On Wednesday, the U.S. House of Representatives voted to advance a proposal that could retroactively end the student loan payment pause, kill the president’s debt cancellation plan and potentially force hundreds of thousands of public servants to return forgiven debt to the government.
But borrowers shouldn’t panic yet, because the proposal, pushed forward by Republican lawmakers under the Congressional Review Act, is unlikely to succeed.
Next, the Senate will vote on the proposal. A majority of lawmakers in the Democrat-held chamber would need to vote in favor in order for it to move to the president’s desk. If that happens, President Joe Biden vows to veto it. Both the House and Senate would need a two-thirds majority to overturn that veto.
Bottom line: Student loan borrowers shouldn’t worry that the CRA will force them to repay their debt immediately. Instead, put your energy into preparing for forbearance to end. Federal student loan payments are scheduled to resume in early fall.
What would the Congressional Review Act do to student loans?
The Congressional Review Act is a tool that allows lawmakers to overturn final rules issued by federal agencies — the Department of Education, in this case.
The GOP proposes using the CRA to reverse about nine months of interest-free forbearance, immediately restart monthly bills, block Biden’s student debt cancellation plan of up to $20,000 of relief per borrower and prevent the Education Department from enacting similar actions in the future.
“Tens of millions of people will be immediately hit with bills for past-due interest charges courtesy of congressional Republicans,” said Mike Pierce, executive director of the Student Borrower Protection Center, in a press briefing on Tuesday.
The House voted 218-203 for the proposal; two Democrats, Rep. Jared Golden of Maine and Rep. Marie Gluesenkamp Perez of Washington state, joined the Republican majority.
The consequences would be dire for some. Each month federal loans spent under forbearance has counted toward loan forgiveness eligibility under income-driven repayment plans and the Public Service Loan Forgiveness, or PSLF, program. Because the CRA would invalidate nine months of forbearance, it would reinstate the debt of more than 260,000 borrowers who have earned loan forgiveness under PSLF since September 2022 — averaging about $72,000 per person, according to a recent analysis by the American Federation of Teachers and the SBPC. It would also erase nine months of progress toward forgiveness under the PSLF program for 2 million additional borrowers, the report found.
“This will be a draconian mess,” AFT President Randi Weingarten said in the Tuesday press briefing.
How did we get here?
Student loans entered the political crosshairs during the pandemic. Forbearance began in March 2020 under the Trump administration. Although this spelled relief for 43.5 million federal student loan borrowers, it has come at a controversial cost: roughly $5 billion in revenue per month, according to a November 2022 estimate by the Committee for a Responsible Federal Budget, a think tank that supports lowering the deficit.
The CRA isn’t the only recent legal threat to the payment pause. In March, private student loan lender SoFi sued to end it, saying the latest forbearance extension has cost the bank millions in profits due to borrowers not refinancing. Conservative think tank The Mackinac Center for Public Policy filed a lawsuit calling the pause an “enormous expense to taxpayers” and asked a judge to immediately reinstate payments.
Prepare for payments to resume by early fall
Though this CRA proposal is unlikely to succeed, borrowers are still set to return to student loan payments soon. Expect bills and interest to resume by early fall. We don’t yet know the fate of Biden’s cancellation plan in the Supreme Court, so prepare to pay on your full loan balance.
Here’s how to get ready:
Locate your student loan servicer. The company that manages your student loans may have changed since forbearance began. Find your servicer by logging into StudentAid.gov.
Contact your servicer. Log in to your servicer’s website or give them a call. Update your contact information. Ask how much you might owe when payments resume, how much your monthly bills could be, and what payment plans are available to you. If you had automatic payments before forbearance, set those up again. Servicers expect a customer service bottleneck when payments resume, says Scott Buchanan, executive director of the Student Loan Servicing Alliance, so get ahead of traffic now.
Consider an income-driven repayment plan. Your servicer can help you sign up for an IDR plan. These plans lower your monthly bills to a set portion of your disposable income. Your payment could be as low as $0 per month. You can do the paperwork now so you’re set in an IDR plan when forbearance ends, Buchanan says.
Put money aside. If you can, consider putting aside your estimated student loan payment each month in a high-yield savings account. This can help you cover the first few months of student loan payments when they restart.
Boasting iconic views of the NYC skyline, a beautiful Brooklyn condo in a historic building has just hit the market.
Set in the charming neighborhood of Brooklyn Heights, the home is located in one of the first loft-style apartment buildings in the area, one with a long history of commercial use and subsequent residential use.
Located at 75 Livingston Street, the swanky suite designed by famed architect Henry Smith-Miller has been listed at $4.65 million by its famous — and art-savvy — owner.
Let’s take a look inside the historic building and the showstopping suite owned by notable Brooklyn couple, Arnold and Pam Lehman.
History behind the luxurious landmarked coop
Landmarked in 2011, 75 Livingston Street was built by architect Abraham J. Simberg in 1926.
Also known as the Court Chambers Building, or the Brooklyn Chamber of Commerce Building, the 30-story tower is now an unmistakable residential cooperative located in downtown Brooklyn, NY.
Exterior façade of 75 Livingston Street in Brooklyn, New York. Photo credit: GrissJr, CC BY-SA 4.0, via Wikimedia Commons
In the past, the building was called the Court-Livingston due to its alternate street address of 66 Court Street. Originally built as an office tower, the structure was converted into co-op apartments in 1981.
Now, the 30-story building is a full-service landmarked housing co-op offering a 24/7 doorman, live-in super and porters.
The residence was the longtime home of art-loving couple Pam and Arnold Lehman
The sellers of the gorgeous Brooklyn Heights home are a well-known Brooklyn couple, Arnold and Pam Lehman.
Photo credit: Joel Pitra at DDReps
Brooklyn native Arnold Lehman was the director of the Brooklyn Museum for almost 18 years. He also formerly led the Baltimore Museum of Art.
Following his retirement from the Brooklyn Museum, he became senior adviser to the Phillips auction house located in New York City, London and Hong Kong.
He recently published a book titled Sensation, centered on the controversy that swept the Brooklyn Museum in 1999 after an exhibit displayed Chris Ofili’s The Holy Virgin Mary painting.
Pam was the administrator for the Kornfeld Foundation which has been involved in medical research, palliative care and literacy in New York City schools.
While the couple hasn’t publicly shared their reasons for parting ways with their Brooklyn Heights home, we suspect their massive art collection has something to do with it.
Avid collectors of contemporary art, the Lehmans have filled up their Brooklyn pad (as well as a house they had in Maine and other apartment in Miami, per a NY Times profile published in 2017) with unique works.
To name just a few of the notable art pieces that line the walls of the couple’s elegant Brooklyn home, pictured above: Kehinde Wiley’s large sidesaddle portrait, The Capture of Juliers (2006); Fernando Mastrangelo’s sculpture Brazil, in coffee, sugar and wood (2007); and Barbara Kruger’s lenticular photograph Have Me Feed Me Hug Me Love Me Need Me (1988).
A look inside the swanky suite
Listed just under five million, this contemporary gem has been highlighted in several design articles, including in the New York Times.
Spanning 3,000 square feet, the luxury condo offers three bedrooms and three baths.
Photo credit: Joel Pitra at DDRepsPhoto credit: Joel Pitra at DDReps
Designed by noted architect Henry Smith-Miller, natural light bursts through the suite’s 30 oversized tilt-turn windows.
Accessed by three private-keyed elevators, the home features a separate den and two study areas offering additional layout flexibility.
Photo credit: Joel Pitra at DDRepsPhoto credit: Joel Pitra at DDReps
Including a sweeping entertaining space with a 35-foot open living/dining room and an impressive steel-walled 30-foot entrance gallery, the picture-perfect views stretch across Brooklyn Bridge Park and the harbor to the Statue of Liberty, lower Manhattan, Governors Island and beyond.
Photo credit: Joel Pitra at DDReps
The kitchen offers chic stainless steel cabinetry with a Viking stove, Bosch dishwasher, and separate full-size Sub-Zero refrigerator and freezer.
Photo credit: Joel Pitra at DDReps
The private and panoramic outdoor space is highlighted by two terraces offering beautiful backdrops and sunrise-to-sunset views.
Photo credit: Joel Pitra at DDRepsPhoto credit: Joel Pitra at DDReps
With its truly a one-of-a-kind skyscraper design located near all the services and transportation, the luxurious Brooklyn Heights condo is listed by Sandra Cordoba of Compass.
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On average, it costs $23,890 a year to attend an out-of-state school versus $9,410 for an in-state school. That’s $14,480 more per year you could pay — just to attend a college in a different state than where you grew up.
Source: Giphy.com
Over four years, you could end up paying $60,000 more than someone who attends school in-state. So, what are some ways you can lower the cost of out-of-state tuition? Here are seven of our biggest tips.
What’s Ahead:
1. Research Regional Reciprocity Programs
Many schools have “regional reciprocity agreements” or “tuition exchange programs” that let you attend certain out-of-state colleges for in-state rates.
For instance, 18 colleges in Georgia offer in-state tuition to residents of border states. This includes Alabama, Tennessee, North Carolina, South Carolina, and Florida.
On a much broader scale, several states have banded together to create regional reciprocity programs that give you reduced out-of-state tuition at hundreds of public and private schools.
The four biggest regional reciprocity programs include:
Midwest Student Exchange — Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, and Wisconsin.
The New England Regional Student Program — Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Academic Common Market — Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Western Undergraduate Exchange — Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the Commonwealth of the Northern Mariana Islands.
Some schools will offer in-state tuition to any student in a neighboring state, while others may require you to meet certain criteria — such as having a specific high school GPA or declaring a certain major.
MU30 Tip: Already have a few colleges in mind? Look on their websites or contact financial aid to see if they have any tuition exchange or reciprocity programs in place.
2. See If You Qualify for a Tuition Waiver
In some cases, you may be able to get a tuition waiver that allows you to attend an out-of-state college at a reduced rate. Tuition waivers are usually granted to students with special circumstances:
You (or someone in your immediate family) is a veteran or active duty military member.
You were valedictorian or a high achiever.
You’re enrolled in a special degree program, such as STEM or health care.
You work for the school you wish to attend.
You were or are a part of the foster care system.
You’re a nontraditional student.
You’re of Native American heritage.
You have a financial hardship.
To see if you qualify, search for the phrase “tuition waiver” on your favorite schools’ websites. This should pull up a list of all the tuition waivers currently available. (For example, I found 13 waivers on the University of Washington’s website.)
3. Apply for Out-of-State Scholarships
There are several scholarships specifically for students who are attending college out-of-state. These scholarships can help you cover the costs of tuition, room and board, and other expenses.
To find out-of-state scholarships, start by checking with your college’s financial aid office. There’s a good chance the school has scholarships earmarked for nonresidents.
From there, do a scholarship search using a tool like the College Board Scholarship Search or Fastweb. You may find some private scholarships to help lower your out-of-pocket costs.
Read more: Scholarships and Grants: How To Score Free Money for College
MU30 Tip: Does your parent or guardian work in higher education at one of these Tuition Exchange member schools? If so, you can apply for a reciprocal scholarship that lets you attend hundreds of schools in the U.S., Canada, Greece, Morocco, the United Arab Emirates, and Switzerland at a free or reduced rate!
4. Think About Becoming a Resident Assistant
If you’re planning on attending college out-of-state, one way to lower your costs is to become a resident assistant (RA). RAs typically receive free or reduced-cost housing in exchange for their duties, which can include things like leading tours and organizing social events.
So while you may not get a tuition discount, it could help you save on housing while you’re there.
To become an RA, start by talking to your college’s housing office. They should be able to tell you about any open RA positions and their requirements. You may also need to fill out an application and go through an interview process.
5. Negotiate Out-of-State Tuition With the Financial Aid Office
It’s not widely advertised, but you can technically negotiate the cost of tuition and fees with the financial aid office. In fact, doing so could save you anywhere from 5% to 15%. On a four-year degree that costs $60,000, that’s a savings of $3,000 to $9,000.
Beyond negotiating, the financial aid office is also a way to find out what types of aid are available to you as an out-of-state student.
Read more:
6. Become an In-State Resident
This tip may seem a little far-fetched, but hear me out. If you’re taking a gap year, for instance, and have time to establish residency in the state where you want to attend college, it could be worth it.
Every state has different requirements for residency, but you’ll typically need to live there for at least a year before you can apply for in-state status.
Start by researching the requirements for the state you want to move to, then get working on completing them. This could include getting a job or an apartment in the state, getting a driver’s license, and more.
7. Look for Schools With Lower Out-of-State Tuition Rates
If all else fails and there’s no way for you to get reduced out-of-state tuition, another option is to simply look for schools that charge lower rates for out-of-state students.
MU30 Tip: Want to see which colleges have the lowest tuition rates? Check out this affordability calculator from the U.S. Department of Education.
Once you have out-of-state tuition rates for different colleges, you can start to compare your options and make a decision about which school is the best fit for you.
Read more: Not Enough Financial Aid? Here are 10 Ways To Pay for College
Bottom Line
Out-of-state tuition can be costly, but there are ways to minimize costs without racking up a ton of student loan debt. Use these tips to see how much you can save.
Featured image: Alexander Lukatskiy/Shutterstock.com
On average, it costs $23,890 a year to attend an out-of-state school versus $9,410 for an in-state school. That’s $14,480 more per year you could pay — just to attend a college in a different state than where you grew up.
Source: Giphy.com
Over four years, you could end up paying $60,000 more than someone who attends school in-state. So, what are some ways you can lower the cost of out-of-state tuition? Here are seven of our biggest tips.
What’s Ahead:
1. Research Regional Reciprocity Programs
Many schools have “regional reciprocity agreements” or “tuition exchange programs” that let you attend certain out-of-state colleges for in-state rates.
For instance, 18 colleges in Georgia offer in-state tuition to residents of border states. This includes Alabama, Tennessee, North Carolina, South Carolina, and Florida.
On a much broader scale, several states have banded together to create regional reciprocity programs that give you reduced out-of-state tuition at hundreds of public and private schools.
The four biggest regional reciprocity programs include:
Midwest Student Exchange — Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, and Wisconsin.
The New England Regional Student Program — Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Academic Common Market — Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Western Undergraduate Exchange — Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the Commonwealth of the Northern Mariana Islands.
Some schools will offer in-state tuition to any student in a neighboring state, while others may require you to meet certain criteria — such as having a specific high school GPA or declaring a certain major.
MU30 Tip: Already have a few colleges in mind? Look on their websites or contact financial aid to see if they have any tuition exchange or reciprocity programs in place.
2. See If You Qualify for a Tuition Waiver
In some cases, you may be able to get a tuition waiver that allows you to attend an out-of-state college at a reduced rate. Tuition waivers are usually granted to students with special circumstances:
You (or someone in your immediate family) is a veteran or active duty military member.
You were valedictorian or a high achiever.
You’re enrolled in a special degree program, such as STEM or health care.
You work for the school you wish to attend.
You were or are a part of the foster care system.
You’re a nontraditional student.
You’re of Native American heritage.
You have a financial hardship.
To see if you qualify, search for the phrase “tuition waiver” on your favorite schools’ websites. This should pull up a list of all the tuition waivers currently available. (For example, I found 13 waivers on the University of Washington’s website.)
3. Apply for Out-of-State Scholarships
There are several scholarships specifically for students who are attending college out-of-state. These scholarships can help you cover the costs of tuition, room and board, and other expenses.
To find out-of-state scholarships, start by checking with your college’s financial aid office. There’s a good chance the school has scholarships earmarked for nonresidents.
From there, do a scholarship search using a tool like the College Board Scholarship Search or Fastweb. You may find some private scholarships to help lower your out-of-pocket costs.
Read more: Scholarships and Grants: How To Score Free Money for College
MU30 Tip: Does your parent or guardian work in higher education at one of these Tuition Exchange member schools? If so, you can apply for a reciprocal scholarship that lets you attend hundreds of schools in the U.S., Canada, Greece, Morocco, the United Arab Emirates, and Switzerland at a free or reduced rate!
4. Think About Becoming a Resident Assistant
If you’re planning on attending college out-of-state, one way to lower your costs is to become a resident assistant (RA). RAs typically receive free or reduced-cost housing in exchange for their duties, which can include things like leading tours and organizing social events.
So while you may not get a tuition discount, it could help you save on housing while you’re there.
To become an RA, start by talking to your college’s housing office. They should be able to tell you about any open RA positions and their requirements. You may also need to fill out an application and go through an interview process.
5. Negotiate Out-of-State Tuition With the Financial Aid Office
It’s not widely advertised, but you can technically negotiate the cost of tuition and fees with the financial aid office. In fact, doing so could save you anywhere from 5% to 15%. On a four-year degree that costs $60,000, that’s a savings of $3,000 to $9,000.
Beyond negotiating, the financial aid office is also a way to find out what types of aid are available to you as an out-of-state student.
Read more:
6. Become an In-State Resident
This tip may seem a little far-fetched, but hear me out. If you’re taking a gap year, for instance, and have time to establish residency in the state where you want to attend college, it could be worth it.
Every state has different requirements for residency, but you’ll typically need to live there for at least a year before you can apply for in-state status.
Start by researching the requirements for the state you want to move to, then get working on completing them. This could include getting a job or an apartment in the state, getting a driver’s license, and more.
7. Look for Schools With Lower Out-of-State Tuition Rates
If all else fails and there’s no way for you to get reduced out-of-state tuition, another option is to simply look for schools that charge lower rates for out-of-state students.
MU30 Tip: Want to see which colleges have the lowest tuition rates? Check out this affordability calculator from the U.S. Department of Education.
Once you have out-of-state tuition rates for different colleges, you can start to compare your options and make a decision about which school is the best fit for you.
Read more: Not Enough Financial Aid? Here are 10 Ways To Pay for College
Bottom Line
Out-of-state tuition can be costly, but there are ways to minimize costs without racking up a ton of student loan debt. Use these tips to see how much you can save.
Featured image: Alexander Lukatskiy/Shutterstock.com
We’re living longer than ever before, and doing so in better health. So what can you do when you retire and want to keep your mind sharp or need to gain additional skills to stay competitive at work?
For many, the answer is to go back to school. But tuition can be prohibitively expensive.
At the same time, schools want their classrooms to be full of engaged students, regardless of age. In the interest of continuing education, many colleges and universities offer reduced or free college for seniors (typically, adults 60 and up, although the rules vary).
In fact, we found at least one option in every state.
Free (or Cheap) College for Seniors in Every State
While some institutions only allow senior students to audit classes, many offer the chance to earn credits toward a degree at a reduced — or completely waived — tuition rate.
Does your state have a senior citizen education program you can use? Find out below!
1. Alabama
The Alabama Commission on Higher Education states that Alabama seniors can attend any two-year institution within the state tuition-free.
Adults 60 and older should contact the financial aid office at any community college for admission and eligibility details.
Some Alabama schools, like Coastal Alabama Community College, offer online courses if you want to avoid in-person classes.
2. Alaska
The University of Alaska waives tuition for senior-citizen residents who receive full Social Security benefits. Seniors must wait until the first day of classes to enroll to ensure that there’s space remaining; they must also complete a tuition-waiver form.
Additional costs such as student activity, health center and lab fees are not covered; the student must pay them directly.
Online courses may be included if offered; check with the admissions office for confirmation.
3. Arizona
All 10 campuses of Maricopa Community College allow senior citizens to take classes for credit at 50% of the full tuition cost.
Students 65 and older must register between the first and second class sessions of the semester to ensure space is available. You can register for in-person, online or hybrid classes.
4. Arkansas
Arkansas waives tuition for anyone 60 and over who wants to work toward an undergraduate or graduate degree at state institutions.
Student fees may apply, and senior citizens may register only for classes with space available. If you need online courses, check with your chosen college to see what options you have.
5. California
California State University waives all tuition for state-supported classes and dramatically reduces campus fees for residents age 60 or older.
Different Cal State locations may offer online courses or in-person classes. Students who attend in-person classes must provide proof of COVID-19 vaccination.
6. Colorado
Students age 55 and older may attend class on a space-available basis at Colorado State University. There is no tuition fee, but visitors don’t get credit for attending class. It is up to the instructor how participation and grading of assignments and tests are handled. CSU currently offers face to face, hybrid and online classes.
At the University of Colorado Denver, people 60 and older may enroll on a no-credit basis to attend up to two classes per semester as auditors when space is available. (Courses with a lab component are excluded, as are computer courses and online courses.)
7. Connecticut
Residents 62 and up may attend state colleges, including community colleges, for free on a space-available basis.
At Central Connecticut State University, for example, tuition is waived for any resident over the age of 62 who applies for full- or part-time admission for a degree-granting program. Online courses are included.
Senior students may also take noncredit courses on a space-available basis and have tuition waived. All students must still pay all other fees.
8. Delaware
The University of Delaware, Delaware State University, and Delaware Technical and Community College allow all permanent state residents age 60 or older to audit or take classes for credit for free.
At the University of Delaware, students wishing to use the program must apply for admission on a space-available basis. Some graduate degrees may be eligible, as well. Residents can register for online or in-person courses.
Participants must pay all related student fees and buy their own textbooks.
9. District of Columbia
Senior citizens 65 and up may audit undergraduate courses from Georgetown University’s School of Continuing Studies. These students pay a fee of $32 per credit, which means a three-credit course will cost $96.
To audit a course, there must be available space and the instructor of record must approve the enrollment.
Getty Images
10. Florida
The Florida college system waives application, tuition and student fees for those age 60 and above, but colleges will award no credit and will grant admission on a space-available basis. Check to see whether your chosen college covers online courses as well as in-person ones.
Fun fact: Florida Atlantic University’s Lifelong Learning Society has the largest adult continuing education program in the U.S. It even has its own auditorium on campus to help serve FAU’s 30,000 new registrants each year.
11. Georgia
Georgia residents age 62 and above may take classes on a space-available basis for “little or no cost” at the state’s public colleges.
Seniors may choose to take classes for credit or continuing education, but they must apply through the regular admissions process at their school of choice. Many general education courses are offered online.
12. Hawaii
The Senior Citizen Visitor Program at the University of Hawaii and state community colleges allows senior residents age 60 and up to attend up to two courses per semester free of charge. Seniors who have been residents of Hawaii for at least one year may enroll in in-person, hybrid or online courses for no cost. It’s recommended but not required for students to be vaccinated against COVID-19. Students must demonstrate tuberculosis (TB) clearance by providing test results or a TB risk assessment form signed by a licensed U.S. health care provider.
Schools will not award credit nor will they keep permanent records of students’ class history.
13. Idaho
Programs in Idaho vary based on institution, but some schools offer good deals. The College of Southern Idaho offers free tuition for lower division courses for students aged 60 and older, in addition to other benefits. The college has online and in-person courses.
At Boise State University, Idaho residents who are at least 65 years old can audit classes on a space-available basis for free except for applicable special course fees. BSU offers online courses as well as in-person ones.
14. Illinois
Upon admission, senior citizens age 65 and up who meet income requirements can attend regular credit courses at Illinois public institutions for free. Lab, student and other fees still apply. Each institution will have guidance on registering for online or in-person classes.
15. Indiana
Indiana University offers programs that allow retired residents age 60 and older to take up to nine credit hours per semester and pay just 50% of in-state tuition fees. Courses are in person.
16. Iowa
Private institution Simpson College in Indianola allows people 65 and older to take one noncredit class for free per semester. Courses are open on a space-available basis and do not include lab courses. Online courses may be available.
17. Kansas
Tuition and fees are waived for students age 65 and older taking classes on a space-available basis. Residents must be admitted to a state-supported school to take advantage of this discount. Each school can also provide info on in-person versus online courses.
The registration process varies: The University of Kansas and Wichita State University, for example, require senior auditors to apply for admission. Online or in-person courses may be offered.
18. Kentucky
Tuition and fees are waived for students age 65 and older taking classes on a space-available basis. Residents must be admitted to a state-supported school to take advantage of this discount. Each school can also provide info on in-person versus online courses.
19. Louisiana
Students age 65 and up attending Louisiana state schools receive free tuition and 50% off books and materials at the campus student bookstore. Check with each school to see if online courses are included.
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20. Maine
Senior citizens 65 and up may attend undergraduate classes as degree-seeking or audit students in the University of Maine System for free, subject to space availability.
Each college within the system can provide info on the types of courses covered (i.e., online, in-person, hybrid).
21. Maryland
Any student in the University of Maryland System who is retired and over the age of 60 may have tuition waived for up to three courses per semester, even for degree-granting programs. Online courses are available as well as face-to-face offerings.
Online courses are available as well as face-to-face offerings.
22. Massachusetts
Residents age 60 or older can take at least three credits per semester at any state-supported school in Massachusetts and receive free tuition.
Each location has information on what online courses are offered.
23. Michigan
Opportunities for seniors in Michigan vary by institution.
At Michigan Tech, for example, students 60 and older can have tuition waived for up to two courses per semester. Seniors must apply through the admissions office.
Western Michigan University invites seniors 62 and older to register for one class per semester tuition-free, which may include online classes.
At Wayne State University in Detroit, seniors 60 and up receive a 75% discount on tuition but must pay registration and related fees. Wayne State offers some online courses.
24. Minnesota
Minnesota waives tuition for senior citizens 62 and older, but fees and online options may vary by school. At the University of Minnesota, seniors pay a $10 fee per credit, but they can audit for free.
25. Mississippi
There’s no statewide benefit in Mississippi, but some schools have programs for seniors.
Mississippi State University provides a waiver to residents age 60 or older for classes offered on the Starkville or Meridian campuses or by the Center for Distance Education. Seniors are limited to six semester hours per semester and a maximum of 18 credit hours per calendar year, where space is available. MSU offers online courses as well as traditional in-person ones.
The University of Mississippi’s Office of Professional Development and Lifelong Learning allows seniors 65 and older to take one class for free per semester (up to four hours) at any UM campus.
26. Missouri
Missouri residents age 65 and older are exempt from paying tuition at state-supported institutions for classes attended on a noncredit basis. Schools may limit the number of students who receive the tuition benefit based on space availability. Online classes are offered in addition to in-person ones.
27. Montana
The Montana University System offers a tuition waiver for in-state residents 65 or older. Campus and registration fees are not waived. Choose from online or in-person classes.
28. Nebraska
Chadron State College allows adults 65 and up to audit one course per semester for free. The college offers classes online and on campus.
29. Nevada
The University of Nevada, Las Vegas allows seniors 62 and up to take autumn and spring courses free of charge. They pay 50% tuition for summer classes. Lab and other course fees are not covered. Online courses may be offered.
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30. New Hampshire
The University of New Hampshire offers residents 65 and older free tuition for two credit-bearing classes per academic year on a space-available basis, so long as they’re not enrolled in a degree program. Courses are offered online or in person.
31. New Jersey
Rutgers University allows retired New Jersey residents 62 and older to audit courses for free in the spring and fall semesters at its Camden, New Brunswick and Newark campuses, space permitting. Current guidelines allow senior citizens to audit in-person or online classes if they have been fully vaccinated against COVID-19.
32. New Mexico
New Mexico offers reduced tuition of just $5 per credit hour to state residents 65 and older. Online courses are available.
For-credit classes are eligible as well as auditing; senior citizens can take no more than 10 credit hours per semester. The program is offered on a space-available basis, and students are responsible for paying any additional course fees.
33. New York
Many schools offer free or reduced tuition for senior citizens. Queens College allows residents 60 and up to audit any course on a space-available basis after completing a Senior Citizen Auditor Application and paying $80 per semester. Up-to-date COVID-19 vaccinations are required to enroll.
At SUNY Purchase, New York state residents 60 and older can enroll tuition-free in a maximum of two credit-bearing, on-campus courses in which space is available. They pay a $50 audit fee, $20 ID processing fee and any course fees. In-person, online and hybrid courses are available, and COVID-19 vaccinations are required for anyone coming on campus.
34. North Carolina
Tuition and registration fees are waived for residents 65 or older attending North Carolina community colleges. Senior citizens can take up to six credit hours per semester for free. Audit options may be available at other schools.
At the University of North Carolina Wilmington, for example, senior citizens may audit classes for free after getting the instructor’s permission and submitting an application. Lab, studio, performance, distance education, independent study, internship and special topic courses are excluded. Online courses are available for those who prefer them.
35. North Dakota
Programs vary by institution in North Dakota. At Bismarck State, for example, senior citizens 65 and older can audit one course tuition-free per semester on a space-available basis. They’re still responsible for other course fees. Some online courses are available.
36. Ohio
Ohio residents at least 60 years old may attend class at any state college for free. Senior-citizen students do not receive credit and can register only on a space-available basis. They are still responsible for special assessments, such as lab fees, that may apply.
Many Ohio state colleges offer online courses, as well as in-person and hybrid.
37. Oklahoma
Oklahoma state colleges and universities waive tuition and fees for senior citizens 65 and older who wish to audit classes on a space-available basis.
38. Oregon
Oregon State University allows senior citizens at least 65 years old to audit classes for free at a maximum of eight credit hours per semester.
The University of Oregon also waives fees for seniors 65 and older auditing classes on a space-available basis.
Online course options may be offered depending on availability.
39. Pennsylvania
Clarion University offers a tuition waiver for residents 62 and up to audit classes. At Bloomsburg University, you need to be only 60 to take tuition-free classes on a space-available basis.
There can be additional benefits at the community college level: Bucks County Community College, for example, waives for-credit course tuition for seniors 65 and up so long as they register after students who are paying full tuition. Many courses are offered online, though some in-person and hybrid options are available.
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40. Rhode Island
Tuition waivers can be requested from citizens over 60 at the Community College of Rhode Island. Seats are granted when there is space available.
All degree-seeking senior students must fill out a FAFSA. They also have to submit a Senior Citizens Means Test to verify they have limited income.
Proof of COVID-19 vaccination is required to attend in-person classes. There are also online classes.
41. South Carolina
Residents 60 and above can attend classes at state schools on a credit or noncredit basis, pending space available, for free. The school must grant admission via its normal procedures.
Technology, lab and other fees are the responsibility of the student. Many South Carolina community colleges offer online courses for those interested.
42. South Dakota
Residents 65 and older can attend public universities in South Dakota at 55% of the normal cost of tuition for undergraduate or graduate in-person courses on a main university campus.
Interested adults should apply through the regular admissions system, and the school will automatically grant the discount upon admission. Student fees are not waived.
Contact your chosen university to see whether online courses are offered.
43. Tennessee
The University of Tennessee allows senior citizens to enroll in undergraduate or graduate courses for $7 per credit hour with a maximum fee of $70.
Students will still pay application and course fees. Senior citizens can choose between online courses and in-person ones.
44. Texas
A senior citizen age 65 or older can take up to six tuition-free credit hours at the University of Texas at Austin.
At the University of Texas at Dallas and Lone Star College, undergrad students 65 and older must maintain a 2.0 cumulative GPA to receive a tuition waiver for up to six credit hours per semester.
Check with each individual university to see which online and in-person classes are available for enrollment.
45. Utah
Utah residents age 62 and up may enroll tuition-free at a state institution, space permitting; a quarterly registration fee is required.
At the University of Utah, for example, seniors can audit most classes on a space-available basis and only have to pay a fee of $25 per semester, plus any special fees required. Call to see whether online classes are included.
46. Vermont
Vermonters over the age of 65 can audit one class per semester tuition-free on a space-available basis in the Vermont State College System. Students can take additional classes at a 50% discount of the tuition rate, either in person or online.
They’ll still have to pay administration and course fees for all classes.
47. Virginia
Under the amended terms of the Senior Citizens Higher Education Act of 1974, Virginia residents over 60 years old who earn a taxable income of less than $23,850 annually can audit up to three courses per term for free on a space-available basis at any public institution, either in person or online.
48. Washington
Institutions in Washington are required to partially or fully waive tuition fees for residents age 60 or older who are enrolled for credit on a space-available basis. Nominal fees may apply to students auditing courses.
Some schools limit senior citizens to a certain number of classes or credits; for example, Washington State University caps the waiver at six credits for the fall and spring semesters. Online programs are available.
49. West Virginia
Senior citizens 65 and older at West Virginia University seeking college credit must use the regular admissions form. Those wishing to be non-degree students pay just $5 to apply. WVU offers classes online or in person.
50. Wisconsin
Adults 60 and up may audit classes at the University of Wisconsin-Madison campus or at UW-Madison Online for free, where space is available.
51. Wyoming
At Laramie County Community College, senior citizens 60 and older pay only 20% of the resident tuition rate per credit hour, though they still need to pay any other course or online fees.
Northwest College offers adults 60 and older free tuition up to six credit hours per semester for on-site and online courses, as well as free entry to most college social, cultural and athletic events.
Another Continuing Education Option
More than 100 colleges and universities around the country offer another continuing education program for senior citizens: enrichment courses through the Osher Lifelong Learning Institutes (OLLI).
Prices vary depending upon the institution. Duke University, for example, has a $50 annual membership fee and then charges $50 to $175 per class. Senior citizens can choose to take classes online or in person.
OLLI classes don’t count toward a degree, but if you’re looking for personal development opportunities among older adults, these courses can provide opportunities that mix in the campus experience, too.
Contributor Catherine Hiles updated this post for 2023.
Sometimes it can seem like banks always put profits over the people they serve, but several U.S. banks are committed to doing just the opposite.
I found 15 banks that shape their business models around community support and environmental sustainability. Many of them even qualify as B Corporations, which have to abide by legal requirements such as a diverse workforce, sustainable practices, and more.
What’s Ahead:
Overview of the best socially responsible banks
Bank or credit union
Best for
Are they a Certified B Corporation?
Unique feature
National Cooperative Bank
Cooperatives
No
Real estate mortgages for homeowners with low to moderate income
Southern Bancorp
Those who live in rural areas
No
Free financial education center
Amalgamated Bank
Those who support sustainable business
Yes
Donate your spare change with their “Donate the Change” program
Ando Savings
Tracking the effect of your investment
Yes
Auto-save by rounding up debit card purchases
BankPurely
Investing in planting trees
No
One tree is planted for every SavingPurely account opened
Aspiration Bank
Knowing how your spending stacks up to your values
Yes
Investment accounts with fossil fuel-free portfolios
Clearwater Credit Union
Montana small businesses
No
All-in-one banking options
Verity Credit Union
Entrepreneurs in underserved communities
No
Microloans
Virginia Community Capital (VCC)
Real estate entrepreneurs taking on eco-friendly construction projects
Yes
The Revolving Loan Fund that fills financial gaps for investors who can’t afford commercial financing
Central Bank of Kansas City
Tax help and Missouri residents
No
Incentives to invest in economically disadvantaged areas
Carver Federal Savings Bank
Those looking to help support the Black community
No
They donate to local communities
First Green Bank
Those in economically disadvantages areas
No
A loan plan for homeowners who wish to install solar panels
Mascoma Bank
Those living in low-income cities in New England
Yes
Loans for energy-efficient renovations
City First Bank
Those who want to support the development of low-income communities
Yes
Through CDARS, customers can make larger, FDIC-insured deposits
Beneficial State Bank
Those with less than perfect credit
Yes
Underwriters consider factors other than credit score
Best national banks for socially responsible banking
These banks have brick-and-mortar branches, but they’re large enough to have seamless online and mobile account services, as well as multiple resources for customers and borrowers.
National Cooperative Bank
The National Cooperative Bank began as a lender to business cooperatives that meet community needs, including grocery stores, health centers, nonprofits, housing co-ops, credit unions, and more.
Cooperatives remain their main lending focus, but NCB also specializes in real estate, mortgages for homeowners with low or moderate incomes, and loans for solar energy installation. They’ve branched into personal banking as well, and personal or commercial accounts can be opened online from anywhere in the United States.
Like many socially responsible banks, NCB prioritizes investments in renewable energy projects, and they don’t invest in fossil fuels.
Some of their standout features include:
Member of the Global Alliance of Banking on Values (GABV), a worldwide banking network with a commitment to economic and environmental sustainability.
Personal checking and savings accounts come with up to 0.50% Annual Percentage Yield (APY).
Retirement accounts include IRAs, Roth IRAs, and IRA rollovers.
Learn more about the National Cooperative Bank.
Southern Bancorp
Southern Bancorp is a huge organization with banking, lending, community development, and more services under its $1.1 billion-asset umbrella, but don’t let the size fool you — this bank provides big solutions for small communities, with a commitment to expanding opportunity in rural areas.
In addition to the basics like checking, savings, and lending, Southern Bancorp has a robust public policy advocacy division where they work to promote laws that have positive financial impacts on working families. There’s also a free financial education center with credit counseling and tax prep services.
Since Southern Bancorp is headquartered, and specializes in, the Arkansas and Mississippi Delta regions, physical branches are mostly in this region. But customers from anywhere in the U.S. can open personal or business accounts online.
The bank’s leadership demographic reflects the community it serves; the CEO and 50% of the board members are Black.
Their unique features include:
A Community Development Financial Institution (CDFI).
Certified B-Corporation or B-Corp — a designation reserved for organizations committed to responsible practices.
Personal checking and savings accounts, including accounts designed for specific financial goals.
Online banking is available anywhere with internet access.
Home, auto, and personal loans.
Learn more about Southern Bancorp.
Amalgamated Bank
Headquartered in New York and Washington D.C., Amalgamated Bank extends online checking and savings account access across the United States. They’re committed to sustainable business practices within their own walls. Employees earn a minimum hourly wage of $20/hour, above the federal minimum, and over 30% of employees are union members. The business strives to be 100% carbon-neutral in its operations.
Amalgamated makes its lending priorities clear from the start. They don’t lend to fossil fuel companies, weapons manufacturers, or private prison operators. Instead, they focus on lending to companies in the solar energy or sustainable food industries. If you invest with Amalgamated, you can opt for a portfolio that’s fossil-fuel-free.
And they’re the first major U.S. bank to endorse HR 40, the bill calling for a national commission to establish reparation payments for Black Americans.
Their standout features include:
Certified B Corp and member of the GABV.
Online personal checking and savings accounts with 0.10%-0.40% APYs.
Restart Checking accounts available for customers with poor credit.
Give-Back savings accounts donate half your interest (0.30% APY) to an organization of your choice.
An optional “Donate the Change” program rounds up your purchases and donates the change to a cause the bank selects.
Over 40,000 free in-network ATMs for customers outside NY and D.C.
Learn more about Amalgamated Bank.
Ando Savings
Ando is another bank that puts the environment front and center. They’ve pledged 100% of their investments to initiatives supporting sustainable practices, like agriculture and public transit.
Investors can track the effect of their own investment dollars in the Ando mobile app’s Impact Center, which traces financial impact across five categories including clean energy, sustainable transportation, and green buildings.
You’ll find the following with Ando:
Spending and savings accounts, as well as a Visa debit card, are available to anyone in the U.S.
Accounts have no fees or minimum balances.
Ando’s Count the Change program helps you “auto-save” by rounding up debit card purchases to the nearest dollar and moving the difference from spending to savings.
Learn more about Ando.
Best online banks for socially responsible banking
These banks are fully digital — not only is the all-mobile bank trendy and convenient, but its format also allows the bank to live a little lighter on the earth, with no energy use from physical branches.
BankPurely
BankPurely is the digital arm of NYC-based Flushing Bank, a bank that invests most of its money in community initiatives. As a fully online operation, BankPurely has formal PayItGreen approval for reducing its paper waste and carbon footprint.
They’re currently partnering with Plant-It 2020 to plant indigenous trees in New York State. Ando is one of many socially progressive banks that works with a tree-planting organization, taking a small but important step to counteract climate change.
A few great features include:
Checking, savings, and money market accounts available, with up to 0.25% APY on savings accounts and 0.5% on money market accounts.
CDs are available with 0.55% APY, and Ando will plant a tree for every CD you open.
Learn more about BankPurely.
Aspiration
Aspiration is one of the best-known socially responsible online banks, with multiple account options for the conscious customer. Their “pay what’s fair” fee model for a basic checking account is a rare offering even for the most flexible banks (and yes, paying $0 in fees is an option).
Both the free and fee-based “Aspiration Plus” checking accounts give you a personal impact score to see how your spending stacks up against your values. Accountholders get 3%-10% cash back when they buy anything from Aspiration’s Conscience Coalition partner vendors — an incentive to shop for the greater good.
The bank is currently rolling out a credit card that will reward shoppers who make carbon-friendly financial choices.
Here are a few key features:
Certified B Corp and member of global environmental organization 1% for the Planet.
Aspiration Plus savings accounts ($5.99/month) offer up to 5.00% APY.
Investment accounts available with fossil fuel-free portfolios.
IRA retirement accounts.
As a donor, Aspiration prioritizes funding microloans for low-income recipients.
Learn more about Aspiration or read our full review.
Best regional banks and credit unions for socially responsible banking
Some regional banks offer online accounts to residents elsewhere in the U.S., while others are only open to residents of a certain state or region. Here’s a cross-section of ethical standouts across the country.
Clearwater Credit Union – Montana residents
As Montana’s largest CDFI and a member of Inclusiv, an organization serving residents in low-income communities, Clearwater Credit Union is making its mark nationally but keeping a local focus.
They loan primarily to local businesses and offer a solid selection of financial services to customers.
Here are a couple of great features they offer:
Checking and savings accounts are available.
Health savings accounts (HSAs), traditional IRAs, and Roth IRAs.
Personal, student, and car loans for borrowers.
Learn more about Clearwater Credit Union.
Verity Credit Union – Washington state residents
Verity is active in the local microloan business — one project they’ve funded is the Business Impact Northwest loan program, which gives a financial boost to entrepreneurs in underserved communities.
As an environmentally conscious credit union, they’ve hopped on board the solar installation funding train as well, providing loans to homeowners installing solar panels.
Some especially helpful features include:
Open an account online or through their branch locations.
Accounts can be managed online.
IRAs and 401(k) rollovers are available.
Learn more about Verity Credit Union.
Virginia Community Capital (VCC) – Virginia residents
VCC is the community development arm of VCC Bank, a state bank that’s also a certified B Corp. Food access is a VCC funding priority, and they work with businesses providing healthy, local groceries across the state.
As a real estate funder, VCC has a Clean Energy Financing loan program for entrepreneurs taking on environmentally friendly construction projects.
Some helpful features include:
The Revolving Loan Fund fills financial gaps for investors who can’t afford commercial financing.
Personal savings accounts have low $25 opening deposit minimums.
Checking accounts, CDs, and Roth IRAs are available.
Learn more about VCC.
Central Bank of Kansas City – Missouri residents; online banking for all U.S. residents
Based in Kansas City, Missouri, Central Bank of Kansas City focuses most of its efforts on the local economy. Their lending programs include New Market Tax Credits — incentives to invest in economically disadvantaged areas — and tax credits for developers building low-income housing.
Some exciting features are:
Checking, savings, and money market accounts have fully online options for non-local customers.
Personal accounts earn between 0.05% – 0.15% APY.
Brick-and-mortar banks forMissouri locals.
Learn more about the Central Bank of Kansas City.
Carver Federal Savings Bank – NYC, New England, and Mid-Atlantic residents
Carver Federal Savings Bank was founded in Harlem, NYC, and designed to strengthen Black communities, and the bank’s stayed true to this mission since 1948.
As a CDFI, they focus their donations on local initiatives, and they don’t invest in fossil fuels. Residents of eight states — CT, DE, MA, MD, NY, NJ, RI, and VA, as well as Washington, D.C., and Philadelphia, PA — can open accounts with Carver.
Their key features are:
Interest-bearing checking and savings accounts.
A mobile banking app makes Carver accounts easy to access online.
Account fees are waived with minimum monthly balances.
Learn more about Carver Federal Savings Bank.
First Green Bank – Florida residents
First Green Bank is a local leader in “green” investments. They fund commercial and residential projects that meet environmental standards, and community initiatives that support sustainable development in areas like water and agriculture. They have a loan plan specifically for homeowners who want to install solar panels.
Here are some exciting features:
Florida residents have checking and savings account options, including interest-bearing sustainable savings.
HSAs, IRAs, and youth savings accounts are available.
Learn more about First Green Bank.
Mascoma Bank – New Hampshire, Vermont, and Maine residents
Mascoma finances projects designed to revitalize low-income communities in Northern New England.
Local residents can take advantage of their suite of financial services, from the basic checking and savings accounts to mortgages and homeowner loans for solar or energy-efficient renovations.
Some key features include:
Three tiers of checking accounts are offered, and two earn interest.
Home equity loans and lines of credit, as well as traditional mortgages.
Emergency flood loans are available to cover storm-related damages.
Learn more about Mascoma Bank.
City First Bank – Washington, D.C. area residents
For individuals, nonprofits, and other businesses in or near Washington, D.C., City First Bank is a CDFI worth checking out. They give 80% of their loan funds to projects in low-income communities, and they’ve financed thousands of affordable housing units in a city where the cost of living is rising quickly. City First has even branched out to finance nonprofits across the Mid-Atlantic.
Some top-of-the-line features include:
Personal checking and savings accounts havecompetitive interest rates.
Customers can make larger, FDIC-insured deposits through CDARS (Certificate of Deposit Registry Service) and money market accounts.
Learn more about City First Bank.
Beneficial State Bank – Oregon, Washington, and California residents
Beneficial State Bank funds renewable energy, affordable housing, and other community projects across the Pacific Northwest. Their nonprofit Beneficial State Foundation is a vocal public policy advocate for progressive change in the banking system.
As a lender, Beneficial uses a nontraditional underwriting model that considers factors other than credit scores. They’re also a trustworthy stop for auto loans if you’re a Pacific Northwest resident with subpar credit.
Here are some of their features:
Checking and savings accounts are fully mobile.
Money market accounts and IRAs are available.
California residents can finance an electric or hybrid vehicle at affordable rates through Beneficial’s Clean Vehicle Assistance program.
Learn more about Beneficial State Bank.
Why choose a socially responsible bank?
A bank or credit union account might seem like a convenience-based choice, not a values-based one. But when you entrust a bank with your money, you’re implicitly supporting the projects the bank funds.
You can make a difference
As a consumer, you have the power to make choices that sway banks’ overall priorities. Banks want your business, and if more customers opt for banks that support community development or environmental causes (or avoid fossil fuel funding that contributes to climate change), the industry will take note that people want socially responsible banking.
It is safer in their hands
Your money’s also in safe hands — just because these banks have a “people over profit” focus doesn’t mean they don’t make a profit.
Along with the standard FDIC insurance protection guarantees, socially responsible banks are just as profitable (if not more so) than their competition, according to research by the GABV.
What makes a bank socially responsible?
The primary barometers of social responsibility for banks are their lending and investment choices.
Read more: Ethical Banking: What You Should Know About Socially Responsible Banks
Charitable donations and community service
Many, if not most, banks advertise their charitable donations and community services, but they may still fund projects that contribute to climate change or displace low-income residents. If you go beyond a bank’s self-promotion materials to their lending practices, you’ll get a sense of the bank’s true priorities.
Transparency about their investment donation
Another indicator of responsibility is the bank’s transparency about their investment and donation choices — ethical banks take their accountability to the public seriously. And many socially responsible institutions are working for economic equity, with programs designed to help low-income residents or borrowers from underserved communities.
Public commitment to social good
Some large national and regional banks have received accolades for public commitments to the social good. The Ethisphere Institute, a think tank that examines corporate responsibility, has rewarded U.S. Bank on their list of the World’s Most Ethical Companies for seven straight years. Though awards from an outside organization don’t necessarily indicate a bank is truly making impactful, ethical choices, they can be a sign the institution is on the right track.
If you’re holding banks to the highest standard, however, you’ll look for certifications that indicate a deeper commitment. Every bank or credit union on this list is either a certified B Corp, a certified CDFI, or a member of the GABV.
Certified B Corporations
B Corporations have a legal obligation to meet certain requirements, including a diverse staff, a well-paid workforce, environmentally sustainable in-house practices, and more.
The B Corp certification needs to be renewed every two years and can be lost if the company changes its practices to focus more on profit than customers.
Global Alliance for Banking on Values (GABV)
The GABV is a small but impactful network of about 50 worldwide banks. Each bank has pledged to invest in its community, be transparent about its practices, and establish long-term client relationships.
Like B Corps, GABV members have to score well on a regular, detailed assessment of their ethical practices.
Community Development Financial Institutions (CDFIs)
CDFIs may be banks or credit unions, but they earn their U.S. Treasury CDFI certification by financing projects in low- or moderate-income or traditionally underserved communities. This may mean lending to nonprofits, supporting affordable housing, or offering mortgages to aspiring homeowners denied by other lenders.
How to find a socially responsible bank
This list is a start, but there are many, many more banks and credit unions on the local level that have socially responsible goals.
Mighty Deposits is a great site for finding out how banks are spending their money — just type in your bank(s) and/or credit union(s) and find out what percentage of the bank’s funds get invested in community projects.
Mighty Deposits includes detailed spending breakdowns in categories for each bank. You can also search for a bank that doesn’t fund fossil fuels, a CDFI, or a bank owned by Black Americans.
The independent site Better Banking Options is another way to find community-focused banks.
If you want to know more about a bank’s political donations, including any national and local candidates the bank supports, Open Secrets has data on most large banks (and several of the smaller ones, too).
Summary
If you’re thinking about a bank switch, consider a bank that’s dedicated to socially responsible causes. With the variety of checking, savings, and investment features these banks offer, you’re likely to find a spot that meets your needs.
Marking the 50th anniversary of her groundbreaking book, Fear of Flying, novelist Erica Jong has plenty of things to celebrate.
With a lucrative five-decade career in the span of which she published 25 books, a loving, close-knit family that visits often, and an unforgettable novel that secured her a mention in history books, Erica Jong is now actively documenting her well-lived life in a biography that we can’t wait to get our hands on.
Until that one hits the shelves, we’ll peer into another aspect of the celebrated novelist’s life: her longtime New York City apartment, which recently hit the market for $4,250,000 (Maria Daou of Coldwell Banker Warburg holds the listing).
Photo Credit: Coldwell Banker Warburg
Set on the 27th floor of the highly coveted Imperial House — a white-glove co-op in the heart of the Upper East Side designed by Emory Roth & Sons — the generously sized 3,000-square-foot apartment comes with panoramic views of the city skyline to the west, north, and south.
Unsurprisingly, the novelist’s home is filled with books, with the living room and library both boasting floor-to-ceiling bookshelves that house Jong’s impressive book collection.
The 3,000-square-foot apartment, which we also got a chance to see last year when Jong invited The New York Times inside for an intimate feature into the author’s home life, has 3 bedrooms and 3.5 baths.
According to our sources, Erica and her husband, Kenneth David Burrows, have been calling the apartment home since 1990, when they bought it for $1.494 million.
SEE ALSO: Stephen King’s House is the Beating Heart of Bangor, Maine
The Imperial House unit comes with a functional kitchen equipped with stainless countertops and appliances, ample storage, an extra pantry, a walk-in closet, and a small office nook.
But what caught our eye is the enclosed solarium, rightfully touted as a “serene space where you can relax and soak in the sweeping vistas of Central Park and the vibrant city skyline,” per the listing.
SEE ALSO: Mark Twain’s houses: From his Connecticut mansions to the NY brownstone known as ‘The House of Death’
Photo Credit: Coldwell Banker Warburg
The primary bedroom, with its generous size and southern exposure, includes an en-suite bath and provides excellent closet space. The second bedroom is equally spacious, accommodating a king-size bed, a walk-in closet, and an adjacent bathroom.
Photo Credit: Coldwell Banker Warburg
But the list of perks extends beyond the doors of the celebrated author’s apartment.
The Imperial House co-op offers its residents quite a few fantastic amenities and services, including concierge service, full-time doorman and elevator operators, a state-of-the-art fitness center, a yoga studio, a game room, and tailor/dressmaker services on-site.
More stories you might like
‘The Martian’ author Andy Weir lists ‘Home Alone’ lookalike houseWhy Stephen King’s House is the Beating Heart of Bangor, Maine Mark Twain’s houses: From his Connecticut mansions to the NY brownstone known as ‘The House of Death’ ‘Rich Dad, Poor Dad’ author Robert Kiyosaki selling oceanfront home in Hawaii for $7.35M
Save more, spend smarter, and make your money go further
The following credit resource question was submitted by a Minter on Mint’s Facebook page.
Question: “Why is it incredibly cumbersome to get your credit report and FICO score? There are so many detours, traps, and dead-ends! Where can I go to go to get trustworthy information about my credit history and credit score?”
Answer: This question exposes what many of us in the credit space already know…it’s a jungle out there!
Smart consumers understand that it’s important to have good credit. The first step to maintaining a good credit score is to get your credit reports from time to time so you can see what the credit bureaus are saying about you. T
his process is supposed to be easy enough so claiming your credit reports doesn’t become burdensome to the point you do it once, and never again.
SmartMoney published an article a little over a year ago identifying the significant growth of websites that sell credit-related products and services. At publication time, the number was “more than 20 websites,” which was up from five a decade prior.
Multiple destinations offering similar credit-related products and services can sometimes leave the consumer feeling confused as to which are the most appropriate and reputable.
So, in an effort to help out the Minter who asked the question, and anyone else who finds the online credit landscape a little confusing, I’ve come up with reputable outlets you can use to stay engaged with your credit and credit-related rights.
Getting Free Credit Reports
You have the right under Federal law to claim your free credit reports once every 12 months. In order to leverage these rights, you have to go to www.annualcreditreport.com. This is the only website where you can claim your legitimately free credit reports provided for under Federal law.
If you live in Colorado, Maine, Maryland, Massachusetts, New Jersey, Puerto Rico or Vermont, you’re entitled to one additional free credit report per year (either calendar year or every 12 months, depending on the state). Georgia residents get two free reports per calendar year.
In order to claim your state law freebie, you have to go directly to the credit bureaus’ websites, which are www.Equifax.com, www.Experian.com and www.TransUnion.com. You cannot claim your free credit report per state law via the annualcreditreport.com website.
I’ve said this over and over, but it’s worth repeating: the credit reporting agencies are not going to sneak up behind you and stick a credit report in your pocket because they’re not obligated to do so. You have to ask for them.
Getting Free Credit Scores or Buying FICO Scores
You do NOT have the right under any law for free annual credit scores, although a provision in Dodd-Frank requires that if your credit score was used to make an adverse decision in response to a credit application, then the lender has to give you your score for free.
There are a variety of outlets that will give you a score if you sign up for a credit monitoring service trial subscription. Opinions vary on whether or not that’s “free” or “conditionally free.”
I’m not here to have that argument. I’m here to show you where you can get free credit scores without a chance of being charged anything.
www.CreditSesame.com will give you a free credit score from Experian called the “Experian National Risk Model.” It’s a legit credit score that’s available for sale to lenders.
It’s not a FICO score, but it will give you a very good idea of what kind of credit risk you pose to lenders. No credit card is required for claim your free score.
www.CreditKarma.com will give you a free TransRisk credit score from TransUnion, which is also commercially available to lenders. Again, it’s not a FICO score, but it will give you an idea of your credit risk.
You can also get your VantageScore credit score from the site. VantageScore is also a credit score available to lenders. No credit card is required to claim your free score.
www.myFICO.com will sell you your FICO scores based on Equifax and/or TransUnion data. myFICO is the consumer division of FICO (formerly known as Fair, Isaac) and these are the guys that invented the ubiquitous FICO credit score. The cost is $19.95 per credit report and score.
www.Equifax.com will sell you your FICO score based only on Equifax data. Be aware that they also sell a non-FICO score. Point being, if you want to get your FICO score, then be sure it says “FICO score” and not simply “credit score.” The cost is $19.95.
Freezing Your Credit Reports
In my mind, the credit freeze is infinitely more effective at protecting you from identity theft than simply monitoring your credit reports. Freezing your credit reports is proactive and locks out any lender trying to process new credit applications.
Monitoring your credit reports is reactive and tells you after something bad has already happened. The good news is that freezing your credit reports is much less expensive than paying monthly subscriptions to monitor your credit report.
To freeze your credit reports you can go to…
Stopping or Minimizing Credit Card Offers
Under Federal law, you have the right to prevent the credit reporting agencies from selling your name to creditors who want to offer you preapproved offers of credit. This is often called “Opting Out.”
If you’re not opted out, then your name can be sold, normally to credit card issuers, who will take a first pass at screening your credit reports and FICO score. If you meet or surpass their criteria you may get a firm offer of credit in the mail.
If you want to ensure that your name is never screened like this again, you can opt out for free here. This is 100% free and you can always opt back in if you want to start getting preapproved credit card offers in the mail again. After a few months you’ll be surprised just how empty your mailbox is.
Do you have a credit question for John Ulzheimer? Visit Mint’s Facebook page and ask away!
John Ulzheimer is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. The opinions expressed in his articles are his and not of Mint.com or Intuit. Follow John on Twitter.
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A photo of the homepage of Facebook.com in Firefox. Note: Shallow focus on the ‘eb’ in ‘facebook’.
Sacramento, California, USA – February 25, 2011: Facebook.com’s homepage displayed in a Firefox browser on a computer monitor. Facebook is the world’s most popular social networking website.
More than 93% of Americans receive their paychecks via direct deposit, meaning the funds are seamlessly transferred straight into their bank account. But did you know that some states allow employers to require that their workers use this payment method? Given that it can be time-consuming and costly for a business to issue paper checks, it can definitely be an advantage to companies.
Here, you will learn about which states require direct deposit and why, as well as learn more about this convenient payment method in general.
Direct Deposits are Electronic Payments
First, let’s quickly define what a direct deposit is. A direct deposit occurs when money is moved from one bank account to another without the use of a physical check. For example, an employer might shift money from its bank account to an employee’s bank account on payday.
Banks use the Automated Clearing House (ACH) network to coordinate electronic payments and other automated money transfers between financial institutions.
When you receive a direct deposit, money goes directly into your bank account, without the need for any intermediary steps, such as accepting the transfer, as you would if you were to deposit a check.
The money is cleared automatically through the ACH and is available immediately. With paper checks, banks might put a temporary hold on the funds while they wait for the check to clear. It can sometimes take some time for a check to clear; several days even.
Because it does away with a lot of cumbersome paperwork, direct deposit has become more and more popular. Direct deposit is not only used to transfer paychecks from employer to employees, but also for things like tax refunds and payments from retirement accounts.
Some government agencies have done away with direct deposit entirely. The Social Security Administration, for example, no longer cuts paper checks, and requires people to accept their benefits via direct deposit or a reloadable debit card.
Which States Allow Required Direct Deposit?
Depending on state law, employers may be allowed to require that employees accept paychecks through direct deposit. State law is not always cut and dried, however.
The rules may depend on whether an employee works in the public sector or for a private company. And rules may not apply to all employers equally.
Here’s a look at the states that allow some form of mandatory direct deposit.
State
Mandatory Direct Deposit Allowed?
Which Employers Does This Rule Apply To?
Alabama
Yes for private sector, no for public sector
All employers
Arizona
Yes
All employers
Indiana
Yes
All employers
Iowa
Yes, for employees hired after July 1, 2005. Employers may not require direct deposit if the cost to employees of setting up and maintaining a bank account effectively reduces their wages to below minimum wage.
All employers
Kentucky
Yes
All employers
Louisiana
Yes
Public sector, state government
Maine
Yes
All employers
Massachusetts
Yes
All employers
Michigan
Yes
All employers
Minnesota
No for private sector employees, but the commissioner of labor and industry may require direct deposit for public sector employees.
All employers subject to state statutes
North Carolina
Yes
All employers
North Dakota
Yes
All employers
South Dakota
Yes
All employers
Tennessee
Yes
Private employers with at least five employees
Texas
Yes
Private employers, except those involved in agriculture or horticulture, household domestic service, or other employment in which there is a written agreement that provides different terms.
Utah
Yes
Private employers except for those involved in farm, dairy, agricultural, viticulturally, or horticultural pursuits; stock or poultry raising; household domestic service; or other employment in which a written agreement provides different terms.
Washington
Yes
All employers
West Virginia
Yes for state higher education institutions. No for employers subject to the state Wage Payment and Collection Act.
Wisconsin
Yes
All employers
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Advantages of Direct Deposit
Whether or not direct deposit is required, there can be some distinct upsides for employers and employees.
Convenience
Direct deposit takes a lot of the legwork out of receiving a paycheck. The funds are deposited automatically and regularly, requiring no trips to the bank or mobile deposits. You don’t need to be home to receive the check. So if you’re on vacation or working far from your regular stomping grounds, your check will go through without lifting a finger.
You may also be able to send some of your paycheck to a savings account, which is a way to automate your savings.
Organization
Keeping track of paper checks can be a pain for employers and employees, who may end up having to file away hard copies of records, such as pay stubs, for future reference. Electronic transfers provide a paperless transaction history that both parties have access to. The transaction history doesn’t need to be stored in a physical place, so it can be referenced from anywhere at any time.
Resource Saving
Sending money via the ACH is often cheaper for employers than printing and mailing paper checks. Generally, it is free for employees to receive payment through the ACH. It’s also greener, allowing businesses to cut back on the amount of paper, ink, and energy that they consume.
Security
It is possible for paper checks to be lost or stolen, and even for someone to fraudulently cash them. Issuers may charge a fee to replace lost checks, and the process of stopping payment on stolen checks may be slow and expensive.
Generally speaking, direct deposit provides a safer alternative for transferring cash since there is no physical item to be lost or stolen.
There are some potential security issues when setting up direct deposit, as banking information must be exchanged between employees and employers. Making sure that the information is passed through secure channels to a person you can trust can help ensure that direct deposit is set up securely.
Speed
How long does a direct deposit take? The swiftness of direct deposit transactions is one of the key benefits. Money often hits your account nearly immediately after a transaction is made. And transactions usually occur at midnight the night before payday, meaning direct deposits may arrive in an employee’s account long before a paper check would arrive in the mail.
Disadvantages of Direct Deposit
Despite the benefits of direct deposit, there are some reasons that the process can be disadvantageous.
Costs and Fees
In some cases the cost of opening and maintaining a bank account can be burdensome for employees, reducing the amount of their take-home pay. Iowa protects against this possibility by disallowing mandatory direct deposit if it becomes a financial burden.
Lack of Attention
Because direct deposit is automatic, you may forget to check deposits in your bank account regularly. That means that if any problems occur, they may go on for a long time before you catch them.
You can avoid this issue by setting up alerts with your bank every time you receive a deposit to quickly see if everything is correct, and if not, nip any problems in the bud.
Cyber Threats
Though direct deposit provides a relatively secure way to transfer money, that doesn’t mean it’s immune to cyber criminals looking to steal sensitive financial information and bank fraud. Protections against cyber threats include using complicated passwords and password protection and avoiding phishing scams that might give fraudsters access to emails and data.
Setting Up Direct Deposit
To set up direct deposit, you must first have a checking or savings account. To receive electronic payments, you must provide your bank account information to your employer.
There may be a specific form that you are asked to fill out, you may be asked to provide a voided check, or you may simply be asked to provide your account information in an email.
Once again, always be sure you are sending your information to someone you trust and through a secure channel. You may want to avoid sending sensitive information, like account numbers, through email, instead handing information directly to a person or providing it over the phone.
Typically you’ll need to let your employer know whether your deposits will be going into a savings or checking account.
Your employer may ask you for other information, such as the name of the account holders on your checking or savings account, your mailing address, and your Social Security number.
Employees can list multiple accounts for direct deposit, which can help them accomplish their financial goals. For example, a worker could direct a portion of the paycheck to a checking account and another to a savings account. That way savings are automated while ensuring that enough is in checking to cover bills.
The Takeaway
Speaking of divvying up earnings to meet specific needs, SoFi Checking and Savings is a good candidate for that — plus much more. It’s a bank account online that offers Vaults for particular goals as well as Roundups to help grow your money. What’s more, you will earn a competitive annual percentage yield (APY) and pay no account fees.
SoFi Checking and Savings: The smart, simple way to manage your money.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. 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. SOBK0523011U
Today we’ll take a look at “eClick Lending,” which is the online mortgage division of parent company Celebrity Home Loans, LLC.
Their motto is to point, click, and save, a reference to their simplified digital loan process and what they refer to as “incredibly low rates.”
The company seems to be very well regarded from its past customers, with excellent reviews across different ratings websites.
Let’s learn more to determine if they’re really as good as they sound.
eClick Lending Fast Facts
Direct-to-consumer online mortgage lender that offers home purchase and refinance loans
Founded in 2007, headquartered in Oakbrook Terrace, Illinois
A dba of parent company Celebrity Home Loans, LLC
Licensed to do business in 38 states and the District of Columbia
Funds several billion in home loans annually
eClick Lending is a direct-to-consumer mortgage lender that operates online, meaning you’ll be working from afar to close your home loan.
They offer both home purchase loans for home buyers and refinance loans for existing homeowners.
As mentioned, they are a dba of Celebrity Home Loans, which apparently does several billion in loan origination volume annually.
At the moment, the company is licensed to do business in 38 states and the District of Columbia.
Those states include: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
One nice feature about them is their loan officers are apparently available seven days a week, so there should always be someone around to help.
How to Apply with eClick Lending
To get started visit their website or call them up on the phone
If you go online you’ll need to fill out a short form and a loan officer will get in touch to discuss pricing and eligibility
They offer a digital mortgage application that lets you complete most tasks electronically
Once submitted you can manage your loan via their smartphone app or online borrower portal
You can either call them directly or visit their website to begin the loan process. Those who choose to go online can click on “Get Started Now.”
From there, you can select a short contact form to fill out for either a purchase, refinance, or mortgage pre-approval.
At that point, a loan officer will reach out to discuss loan pricing and available loan programs, and if you like what you hear, you’ll be able to formally apply.
They offer both a digital mortgage application and a free smartphone app, so you’ve got options when it comes to applying.
Once your loan is submitted, you’ll be able to view your progress, securely upload any necessary documents, and message your loan officer whenever you need assistance.
Because they’re a direct lender, every step of the mortgage process is completed in-house, which should speed things up and keep your personal details more secure.
This includes loan processing, underwriting, closing, and the funding of your home loan.
All in all, they appear to make it easy to apply for a home loan thanks to the use of all the latest technology available.
Loan Programs Offered by eClick Lending
Home purchase loans
Refinance loans: rate and term and cash out
Conforming loans backed by Fannie/Freddie
Jumbo home loans
FHA loans
VA loans
Fixed-rate and adjustable-rate mortgages in various loan terms
eClick Lending’s website is a little light on details when it comes to available loan programs, but they do offer home purchase and refinance loans, including cash out refinances.
In fact, they refer to themselves as cash out experts with unparalleled customer service. So existing homeowners who want to tap their equity may find them to be a good fit.
They also help home buyers, and say they can close loans in as a little as two weeks if you’re on a tight schedule.
It’s possible to get a conventional loan backed by Fannie Mae or Freddie Mac, a government loan such as an FHA loan or VA loan, or a jumbo loan that exceeds the conforming loan limit.
However, they may not offer USDA loans, as it’s not made clear on their website.
But you should be able to choose from a fixed-rate mortgage or an ARM, including a 30-year fixed, 15-year fixed, or a 5/1 ARM.
While they don’t appear to have a super expansive lending menu, they should be able to assist most homeowners in a variety of different scenarios.
eClick Lending Mortgage Rates
eClick Lending says it has incredibly low rates, but for whatever reason doesn’t post them online for us to see.
As such, we’ve got to take their word for it until actually speaking with a loan officer.
This isn’t necessarily a bad thing, but lenders do gain transparency points when they take the time to publicize their mortgage rates.
To get pricing, you’ll need to reach out to a loan officer, either by calling them directly or filling out a short contact form on their website.
Also be sure to inquire about any lender fees, such as a loan origination fee, or separate charges for loan processing and/or underwriting.
Once you know all those details, you can compare their mortgage APR to that of other lenders to see where they stand.
My assumption is they’re probably competitively priced because they’re an online mortgage lender with lower overhead and limited advertising (and lots of positive reviews).
And online lenders typically appeal to customers looking for low rates.
But always put in the time to gather multiple quotes to ensure it’s a good deal, or that a better one isn’t out there.
eClick Lending Reviews
Over at Zillow, eClick Lending has a near-perfect 4.97-star rating out of 5 from nearly 1,100 customer reviews.
That’s doubly impressive given the large number of reviews coupled with the excellent score.
At Bankrate, they have a perfect 5.0 rating from about 350 reviews, with 100% of reviews saying they would recommend this lender.
But wait, there’s more. On SocialSurvey, they have a 4.91-star rating from over 2,200 reviews.
And on Google, they’ve also got a 5-star rating from more than 400 reviews, so it’s clear they’re consistently making their clients very happy.
Lastly, eClick Lending’s parent company is an accredited business with the Better Business Bureau and currently has an ‘A+’ rating based on customer complaint history.
In summary, they say they make mortgages easy and have the technology and many positive reviews to back it up.
If they also offer low rates with limited lender fees, they could be a good choice for an existing homeowner looking to refinance, or even a home buyer who is comfortable working with a lender remotely.
eClick Lending Pros and Cons
The Good
Offer a digital, paperless home loan process
Can apply online and manage loan via borrower portal
Claim to have very low mortgage rates
Say they can close loans in as little as two weeks
The 
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Headquartered in New York and Washington D.C., 
As Montana’s largest CDFI and a member of Inclusiv, an organization serving residents in low-income communities, 
Based in Kansas City, Missouri, 
For individuals, nonprofits, and other businesses in or near Washington, D.C., 
Beneficial State Bank
