The Best Cities for Artists in America

No starving artists here: These cities are the best places for artists to live well and practice their craft.

Having access to art and culture is one of the best parts of living in a city. While it’s true that art is found and created anywhere — in cities, there are some definite benefits. Cities act as cultural hubs that draw both new and existing artistic talent. There is a feedback loop of inspiration that cities foster.

With people from many different cultures, backgrounds and walks of life living in close quarters, there is vibrant multiculturalism. Urban density makes it easy to try and experience many different things from theater to food. Artists feed off that creative energy. And when you also live surrounded by other creative individuals, you are constantly being inspired to create new work

But it takes more than that to make a city a great place for artists. It’s widely known that both historically and in modern times, artists are often underpaid for their work. That “starving artist” trope didn’t come from nowhere — artists still need to pay for things like rent and food. They still need to make a living in this world the same as everyone else.

That’s why, on top of a thriving cultural scene, artists need to live in a place that supports their passion and livelihood. That ranges from affordable housing for work and creation, walkability to get around to gigs and much more.

So if you’re an artist with a dream, these are the best cities for artists to create and live.

Finding the best cities for artists

Art is for everyone because there are so many different ways to create. You have visual mediums like painting, drawing or photography. There are performance arts like dancing or theater. And there are musicians across an incredible breadth of genres and instructions, from voice to electronic DJ.

Having a thriving artistic community makes a city a better place to live. There are shows and performances to go to, which improves the quality of life for residents and encourages tourism. But to have such a community, artists need to make a viable living in that city. Quality of life and cost of living for essentials like food and housing, plus affordable rent remain important for those looking to dive into their artist endeavors.

To determine the best cities for artists, we looked for cities with a good walk score and t the average price for studio apartments. Many artists need or want separate spaces to create and work in, same as with offices for other industries, so having affordable studios for rent is key.

We also looked for how many museums there are per density and how many artistic organizations were in the city by density. That included theaters, artistic collectives, performing arts centers and more. All cities also had a population of over 50,000.

The following 10 places emerged as the best cities for artists to live and work in.

10. Baltimore, MD

baltimore md

In recent years, Baltimore has risen the charts as one of the best cities for creatives. This is especially true for the visual arts.

There are more than 60 diverse museums within the area, and it’s the home of renowned museums like the Baltimore Art Museum and the Walters Art Museum. Their substantial collections feature historic art from around the world, as well as exciting contemporary work. The city also supports modern, experimental art in outdoor public spaces like the Glenstone museum and sculpture garden and Downtown Frederick Public Art Trail, making art accessible to all.

There are also ample opportunities in the performing arts. The city is home to seven different performing arts companies and numerous dance and music groups.

Living here, artists can enjoy an abundance of creative outlets and good, affordable quality of life. With an average city median income of $51,000, the average cost for a studio apartment is $1,346. This was down 8.3 percent from last year. That gives artists lots of choices for space, as well as affordable rates.

Baltimore also has good public transportation, and a high Walk Score of 72.

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9. St. Louis, MO

st louis mo

This city that was once the gateway to the West is now a gateway for artists to comfortably live and create in an up-and-coming art city. While it is not the most walkable city, there are many other benefits. The average rent for a studio apartment is $1,328 — with plenty of availability.

St. Louis has an especially good reputation for performing arts, with 14 performing art companies and ten dance companies. Performance venues like The Fabulous Fox, housed in a grand old movie theater, and the Center of Creative Arts give the community hubs to experience art. And the contemporary visual arts scene is also on the rise.

The public can appreciate art in outdoor spaces like Citygarden, and museums like the Grand Center and the St. Louis Art Museum boasts exceptional modern art collections. So there are plenty of places for artists to congregate and work together.

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8. Chicago, IL

chicago il

Chicago has a well-deserved reputation for being one of the United States’ best cities for art, alongside staples like Los Angeles and New York City. But of those two, Chicago is the only one to make it into the top 10 best cities for artists. This means it’s much more affordable than the other two, but still gives artists the creative stimulation they crave. It’s also the place where many greats get their start.

Chicago has many benefits — the downtown area is a dense urban grid, with a very high WalkScore of 84. For outlying areas, there’s excellent public transit. However, most art and culture institutions are downtown — from theaters to museums — so it’s a very centralized area. There are outdoor spaces like Millennium Park for fresh air, access to nature and art installations (hello, The Bean). Museums like the Art Institute of Chicago enjoy tremendous renown for their collections.

Plus, there are top-ranked performing arts opportunities, from theater to music to improv at Second City, one of the nation’s best comedy and improv schools. While average studio rent is $1,784, making it the second most expensive city for studios in the top 10, you’ll have access to world-renowned art institutions for learning and displaying your art.

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7. Berkeley, CA

berkeley ca

Although Berkeley is largely known as a center for engineering, science and tech due to UC Berkeley, art and culture are equally strong here. This city of over 121,000 has an incredibly diverse population. And the presence of the university invites fresh, young minds from around the world, feeding innovation and creativity.

Berkeley also feeds off of the cultural thrum of the surrounding Bay Area and nearby San Francisco.

But being in the tech-heavy Bay Area, life is expensive. A Berkeley studio costs an average of $2,250. This makes it the most expensive of the top ten cities. But on the upside, Berkeley is extremely walkable, making it easy to get to the many artistic opportunities that exist. Berkeley is especially known for its performing arts. It’s home to the Berkeley Repertory Theatre, a Tony-winning regional playhouse and other top theater and performance companies.

For visual artists, collectives like the ACCI Gallery and museums like Berkeley Art Museum and Pacific Film Archive exist. West Berkeley and the North Shattuck areas are especially popular artist neighborhoods.

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6. Philadelphia, PA

philadelphia pa

Aspiring and working artists priced out of New York have been turning to Philadelphia. This has made it one of the most exciting artistic hubs on the East Coast. Steeped in history, the city also buzzes with vibrant young minds and modern energy.

Rent and cost of living are significantly lower than in NYC. A studio costs, on average, $1,745. Two top art schools call Philly home: the Pennsylvania Academy of Fine Arts and Temple University’s Tyler School of Art.

And there is art everywhere, from museums to public spaces. The Philadelphia Art Museum is the third-largest in the U.S., and the Rodin Museum has one of the largest collections of his work outside Paris. Performing arts-wise, there is a great live music scene, especially for classical music thanks to the Philadelphia Orchestra.

The Avenue of the Arts acts as a hub, with performance spaces for everything from dance to experimental work. Dancers will also find a welcoming community here, as there are multiple esteemed dance companies.

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5. Seattle, WA

seattle wa

Seattle’s reputation for incredible live music needs no introduction. Grunge originated here, thanks to influential bands like Nirvana. And music and performance are still part of the lifeblood of the city. But there’s more to Seattle’s art scene than that.

There are over 80 theater companies and great dance companies like the Pacific Northwest Ballet. Galleries and small venues provide space for experimental, undercover art movements. But “mainstream” art also has a place here at museums and places like the Seattle Art Museum, Chihuly Garden and Glass and the Olympic Sculpture Park.

In Seattle, studio apartments run an average of $1,481. And this is down almost 14.2 percent from last year, so there is plenty of space available and demand.

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4. Washington, D.C.

Washington D.C.

The U.S. capital is a hotbed for history and art, which go hand in hand here. There are abundant museums and inspiring architecture everywhere you turn. But it’s not just about the past. There is also a thriving contemporary art community.

Check out spots like the Culture House DC, a 19th-century church painted in bold colors and now houses an artist collective. And there are frequent art festivals and performances of music, dance and theater.

If you’re an artist looking for a city with a lot of options for studios, D.C. is the place for you. The average rent is $1,686, plus it’s also a very pedestrian-friendly city that’s easy to navigate on foot.

All in all, D.C. offers a great emerging art scene in a city that’s affordable and safe, with plenty of history to inspire you.

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3. Pittsburgh, PA

pittsburgh

In 2018, Pittsburgh ranked as one of the top cities in America for artistic vibrancy. It’s no small wonder. Similar to Philadelphia, artists love the affordable cost of living — $1,194 for a studio.

In Pittsburgh, they’re finding world-class museums, outdoor festivals, creative collectives and performing arts companies that are pushing boundaries and generating buzz. Some must-visit spots include the Carnegie Museum of Art, the Andy Warhol Museum and The Mattress Factory.

Outside of town, you’ll also find Frank Lloyd Wright’s architectural masterpiece, Fallingwater.

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2. Minneapolis, MN

minneapolis mn

Coming in at No. 2 in the top 10 best cities for artists is one half of the Twin Cities itself: Minneapolis. Of course, this Midwest hub is well-known for its friendly residents, parks, lakes and outdoor access. But it also has fantastic opportunities for art.

Minneapolis has 55 different museums to visit, among them the eye-catching Weisman Art Museum. As a city that loves nature, lots of art is outdoors and open for everyone. Minneapolis is especially well-known for its vibrant murals, easily found all over the city. Oh, and of course, there’s a great music scene. What else would you expect from the home of Prince?

Add in low rent on studios, $1,236 on average, and you’ll discover why it’s no wonder so many artists find inspiration here.

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hartford ct

Topping the list of the best cities for artists is the Connecticut capital of Hartford. This scenic city celebrates both contemporary and historic art through its many institutions, from museums to collectives.

World-class touring performances come through at venues like the Bushnell Center for the Performing Arts. And local companies like TheaterWorks showcase contemporary work. The city is also committed to promoting diverse artists and voices. For example, the unique Artists Collective highlights the work of the African Diaspora. And the Real Art Ways organization supports experimental and new work in a variety of mediums.

Beyond the artistic community, Hartford is also very affordable for working artists. It boasts the cheapest prices for studio apartments — the average being $1,121.

Good quality and cost of living go a long way toward supporting an artist’s lifestyle. And if the urban scene isn’t sufficiently inspiring, Connecticut’s natural beauty is also sure to spark the imagination.

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The 50 best cities for artists

Now that you’ve seen the top 10, let’s branch out to discover even more cities that have created an atmosphere where artists can thrive and create. Please note, our methodology allows for ties.

Methodology

To find the best cities for artists, we used the following data points:

  • Performing arts businesses and establishments per density
  • Museums per density
  • Walk score
  • Average rent of a studio apartment

We looked at cities with at least 50,000 people according to the U.S. Census Bureau’s 2019 population estimates and ranked each city in each of these four categories. Then, we added up the rankings for each of the four categories to determine a final score for each city. Ties were allowed in our rankings. The cities with the lowest overall score were determined to be the best cities for artists.

We excluded cities from this study that had insufficient rental inventory or other data.

Business and establishment data comes from commercially sourced business listings. This may not account for recent business openings or closures.

Rent prices are based on a one-year rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory as of April 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

Subsidized vs. unsubsidized loans

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

The federal direct loan program offers subsidized and unsubsidized loans to college students. A federal direct subsidized loan is a loan where the government pays the interest while the student is in school. A federal direct unsubsidized loan is one in which the student is responsible for paying all interest, receiving no additional federal aid.

What Is the Difference Between Subsidized and Unsubsidized Student Loans?

The main differences between federal direct subsidized and unsubsidized loans are the qualification criteria, the maximum limits and how the loan interest works.

A chart displaying the differences between subsidized and unsubsidized student loans.

Loan Qualifications

Subsidized: To qualify for a subsidized loan, you must be an undergraduate student who can demonstrate financial need based on the information you submit through the Free Application for Federal Student Aid (“FAFSA”).

Unsubsidized: Unsubsidized loans are available to both undergraduate and graduate students, and there is no requirement to demonstrate financial need.

Maximum Loan Limits

Subsidized: Your school will determine exactly how much you can borrow each year, but there are federal limits. These limits are based on what year of school you are in and whether you file as a dependent or an independent. Subsidized loan limits tend to be lower than unsubsidized limits. The aggregate limit for an independent student with subsidized loans is $23,000.

Unsubsidized: Unsubsidized loan limits tend to be higher than subsidized loan limits. The aggregate limit for an independent student with unsubsidized loans is $34,500.

How Interest Accrues

Subsidized: The U.S. Department of Education pays the interest for subsidized loans as long as the student is enrolled in school at least half-time. They will also pay the interest during your grace period—defined as the first six months after leaving school—and any period of deferment. This means that the amount of the loan will not grow once the student graduates, since the government has been paying the interest.

Unsubsidized: Whether you’re an undergraduate or a graduate student, you’re responsible for paying all of the interest during the entire life of your unsubsidized loan.

What Are the Similarities Between Subsidized and Unsubsidized Student Loans?

When it comes to interest rates, fees and the “maximum eligibility period”—the amount of time you’re able to take out loans—subsidized and unsubsidized loans are virtually the same.

Fees

On top of interest, you can expect to pay a small fee for both types of loans. This is approximately 1.06 percent of your total loan amount, and it is deducted from each loan disbursement. 

Both subsidized and unsubsidized student loans have a fee of 1.06% of the total loan amount.

Undergraduate Interest Rates

The interest rates for both subsidized and unsubsidized loans for undergraduate students are the same. Currently, the rate is at 2.75 percent for loans first disbursed from July 1st, 2020, to June 31st, 2021. The one exception is for direct unsubsidized loans for graduate students, which have an interest rate of 4.30 percent. 

Maximum Eligibility Period

For both loan types, the time in which you’re eligible for your loans is equal to 150 percent of the time of your program. For undergraduates pursuing a four-year bachelor’s degree, this means they will be eligible for their loans for six years. Those pursuing a two-year associate’s degree will be eligible for three years. This ensures that students can still receive loans even if they’re unable or choose not to graduate within the program’s time frame. 

How to Apply for Subsidized and Unsubsidized Loans

Once you’re ready to apply for a federal direct loan, fill out the FAFSA. Your school will send you a detailed report of what student aid you’re eligible for. Any grants or scholarships are free money, so make sure to accept them. They’ll also decide which loans you’re eligible for, the amount you can borrow each year and what loan type you can get—subsidized or unsubsidized. 

No matter what type of student loan you go for, it’s important to understand how they affect your credit so that you can set yourself up for financial success after graduation. With responsible, on-time payments, you’ll be well on your way to healthy credit for life.


Reviewed by Cynthia Thaxton, Lexington Law Firm Attorney. Written by Lexington Law.

Cynthia Thaxton has been with Lexington Law Firm since 2014. She attended The College of William and Mary in Williamsburg, Virginia where she graduated summa cum laude with a degree in International Relations and a minor in Arabic. Cynthia then attended law school at George Mason University School of Law, where she served as Senior Articles Editor of the George Mason Law Review and graduated cum laude. Cynthia is licensed to practice law in Utah and North Carolina.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

When You Donate Blood, You Save Lives and Earn Gift Cards

One pint of blood can save three lives. That alone is what drives people to roll up their sleeves and get that needle prick. But there’s another good reason to sign up to be a regular blood donor: Gift cards.

You get a lot more than a T-shirt and some peanut butter crackers these days when you donate blood. Blood collection organizations routinely give out $20 worth of gift cards to Amazon, restaurants and major retailers at blood drives. You can give blood every 56 days, or six times a year.

So, a couple can average $240 in perks and save 36 lives in one year. For a family of four with kids above 16 and old enough to donate, that’s about $500 in gift cards per year and 72 lives saved.

“One time we went to Kohl’s and there was a blood drive in the parking lot,” said Beverly Mattis of Wake Forest, N.C. “They gave us each a $20 Kohl’s gift card so my daughter and I went in and did some shopping afterward.”

A man wearing a face mask shows off his gift certificates after donating blood.
Exavier Jones shows off his $10 gift certificate after donating blood at a OneBlood Big Red Bus in St. Petersburg, Fla. Chris Zuppa/The Penny Hoarder

Exavier Jones gave blood recently at a OneBlood mobile collection bus outside casual dining restaurant Carrabba’s Italian Grill in St. Petersburg.

“I’m type O. That’s always needed, so I try to give as often as I can,” he said, explaining that any blood type can accept type O blood. He received a $10 Carrabba’s gift card and a $10 e-gift card to use at one of a variety of retailers.

How to Get the Perks of Being a Regular Blood Donor

If you register to be a blood donor with the blood collection organization in your area, you will receive texts or emails with dates of upcoming blood drives and the perks. There are many blood collection organizations around the country. Here are three of the biggest, and how to register:

There’s no requirement that you give a certain number of times a year, but there is encouragement.

OneBlood, which collects blood in the Southeast, partnered with Carrabba’s to give $10 gift cards each time someone donated between January and April. Those who gave twice received an additional $25 gift card along with the two $10 cards.

“I got $10. I’m going to go inside and have a lasagna dinner tonight,” said Bill Howard after donating at the Carrabba’s in St. Petersburg.

The gift cards are nice for sure, he said, but the main reason he gives regularly is because he was stabbed during the Vietnam War and needed a lot of blood to survive. He wants to save others like a stranger’s blood once saved him.

A man wearing a camouflage hat poses for a portrait outside of a blood donation bus.
Bill Howard donates blood regularly because his life was saved by a person who donated blood after he was stabbed in the Vietnam War. Chris Zuppa/The Penny Hoarder

“I would say most of the time at almost all of our drives our intention is to have a donor gift,” said Pat Michaels, OneBlood director of media relations. “It could be Carrabba’s, Publix, Red Lobster. We have built up some wonderful partners,” he said.

OneBlood also gives out tickets donated by the Miami Dolphins, Tampa Bay Buccaneers, Jacksonville Jaguars, the Daytona 500 and Carowinds amusement park near Charlotte, N.C.

Along with gift cards and tickets, many blood collection groups also give out swag such as beach towels, fleece blankets, car sun shades and insulated water bottles.

Vitalant, which is based in Scottsdale, Ariz., is the largest nonprofit blood service provider in the country serving 40 states. It hosts more than 30,000 blood drives a year and offers a variety of perks and incentives for blood donors.

Vitalant is partnering with the Arizona Diamondbacks to encourage high school students there to organize blood drives at school. The team will host more than 1,000 students from blood drive committees. Organizers from the two schools who achieve the most donations will share a party suite at a Diamondbacks game.

Vitalant is also encouraging women to organize a blood drive with friends the same as they might host a party at their homes selling jewelry or clothes. An organizer can invite eight friends to a private party at a collection center that’s catered with fun food where donors receive gift cards and other swag.

For donors with a sweet tooth, Vitalant recently promoted a pint-for-a-pint offer. Donors who gave a pint of blood received a voucher for a free pint of frozen custard at Culver’s.

The American Red Cross recently offered $5 Amazon gift cards to some donors, and their names were entered for a chance to win a trip for four to the 2022 Indianapolis 500. Winners will receive pit credentials, airfare, hotel accommodations and a $500 gift card. Other Red Cross blood drives enter donors’ names in a drawing for a chance to win a $1,000 e-Gift card to one of several stores.

More Perks for Donating Platelets

Platelets are small cells that stop bleeding by forming clots. Donated platelets are used for cancer patients, transplants, burn patients and traumatic injuries.

When someone donates platelets, a machine extracts them from whole blood then returns the rest of the blood back to the donor. The process takes about three hours.

Because it takes longer than donating whole blood, more perks are offered for people who give platelets, which can be donated every seven days. OneBlood recently challenged platelet donors to a two-month program offering gift cards valued at $25 for their second donation, $50 for their third and $75 for their fourth.

It is also promoting a three month challenge, offering gift cards valued at $25 for the second donation, $50 for the third, $75 for the fourth, $100 for the fifth and $125 for the sixth. That’s a total of $375 in gift cards in three months.

People line up at a blood donation bus to donate blood.
According to Givingblood.org, only 37% of the U.S. population can donate blood. Less than 10 percent of those people donate blood at least once a year. Chris Zuppa/The Penny Hoarder

Constant Need Increased During the Pandemic

Even in typical times, blood collection organizations are constantly trying to recruit more donors. Only 37% of the U.S. population is eligible to donate blood, and less than 10 percent of those people do so at least once a year, according to Givingblood.org.

Numerous impacts of COVID-19 made it even harder to reach and encourage donors, according to Michaels at OneBlood.

“There has been every reason for there to be a shortage of blood drives,” he said. Blood drives at colleges, high schools and office buildings were cancelled for months on end because they were closed.

“We had to recover by creating new partnerships,” Michaels said. OneBlood worked with county elections offices across the country as well as hundreds of homeowners associations to connect with groups of people who would sign up for blood drives, he said.

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Source: thepennyhoarder.com

7 Things to Do After College Besides Work

Numerous college students have a trajectory in mind for navigating life after college. For some, getting a job is their top goal. But, are there other things to do after college besides work?

Beyond looking for a traditional entry-level job, there are alternative choices for new grads—including internships, volunteering, grad school, spending time abroad, or serving in Americorps.

Naturally, the options available will differ depending on each person’s situation, as not all alternatives to work come with a paycheck attached.

Here’s a look at these seven things to do after college besides work.

1. Pursuing Internships

One popular alternative to working right after college is finding an internship. Generally, internships are temporary work opportunities, which are sometimes, but not always, paid.

Internships may give recent grads a chance to build up hands-on experience in a field or industry they believe they’re interested in working in full time. For some people, it could help determine whether the reality of working in a given sector meets their expectations.

Whatever grads learn during an internship, having on-the-job experience (even for those who opt to pursue a different career path) could make a job seeker stand out afterwards. Internships can help beef up a resume, especially for recent grads who don’t have much formal job experience.

A potential perk of internships is the chance to further grow your professional network—building relationships with more experienced workers in a particular department or job. Some interns may even be able to turn their short-term internship roles into a full-time position at the same company.

Starting out in an internship can be a great way for graduates to enter the workforce, “road testing” a specific job role or company.

2. Serving with AmeriCorps

Some graduates want to spend their time after college contributing to the greater good of American society. One possible option here is the Americorps program—supported by the US Federal Government.

So, what exactly is Americorps? Americorps is a national service program dedicated to improving lives and fostering civic engagement. There are three main programs that graduates can join in AmeriCorps: AmeriCorps NCCC, AmeriCorps State and National, and AmeriCorps Vista.

There’s a wide variety of options in AmeriCorps, when it comes to how you can serve. Graduates can work in emergency management, help fight poverty, or work in a classroom.

However graduates decide to serve through AmeriCorps, it may provide them with a rewarding professional experience and insights into a potential career.

Practically, Americorps members may also qualify for benefits such as student loan deferment, a living allowance, education awards (upon finishing their service), and skills training.

It may sound a bit dramatic, but AmeriCorps’ slogan is “Be the greater good.” Giving back to society could be a powerful way to spend some time after graduating—supporting organizations in need, while also establishing new professional connections.

3. Attending Grad School

When entering the workforce, graduates may encounter job postings with detailed employment requirements.

Some jobs require just a Bachelor’s degree, while others require a Master’s–think, for instance, of being a lawyer or medical doctor. Depending on their field of study and career goals, some students may opt to go right to graduate school after receiving their undergraduate degrees.

The number of jobs that expect graduate degrees is increasing in the US. Graduates might want to research their desired career fields and see if it’s common for people in these roles to need a master’s or terminal degree.

Some students may wish to take a break in between undergrad and grad school, while others find it easier to go straight through. This choice will vary from student to student, depending on the energy they have to continue school as well as their financial ability to attend graduate school.

Graduate school will be a commitment of time, energy and money. So, it’s advisable that students feel confident that a graduate degree is necessary for the line of work they’d like to end up in before they apply or enroll.

4. Volunteering for a Cause

Volunteering could be a great way for graduates to gain some extra skills before applying for a full-time job. Doing volunteer work may help graduates polish some essential soft skills, like interpersonal communication, interacting with clients or service recipients, and time management.

Another potential benefit to volunteering is the ability to network and forge new connections outside of college. The people-to-people connections made while volunteering could lead to mentorship and job offers.

Volunteering is something graduates can do after college besides work, while still fleshing out their resume or skills.

New grads may want to volunteer at an institution or organization that syncs with their values or, perhaps, pursue opportunities in sectors of the economy where they’d like to work later on (i.e., at a hospital).

On top of all these potential plus sides, volunteering just feels good. It makes people feel happier. And, after all of the stress that accompanies finishing up college, volunteering afterward could be the perfect way to recharge.

5. Serving Abroad

Similar to the last option, volunteering abroad can be attractive to some graduates. It may help grads gain similar skills they’d learn volunteering here at home, while also giving them the opportunity to learn how to interact with people from different cultures, try to learn a new language, and see new perspectives on solving problems.

Though it can be beneficial to the volunteers, volunteering abroad isn’t always as ethical as it seems. And, not all volunteering opportunities always benefit the local community.

It could take research to find organizations that are doing ethically responsible work abroad. One key thing to look for is organizations that put the locals first and have them directly involved in the work.

6. Taking a Gap Year

According to the Gap Year Association , a gap year is “a semester or year of experiential learning, typically taken after high school and prior to career or post-secondary education, in order to deepen one’s practical, professional, and personal awareness.”

While a gap year is generally taken after high school or after college, one common purpose of the gap year is to take the time to learn more about oneself and the world at large—which can be beneficial after graduating from college and trying to figure out what to do next.

Not only might a gap year help grads build insights into what they’d like to do with their later careers, it may also help them home in on a greater purpose in life or build connections that could lead to future job opportunities.

Graduates might want to spend a gap year doing a variety of activities—including:

•   trying out seasonal jobs
•   volunteering
•   interning
•   teaching or tutoring
•   traveling

A gap year can be whatever the graduate thinks will be most beneficial for them.

7. Traveling Before Working

Going on a trip after graduation is a popular choice for graduates that can afford to travel after college. Traveling can be expensive, so graduates may want to budget in advance (if they want to have this experience post-graduation.

On top of just being really fun, travel can have beneficial impacts for an individual’s stress levels and mental health. Research from Cornell University published in 2014 suggests that the anticipation of planning a trip might have the potential to increase happiness.

Traveling after graduation is a convenient time to start ticking locations off that bucket list, because graduates won’t be held back by a limited vacation time. Going abroad before working can give students more time and flexibility to travel as much as they’d like (and can afford to!).

With proper research, graduates can find more affordable ways to travel—such as a multi-country rail pass, etc. It doesn’t have to be all luxury all the time. Budget travel is possible especially when making conscious decisions, like staying in hostels and using public transportation.

If graduates are determined to travel before working, they can accomplish this by saving money and budgeting well.

Navigating Post Graduation Decisions

Whether a recent grad opt to start their careers off right away or to pursue one of the above-mentioned things to do after college besides work, student loans are something that millions of university students have taken out.

After graduating (or if you’ve dropped below half-time enrollment or left school), the reality of paying back student loans sets in. The exact moment that grads will have to begin paying off their student loans will vary by the type of loan.

For federal loans, there are a couple of different times that repayment begins. Students who took out a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, will all have a six month grace period before they’re required to make payments. Students who took out a Perkins loan will have a nine month grace period.

When it comes to the PLUS loan, it depends on the type of student that’s taken one out. Undergraduates will be required to start repayment as soon as the loan is paid out. Graduate and professional students with PLUS loans will be on automatic deferment while they’re in school and up to six months after graduating.

Some graduates opt to refinance their student loans. What does that mean? Well, refinancing student loans is when a lender pays off the existing loan with another loan that has a new interest rate. Refinancing can potentially lower monthly loan repayments or reduce the amount spent on interest over the life of the loan.

Both US federal and private student loans can be refinanced, but when federal student loans are refinanced by a private lender, the borrower forfeits guaranteed federal benefits—including loan forgiveness, deferment and forbearance, and income-driven repayment options.

Refinancing student loans may reduce money paid to interest. For graduates who have secured well-paying jobs and have improved their credit score since taking out their student loan, refinancing could come with a competitive interest rate and different repayment terms.

Graduating from college means officially entering the realm of adulthood, but that transition can take many forms. There are various financial tips that recent graduates may opt to look into.

Thinking about refinancing your student loans? With SoFi, you could get prequalified in just two minutes.



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.
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 SEPTEMBER 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.

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.
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. SoFi Lending Corp. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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.

SOSL20035

Source: sofi.com

IRS offers new COVID-19 flexibility for employee healthcare benefits – Lexington Law

A family plays with their dog.

Disclosure regarding Lexington Law’s editorial content.

As COVID-19 swept the globe and the country, it put stress on all types of supply chains and industries. It has also put stress on the financial and health situations of many Americans.

If you’re looking back to whenever your last healthcare benefits enrollment period was and grimacing at the choices you made, you’re in luck—you might have the chance to change them. In addition to extending the tax deadline for 2020, the IRS has issued a rule modification in light of the pandemic that might allow you to change your elections mid-year instead of waiting for the next open enrollment period.

Find out more about these changes and what they might mean
for you here.

Key Points

  • You may be able to switch to a different healthcare
    plan if your employer allows it.
  • You may be able to drop employer-sponsored
    coverage if your employer allows it.
  • You may be able to change contributions to a
    flexible spending account (FSA) if your employer allows it.
  • Employers may voluntarily extend the grace
    period for using 2019 FSA funds.

A Potential Mid-Year Open-Enrollment Period

The IRS rule change allows mid-year enrollment in a
different plan that your employer offers. This means employees may be able to
make new elections to better use their income and protect themselves against healthcare
expenses.

However, employers are being given the choice of whether
they want to offer these options. The answers to the questions below all depend
on whether your employer elects to allow changes.

Can I drop my healthcare insurance altogether?

Yes, you can elect to end healthcare insurance coverage through your employer. The caveat is that you must replace that coverage with a qualifying plan through the health insurance marketplace, a spouse’s benefits or another option.

Can I switch healthcare plans?

If the employer allows it, yes, you can switch healthcare
plans outside of the normal open enrollment. This is true even for people who
have not had a qualifying event such as a job loss or a change in marital
status.

Can I get health insurance if I didn’t have it before?

Yes, if your employer allows an open enrollment period mid-year, you can elect benefits even if you previously declined them. This allows more people to get insurance that they may now want or need in light of the pandemic.

If I change plans, will I lose what I’ve paid toward my out-of-pocket deductible?

It’s probable that changing plans will reset all
benefits-related counters. That includes deductibles and out-of-pocket
expenses. If you’re considering making a change, weigh how much you’ve already
contributed toward your deductible and out-of-pocket maximum. In some cases, it
might be more financially beneficial to stick with the plan you have if you’re
close to or have already met your maximum.

Changes to FSAs

The IRS also provides a rule change that addresses flexible spending accounts. Again, these changes are dependent upon the employer choosing to participate.

If the employer does choose to participate, employees can make mid-year changes to their FSA elections. For example, you might have elected not to fund an FSA or to fund it very minimally. But in light of the health crisis, you may now want to put more money into your account to cover medical expenses. You may be able to do so.

Alternatively, perhaps your spouse lost his or her job due to COVID-19, and you’d previously elected to fund your FSA with a large amount. You might now need that money to pay for non-FSA-approved expenses. You may be able to elect to reduce your contributions.

Changes to Dependent Care Assistance Programs

The same rule change applies to section 125 cafeteria
plans used to help cover the cost of childcare programs. If your employer
allows it, you can elect to increase or decrease the contributions you’re
making to these programs.

For example, you might have previously elected to contribute enough money to pay for your children’s daycare expenses. This allows you to pay those costs with pretax dollars.

However, during the pandemic, your daycare might have closed, leaving your kids at home with you. Those contributed dollars are going nowhere and you risk losing them. If your employer allows it, you can change your contribution to stop adding money into your cafeteria plan. You can then use those funds to cover expenses related to your children being home.

Healthcare Coverage for COVID-19

The Coronavirus Aid, Relief and Economic Security Act instituted some exemptions to help ensure high-deductible plans and other insurance plans covered more services related to COVID-19. For example, the plan includes a specific exemption for telehealth services to help allow insurance providers to cover necessary telehealth treatments and appointments.

The IRS rule change allows those exemptions to be applied
retroactively up to January 1, 2020. That means if you sought telehealth or
other COVID-19-related care in the past months, you may be able to have those
claims adjudicated by your insurance plan at this time.

Reach Out to Your Employer’s Benefits Office

Understanding benefits and how they can impact your entire financial life can be difficult. Start by reaching out to your employer’s HR or benefits office to understand whether they’re going to offer the option for mid-year elections and whether they can provide information about how the options work.


Reviewed by John Heath, Directing Attorney of Lexington Law Firm. Written by Lexington Law.

Born and raised in Salt Lake City, John Heath earned his BA from the University of Utah and his Juris Doctor from Ohio Northern University. John has been the Directing Attorney of Lexington Law Firm since 2004. The firm focuses primarily on consumer credit report repair, but also practices family law, criminal law, general consumer litigation and collection defense on behalf of consumer debtors. John is admitted to practice law in Utah, Colorado, Washington D. C., Georgia, Texas and New York.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

IRS offers new COVID-19 flexibility for employee healthcare benefits

A family plays with their dog.

Disclosure regarding Lexington Law’s editorial content.

As COVID-19 swept the globe and the country, it put stress on all types of supply chains and industries. It has also put stress on the financial and health situations of many Americans.

If you’re looking back to whenever your last healthcare benefits enrollment period was and grimacing at the choices you made, you’re in luck—you might have the chance to change them. In addition to extending the tax deadline for 2020, the IRS has issued a rule modification in light of the pandemic that might allow you to change your elections mid-year instead of waiting for the next open enrollment period.

Find out more about these changes and what they might mean
for you here.

Key Points

  • You may be able to switch to a different healthcare
    plan if your employer allows it.
  • You may be able to drop employer-sponsored
    coverage if your employer allows it.
  • You may be able to change contributions to a
    flexible spending account (FSA) if your employer allows it.
  • Employers may voluntarily extend the grace
    period for using 2019 FSA funds.

A Potential Mid-Year Open-Enrollment Period

The IRS rule change allows mid-year enrollment in a
different plan that your employer offers. This means employees may be able to
make new elections to better use their income and protect themselves against healthcare
expenses.

However, employers are being given the choice of whether
they want to offer these options. The answers to the questions below all depend
on whether your employer elects to allow changes.

Can I drop my healthcare insurance altogether?

Yes, you can elect to end healthcare insurance coverage through your employer. The caveat is that you must replace that coverage with a qualifying plan through the health insurance marketplace, a spouse’s benefits or another option.

Can I switch healthcare plans?

If the employer allows it, yes, you can switch healthcare
plans outside of the normal open enrollment. This is true even for people who
have not had a qualifying event such as a job loss or a change in marital
status.

Can I get health insurance if I didn’t have it before?

Yes, if your employer allows an open enrollment period mid-year, you can elect benefits even if you previously declined them. This allows more people to get insurance that they may now want or need in light of the pandemic.

If I change plans, will I lose what I’ve paid toward my out-of-pocket deductible?

It’s probable that changing plans will reset all
benefits-related counters. That includes deductibles and out-of-pocket
expenses. If you’re considering making a change, weigh how much you’ve already
contributed toward your deductible and out-of-pocket maximum. In some cases, it
might be more financially beneficial to stick with the plan you have if you’re
close to or have already met your maximum.

Changes to FSAs

The IRS also provides a rule change that addresses flexible spending accounts. Again, these changes are dependent upon the employer choosing to participate.

If the employer does choose to participate, employees can make mid-year changes to their FSA elections. For example, you might have elected not to fund an FSA or to fund it very minimally. But in light of the health crisis, you may now want to put more money into your account to cover medical expenses. You may be able to do so.

Alternatively, perhaps your spouse lost his or her job due to COVID-19, and you’d previously elected to fund your FSA with a large amount. You might now need that money to pay for non-FSA-approved expenses. You may be able to elect to reduce your contributions.

Changes to Dependent Care Assistance Programs

The same rule change applies to section 125 cafeteria
plans used to help cover the cost of childcare programs. If your employer
allows it, you can elect to increase or decrease the contributions you’re
making to these programs.

For example, you might have previously elected to contribute enough money to pay for your children’s daycare expenses. This allows you to pay those costs with pretax dollars.

However, during the pandemic, your daycare might have closed, leaving your kids at home with you. Those contributed dollars are going nowhere and you risk losing them. If your employer allows it, you can change your contribution to stop adding money into your cafeteria plan. You can then use those funds to cover expenses related to your children being home.

Healthcare Coverage for COVID-19

The Coronavirus Aid, Relief and Economic Security Act instituted some exemptions to help ensure high-deductible plans and other insurance plans covered more services related to COVID-19. For example, the plan includes a specific exemption for telehealth services to help allow insurance providers to cover necessary telehealth treatments and appointments.

The IRS rule change allows those exemptions to be applied
retroactively up to January 1, 2020. That means if you sought telehealth or
other COVID-19-related care in the past months, you may be able to have those
claims adjudicated by your insurance plan at this time.

Reach Out to Your Employer’s Benefits Office

Understanding benefits and how they can impact your entire financial life can be difficult. Start by reaching out to your employer’s HR or benefits office to understand whether they’re going to offer the option for mid-year elections and whether they can provide information about how the options work.


Reviewed by John Heath, Directing Attorney of Lexington Law Firm. Written by Lexington Law.

Born and raised in Salt Lake City, John Heath earned his BA from the University of Utah and his Juris Doctor from Ohio Northern University. John has been the Directing Attorney of Lexington Law Firm since 2004. The firm focuses primarily on consumer credit report repair, but also practices family law, criminal law, general consumer litigation and collection defense on behalf of consumer debtors. John is admitted to practice law in Utah, Colorado, Washington D. C., Georgia, Texas and New York.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com