Review: “I ordered this rug in the Grey/Brown color option. It is perfect for tying my brown wood furniture and dark grey floors together. It is also a great color/pattern combo for hiding any little spills my toddler or dog might have. The thickness is enough that it is comfortable and padded underfoot, but not thick enough for a lot of crumbs, dirt, hair, etc. to get stuck in the fibers. It definitely can be vacuumed easily. Overall I am very happy with this purchase and buy this rug again for other rooms! The picture shows the rug right out of the bag, so the side is still a little curled. After an hour or so it is already flattening out.” – Scott Hammock

amazon.com , Scott Hammock Report

Review: “Loved that they came in a set, so you know they’re going to be identical. Wonderful size. Tall. Perfect. Note. In order to get the leaves to look like the ad picture: when installing, the leaves are in various sizes and you can put them wherever you’d like. Smaller on the bottom, larger on top, works best. Alternating colors. Initially, they stick straight up. To get the curved look, roll the “leaves” by hand. Do not try to bend the wire between the leaf and the stem. They really do look quite real” – Good

amazon.com , Good Report

Review: “I love this screen. We placed it on our deck for a privacy screen and love it. It is a very versatile screen and I have used it in several places in the house as well. It looks great on the deck as you can see. I ordered 30″ zip ties when I ordered the screen and have used the zip ties to gently secure the screen to the deck posts for windy days. I want to order another!” – Buckleysangel

amazon.com , Buckleysangel Report

Review: “I had a great TV stand that I really liked because it was open. I decided to order this one because the top was going to raise the height of the tv. At the last minute I decided NOT to add the back & the doors so that it would be exactly like the previous one, so I wanted a buyer to know you can leave off the back & doors if you choose & it looks great. When I get bored I change things often, so if I decide to add the back & doors it will be like a different piece of furniture. I am so pleased with this purchase.” – Robinette Fields

amazon.com , Robinette Fields Report

Review: “I was very apprehensive because it was only a two ounce candle pretty small but wow it’s mighty. I understand the price now. I’m going to say buying the 8oz version is going to be totally worth it because this candle lasts a while and you don’t need to leave it on for long and the smell will Permeate the entire area and it’s very strong. I would also say this is a great gift for anyone and especially for a masculine man.” – That One Girl

amazon.com , That One Girl Report

Review: “The quality of these shelves is awesome. And, they are so easy to put together! I chose to get the adjustable option so I could customize my shelves. I chose to leave one shelf out to have a bit more room. And, the price point is right in line with the quality in my opinion.” – Heather Lowery

amazon.com , Heather Lowery Report

Review: “Very realistic. Soft. Very lux looking. True to color. Great size for the sofa. I have yet to clean this but my hunch would be to avoid tumble drying. I purchased primarily for the look. Not to actually use as a blanket. So far no shedding. I’m in love with this throw. Excellent accessory to mark the cold season. BUY IT! – Markita

amazon.com , Markita Report

Review: “These three coffee tables are so beautiful and came in much larger than I expected. It really fits in a large living room. The install was straightforward but due to the arch we had to spend sometime lining the holes up. I love these coffee tables in the living room!” – Janice

amazon.com , Janice Report

See Also on Bored Panda

Review: “Got two of these for dorm room and was pleasantly surprised by the weightiness of the mirrors. It is a solid, sturdy piece and I feel confident it will still be standing at the end of this school year. They look great in the room!!” – Kat

amazon.com , Kat Report

Review: “I bought the 30” and 40” bottle to fill in space next to my entertainment center in the living room. I was pleasantly surprised when they arrived. They were very well packed and when I unpacked them , they were very sturdy and heavy. I loved the look of the recycled glass. – Terry A Stiles

amazon.com , Terry A Stiles Report

Source: boredpanda.com

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With the holiday shopping season fast approaching, a simple addition to your catalog can go a long way: gift cards.

Unlike other types of inventory, gift cards are cheap to produce, easy to ship and unlikely to be returned. If you offer digital gift cards, you can’t run out — and you can keep making sales until a few minutes before gifts are exchanged.

“People love giving gift cards,” says Rachel DeCavage, owner and creative director at Cinder + Salt, an eco-friendly clothing company based in New England. “It’s a no-brainer way for them to give someone something that they’re going to love.”

People love getting them, too. In an October survey from the National Retail Federation, 55% of respondents said they hope to get a gift card as a present this year.

Here’s how you can make gift cards part of your holiday strategy, whatever you sell.

1. Create your gift cards

You may be able to order physical cards or offer digital ones through your e-commerce platform or point-of-sale system. Physical cards typically cost less than $2 per card, and digital cards are often free.

Physical cards are more popular gifts for Chicago-based indoor golf facility The Green, says founder and managing partner Connor Ptacin.

During the holidays, Ptacin estimated his team mails out “like 20 gift cards a week” to people who want to give their loved ones something physical.

Digital cards let you keep making sales until the very last minute. DeCavage says she usually sees a rush of gift card orders “like three days before a holiday.”

The right mix of digital and physical cards depends on your customers. If most of your sales take place in person, physical cards may be more popular. But if more of your customers shop online and you tend to ship orders farther away, or if you’re trying to grow your online sales, lean into digital cards.

2. Promote them as gifts

Display gift cards by your register and prominently on your e-commerce website to catch shoppers’ eyes.

“Just pop it right there on the counter and drive the impulse purchase,” says Jay Jaffin, chief marketing officer at Blackhawk Network, which helps retailers create and sell gift cards and other rewards items.

You can use gift cards to encourage other spending. This year, DeCavage is offering gift cards as bonuses to customers who spend more than a certain amount at Cinder + Salt.

“It could be an incentive for them or it could be something they can give to someone else, and it also feels like they’re getting a discount,” DeCavage says.

Make sure your cashiers know how to load gift cards using your point-of-sale system and how to package them. Those transactions give your staff the opportunity to make additional sales, too: DeCavage encourages gift card buyers to add something small, like a sticker, so it’s more exciting for the recipient to open.

“We try to make it a part of the shopping experience for people who are really unsure about what to get,” DeCavage says.

Promote gift cards on social media and via email, too. A well-timed online marketing campaign can remind previous customers that you have gift cards available — especially if you can reach last-minute shoppers at the right moment.

Lastly, Ptacin recommends swapping gift cards with other local businesses that serve similar audiences. That can help you reach new customers who might have just needed a push to visit you.

3. Prepare for redemptions

If you sell enough gift cards, you might reduce the intensity of another post-New Year’s headache: returns.

“A lot of times, what you see is a bunch of returns at the beginning of the year,” Jaffin says. “Sometimes, those gift cards can actually help balance that out — that first-quarter lull.”

Shoppers usually spend more than what’s on their gift cards, Jaffin adds.

DeCavage says gift card shoppers often behave differently. Instead of making a beeline for their desired item, they tend to spend lots of time browsing.

“For small retailers, gift card programs can really be a low-maintenance and affordable way to compete against larger stores,” Jaffin says, “while also helping to acquire new customers and encourage repeat foot traffic.”

Source: nerdwallet.com

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Using a wishlist app can be an excellent way to stay organized when planning holiday shopping. Wishlist apps allow you to create shopping lists and check off purchases as you make them. Some of the best wishlist apps can also make it easier to track price changes for items on your list from different stores.

If you’re gearing up for the holidays (or planning to shop for any other special occasion), there are several wishlist apps you might consider using to make the task easier.

In this guide, you’ll learn about the benefits of wishlist apps and smart picks if you decide to use them.

Why Use a Wishlist App?

Wishlist apps can help to simplify holiday shopping in a number of ways. While the features of individual apps may vary, the benefits are largely the same.

For instance, a wishlist app can help you to:

•   Organize shopping lists for the holidays or any other special occasion.

•   Plan, set, and hopefully stick to a budget for shopping so that you’re not draining your checking account.

•   Track pricing changes for the various items on your list so you can find the best deals.

Wishlist apps can also keep you from wasting money on the wrong gifts (a sweater that’s too big or not quite the right Lego set) or on impulse buys.

If friends and family use wishlist apps to set up a preferred gift list for themselves, they can share it with you. You can then choose which gifts to buy from their list. This can help ensure that you’re giving them something they truly want or need; say, not just any boots but exactly the pair they’re hoping for. And you can set up a shareable wishlist for yourself so that friends and family also know what to buy for you.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

Best Wishlist Apps for Shopping in 2023

There are lots of wishlist apps available for download, but some may prove more valuable to you than others. When comparing wishlist apps, it’s helpful to consider such factors as:

•   The range of features offered

•   Shareability

•   Whether fees are involved in their use (all of the ones on the list below are free).

With those things in mind, here are some of the best wishlist app options to consider when trying to shop affordably for the holidays.

1. Giftful

•   Website: https://giftful.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftful can make it easy to set up wishlists and share them with friends and family. To create a wishlist for yourself, you can simply add links to items from around the web. People who view your wishlist can browse items and if they decide to make a purchase, click “Claim” in the app to let others know they plan to buy it.

You can do the same for friends and family who have created their own Giftful wishlist. Giftful believes in the value of surprises, so you won’t be able to see who’s claimed items on your list and friends and family won’t be able to see what you’ve claimed from their lists.

2. Wishupon

•   Website: https://wishupon.company

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Wishupon is a universal shopping wishlist app that can be used for the holidays or any other time when you need to track gifts (such as birthdays or wedding season).

Users can create wishlists when they browse any online store through the Wishupon mobile app. You can also add items to your wishlist with just a click if you’re window shopping online using the Wishupon browser extension for Google Chrome. Wishlists are shareable on Snapchat, Messenger, and social media.

There are two other features you may also enjoy. Wishupon sends you notifications when the price of an item on a saved or shared wishlist drops (this can help you save money daily during the holiday season). You can also organize your wishlist into different collections, which can make it easier to separate holiday shopping from other occasions.

3. Giftbuster

•   Website: https://giftbuster.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftbuster allows users to set up one wishlist or multiple lists for different people in your household. For example, if you’re married, you might have one wishlist for yourself, one for your spouse, and one for each of your kids if you have children.

You can instantly save links to any product from any store with just one click and share wishlists with everyone in your friends or family circle. Giftbuster sends notifications for price drops as well as deal alerts to help you avoid paying retail. You can also get access to special promo codes which can deliver added savings on the things you plan to buy.

4. Giftwhale

•   Website: https://giftful.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftwhale is a fun way to create wishlists for the holidays, including Secret Santa lists. You can set up a wishlist for yourself and add links to items from any store. You can then share your list with friends and family so they know exactly what to buy. They can share their own lists with you as well.

There’s a chat feature that allows you to exchange gift-giving ideas with friends and family, which is hidden from the wishlist’s creators. That can be a plus if you want to avoid confusion about who will buy which gifts from their list. It also makes holiday shopping more social, which can add to the fun.

Here’s another cool feature: Giftwhale makes it easy for wishlist creators to send a thoughtful thank you note to each person who purchases an item from their list.

5. Things to Get Me

•   Website: https://thingstogetme.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Things to Get Me is a universal wishlist app that includes some helpful features shoppers might appreciate. For example, you can:

•   Create curated lists for each special occasion you plan to shop for

•   Personalize your lists with different themes

•   Share your lists with individual people or groups that you create

•   Collect cash with a money fund if you’d prefer that to a tangible gift (available in the U.S., U.K., and Europe only)

•   Receive gifts from people without having to share your mailing address publicly.

You can use Things to Get Me to shop through the mobile app or online using the free browser plugin.

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6. Giftster

•   Website: https://giftster.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Giftster is a free private gift registry that’s designed for families. You can create a registry and invite family members to join. Everyone who receives an invite can view the registry at any time to make gift giving for the holidays or any other reason easier.

Members can add links to items to the registry from any store. Any purchases that are made from the list are hidden from the listmaker. If your family follows an annual tradition of doing a Secret Santa gift exchange, you can set that up in the app, and Giftster will automatically draw names for each member.

7. Listery

•   Website: https://listery.app

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Listery is a free mobile app that allows users to create gift wishlists and share them with people in their contacts circle. There’s no limit to the number of lists you can create. You can also set up hidden lists of items that you’d like to buy for yourself that no one else on the app would be able to view.

When you set up group lists, you can designate those as public or private view. When an occasion is drawing closer, Listery will send you a reminder to let you know it’s approaching. That can help you avoid waiting until the last minute (or even hitting the stores on Christmas Eve) to purchase a gift from someone’s list.

Recommended: When Is the Best Time to Book Holiday Travel?

8. WishList

•   Website: https://wishlist.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

WishList is a wishlist app and gift registry that allows users to set up lists for any occasion. When you create a list, you can add items to it from any store using the WishList mobile app or online with the Chrome browser extension. Wishlists can be shared among friends and family. Bonus: The app has a search feature that lets you find users using their name or email.

Lists can be curated by theme or collection, so you might have one list for holiday shopping, another for birthdays, and a third for the bedroom makeover you’re planning. Users can set up lists for specific gifts they’d like to receive or general lists of things they’re into to offer some gift-giving inspiration for friends and family.

Recommended: How Much Holiday Lights Cost to Run

9. Elfster

•   Website: https://elfster.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Elfster is a wishlist app that’s designed especially for Christmas and holiday shopping. Users can create personalized wishlists, review lists from friends and family, and browse the latest gift trends online.

The app also has a Secret Santa generator feature that makes it easier to plan a holiday gift exchange. You can invite friends, family members, or coworkers to Elfster via text or email. Elfster draws names for you and assigns everyone on the list a Secret Santa gift to buy.

10. Wish Explorer

•   Website: https://wishexplorer.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Wish Explorer allows users to create and share wishlists for holiday shopping, weddings, birthdays, and other events. One of the best features of the app is the option to organize lists and make notes so that you don’t have to worry about forgetting anything when it’s time to shop.

It’s easy to add items to lists while shopping online, or you can also import items manually. When you’re browsing the lists of friends or family members, you can tag items as “reserved” or “bought” to let other shoppers know you’re already purchasing that item. That means no duplicate presents, which can help save money on the holidays and minimize frustration.

11. DreamList

•   Website: https://dreamlist.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

DreamList is a wishlist app and gift registry with a twist. While the app allows you to set up gift lists for holiday shopping and other occasions, users can also create lists for other purposes.

For example, you can set up wishlists for meaningful experiences you’d like to share with friends, family members, or significant others. You could also ask for cash donations to help fund a specific goal or dream, like planning for a vacation. It’s free to set up wishlists or gift registries, and you can create a group list for the entire family.

12. Moonsift

•   Website: https://moonsift.com

•   Available on: Android, iOS

•   Cost: Free

•   Age rating: Everyone

Moonsift makes it easy to browse and create curated collections of items you’d like to buy. You can set up a universal wishlist and add items through the Moonsift app or online with the free browser extension. It’s designed to let you simply add products from any store and share collections with friends and family.

You can view items from lists that have been shared with you. Another cool feature: Moonsift sends price drop alerts to let you know when there are deals to be had. You can also track what’s already been purchased from a listmaker’s list to avoid buying duplicate items.

The Takeaway

The holidays can be one of the busiest times of year, and having to keep up with a lengthy shopping list might only add to the strain. Wishlist apps can take the guesswork out of deciding what to buy for the people you plan to shop for (and ensure that you’re getting gifts you actually want). More importantly, using a wishlist app can help you stay on budget so that you’re not putting unnecessary stress on your checking or savings account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

FAQ

What are wishlist apps?

Wishlist apps are applications that allow users to create lists of gifts they’d like to receive. They can then share those lists with friends, family members, or coworkers, as well as view lists that have been shared with them.

Can you create gift wishlists without an app?

In addition to wishlist apps, you might also be able to create gift wishlists with your favorite retailers, such as an Amazon wishlist. You could also use Pinterest to curate items you’d like to buy for yourself or gift ideas for others. And there’s always pencil and paper or email as options to share this info.

What’s the difference between a wishlist and a gift registry?

Wishlists, including the kind created using a wishlist app, allow viewers to see which items the listmaker would most like to have. Viewers can then decide which items to purchase, if any. Gift registries work the same way, but are typically store-specific.


Photo credit: iStock/Anchiy

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

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Editor’s Note: On June 30, 2023, the Supreme Court announced its decision to reject the Biden-Harris Administration’s Student Debt Relief Program on the grounds that it required Congressional approval. Previously, it was announced that interest accrual on federal student loans will resume on Sept. 1, while loan payments will be due starting in October. Borrowers will learn their new monthly payment amount and due date at least 21 days in advance.

After graduation and your six-month federal student loan grace period, it’ll be time to start paying your dues. If you are on the Standard Repayment Plan, you’ll pay at least $50 a month for 10 years. But there are other ways to pay back your student loans: through income-driven repayment plans.

Not all of these plans have the same repayment strategy, and not all federal loans qualify for income-driven repayment. We’ll help you find the one that aligns with your financial situation before you commit.

How Does Income-Driven Repayment Work?

The U.S. Department of Education offers four income-driven repayment (IDR) plans for holders of federal student loans:

•   Income-Based Repayment (IBR)

•   Income-Contingent Repayment (ICR)

•   Pay As You Earn (PAYE) Plan

•   Saving on a Valuable Education (SAVE) Plan

For most IDR plans, your monthly payment is calculated as a portion of your discretionary income. The Department of Education defines discretionary income as your adjusted gross income in excess of a protected amount.

Discretionary income under the SAVE Plan, for example, is any adjusted gross income you have above 225% of the federal poverty guideline appropriate to your family size. You’ll have a $0 monthly payment under the SAVE Plan if your annual income doesn’t exceed the protected amount of $32,805 for a single borrower and $67,500 for a family of four in 2023.

If you don’t qualify for a $0 monthly payment on the SAVE Plan, your monthly payment beginning in July 2024 will be set at 5% of discretionary income for undergraduate loans, 10% for graduate loans, and a weighted average if you have both.

On the IBR plan, your monthly payment is typically set at 10% to 15% of your discretionary income above 150% of the federal poverty guideline appropriate to your family size. But unlike the SAVE Plan, a borrower’s monthly payment on the IBR plan will never be more than what you would have paid through the Standard Repayment Plan.

IDR Loan Forgiveness

All federal IDR plans can end with your remaining loan balance being forgiven after 20 or 25 years, but some borrowers may receive forgiveness sooner under the SAVE Plan. Beginning in July 2024, federal student loan borrowers with original principal balances of less than $12,000 can have their remaining loan balance forgiven after 10 years of monthly qualifying payments on the SAVE Plan.

For more details on federal IDR debt relief benefits, check out our Guide to Student Loan Forgiveness.

Your personal circumstances and goals may dictate which student loan repayment plan is right for you. You can estimate how much your monthly payments will be through the federal Loan Simulator calculator.
💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

The Difference Between Income-Driven Repayment Plans

Deciding which IDR plan is right for you (and that you may qualify for) depends on your financial situation and your loan type(s). Here’s what they all mean:

•   IBR (Income-Based Repayment). This plan is based on your income and family size. The potential IBR payment must be less than what you would pay under the Standard Repayment Plan to qualify. Any remaining balance is forgiven after 20 or 25 years.

•   ICR (Income-Contingent Repayment). Under this plan, your monthly payment is adjusted based on your income (sometimes set at 20% of your discretionary income above 100% of the federal poverty guideline appropriate to your family size). It might not lower your payments as much as other plans, but it’s the only IDR plan that allows Parent PLUS Loans. Any remaining balance is forgiven after 25 years.

•   PAYE (Pay As You Earn). With this plan, you’ll never pay more than the fixed Standard Repayment Plan amount. Payments are typically set at 10% of your discretionary income above 150% of the federal poverty guideline appropriate to your family size. Any remaining balance after 20 years of payments is forgiven.

•   SAVE (Saving on a Valuable Education). This IDR plan replaced the former REPAYE Plan. Anyone with qualifying student loans can enroll into the SAVE Plan. However, you could end up paying more per month under this plan than the Standard Repayment Plan. You’ll have a $0 monthly payment under the SAVE Plan if your annual income falls below 225% of the federal poverty guideline appropriate to your family size.

Alternatives to Income-Driven Repayment Plans

The 2023 debt ceiling bill officially ended the three-year Covid-19 forbearance, requiring federal student loan interest accrual to resume on Sept. 1, 2023, and payments to resume in October 2023.

Aside from the Standard Repayment Plan, there are a few options to consider instead of IDR:

Consolidation

If you have federal student loans, you can get a Direct Consolidation Loan. This will move all your eligible federal student loans into one monthly payment. Your new interest rate is the weighted average of all your loans, rounded up to the nearest eighth of a percent.

This can be helpful if you have many smaller loans that each have a minimum monthly payment. It typically won’t lower your monthly payment, however, but it can make it manageable and easier to keep track of. Only federal loans are eligible for a Direct Consolidation Loan.

Refinancing

Refinancing is similar to consolidation. You get one loan to replace all of your other loans, but it’s a new loan with a new interest rate from a private lender or bank. Your credit report and other personal financial factors are considered to see if you’re a responsible borrower. If you previously had a co-borrower, such as a parent, you can look into refinancing without a cosigner.

Many lenders allow you to refinance all of your student loans, not just federal student loans. So if you have a mix of private student loans and federal student loans, refinancing will create one new loan with one payment to replace them.

If you qualify for a lower interest rate and a shorter term, it could reduce the amount of money paid in interest over the life of the loan. You may pay more interest over the life of the loan if you refinance with an extended term. You can explore different scenarios with our Student Loan Refinance Calculator.

You may ask, “Should I refinance my federal student loans?” Refinancing federal student loans with a private lender forfeits your access to Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness, and federal IDR plans. You can weigh the pros and cons when determining whether student loan refinancing is right for you.
💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

How Do You Calculate Income for an Income-Driven Plan?

The Department of Education considers three different components when calculating a borrower’s income. While this may seem needlessly complicated, it actually benefits borrowers:

Annual Income

Any income that’s taxable counts toward the Education Department’s calculation. That means regular wages, plus interest and dividends from savings and investments, unemployment benefits, etc. On the flip side, any income that isn’t taxed doesn’t count: gifts and inheritances, cash rebates from retailers, child support payments, and so on.

Spouse’s Income

If you and your spouse file a joint tax return, then their income must also be factored in. If you file separately, only your income counts.

Family Size

Your family size is the number of people who live with you and receive more than half their support from you. This includes children but also dependent adults, such as an older parent.

The Takeaway

There are four income-driven repayment plans for federal student loan holders, including IBR, ICR, PAYE, and SAVE. No new PAYE enrollments will occur after July 1, 2024, although current PAYE enrollees can remain on the plan after that date.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.


SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income based repayment plans or extended repayment plans.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

The holidays are fast approaching, and the time to book holiday flights is even closer. But as travelers securing end-of-year trip reservations begin to reach for their wallets, another payment option is on the table.

A growing list of airlines offers travelers the chance to buy expensive flights now and get an interest-free loan to pay off the purchase in smaller monthly installments. These “buy now, pay later” financing options are available through third-party providers, like Affirm, Uplift, Klarna or PayPal Credit, directly on the airline’s checkout page.

Almost 1 in 5 holiday travelers (about 18%) plan to use a buy now, pay later service to pay for their holiday travel expenses, according to a NerdWallet survey conducted by The Harris Poll in September among over 2,000 U.S. adults. For the purposes of the survey, holiday travelers were defined as people who plan to spend money on flights/hotels for 2023 holiday travel.

Buy now, pay later is a way for holiday travelers to finance the $1,947 they plan to spend on holiday flights and hotels this season, according to NerdWallet’s findings. This is an increase of more than 23% from last year’s holiday travel spending ($1,582 on average). That’s despite a decline in airfare prices since last year, according to the consumer price index data released in October.

The question is whether using these programs is a good idea.

The rise of buy now, pay later services

The agency also noted the dollar value of loans doled out by those companies rose from $2 billion before the pandemic to a whopping $24.2 billion in 2021. Buy now, pay later usage included everything from beauty products to groceries, gas, pet care and travel.

Experts say the jury is still out on whether buy now, pay later programs benefit consumers. A big reason for the uncertainty is the rapid rise of these financing options.

“There’s a lot we still don’t know about consumer uses of these,” says Michael Collins, an expert in consumer and personal finance at the University of Wisconsin.

According to the CFPB, these loans, paid down monthly by consumers, range in size from $50 to $1,000.

Benefits of using buy now, pay later for travel

There are some benefits to using buy now, pay later for travel.

For one, buy now, pay later can keep travelers from immediately paying for a sizable airfare expense when holiday gifts and other year-end costs can quickly add up.

Plus, there’s a convenience factor to making a buy now, pay later purchase, Collins says.

“You can instantly finance it even if you don’t have cash in the bank and you don’t want to use your credit card,” he says, noting its appeal to those who might not have stellar credit or who don’t have a credit card.

Unlike a credit card, though, many of these programs don’t charge interest if you make the minimum monthly payment.

Drawbacks of using buy now, pay later for travel

Buy now, pay later programs do carry risks, especially if you miss your monthly payment.

In the CFPB’s report on Buy Now, Pay Later trends, the explosion in popularity of these financing options last year is discussed, and users are cautioned about the risks of data harvesting, inconsistent consumer protections, minimal dispute resolution options and the potential to accumulate debt and late fees.

“We will be working to ensure that borrowers have similar protections, regardless of whether they use a credit card or a Buy Now, Pay Later loan,” the bureau’s director, Rohit Chopra, said in the report.

The agency also found that 10.5% of buy now, pay later borrowers were charged at least one late fee in 2021.

Use credit responsibly

Ultimately, Collins says, consumers considering taking advantage of one of these programs — or incurring any other debt, for that matter, should consider the basic principles of responsible credit.

“You should be your own best judge of what you can handle,” he says. “You have to take out these loans with the intent to pay them back in a timely way, or else they will get very expensive very fast.”

Survey Method:

The 2023 survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from September 5-7, 2023, among 2,057 U.S. adults ages 18 and older, among whom 967 plan to spend money on flights/hotel stays this upcoming holiday season. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com