How Do I Get the Best Interest Rate on a Loan?

Whether trying to consolidate debt with a personal loan or thinking about a loan to pay for a major life event, taking on debt is a financial move that warrants some consideration. It’s important to understand the financial commitment that taking on a personal loan — or any other debt — entails. This includes understanding interest rates you might qualify for, how a loan term affects the total interest charged, fees that might be charged by different lenders, and, finally, comparing offers you might receive.

Shopping around and comparing loans can increase your confidence that you’re getting the best interest rate on a loan.

What’s a Good Interest Rate on a Loan?

You may see advertisements for loan interest rates, but when you get around to checking your personal loan interest rate, what you’re offered may be different than rates you’ve seen. Why is that? A loan company may have interest rate ranges, but the lowest, most competitive rates may only be available to people who have excellent credit, as well as other factors.

When shopping around for a loan, it’s typical that when checking your rate, even with online personal loan companies, you can check your rate without affecting your credit score. This pre-qualification rate is just an estimate of the interest rate you would likely be offered if you were to apply for a loan, but it can give you a good estimate of what sort of rate you might be offered. You can compare rates to begin to filter potential companies to use to apply for a loan.

Recommended: Personal Loan Calculator

Getting a Favorable Interest Rate on a Loan

The potential interest rate on a loan depends on a few factors. These may include:

•   The amount of money borrowed.

•   The length of the loan.

•   The type of interest on your loan. Some loans may have variable interest (interest rates can fluctuate throughout the life of the loan) or a fixed interest rate. Typically, starting interest rates may be lower on a variable-rate loan.

•   Your credit score, which consists of several components.

•   Being a current customer of the company.

For example, your credit history, reflected in your credit score, can give a lender an idea of how much a risk you may be. Late payments, a high balance, or recently opened lines of credit or existing loans may make it seem like you could be a risky potential borrower.

If your credit score is not where you’d like it to be, it may make sense to take some time to focus on increasing your credit score. Some ways to do this are:

•   Analyzing your credit report and correcting any errors. If you haven’t checked your credit report, doing so before you apply for a loan is a good first step to making sure your credit information is correct. Then you’ll have a chance to correct any errors that may be bringing down your credit score.

•   Work on improving your credit score, if necessary. Making sure you pay bills on time and keeping your credit utilization ratio at a healthy level can help improve your credit score.

•   Minimize opening new accounts. Opening new accounts may temporarily decrease your credit score. If you’re planning to apply for a loan, it may be good to hold off on opening any new accounts for a few months leading up to your application.

•   Consider a cosigner or co-applicant for a loan. If you have someone close to you — a parent or a partner — with excellent credit, having a cosigner may make a loan application stronger. Keep in mind, though, that a cosigner will be responsible for the loan if the main borrower does not make payments.

Recommended: What is a Good APR?

Comparing Interest Rates on Personal Loans

When you compare loan options, it can be easy to focus exclusively on interest rates, choosing the company that may potentially offer you the lowest rate. But it can also be important to look at some other factors, including:

•   What are the fees? Some companies may charge fees such as origination fees or prepayment penalties. Before you commit to a loan, know what fees may be applicable so you won’t be surprised.

•   What sort of hardship terms do they have? Life happens, and it’s helpful to know if there are any alternative payment options if you were not able to make a payment during a month. It can be helpful to know in advance the steps one would take if they were experiencing financial hardship.

•   What is customer service like? If you have questions, how do you access the company?

•   Does your current bank offer “bundled” options? Current customers with active accounts may be offered lower personal loan interest rates than brand-new customers.

Recommended: Avoiding Loan Origination Fees

Choosing a Personal Loan For Your Financial Situation

Interest rates and terms aside, before you apply for a loan, it’s a good idea to understand how the loan will fit into your life and how you’ll budget for loan payments in the future. The best personal loan is one that feels like it can comfortably fit in your budget.

But it also may be a good idea to assess whether you need a personal loan, or whether there may be another financial option that fits your goals. For example:

•   Using a buy now, pay later service to cover the cost of a purchase. These services may offer 0% interest for a set amount of time.

•   Transferring high-interest credit card debt to a 0% or low-interest credit card, and making a plan to pay the balance before the end of the promotional rate.

•   Taking on a side hustle or decreasing monthly expenses to be able to cover the cost of a major purchase or renovation.

•   Researching other loan options, such as a home equity loan, depending on your needs.

Recommended: 39 Ways to Earn Passive Income Streams

The Takeaway

A loan is likely to play a big part in your financial life for months or years, so it’s important to take your time figuring out which loan option is right for you. And it’s also important to remember that interest rate is just one aspect of the loan. Paying attention to details like potential fees, hardship clauses, and other factors you may find in the small print may save you money and stress over time.

SoFi offers competitive unsecured personal loan options with fixed rates and no fees. Completing an easy online application will show what rate you qualify for — no commitment required and it won’t affect your credit score*.

Check your rate in just one minute.

Photo credit: iStock/Prostock-Studio


*Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

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.
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Source: sofi.com

Where to Find Yield in 2022

It is daunting to expect a big profit, or even any profit, over the next several months from standard bonds or bond funds. Breaking even would be acceptable while interest rates and inflation churn. But as I consider 2022, I aver that the economy is marking time until an inevitable return to its pre-pandemic formula of 2% growth, 2% inflation and 2% long-term interest rates, which may land at 2.5% post-COVID. That’s a beneficial backdrop for plenty of income-paying investments, and now is a good time to accumulate income investments that zig when growth and inflation also zig.

I looked up 2021 returns (through November 5) for 15 of my most-trusted funds and trusts. The three most successful were Pimco Corporate & Income Strategy (symbol PCN), BNY Mellon Municipal Bond Infrastructure (DMB) and Nuveen Preferred and Income Term (JPI), with respective total returns of 15.3%, 10.3% and 9.8%. I continue to endorse all three. I am sold on the appeal of leveraged closed-end debt funds and also see no end to the popularity of junk bonds and floating-rate bank loan funds. All of them benefit from economic vigor; the tendency for debt-ratings upgrades; the unusually low incidence of bond defaults and loan delinquencies; and the phenomenal amount of cash out there seeking any reasonable yield. If you value the Treasury’s full faith and credit, in­flation-linked Series I savings bonds are paying 7.12% until May because of the spike in the consumer price index. The yield will then reset, but the bonds will remain attractive. In addition, explore the following asset classes for 2022, using ETFs or closed-ends if you prefer them to individual securities:

Floating-rate bank loan funds. Fidelity Floating Rate High Income (FFRHX) is the best-known; Invesco Senior Loan (BKLN) is a cromulent ETF and one of the Kiplinger ETF 20, the list of our favorite exchange-traded funds. Keep these well fed if you already own them.

High-yield bonds. Vanguard’s offerings have the low-expense-ratio edge, but spreading money among a few managers makes sense. I prefer active management to indexing. New junk-bond yields have contracted to 4%, but capital gains can pad this.

Preferred stocks. New offerings number about one a week and offer yields of about 5%. Or try closed-end funds such as Flaherty & Crumrine Preferred Income Fund (PFD) and pounce when the premiums to net asset value tighten. Six-month-old Fidelity Preferred Securities & Income ETF (FPFD) shows great promise.

Short-term, high-rate lenders. Ready Capital (RC, $16) finances small commercial loans and mortgages; the stock yields north of 10%. RiverNorth Specialty Finance (RSF, $20) invests in an array of debt, including small-business loans. It is an interval fund; you buy it as you would a regular mutual fund but can only sell quarterly. The design lets managers hold rare or unusual high-income investments. Distributions run about 8%, cushioning share-price gyrations.

Taxable muni­cipals. These are my pick for cautious savers. These high-coupon munis sagged early in 2021 but are reviving of late. Invesco Taxable Municipal Bond ETF (BAB) distributes close to 3%, and all its bonds are rated A or better.

Source: kiplinger.com

Try the 4-Gift Rule to Keep Your Holiday Spending in Check

This strategy sets clear boundaries on what types of gifts to get and caps how much you buy. It’s a great family tradition to adopt if you want to reduce the financial stress of the holiday season.
These tips for using the four-gift rule will help you stay within your holiday budget and avoid post-Christmas shopping regrets.
This gift category is a way to sneak in learning opportunities for your kids, but you can make it fun too. Even if your children aren’t major bookworms, they might love a book based on their favorite TV show or a new movie that’s coming out. Graphic novels and comics count as books too!
But really though — socks and underwear. Do it.

What Is the Four-Gift Rule?

Or go for something a little more exciting, like headphones, hats or headbands.
Just make sure to set a spending limit for this gift — whatever works best for your budget.

  • Something they want
  • Something they need
  • Something to wear
  • Something to read

If you’ve got room in your budget, don’t forget about jolly old St. Nick! You can opt for one Santa gift for the whole family — like a game — or get each kid one present from Santa that you know they’ll love. Look for small trinkets at the dollar store or somewhere similar to fill up the kids’ stockings.
Fortunately, the solution to keeping the kids happy without going overboard with your spending comes down to an easy gift-giving strategy called the four-gift rule.

See, there’s more to this category than just socks and underwear.

Something They Want

This one is quite easy if you save it for last and see what’s left in your budget. It can be as simple as a paperback, or as grand as an e-reader.
You buy one gift per category — that’s it.
Those of us who have fond memories of opening stacks of presents under the tree on Christmas morning want to re-create that same magical feeling for our kids when the holidays roll around.

Something They Need

You can get creative with this category and find something that you and your kids both agree they need.
What we don’t need, of course, is for our eyes to grow wide when checking our credit card statements and our hearts to sink with disappointment when realizing it’ll take months to pay down all the holiday debt.
Using coupons and shopping sales can really help you score a gift from this category without spending hundreds of dollars.

Something to Wear

Your kids may not have included any clothing items on their wish lists, so think hard about what would be exciting for them to get — like a shirt with their favorite cartoon character on it or a personalized piece of jewelry.
This is a no-brainer if your kids play sports and their gear is getting a little worn. Maybe your children are shoe fanatics and would really appreciate a new pair. Or perhaps your little one loves playing dress-up and could use a nice jewelry box to store their many accessories.
If you were under your budget on your shiny “want” gift, maybe you could package up an entire outfit.
Trim your holiday spending budget by finding free books for your kiddos. This article shares 14 ways to get free kids books.

Something to Read

This is where you can make kids’ wishes come true. Go ahead and get the gift they circled in that catalog or saw on a TV commercial. It will be your shiny present with a bow on top, so make it count. Meghan McAtasney is a freelance writer. Nicole Dow is a senior writer at The Penny Hoarder.
Ready to stop worrying about money?

Bonus: One Gift From Santa

By following the four-gift rule and sticking to one present from Santa, the meaning of giving goes a little further instead of letting Santa get all the credit.
The four-gift rule is super simple. It even rhymes, so it’s easy to remember.
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Without being overwhelmed with a plethora of presents, the kids will be able to really focus their attention on the gifts they receive. The magic of Christmas will remain intact — without the extra financial stress. <!–

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10 Tips to Help You Stay Cozy in Your Apartment this Winter

Enjoy cozy vibes in your apartment all winter long with these 10 tips.

With temperatures dropping quickly and the shortest days of the year approaching fast, many apartment renters are looking for ways to stay cozy and ride out the long winter in complete comfort.

Here are 10 simple tips that are sure to help you stay cozy in your apartment until spring returns.

1. Avoid the overheads

Overhead lights are great when you’re staying up late to get some extra work done or trying to find something small you dropped on the ground. What they’re not great for is setting a cozy mood. With the sun setting earlier than any other time throughout the year, you end up spending a solid portion of the winter months basking in unnatural light, regardless of how much natural light your apartment receives in the middle of a sunny day.

Make the most of these early sunsets and treat yourself to some warm and cozy mood lighting. Whether that takes the form of an ultra-modern floor lamp, a hand-me-down lava lamp from your pop’s college days or a Michael Scott-style St. Pauli Girl neon sign, all that matters is that it puts your mind at ease and amplifies your cozy vibe.

2. Light a candle…or five

candles to stay cozy in your apartment

candles to stay cozy in your apartment

For hundreds of years, fire has been the most effective way for people of all walks of life to find coziness in the toughest conditions. From our cave-dwelling ancestors sharing stories around the warm embrace of a communal fire to you and your cousins sitting at the base of the fireplace while grandpa relives the glory days aloud, fires have always been a go-to for cultivating coziness.

Given the fact that many apartments are not equipped with a fireplace, you’re going to have to get a bit creative here. Luckily for you, candles are in vogue and that means every Walmart, Target and CVS boasts an entire section of seasonally scented candles perfect for mellowing out your apartment and inviting those cozy feelings in.

Pro tip: Create your own makeshift fireplace by getting a set of five or so scentless candles. Place them together in a safe spot in your apartment, turn off the lights and stay cozy around your new “fireplace.”

3. Invest in sweats

When you’re getting down to business, you put on a suit. When your business is staying cozy in the winter, you put on a sweatsuit. As temperatures drop and the sun only shows its smiling face for a few precious hours a day, comfort takes the top priority over style. This is especially true if you’re part of the still-growing population of people spending their nine-to-five working from home. Stay home, stay suited and stay cozy.

4. Slide into a quality pair of slippers

Person with slippers staying cozy in apartment

Person with slippers staying cozy in apartment

If you’re already committed to spending a majority of your winter rocking a sweatsuit, slippers are the next logical step (pun very much intended). Less rigid than shoes, more comfortable than your coziest pair of socks, a quality pair of slippers is the final piece you need to achieve total head-to-toe comfort and maximize your overall coziness as winter rages on outside your windows.

5. Organize your closet

Now that you’ve got a cozy sweatsuit and quality slippers, it’s time to trim the fat in your closet by tossing the things you don’t wear.

Buckle up, this step to staying cozy is a three-parter.

Part 1: Remove summer clothes you didn’t wear this year

Go through your closet and set aside all of the warm-weather items you didn’t touch throughout this past spring and summer. Put those clothes in a garbage bag or cardboard box and set them aside for a few months.

Part 2: Remove winter clothes you didn’t wear last year

Go through your closet and set aside all of the cold-weather items you didn’t wear throughout the fall and haven’t touched a month or so into the winter. Add those clothes to your warm-weather collection from a few months ago.

Part 3: Donate these clothes

Donate those clothes and enjoy the cozy feeling that comes with helping those in need in your community. And, as an added bonus, you’re creating more space in your closet for the fashion trends of the future.

6. Get creative

arts and craft supplies

arts and craft supplies

The lighting is right and your sweats are plush. Now that you’re equipped with the things you need to stay cozy, it’s time to take the next step and do some activities that invoke that highly sought-after feeling of pure coziness.

One great way to leverage your creativity to create a more cozy environment is to fill your walls and shelves with your own creations. You don’t have to be a Picasso to display your own artistic creations throughout your apartment. Even if you’re not the most creative person, the whole point here is to pass the time, ignite your imagination and create a more cozy environment in your apartment through your own artistic endeavors.

Whether you’re painting something simple like a heart, learning the ancient art of origami or hopping in on a new trend like creating your own macrame wall hanging, the important thing is that you’re enjoying yourself and engaging your imagination to fend off the boredom that often accompanies cold winter days.

Pro tip: You don’t have to spend money to learn a new skill. Look at YouTube for simple tutorials designed to help you perfect your craft without asking you to spend a dime.

7. Embrace your inner iron chef

They call it comfort food for a reason: it provides comfort. Whether that dish takes the form of a hearty hot soup, an extra cheesy casserole or a downright delicious batch of fresh-baked chocolate chip cookies, comfort food is undoubtedly one of the keys to cultivating a cozy atmosphere all winter long.

For those living in smaller apartments, an added bonus to upping your kitchen productivity throughout the winter is that you get a little residual heat from your stovetop or oven circulating around the apartment.

8. Work out with your bodyweight

person doing yoga

person doing yoga

Even if you’re living in a 400-square-foot studio, you still have enough room for some bodyweight workouts. While this may seem like a counterproductive activity to staying cozy in your home, bodyweight workouts offer a few advantages that contribute to an overall cozy vibe.

Working out is one of the most reliable ways to activate your endorphins and improve your overall mood. So, if you find yourself feeling bogged down by a cold gray day, take 15 minutes or so to work through some pushups, squats and situps. You can do these three simple workouts in minimal space with no equipment required.

These workouts can act as a palette cleanser for your mood and provide you with a fresh mental start even if you’re at the beginning of a long day.

9. Find your emotional support show

All due respect to 1950’s Hollywood, but the golden age of TV is happening right now. With specialized streaming services opening doors to all types of entertainment, there has never been a better time than now to cozy up on your couch for a full day of pure binging bliss.

If you’re looking for something that will put you in a cozy mood the second it shows up on the screen, here are a couple of qualifiers you should keep in mind before you dive into a new show.

  • Find something that’s easy to follow. This kind of show will allow you to work on your creative endeavors, prep your favorite dish or knock out a quick bodyweight workout circuit without losing track of the narrative.
  • Find something with at least three seasons. You can feel the effects of winter well before and long after the official start and end dates of the season. Because of this, it’s important to pick a show with some staying power that has the ability to last you to the spring.

It doesn’t matter if you’re a Netflix fanatic, a Hulu loyalist or dedicated to Disney+, you’re sure to find something that will have you feeling cozy every time take a seat on the couch and pick up the remote.

10. Hit the books

books to stay cozy in your apartment

books to stay cozy in your apartment

There’s something primally pleasurable about cracking open a book and transporting your mind to an entirely new world. When temperatures drop, this joy rises even more. While it’s difficult to put down the remote and pick up a new book, taking some time to read is a truly effective way to keep your mind off the cold and keep the cozy vibes rolling. Don’t know what to read? Here are three book recommendations that pair perfectly with a winter day.

  • “My Year of Rest and Relaxation:” Ever wonder what it would be like to hibernate for a whole year? Author Otessa Moshfegh explores this idea in a wildly entertaining novel that is currently in development to become a movie starring Margot Robbie.
  • “Out There – The Wildest Stories from Outside Magazine:” It’s hard not to feel cozy when you’re sitting in a temperature-controlled apartment reading about some of the most harrowing adventures ever documented in the freezing wilderness. Simple as that.
  • “The Little Book of Hygge:” Defined as “the art of creating coziness,” Hygge is something that is only achieved through concentrated efforts. Written by Meik Wiking, the CEO of the Happiness Research Institute in Copenhagen, this book is the definitive guide to cultivating coziness from arguably the most qualified person on the planet to do so.

Not interested in the titles above? Take a trip to your local bookstore and ask around for recommendations or look around for an online book club that matches your style.

Start prepping and stay cozy all winter long

It doesn’t matter if you’re using light to set the mood, putting your kitchen to the test or escaping your surroundings through a great show or book, coziness is within reach no matter who you are, where you live and what your interests are.

Source: rent.com

Average Student Loan Debt by State in 2021

Student loan debt nationwide increased by 8.28% in 2020, the largest increase since 2013, according to the latest report from EducationData.org. That spike was most likely fueled by rising unemployment and 3.2 million new federal student loan borrowers.

Student loan debt is now the second highest consumer debt category in the country behind only housing debt . Nationwide, nearly 40% of college attendees report some type of educational debt, and 65% graduate with student debt, the report showed.

A recent report from EducationData.org details the average student loan debt per borrower (based on all student loan debt, not just that owed by undergraduate borrowers) in each state. Overall, residents of Washington, D.C., have the nation’s highest federal student loan debt at more than $55,000 per borrower when looking at the total student loan debt owed by individuals in the state. Of every state, North Dakota has the lowest average federal student loan debt, with residents there owing an average of just $29,446.

Student Loan Debt in Each State

Read on for an overview of what student loan debt looks like across the country according to EducationData.org . This data is reflective of all borrowers, not just undergraduate students.

Alabama

Average borrower debt: $37,348
Total student loan debt: $23.1 Billion
Everything you need to know about student loans & scholarships in Alabama

Alaska

Average borrower debt: $34,431
Total student loan debt: $2.3 Billion
Everything you need to know about student loans & scholarships in Alaska

Arizona

Average borrower debt: $35,454
Total student loan debt: $30.7 Billion
Everything you need to know about student loans & scholarships in Arizona

Arkansas

Average borrower debt: $33,525
Total student loan debt: $12.8 Billion
Everything you need to know about student loans & scholarships in Arkansas

California

Average borrower debt: $36,937
Total student loan debt: $142.7 Billion
Everything you need to know about student loans & scholarships in California

Colorado

Average borrower debt: $37,120
Total student loan debt: $28.2 Billion
Everything you need to know about student loans & scholarships in Colorado

Connecticut

Average borrower debt: $35,448
Total student loan debt: $17.1 Billion
Everything you need to know about student loans & scholarships in Connecticut

Delaware

Average borrower debt: $37,338
Total student loan debt: $4.6 Billion
Everything you need to know about student loans & scholarships in Delaware

District of Columbia

Average borrower debt: $55,077
Total student loan debt: $6.4 Billion

Florida

Average borrower debt: $38,481
Total student loan debt: $98.2 Billion
Everything you need to know about student loans & scholarships in Florida

Georgia

Average borrower debt: $41,843
Total student loan debt: $67.2 Billion
Everything you need to know about student loans & scholarships in Georgia

Hawaii

Average borrower debt: $36,575
Total student loan debt: $4.4 Billion
Everything you need to know about student loans & scholarships in Hawaii

Idaho

Average borrower debt: $33,100
Total student loan debt: $7.1 Billion
Everything you need to know about student loans & scholarships in Idaho

Illinois

Average borrower debt: $38,071
Total student loan debt: $61.1 Billion
Everything you need to know about student loans & scholarships in Illinois

Indiana

Average borrower debt: $33,106
Total student loan debt: $29.6 Billion
Everything you need to know about student loans & scholarships in Indiana

Iowa

Average borrower debt: $30,848
Total student loan debt: $13.2 Billion
Everything you need to know about student loans & scholarships in Iowa

Kansas

Average borrower debt: $33,130
Total student loan debt: $12.5 Billion
Everything you need to know about student loans & scholarships in Kansas

Kentucky

Average borrower debt: $33,023
Total student loan debt: $19.5 Billion
Everything you need to know about student loans & scholarships in Kentucky

Louisiana

Average borrower debt: $34,683
Total student loan debt: $22.1 Billion
Everything you need to know about student loans & scholarships in Louisiana

Maine

Average borrower debt: $33,352
Total student loan debt: $6.1 Billion
Everything you need to know about student loans & scholarships in Maine

Maryland

Average borrower debt: $43,219
Total student loan debt: $35.5 Billion
Everything you need to know about student loans & scholarships in Maryland

Massachusetts

Average borrower debt: $34,549
Total student loan debt: $30.4 Billion
Everything you need to know about student loans & scholarships in Massachusetts

Michigan

Average borrower debt: $36,295
Total student loan debt: $50.7 Billion
Everything you need to know about student loans & scholarships in Michigan

Minnesota

Average borrower debt: $33,822
Total student loan debt: $26.3 Billion
Everything you need to know about student loans & scholarships in Minnesota

Mississippi

Average borrower debt: $37,080
Total student loan debt: $16.0 Billion
Everything you need to know about student loans & scholarships in Mississippi

Missouri

Average borrower debt: $35,706
Total student loan debt: $29.3 Billion
Everything you need to know about student loans & scholarships in Missouri

Montana

Average borrower debt: $33,953
Total student loan debt: $4.2 Billion
Everything you need to know about student loans & scholarships in Montana

Nebraska

Average borrower debt: $32,138
Total student loan debt: $7.8 Billion
Everything you need to know about student loans & scholarships in Nebraska

Nevada

Average borrower debt: $33,863
Total student loan debt: $26.3 Billion
Everything you need to know about student loans & scholarships in Nevada

New Hampshire

Average borrower debt: $34,353
Total student loan debt: $6.4 Billion
Everything you need to know about student loans & scholarships in New Hampshire

New Jersey

Average borrower debt: $35,730
Total student loan debt: $41.7 Billion
Everything you need to know about student loans & scholarships in New Jersey

New Mexico

Average borrower debt: $34,237
Total student loan debt: $7.7 Billion
Everything you need to know about student loans & scholarships in New Mexico

New York

Average borrower debt: $38,107
Total student loan debt: $91.9 Billion
Everything you need to know about student loans & scholarships in New York

North Carolina

Average borrower debt: $37,861
Total student loan debt: $48.0 Billion
Everything you need to know about student loans & scholarships in North Carolina

North Dakota

Average borrower debt: $29,446
Total student loan debt: $2.5 Billion
Everything you need to know about student loans & scholarships in North Dakota

Ohio

Average borrower debt: $34,923
Total student loan debt: $61.8 Billion
Everything you need to know about student loans & scholarships in Ohio

Oklahoma

Average borrower debt: $31,832
Total student loan debt: $15.2 Billion
Everything you need to know about student loans & scholarships in Oklahoma

Oregon

Average borrower debt: $37,251
Total student loan debt: $20.0 Billion
Everything you need to know about student loans & scholarships in Oregon

Pennsylvania

Average borrower debt: $35,804
Total student loan debt: $63.9 Billion
Everything you need to know about student loans & scholarships in Pennsylvania

Rhode Island

Average borrower debt: $32,212
Total student loan debt: $4.5 Billion
Everything you need to know about student loans & scholarships in Rhode Island

South Carolina

Average borrower debt: $38,662
Total student loan debt: $27.5 Billion
Everything you need to know about student loans & scholarships in South Carolina

South Dakota

Average borrower debt: $31,858
Total student loan debt: $3.6 Billion
Everything you need to know about student loans & scholarships in South Dakota

Tennessee

Average borrower debt: $36,549
Total student loan debt: $30.8 Billion
Everything you need to know about student loans & scholarships in Tennessee

Texas

Average borrower debt: $33,123
Total student loan debt: $116.8 Billion
Everything you need to know about student loans & scholarships in Texas

Utah

Average borrower debt: $32,781
Total student loan debt: $9.9 Billion
Everything you need to know about student loans & scholarships in Utah

Vermont

Average borrower debt: $38,411
Total student loan debt: $2.9 Billion
Everything you need to know about student loans & scholarships in Vermont

Virginia

Average borrower debt: $39,472
Total student loan debt: $41.9 Billion
Everything you need to know about student loans & scholarships in Virginia

Washington

Average borrower debt: $35,521
Total student loan debt: $27.6 Billion
Everything you need to know about student loans & scholarships in Washington

West Virginia

Average borrower debt: $32,258
Total student loan debt: $7.2 Billion
Everything you need to know about student loans & scholarships in West Virginia

Wisconsin

Average borrower debt: $32,272
Total student loan debt: $23.1 Billion
Everything you need to know about student loans & scholarships in Wisconsin

Wyoming

Average borrower debt: $30,246
Total student loan debt: $1.6 Billion
Everything you need to know about student loans & scholarships in Wyoming

The Takeaway

The average amount of debt held by borrowers varies from state to state. The five states with the highest average amount of student loan debt per borrower are; Washington D.C., Maryland, Georgia, Virginia, and South Carolina. The five states with the lowest average of student loans per borrower are; South Dakota, Oklahoma, Iowa, Wyoming, and North Dakota. North Dakota is the only state where the average borrower owes less than $30,000.

For millions, student loans are a necessary part of paying for college. When federal aid and savings aren’t enough to pay for school, some borrowers turn to private student loans. While private lenders are not required to offer the same benefits or protections as federal student loans, they can be helpful for borrowers who have exhausted all other options and are looking to fill in gaps in funding. Student loans with SoFi have no hidden fees and borrowers are able to choose from four repayment plans.

Find out more about private student loans available from SoFi.

Photo credit: iStock/FangXiaNuo


SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

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

5 Home Services You Should Not Pay For

Man holding up his hand to stop a home purchase
Asier Romero / Shutterstock.com

Homeownership certainly comes with a lot of unavoidable if sometimes unexpected expenses, from property taxes to insurance and repairs.

But there are many home-related costs we don’t necessarily need to pay for — and other things we’re not sure are worth it.

Following are some costs you might be on the fence about, and why we think you should avoid them.

1. Air duct cleaning

duct cleaning
Rob Crandall / Shutterstock.com

Some companies advertise duct cleaning services to supposedly improve your home’s air quality.

Does it work? The Environmental Protection Agency is unconvinced.

It says, “Duct cleaning has never been shown to actually prevent health problems,” and suggests only having ducts cleaned in a few specific situations, such as if mold is visible inside your heating and cooling system or if there are vermin.

2. Custom framing

Selection of custom picture frames
Eric Glenn / Shutterstock.com

Simply hanging artwork in your home shouldn’t be an expensive proposition, but it can be if you rely on custom framing jobs. In some cases, a frame can cost more than what it protects.

The reason custom framing gets so expensive, Vox explains, is the number of options available — a dizzying array of hundreds of frames and mats of all sizes, plus options for moldings and glazings.

For standard-sized images, a ready-made frame may suffice at a fraction of the cost. You can buy them new at a home goods store, or if you want a more “distressed” look and even greater savings, bring a tape measure to your local thrift store and size up some gently-used frames. So-called “floater frames” can provide style and flexibility for displaying art of unusual dimensions.

And then there are a growing number of specialty companies online, happy to provide custom-size frames at a lower cost than local frame shops. The New York Times’ Wirecutter recommends Framebridge, which has a flat fee, high-quality builds and the simplest ordering process among the tested companies.

3. Extended product warranties

Excited salesman
Billion Photos / Shutterstock.com

It’s natural to want to get your money’s worth out of every purchase, and therefore to consider extending a warranty. But many experts suggest they’re usually just not worth it, including Money Talks News founder Stacy Johnson.

This is doubly true if you use a credit card that automatically extends warranties or have another way to get a warranty. For instance, if you’re a Costco member, you can get a free two-year warranty on items such as TVs, computers and major appliances that you purchase there.

4. Self-storage rentals

storage units
sunlover / Shutterstock.com

Buying more stuff than you need is expensive enough. But what’s even worse is when you run out of space for all that stuff in your home and start paying somebody else to hold on to it for you.

Consider self-storage a temporary solution, for situations like moving a household. Otherwise, you’re paying potentially thousands to hide many things you’re probably going to forget about because they’re not important enough to keep handy or remember in your day-to-day life. All that money wasted because you can’t bear the thought of decluttering.

If you really must maintain a unit, check out “10 Ways to Cut the Cost of Self-Storage.”

5. Junk hauling

Upset woman in a cluttered garage
northallertonman / Shutterstock.com

So you’ve decided to declutter: Great! But don’t pay someone to get rid of your stuff.

Instead, turn to free ways to rid yourself of things you no longer need.

Search for local charities that are willing to pick up your donations. Post listings on websites such as Facebook, Freecycle or the Buy Nothing Project.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

Using In-School Deferment as a Student

Undergraduate and graduate students in school at least half-time can put off making federal student loan payments, and possibly private student loan payments, with in-school deferment. The catch? Interest usually accrues.

Loans are a fact of life for many students. In fact, a majority of them — about 70% — graduate with student loan debt.

While some students choose to start paying off their loans while they’re still in college, many take advantage of in-school deferment.

What Is In-School Deferment?

In-school deferment allows an undergraduate or graduate student, or parent borrower, to postpone making payments on:

•   Direct Loans, which include PLUS loans for graduate and professional students, or parents of dependent undergrads; subsidized and unsubsidized loans; and consolidation loans.

•   Perkins Loans

•   Federal Family Education Loan (FFEL) Program loans.

Parents with PLUS loans may qualify for deferment if their student is enrolled at least half-time at an eligible college or career school.

What about private student loans? Many lenders allow students to defer payments while they’re in school and for six months after graduation. Sallie Mae lets you defer payments for 48 months as long as you are enrolled at least half-time.

But each private lender has its own rules.

Recommended: How Does Student Loan Deferment in Grad School Work?

How In-School Deferment Works

Federal student loan borrowers in school at least half-time are to be automatically placed into in-school deferment. You should receive a notice from your loan servicer.

If your loans don’t go into automatic in-school deferment or you don’t receive a notice, get in touch with the financial aid office at your school. You may need to fill out an In-School Deferment Request .

If you have private student loans, it’s a good idea to reach out to your loan servicer to request in-school deferment. If you’re seeking a new private student loan, you can review the lender’s deferment rules.

Most federal student loans also have a six-month grace period after a student graduates, drops below half-time enrollment, or leaves school before payments must begin. This applies to graduate students with PLUS loans as well.

Parent borrowers who took out a PLUS loan can request a six-month deferment after their student graduates, leaves school, or drops below half-time enrollment.

Requirements for In-School Deferment

Students with federal student loans must be enrolled at least half-time in an eligible school, defined by the Federal Student Aid office as one that has been approved by the Department of Education to participate in federal student aid programs, even if the school does not participate in those programs.

That includes most accredited American colleges and universities and some institutions outside the United States.

In-school deferment is primarily for students with existing loans or those who are returning to school after time away.

The definition of “half-time” can be tricky. Make sure you understand the definition your school uses, as not all schools define half-time status the same way. It’s usually based on a certain number of hours and/or credits.

Do I Need to Pay Interest During In-School Deferment?

For federal student loans and many private student loans, no.

If you have a federal Direct Unsubsidized Loan, interest will accrue during the deferment and be added to the principal loan balance.

If you have a Direct Subsidized Loan or a Perkins Loan, the government pays the interest while you’re in school and during grace periods. That’s also true of the subsidized portion of a Direct Consolidation Loan.

Interest will almost always accrue on deferred private student loans.

Although postponement of payments takes the pressure off, the interest that you’re responsible for that accrues on any loan will be capitalized, or added to your balance, after deferments and grace periods. You’ll then be charged interest on the increased principal balance. Capitalization of the unpaid interest may also increase your monthly payment, depending on your repayment plan.

If you’re able to pay the interest before it capitalizes, that can help keep your total loan cost down.

Alternatives to In-School Deferment

There are different types of deferment aside from in-school deferment.

•   Economic Hardship Deferment. You may receive an economic hardship deferment for up to three years if you receive a means-tested benefit, such as welfare, you are serving in the Peace Corps, or you work full time but your earnings are below 150% of the poverty guideline for your state and family size.

•   Graduate Fellowship Deferment. If you are in an approved graduate fellowship program, you could be eligible for this deferment.

•   Military Service and Post-Active Duty Student Deferment. You could qualify for this deferment if you are on active duty military service in connection with a military operation, war, or a national emergency, or you have completed active duty service and any applicable grace period. The deferment will end once you are enrolled in school at least half-time, or 13 months after completion of active duty service and any grace period, whichever comes first.

•   Rehabilitation Training Deferment. This deferment is for students who are in an approved program that offers drug or alcohol, vocational, or mental health rehabilitation.

•   Unemployment Deferment. You can receive this deferment for up to three years if you receive unemployment benefits or you’re unable to find full-time employment.

For most deferments, you’ll need to provide your student loan servicer with documentation to show that you’re eligible.

Then there’s federal student loan forbearance, which temporarily suspends or reduces your principal monthly payments, but interest always continues to accrue.

Some private student loan lenders offer forbearance as well.

If your federal student loan type does not charge interest during deferment, that’s probably the way to go. If you’ve reached the maximum time for a deferment or your situation doesn’t fit the eligibility criteria, applying for forbearance is an option.

If your ability to afford your federal student loan payments is unlikely to change any time soon, you may want to consider an income-based repayment plan or student loan refinancing.

The goal of refinancing with a private lender is to change your rate or term. If you qualify, all loans can be refinanced into one new private loan. Playing with the numbers can be helpful.

Just know that if you refinance federal student loans, they will no longer be eligible for federal deferment or forbearance, loan forgiveness programs, or income-driven repayment.

Recommended: Student Loan Refinancing Calculator

The Takeaway

What is in-school deferment? It allows undergraduates and graduate students to buy time before student loan payments begin, but interest usually accrues and is added to the balance.

If trying to lower your student loan rates is something that’s of interest, look into refinancing with SoFi.

Students are eligible to refinance a parent’s PLUS loan along with their own student loans.

There are absolutely no fees.

It’s easy to check your rate.


We’ve Got You Covered


SoFi Student Loan Refinance
IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS PLEASE BE AWARE OF RECENT LEGISLATIVE CHANGES THAT HAVE SUSPENDED ALL FEDERAL STUDENT LOAN PAYMENTS AND WAIVED INTEREST CHARGES ON FEDERALLY HELD LOANS UNTIL THE END OF JANUARY 2022 DUE TO COVID-19. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

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.
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

SkyOne Launches Platinum Elite Credit Card – $600 Bonus, Choose Your Own 3x Category

Update 11/22/21: Bonus has been increased to $600 (from $300). Hat tip to reader Gadget

SkyOne Federal Credit Union has launched a new credit card called ‘Platinum Elite‘. Let’s take a look at this card:

  • Sign up bonus of $300 after approval and 30,000 points after $3,000 in spend within the first three months (worth $300)
  • $65 annual fee, waived for the first year if you apply by December 31, 2020
  • Starting January 1, 2021 select rewards in Choice Rewards program. Users will be able to select a category to earn 3x in and 2x in ($7,500 spend cap), all other purchases will earn 1x per dollar spent.

Can’t see this being worth keeping long term due to the low earning rate and annual fee, but could be worth it for the $300 sign up bonus depending on how difficult it is to get approved for.

Source: doctorofcredit.com