities where the bank’s mortgage lending “effectively wall[ed] out Black neighborhoods,” especially parts of the East Side, the report said.
KeyBank denied the allegations. In March, the coalition asked regulators to investigate the bank’s mortgage lending practices.
Beyond providing more credit, some community members believe that banks should be playing a larger role in addressing other needs on the East Side. And the list of needs runs the gamut from more grocery stores to safe, affordable housing to infrastructure improvements such as street and sidewalk repairs.
Alexander Wright is founder of the African Heritage Food Co-op, an initiative launched in 2016 to address the dearth of grocery store options on the East Side, where he grew up. Wright said that while banks’ philanthropic efforts are important, banks in general “need to be in a place of remediation” to fix underlying issues that the industry, as a whole, helped create. (After publication of this story, Wright left his job as CEO of the African Heritage Food Co-Op.)
Aside from charitable donations, banks should be finding more ways to work directly with East Side business owners and entrepreneurs, helping them with capital-building support along the way, Wright said. One place to start would be technical assistance by way of bank volunteers.
“Banks are always looking to volunteer. ‘Hey, want to come out and paint a fence? Want to come out and do a garden?'” Wright said. “No. Come out here and help Keshia with bookkeeping. Come out here and do QuickBooks classes for folks. Bring out tax experts. Because these are things that befuddle a lot of small businesses. Who is your marketing person? Bring that person out here. Because those are the things that are going to build the business to self-sufficiency.
“Anything short of the capacity-building … that will allow folks to rise to the occasion and be self-sufficient I think is almost a waste,” Wright added. “We don’t need them to lead the plan. What we need them to do is be in the community and [be] hearing the plan and supporting it.”
Parker, of Open Buffalo, has similar thoughts about the role that banks should play. One day, soon after the massacre, an ATM appeared down the street from Tops, next to the library that sits across the street from Parker’s office. Soon after the ATM was installed, Parker began fielding questions from area residents who were skeptical of the machine and wanted to know if it was legitimate. But Parker didn’t have any information to share with them. “There was no outreach. There was no community engagement. So I’m like, ‘Let me investigate,'” she said. “I think that’s a symptom of how investment is done in Black communities, even though it may be well-intentioned.”
As it turns out, the temporary ATM belonged to JPMorgan Chase. The megabank has had a commercial banking presence in Buffalo for years, but it didn’t operate a retail branch in the region until last year. Today it has four branches in operation and plans to open another two by the end of the year, a spokesperson said.
After the Tops shooting, the governor’s office reached out to Chase asking if the bank could help in some way, the spokesperson said in response to the skepticism. The spokesperson said that while the Chase retail brand is new to the Buffalo region, the company has been active in the market for decades by way of commercial banking, private banking, credit card lending, home lending and other businesses.
In addition to the ATM, the bank provided funding to local organizations including FeedMore Western New York, which distributes food throughout the region.
“We are committed to continuing our support for Buffalo and helping the community increase access to opportunities that build wealth and economic empowerment,” the spokesperson said in an email.
In the year since the massacre, there has been some progress by banks in terms of their interest in listening to the East Side community and learning about its needs, said Nicholas. But he hasn’t felt an air of urgency from the banking community to tackle the issues right now.
“I do experience banks being a little more open to figuring out what their role is, but it’s slow. It’s slow,” said Nicholas. The senior pastor of the Lincoln Memorial United Methodist Church, located about a mile north from Tops, Nicholas is part of a 13-member local advisory committee for the New York arm of Local Initiatives Support Coalition, or LISC. The group is focused on mobilizing resources, including banks, to address affordable housing in Western New York, specifically in the inner city, as well as training minority developers and connecting them to potential investors, Nicholas said.
Of the 13 members, seven are from banks — one each from M&T, Bank of America, BankOnBuffalo, Evans and KeyBank, and two members from Citizens Financial Group. One of the priorities of LISC NY is health equity, and the fact that banks are becoming more engaged in looking at health disparities is promising, Nicholas said. Still, they have more work to do, he said.
“I need them to think more on how to strengthen and build the economy on the East Side and provide leadership around that, not only to provide charitable things, but using sound business and banking and community development principles to say, ‘OK, if we’re going to invest in this community, these are the types of things that need to happen in this community,’ and then encourage their partners and other people they work with … to come fully in on the East Side.”
Some bankers agree with the community activists.
“Putting a branch in is great. Having a bank on wheels is great,” said Noah of BankOnBuffalo. “But if you’re not embedded in the community, listening to the community and trying to improve it, you’re not creating that wealth and creating a better lifestyle for everyone.”
What could make a substantial difference in terms of banks’ impact on the community is a combination of collaboration and leadership, said Taylor. He supports the idea of banks leading the charge on the creation of a comprehensive redevelopment and reinvestment plan for the East Side, and then investing accordingly and collaboratively through their charitable foundations.
“All of them have these foundations,” Taylor said. “You can either spend that money in a strategic and intentional way designed to develop a community for the existing population, or you can spend that money alone in piecemeal, siloed, sectorial fashion that will look good on an annual report, but won’t generate transformational and generational changes inside a community.”
Banks might be incentivized to work together because it could mean two things for them, according to Taylor: First, they’d have an opportunity to spend money in a way that would have maximum impact on the East Side, and second, if done right, the city and the banks could become a model of the way to create high levels of diversity, equity and inclusion in an urban area.
“If you prove how to do that, all that does is open up other markets of consumption all over the country because people want to figure out how to do that same thing,” Taylor said.
Some of that is already happening, at least on a bank-by-bank case, said KeyBank’s Owunwanne. Through the KeyBank Foundation, the company is able to leverage different relationships that connect nonprofits to other entities and corporations that can provide help.
“I see this as an opportunity for us to make not just incremental changes, but monumental changes … as part of a larger group,” Owunwanne said “Again, I say that not to absolve the bank of any responsibility, but just as a larger group.”
Downstairs from Parker’s office, Golden Cup Coffee, a roastery and cafe run by a husband and wife team, and some other Jefferson Avenue businesses are trying to build up a business association for existing and potential Jefferson-area businesses. Parker imagined what the group could accomplish if one of the banks could provide someone on a part-time basis to facilitate conversations, provide administrative support and coordinate marketing efforts.
“In the grand scheme of things, when we’re talking about a multimillion dollar [bank], a part-time employee specifically dedicated to relationship-building and building out coalitions, it sounds like a small thing,” Parker said. “But that’s transformational.”
Pharmacy school student loans are one way for potential pharmacists to subsidize some or all of the costs associated with attending pharmacy school.
There are several pros and cons to taking out a pharmacy school loan, from the opportunity to receive student loan forgiveness to potential fees for late payments or a drop in credit score.
Keep reading to learn how much it costs to attend pharmacy school, a few different ways to pay for it, what a pharmacy school loan covers, and the ins and outs of pharmacy school student loans.
Average Cost of Pharmacy School
The average cost of attending pharmacy school spans anywhere from $65,000 to $200,000.
It’s a wide range but, generally speaking, in-state, public schools are on the lower end of the scale, costing around $14,800 to $82,000 per year, while pharmacy programs at private institutions can run between $74,800 and $160,000.
Average Student Loan Debt Pharmacy School
The American Association of Colleges of Pharmacy (AACP)’s 2021 survey of pharmacy school graduates found that about 85% of PharmD degree holders had to borrow money to get through school.
And the average student loan debt for pharmacy graduates, according to that same report, is $173,561.
There’s good news, though: The return on investment can be promising for pharmacists, whose median pay is around $128,710 per year, according to the Bureau of Labor Statistics.
What Can You Use a Pharmacy School Student Loan on?
There are several ways a student loan can be used to cover the cost of a pharmacy school education:
Tuition
As evidenced above, tuition is one of the biggest pharmacy school expenses that can be covered by a pharmacy school student loan. Since it can cost upwards of $200,000 to complete a pharmacy program, student loans can be helpful in covering that cost.
Fees
The term “fees” can sound a little bit elusive, and you typically see it thrown alongside the word “tuition.” The fees associated with attending pharmacy college vary based on the type of program the student attends, how many credit hours the student completes, and whether or not they’re an in-state or out-of-state student. In some cases, a pharmacy school may charge “comprehensive fees” that cover tuition, fees and room and board.
Books and Supplies
Pharmacy school student loans can be used to pay for books, supplies and other education-related expenses. To acquire the funds for books and supplies, pharmacy school student loans are first applied to a student’s tuition, required fees, and room and board bills. Then, any remaining funds get refunded to the borrower, either in the form of a check or through direct deposit. From there, the money can be used to pay for books and supplies.
Recommended: How to Pay for College Textbooks
Living Costs
Room and board is another expense that can be paid for with pharmacy school loans. Students can use their borrowed funds to pay for student housing — whether that’s in a dorm room or an off-campus apartment with roommates.
Pharmacy School Student Loans: Pros & Cons
Pros of Using Pharmacy School Student Loans
Cons of Using Pharmacy School Student Loans
Help people pay for pharmacy school when they don’t otherwise have the financial resources to do so.
Can be expensive to repay.
Open up more possibilities for the type of pharmacy school a person can attend, regardless of the cost.
Can put borrowers into substantial amounts of debt.
Cover a wide range of expenses — from tuition and fees to school supplies, room and board.
Borrowers might have to forego other financial goals to pay off pharmacy school student loans.
Paying off pharmacy school student loans can help build credit.
Late payments or defaulting on a pharmacy school student loan can damage credit.
Pros of Using a Pharmacy School Student Loan
Using a pharmacy school loan comes with a few pros:
Student Loans for Pharmacy School Can Be Forgiven
In terms of pharmacists student loan forgiveness, there are several options for newly graduated pharmacists who need some help paying off their pharmacy school loans.
Typically, these forgiveness programs are available on a state or federal level.
A few different pharmacy student loan forgiveness options include:
• Public Service Loan Forgiveness (PSLF)
• HRSA’s Faculty Loan Repayment Program
• National Institutes of Health Loan Repayment Programs
• Substance Use Disorder Workforce Loan Repayment Program
• State-based student loan forgiveness programs
Salary
As mentioned above, the median pay for a pharmacist is around $128,710 per year. For a pharmacy school graduate with student loan debt, this salary range could mean the difference between paying off loans and still having money left in the budget for living expenses, an emergency fund, and other types of savings.
Credit Score
Paying off pharmacy school student loans can be one way for a borrower to boost their credit score. When building credit history, making on-time payments is a prominent factor, which can potentially have a beneficial effect on a borrower’s credit score. Although their credit score could face a minor dip right after paying off the loan, it should subsequently level out and eventually rise.
Pharmacy school student loans appear as “installment loans” on a person’s credit report, which can diversify the types of credit they manage, thus potentially improving their “credit mix.” Which could also help enhance their credit score.
Cons of Using a Pharmacy School Student Loan
Pharmacy school student loans can also come with a few cons:
Debt
Since a pharmacy school loan is an installment loan, it’s considered a form of debt. As such, potential pharmacists are signing a long-term contract to repay a lender for the money they borrow. Should they find themselves on uneven financial ground, they may end up missing a payment or defaulting on the loan altogether, which could have a damaging effect on their credit report.
Late Payment Penalties
Many pharmacy school student loan lenders dole out fees for late payments. The terms of the loan are outlined by the lender before the borrower signs the agreement, but it’s important to read the fine print because loan servicers can charge a late payment penalty of up to 6% of the missed payment amount.
Interest Rates
Student loans for graduate and doctoral degrees like pharmacy school have some of the highest interest rates of any type of student loan.
Even federally subsidized Grad PLUS Loans have a fixed interest rate of 7.05% for the 2023-2024 school year, which could cause a pharmacy school student loan balance to climb high over time.
Recommended: Grad PLUS Loans, Explained
Average Interest Rates for Pharmacy School Student Loans
Pharmacy students have a variety of student loan options available to them. This table details the interest rate on different types of federal student loans that might be used to pay for a portion of pharmacy school.
Loan Type
Interest Rate for the 2023-2024 School Year
Direct Loans for Undergraduate Students
5.50%
Direct Loans for Graduate and Professional Students
7.05%
Direct PLUS Loans for Graduate Students
8.05%
Private student loans are another option that may help pharmacy students pay for their college education. The interest rates on private student loans are determined by the lender based on factors specific to the individual borrower, such as their credit and income history.
Paying for Pharmacy School
Before looking into an undergraduate student loan option or a graduate student loan option, potential pharmacists might be able to secure other sources of funding to help them pay for pharmacy school.
Scholarships
Scholarships are funds used to pay for undergraduate or graduate school that do not need to be repaid to the provider.
They can be awarded based on many different types of criteria, from grade point average (GPA) to athletic performance to acts of service, chosen field of study, and more. Scholarships might be offered by a college or university, organization, or institution.
For potential pharmacy school students, there are several available options for scholarships through their individual states and other providers. The American Association of Colleges of Pharmacy (AACP) is a great resource for finding a pharmacy school scholarship.
Grants
Unlike scholarships or loans, grants are sources of financial aid from colleges, universities, state/federal government, and other private or nonprofit organizations that do not generally need to be repaid.
The AACP breaks down grants and awards for health profession students and government subsidized grants for pharmacy school students on their website.
Recommended: The Differences Between Grants, Scholarships, and Loans
State Pharmacy School Loans
Some potential pharmacists may be eligible to participate in a state student loan program. The cost of attending a state pharmacy school will vary depending on whether or not the student lives in the same state as the school, so researching the accredited pharmacy programs by state can help them determine how much they’ll need to borrow.
Federal Pharmacy School Loans
The U.S. Department of Education offers Direct Subsidized and Unsubsidized Loans to undergraduate and graduate pharmacy school students. The school will determine the loan type(s) and amount a pharmacy school student can receive each academic year, based on information provided by the student on the Free Application for Federal Student Aid (FAFSA®) form.
PLUS Loans are another federal pharmacy school loan option, eligible to graduate or professional students through schools that participate in the federal Direct Loan Program.
Recommended: Types of Federal Student Loans
Private Pharmacy School Loans
A private student loan is another way for students to pay for pharmacy school. When comparing private student loans vs. federal student loans, it’s important to note that because private loans are not associated with the federal government, interest rates, repayment terms. Benefits also vary depending on the lender. For these reasons, private student loans are considered an option only after all other financing sources have been exhausted.
When applying for a private pharmacy school loan, a lender will usually review the borrower’s credit score and financial history, among other factors.
Private pharmacy school student loans can help bridge the gap between other payment options like the ones listed above, and give potential pharmacists the opportunity to shop around for the option that works best for them.
Income-Driven Repayment Plans
Income-driven repayment plans in particular help borrowers qualify for lower monthly payments on their pharmacy school loans if their total debt at graduation exceeds their annual income.
Here are the four income-driven repayment plans available for federal student loans:
• Income-Based Repayment (IBR
• Pay As You Earn (PAYE)
• Revised Pay As You Earn (REPAYE)
• Income-Contingent Repayment (ICR)
The Takeaway
Nearly 85% of pharmacy school graduates have student loans, according to the AACP. Pharmacy school loans can be used to pay for tuition and fees, living expenses, and supplies like books or required lab equipment. Federal student loans can be used in combination with any scholarships and grants the student may qualify for. If you find yourself still looking for a way to pay for your pharmacy school education after exhausting scholarships, grants, and federal student loans, a private student loan option might be an option to consider.
With SoFi’s private student loans, you get a six-month grace period post-graduation before you start thinking about repayment. Interested applicants can find out their rate in just a few minutes.
Learn more about borrowing a SoFi private student loan.
FAQ
How long does it take to pay off pharmacy school loans?
Depending on the type of pharmacy school loan you take out (private vs. federal) and when the funds were distributed, it can take between five and 30 years to repay a pharmacy school student loan.
How can I pay for pharmacy school?
There are several ways to pay for pharmacy school, including federal student loans, private pharmacy school loans, scholarships, grants, and personal savings.
What is the average student loan debt for pharmacy school?
According to the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy graduates is $173,561.
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During the first couple of years of the COVID-19 pandemic, Los Angeles tenants were able to skip their rent payments as renters lost their jobs and businesses shut down, but the first deadline for that unpaid rent is Tuesday.
Eviction protections that were in place at the start of the pandemic expired earlier this year, which means that tenants could face evictions if they’re not able to pay their landlords their unpaid rent from the first 19 months of the pandemic by the Aug. 1 repayment deadline.
What does the deadline mean for me?
If you have rental debt accumulated from March 1, 2020, through Sept. 30, 2021, you have to pay that unpaid rent to your landlord, or possibly face eviction.
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However, the Los Angeles City Council and Mayor Karen Bass approved a minimum threshold for evictable rent debt, which means that if you owe less than one month of unpaid rent, you can’t be evicted on the basis of late rent, according to a statement by Bass’ office.
The deadline for rent debt owed from Oct. 1, 2021, through Jan. 31, 2023, is Feb. 1, 2024.
Are there any exceptions?
People who owe rent from March 1, 2020, to Aug. 31, 2020, can’t be evicted if they provided their landlord with a form declaring financial hardship due to COVID-19 within 15 days of receiving the form from the landlord.
Also, tenants who provided that same form by the 15-day deadline and paid 25% of their rent owed from Sept. 1, 2020, through Sept. 30, 2021, will also not face eviction.
However, their landlord can pursue action in small claims court for the unpaid rent.
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Are there any resources available for me?
Bass said her office is working to prepare resources for people who may be affected by the deadline.
“We will continue to lock arms with our partners to solve this crisis so that everyone in Los Angeles has a safe place to sleep at night and that no one is sleeping on the streets,” Bass said at a news conference Monday.
Her office plans to propose using money from a tax passed last year on the sales of properties over $5 million — known as Measure ULA — to fund rental assistance programs, such as short-term emergency assistance programs, a tenant outreach and education program and a protections from tenant harassment program, Bass said Monday. The plan will come before the City Council’s Housing and Homelessness Committee the day after the deadline.
The Mayor’s Fund for Los Angeles’ program “We Are LA” has also been reaching out to at-risk tenants to help them access legal services and other assistance they may be eligible to receive.
The outreach teams have connected with more than 40,000 people already, according to Bass.
The city will also be reaching out to people who receive eviction notices to help them understand what it means, help them file a response if their landlord filed an unlawful detainer and make sure that they are aware of any resources available to them, Councilmember Nithya Raman, chair of the council’s housing and homelessness committee, said at the conference Monday.
If people receive an eviction notice, they need to respond within five days, Bass’ statement said.
Raman added that the city has partnered with the courts to help make sure that tenants have access to all the resources and services that are available to them, as well as encouraging people to go into mediation or other pathways for alternative resolutions.
Bass’ office along with Raman also recommended tenants reach out to the city’s housing department. Renters can do so by scheduling an appointment at one of the agency’s public counters or calling at (866) 557-7368.
There are also more resources for tenants available on the Tenant Power Toolkit and StayHousedLA website, which can provide information about tenant rights and the eviction process.
At the conference Monday, Bass said there is also help on the way for landlords through rental assistance, which provides money to the landlord for the back rent.
“To address this problem, you need to protect the tenants, but you also need to protect the landlords as well,” she said.
Times staff writer David Zahniser contributed to this report.