If you’ve getting ready to apply to college, look on the bright side: It can be a good way to apply the skills you’ve learned in school to get organized and nail this project. It’s also a time to shine and show off your achievements over the past few years.
That said, like any big project, applying to college has a lot of moving parts and can feel intimidating at times. To help you break it down, it can be wise to use a college application checklist. Doing so can help you stay on track as you move ahead with navigating the next step in your education.
What follows is just that: a college application checklist and details on how to apply to the schools you’re interested in. As you’ll see, it can all boil down to 5 key steps. You’ve got this!
Tips for Getting Organized
Before you dive into your To Do list, take some time to get organized. Applying for college can definitely be complicated and time-intensive. Creating a system, including a college application checklist, can help prevent important details and dates from slipping through the cracks.
Before you start printing out forms and stashing brochures, label a folder for each school and list important information on the front, such as:
• College name
• Application deadline
• Type of deadline (early decision, early action, regular decision, or rolling admission)
Choose a single system to monitor all submissions and deadlines, and make sure your parents can also access the information.
One method of organization could be to file the folders by deadline dates rather than school names to ensure you get all documents to each school on time.
Keep copies of important documents, such as recommendation letters and student housing information, in each folder. Most early decision or early action deadlines are in November, while regular decision applications are usually due in January.
Make a note of any schools that have extra forms or a particular department within the college that has its own set of requirements. The university likely has a list of scholarship deadlines, which may be different from its application deadline.
College application deadlines tend to be set in stone, and admission officers may even frown upon those who wait till the last minute to submit their applications. It can be helpful to set reminders on your phone, computer, or the kitchen calendar.
Schedule reminders for at least a month before the real deadline so there’s plenty of time to ask questions, make adjustments, and get your application in well before the deadline. This can help you avoid that night-before-the-deadline discovery that you are missing a form.
Consolidate tasks whenever possible. If you need a recommendation for an extracurricular activity for two different schools, don’t ask the softball coach and the band conductor. Pick one and ask for a reference letter that can be easily customized for both schools.
Even the simplest college application is typically made up of multiple forms. You can use a physical filing system or cloud-based storage to store forms, recommendation letters, and more. As you gather materials, divide everything into folders for each college and label PDFs with short, descriptive names (MusicRecommendation, not “scan008877605.pdf”). 💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.
College Application Checklist
If you’re looking for a section to print out and check off as you go, this is it: your applying to colleges checklist. Then read on for details on how you might go about accomplishing these tasks.
• Create a filing system for schools organized by the application deadline
• Set reminders for application deadlines
• Gather test scores (SAT®, ACT®, etc.) if prospective schools require them
• Ask for 3 or more letters of recommendation
• Write personal essay (if needed)
• Fill out the Free Application for Federal Student Aid (FAFSA®)
• Research scholarships
1. Take Standardized Tests (Or Not)
First on your college application process checklist is to consider whether you need standardized test scores. A majority of colleges and universities no longer require standardized tests like the SAT and ACT for school applications — check with the schools you plan to apply to. If you want to play it safe and you have the time, you may want to take the test just in case.
Generally, students must register for tests about a month in advance. It will take a couple of weeks for scores to be distributed, and colleges receive scores about 10 days after students. So if your college application deadline is in January, you should schedule your test by October. Perhaps you’ll want to take it earlier if you want to give yourself enough time to retake the test if you’d like to try to get a higher score.
2. Request Letters of Recommendation
Next on your college application requirement checklist: Many colleges request 2 to 3 letters of recommendation. According to the College Board, these should be “written by someone who can describe your skills, accomplishments, and personality.” It’s wise to ask people who know you well and are enthusiastic about this prospect. You may want to request an extra letter or two, to accommodate letter-writers who miss their deadline or beg off at the last minute.
When asking for a recommendation letter, keep in mind that teachers and coaches are usually very busy and likely being asked by multiple students. If possible, give them at least a month to write a reference letter. Really, the earlier the better. Some schools require recommendations from teachers in specific subjects, so be mindful of specific requirements.
3. Check for Special Deadlines
You’ll want to consider other deadlines as well, such as applications for special dorms, department-level scholarships, registering for summer activities, and more. These things can end up coloring the college experience just as much as which university you get accepted to.
In many cases, dorms are available on a first-come, first-served basis. Applying early can help you get the specific type of dorm you want, such as co-ed, separated by gender, or substance-free.
4. Fill Out the FAFSA
While you’re gathering all the information for college, you’ll probably be thinking about how to pay for it. For this item on your college admission checklist, you’ll likely want to start with the Free Application for Federal Student Aid or FAFSA®, the form that parents and students must complete to be eligible for federal student loans and aid. Many colleges also use the FAFSA to decide if a student qualifies for its own grants and scholarships.
A university may offer both need-based and merit-based aid. Need-based aid is determined by a family’s income and circumstances, while merit-based aid is determined by academics, athletics, and other talents. The FAFSA helps colleges determine how much need-based federal aid a student qualifies for.
The FAFSA application is generally available starting in October but the 2024-2025 form will be available in December; the due date varies by state. Try to apply as early as possible because some financial aid is awarded on a first-come, first-served basis.
A common misconception is that the FAFSA is a one-time deal. In reality, the FAFSA must be filled out every year to account for any changes in income or other circumstances. For example, if one of your parents gets laid off from their job, you might qualify for more need-based aid.
For some students, federal aid (including federal student loans) isn’t enough to cover the full cost of attendance. If that’s the case, it may be time to look into some additional sources of funding.
Recommended: College Search Tool
5. Additional Funding Options
Some families are able to fill the gap between tuition costs and student aid with savings. Parents may take out loans in their own name to help children pay for college as well.
Other students are able to pay for a portion of their tuition with scholarships or grants. Scholarships and grants may require applicants to invest some time writing an essay or meeting other requirements. Any funds that are received can be a useful way to cover education costs since they don’t need to be repaid.
There are quite a few scholarship databases you can search to find those that fit your background and interests. If you’ve exhausted your aid opportunities and are still looking to fill a gap, private student loans are an option to consider. While they don’t come with the same benefits as federal student loans (such as income-driven repayment plans and loan forgiveness options), they can be used to help pay for education expenses.
Unlike most federal student loans, the private student loan application process generally requires a credit check*. Some students may find they need a cosigner, which is someone who would be held responsible for the loan in the event the primary borrower fails to make payments. 💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.
Stay Engaged in School
Once you’ve completed your college application checklist and your college applications are on their way, your last semester in high school can feel kind of pointless. Not true! Colleges will want to see those grades and know what you’ve been up to. If you’ve lost motivation, are cutting class, or let your grades slide, they’ll know it. And if you’re still taking AP exams, those results can determine whether you get credit for certain college courses.
So stay involved and send a follow-up letter listing any additional awards and achievements. This is your chance to show off what you’re capable of even when the pressure’s off.
Speaking of pressure, take time to relax — before, during, and after the application process. Plan some fun activities that don’t involve watching your inbox for acceptance letters. And congratulate yourself on making it this far.
The Takeaway
The college application process can be demanding. After all, the application itself is usually just one of many concerns. There may also be standardized tests to take, letters of recommendation to collect, personal essays to write, housing to consider, and financial aid applications to complete. It can be wise to use an applying to colleges checklist. The earlier you complete the tasks on it, the less stressed you’ll be — and that can be reflected in the quality of your application. Stay on top of all deadlines, and set reminders well in advance so you never have to pull an all-nighter. Save those for college.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
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. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
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.
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, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
I (Mark Ferguson) will hold 4 in-person masterminds in Colorado in 2024. I love doing these because it gives people from all over the country a chance to meet, learn about each other’s business, give advice, get advice, and think outside the box. I attended a mastermind like this a few years ago and loved how much it helped my business and helped me to think bigger and consider things I have never thought of. It is easy to get stuck in your business and stuck in your ways if it is only you trying to figure everything out.
Register your Mastermind seat >>
Who is Mark Ferguson?
I will be the first to tell you that I am not for everyone. I hold these events because I feel I can offer value to people well above and beyond the cost. The people who I can help the most are go-getters, are willing to take some risks, want more than the status quo out of life, and are open-minded to new ideas.
I started in real estate in 2002 after college, where I obtained a business finance degree. I started very small painting houses, doing landscaping, and running errands for my dad who was an agent and flipped houses once in a while. Eventually, I got my real estate license, started helping with the flipping business, and still made very little money. My life changed when I took control, started cold calling banks to get foreclosure listings and started my own career. I then bought rental properties, always making sure to get awesome deals. Eventually, I built up the flipping business, bought out my dad, started my own office, and began to buy commercial and multifamily real estate. In the last few years, I started buying businesses that came with the real estate like a liquor store, laundromat, car wash, and more. Through all of this, I documented my journey through social media, YouTube, and my blog Investfourmore.com. At these masterminds I am willing to talk about anything and everything that I have done, do, or plan to do.
When are the mastermind events?
I have had a couple of these masterminds in the past but this year I wanted to go bigger and better by scheduling them well ahead of time and giving people multiple dates to attend. All of these will be held in my office Blue Steel Real Estate in Greeley Colorado. We will also be taking trips to see some of my projects (rentals, files, businesses) so I can show you exactly what I do and why. We may also look at a property for sale to show you what I look for in a deal and why.
Here are the dates:
Winter 2024: January 8th and 9th
Spring 2024: April 22nd and 23rd
Summer 2024: July 22nd and 23rd
Fall 2024: October 21st and 22nd
Register your Mastermind seat >>
How intense are these events?
When I hold a mastermind it is 2 days packed full of information and interaction. You will not just be interacting with me but with other people in the group who are real estate investors or business owners as well. We spend all day talking with each other, visiting properties, visiting my staff, and going over each other’s business so that we can all help each other do better. I also give specific training on finding deals, finding financing, and repairing and maintaining properties.
Are these serious or fun events?
I am very serious about business but I am also very laid back and know that being mad or blaming others won’t fix my problems. I am also a fan of laughing and having fun. We pack a lot of information into these events, but we also have some fun, mostly making fun of myself. These events come with meals, and time to relax as well. You don’t have to worry about offending me or making me mad because that is virtually impossible.
What is the agenda for the mastermind?
The heart of the mastermind is going over each person’s current business and plans. We will dedicate a large chunk of time to brainstorming ideas, sharing experiences, and offering support and ideas to each other. We will also take a field trip to a few of my projects including flips I am working on, businesses I own and run like the laundromats or liquor store (maybe something else if I buy something new), and some rental properties (commercial, multifamily or residential). There will also be scheduled dinners and if anyone wants a house or garage tour that is in the books as well.
Are there any discounts for the mastermind?
If you want to bring a spouse or business partner I do offer a discount for the second person as long as they are sharing the same business plan. If you want to attend multiple events there is also a discount available. Please just email me below.
How do I learn more and sign up?
Learn more and register your Mastermind seat here >>
Donations
For each ticket sold, I will donate $500 to charity. I have picked out my charity and it is Get the Facts Out Organization which helps develop and recruit students to become teachers. I am on the board of this nonprofit and it is making a massive impact on the teaching industry. The world and the US need more teachers, especially STEM teachers and this group is doing a great job tackling this growing problem.
Have questions?
Check out the registration page at investfourmore.com/mastermind.
If you have questions about the discounts mentioned or any of the details, you can also contact me here.
For nearly 30 years, Deion Sanders has been a recognizable name in the sports world. He’s made headlines again this summer after being named the new head football coach at the University of Colorado Boulder and subsequently undergoing a roster overhaul that resulted in the departure of 81% of last year’s roster.
A majority of the exits were made after Sanders and the coaching staff audited the roster and determined it wasn’t optimized for the desired productivity and results. This move has paid off as three weeks into the 2023 season (as of this writing), the Colorado Buffaloes were 3-0 and hosted ESPN’s College GameDay.
Similarly, many lenders are currently auditing their roster of vendors and technologies to optimize productivity and return on investment (ROI).
One of the more commonly used metrics to determine a lender’s ROI is the per-loan pre-tax net production income, and the biggest factors impacting this metric are production volume in both dollars and units. Closing fewer loans means the production costs are spread out over fewer units, thereby increasing the production cost per loan.
Since peaking at $5,535 in Q3 2020, thanks to historically high production volume, the per-loan, pre-tax net production income for independent mortgage bankers (IMBs) has been falling. The most recent report from the Mortgage Bankers Association (MBA) shows that IMBs lost an average of $534 per loan in Q2 2023. The good news is that the last two quarters have shown steady improvement from Q4 2022.
For many lenders, priorities for this year include migrating their systems to the cloud and increasing production volumes, lead generation efficiency and productivity, which includes engaging business intelligence (BI) tools that can provide insights necessary when making staffing decisions. And they’re making sure they have the technologies to do so.
A very common sentiment in the industry is that now is the time to double down on implementing new tech because lenders have the time to focus on it. Obviously, that is a great mindset for vendors, but it isn’t really a great course of action for lenders because most are trying to decrease costs, not increase them.
Conduct a tech stack audit as a first step
As well as tabling tech stack additions initiated during the pandemic, lenders are reevaluating their current tech stack compositions, looking for areas where they can cut costs without sacrificing productivity or efficiency.
When auditing a tech stack, there are several factors to consider beyond immediate cost savings. These factors include the need the tech satisfies, the usefulness of the tech, operational errors, utilization, system functionality and vendor deficiency.
The objective of a tech stack audit is to consolidate, optimize and replace unnecessary tech. The benefits of considering these factors during a tech stack audit include reducing software redundancies, streamlining back-end processes, maximizing the advantages of integration, minimizing billing issues, decreasing the need for additional employee training and improving data flow.
While every lender will have unique considerations during a tech stack audit, there are basic steps that should be taken to realize the potential benefits of the audit. The first step in any audit is to compile a list.
It’s basically impossible to conduct a successful tech stack audit without knowing every software currently in it. This list should also be compared to accounting records to ensure that all tech is accounted for while verifying the current spend on each tool.
Analyze the audit to take decisive action
Once the tech stack list has been compiled, or as the list is compiled, it’s time to expand the data set associated with each technology.
This includes information such as the department(s) that use the software, type of software, features and functionalities, total number of users, definition of an active user, number of active users, annual cost and relevant integrations.
Lenders can also use this time to survey employees on why they do or do not use particular tools and the qualitative and quantitative impact of each tool.
With this information in hand, it becomes easier to determine the value each software brings, if there are better solutions on the market and how it affects the customer experience.
This information provides lenders with a greater understanding of the effectiveness of each technology, where there are overlaps in functionalities and the adoption rate of the technology within the organization.
Having these factors analyzed with the same criteria allows lenders to determine where to make cuts and improve efficiency by eliminating redundant, outdated and unused software.
A leaner tech stack should improve ROI, streamline business
As lenders slim down their tech stacks, they should quickly see increases in their ROI. This will typically result from a combination of several factors. Reducing expenses should positively impact the profit and loss statement (P&L), including showing a net increase in revenue.
A leaner tech stack will help streamline training for new employees and clearly outlining the benefits and features of each tool should also lead to increased adoption by existing employees. A greater understanding of a tech stack’s offerings and how to maximize the benefits and efficiencies of each tool will improve employee satisfaction and provide a better customer experience.
By reducing a tech stack’s offerings, lenders also mitigate risk by minimizing software entry points, passwords and data access, keeping data and back-end processes clean and reducing the potential for quality control issues by eliminating software redundancies.
With much of the mortgage process reliant on the software in a lender’s tech stack, it’s improbable that a lender will see a reduction in their tech stack roster like the one orchestrated by Coach Sanders.
Unlike the Colorado football team, though, lenders shouldn’t be looking to build a new tech stack from scratch, but they can make winning moves with their tech stacks. Lenders should focus on increasing production volumes, operational efficiencies and profits. With these goals in mind, they should be able to easily reach their desired results of a tech stack audit.
When it comes to higher education, Native Americans face obstacles. Educationdata.org says that postsecondary attendance among American Indian and Alaska Native students “has been in decline since 2010.” Only 0.7% of college students identified as American Indian or Alaska Native in 2022.
“Research has found that American Indians and Alaska Natives have a much lower rate of college completion than the population as a whole,” the Department of Education’s (DOE) Federal Student Aid (FSA) says on its website.
The soaring cost of college could have something to do with this: The average annual cost of tuition at a public 4-year college is 23 times higher than in 1963. The average cost of college for in-state students at a four-year institution in 2022-23 was almost $11K. Students at private nonprofit four-year institutions paid over $39K on average.
According to the DOE, loan forgiveness (or cancellation) is generally the term used if you are no longer required to make payments on some or all of your student loans.
While there are some specific programs to help with Native American student loan forgiveness, it’s important to also research what financial aid, including scholarships and loans, is targeted toward American Indians and Alaska Natives.
Recommended: Student Loan Forgiveness: Programs for Relief and Mass Forgiveness
Picking a Career With Loan Forgiveness
One very important resource: The Bureau of Indian Education provides a list of scholarships and grants available to Native American students, such as the American Indian College Fund.
Many states offer financial aid to Native American students attending college. Some individual colleges and state schools also offer free tuition and room and board to Native American students. For instance, Native American students who are Montana residents can qualify for a tuition waiver at Montana State University.
Keeping a career in mind when pursuing an education can make a big difference in financial aid and forgiveness options. 💡 Quick Tip: Enjoy no hidden fees and special member benefits when you refinance student loans with SoFi.
Health Services
One of the programs that gives priority to Native Americans is the Indian Health Services Loan Repayment Program. This program, part of the U.S. Department of Health and Human Services, provides funds for health professionals to help repay eligible education loans.
In 2023, the program announced an increase in the maximum annual award amount to $25,000 per year for new awards and extensions starting in Fiscal Year 2023. You can find details about the new award amount here.
In exchange, health professionals agree to an initial two-year service commitment practicing in areas that serve American Indian and Alaska Native communities.
Priority enrollment in this program is given to American Indians and Alaska Natives. Professions across the healthcare spectrum, including behavioral health, dentistry, and dietetics, are available.
The organization says that available opportunities are based on the greatest staffing needs in Native American health facilities. Participants are also eligible to extend their contracts annually until their qualifying student debt is paid.
Public Service Loan Forgiveness
This program, offered by the DOE, is open to all qualified students, not just Native Americans. The careers that may qualify for Public Student Loan Forgiveness Program (PSLF) range from forestry and natural resources to teaching and law enforcement.
To receive loan forgiveness for work in public service, applicants must work full-time for a qualifying government agency or certain nonprofits. After 120 on-time, qualifying payments in an income-driven repayment (IDR) plan, the remainder of the student debt can be forgiven.
The Department of Federal Student Aid offers a PSLF Help Tool to start work on the Employment Certification Form to apply.
Serving as a full-time AmeriCorps or Peace Corps volunteer also counts as qualifying employment for the program. Loans that may be eligible to be forgiven under PSLF include any non-defaulted loans that you received under the Direct Loan Program from the government. Private loans are not eligible for any federal forgiveness plans.
Recommended: A Look Into the Public Service Loan Forgiveness Program
Teacher Loan Forgiveness Program
For students interested in pursuing a career in teaching, the DOE’s Teacher Loan Forgiveness Program is key. If you teach full-time for five years straight in a low-income school or educational service agency, you might be eligible for up to $17,500 for certain subject areas.
Even if you don’t teach math, science, or special education, you could still receive up to $5,000 in loan forgiveness if you are a qualified full-time elementary or secondary education teacher.
This might be another option for Native American students looking for student loan debt forgiveness by giving back to a community in need.
To qualify, the school or educational agency must be listed in the directory, published by the DOE, for the years you were/are a teacher. 💡 Quick Tip: It might be beneficial to look for a refinancing lender that offers extras. SoFi members, for instance, can qualify for rate discounts and have access to career services, financial advisors, networking events, and more — at no extra cost.
Lowering Your Student Loan Payments
While student loan forgiveness is often a great solution for debt relief, sometimes you might not qualify for career-based programs. One solution is income-driven relief (IDR) for federal student loans.
The Saving on a Valuable Education (SAVE) Plan is the newest income-driven repayment plan. Like other IDR plans, the SAVE Plan calculates your monthly payment amount based on your income and family size. In addition, the SAVE Plan has unique benefits that will lower payments for many borrowers.
The SAVE Plan lowers payments for almost all people compared to other IDR plans because your payments are based on a smaller portion of your adjusted gross income (AGI). Your payment for federal undergraduate loans could be as low as 10% of your discretionary income -– and that percentage could decrease to 5% in 2024.
The SAVE Plan has an interest benefit: If you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month. This means that the SAVE Plan prevents your balance from growing due to unpaid interest.
Recommended: The SAVE Plan: What Student Loan Borrowers Need to Know About the New Repayment Program
Refinancing Student Loans
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
SoFi Student Loan Refinance NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
Inside: Discover a treasure trove of savings during Amazon Prime Days 2023! Maximize your budget, snag the best bargains, and embark on the journey of a financially savvy shopper.
In the pursuit of Money Bliss, making thoughtful and strategic purchasing decisions is key.
If you’ve been eyeing that item on your wishlist or contemplating a purchase that aligns with your needs, Amazon Prime Days might just be the opportune moment to turn that desire into a savvy financial decision.
Amazon Prime Days offers a limited-time chance to acquire the items you need while keeping a firm grip on your budget.
So, go ahead, explore the Prime Day deals, and let the thrill of savings elevate your journey toward financial well-being.
Remember, it’s not just about what you buy—it’s about how wisely you buy it.
Make sure you scroll all of the way to the bottom of this post! I captured ideas from real people on what they want for the Amazon Prime Days 2023!
Happy shopping!
When Are Amazon Prime Days 2023?
Amazon Prime Days 2023 are October 10 and October 11.
Why Shop Amazon Prime Days?
Here’s why navigating the digital aisles during Amazon’s annual shopping extravaganza can be a brilliant move for your wallet and your quest for savings.
1. Irresistible Discounts:
Amazon Prime Days are synonymous with jaw-dropping discounts and deals. Whether it’s electronics, home essentials, or personal care items, the prices often take a dip that’s hard to resist.
This presents a golden opportunity to snag that coveted item you’ve been eyeing at a significantly lower cost, instantly contributing to your maximizing savings.
2. Strategic Timing for Big Purchases:
If your intended purchase is a substantial one—perhaps a new gadget, appliance, or even furniture—Amazon Prime Days provides a strategic window for major savings.
By aligning your buying decision with this event, you can make that big-ticket item more budget-friendly, helping you stay on track with your financial goals.
3. Bundled Offers and Exclusive Launches:
Amazon Prime Days often come with exclusive launches and bundled offers. Whether it’s a combination deal on related products or early access to new releases, these perks can enhance the overall value of your purchase.
By capitalizing on these special offerings, you not only save money but also potentially gain more for your investment.
Special pricing will only be reflected during Amazon Prime Days. As deals are dropping every five minutes!
4. Prime Day-Exclusive Benefits:
Being a Prime member comes with its own set of privileges, and Prime Days amplify these benefits.
From lightning deals to free shipping, the exclusivity of these discounts adds an extra layer of value to your purchases.
Deals start early for Amazon Prime Members too!
5. Kickstart Your Holiday Shopping:
For the savvy planner, Amazon Prime Days serve as an excellent opportunity to jumpstart your holiday shopping. Or finish up your Christmas shopping like my friend, Kaitlyn.
By taking advantage of discounted prices during this event, you can spread out your expenses and avoid the last-minute holiday shopping rush, ensuring a stress-free and budget-friendly festive season.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Popular Amazon Prime day Deals
Best Seller
TMY Mini Projector
The V08 mini projector includes a 100″ projection screen that is tailored to meet your needs. Set up your own home theater anywhere to watch movies, TV shows, photos, slide shows, and play video games.
Another hot family Christmas gift!
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10/24/2023 12:02 am GMT
Spoil Yourself with These
My Favorite
Prime Day Deals For Home
Kitchen Steals
Most Wished For
50-piece Food storage Containers Set
$44.99 $39.99
These containers are refrigerator, freezer, microwave safe, stain-resistant and dishwasher safe, making cleaning a breeze.
Perfect for portion sizing and includes sticky labels and a chalk pen for great for kitchen & pantry organization and storage.
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10/24/2023 04:47 am GMT
Fashion Steals
Popular Item
Fitness Items You Have Been Eyeing
With Kids
For Our Treasured Pets
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Travel Essentials
When You Can’t Find it in Your Buy Nothing Group
Okay, I asked my local Buy Nothing Group what the most wanted items they wanted on Amazon Prime Days and they let me know. Here are a few of their wants.
And if you don’t know what a Buy Nothing group is… It is a local group focused on ways to give away, lend, or share anything to keep it out of landfills! You can find your local group on Facebook.
Popular Want
Thule Universal Ski & Snowboard Rack
$199.95 $175.00
Thule Universal Snowsport Carrier Fully locking rooftop snowsport carrier holds skis and boards securely with ultra-soft rubber arms that grip without scratching the surfaces.
Thule is a great product and rarely is discounted!
Buy Now on Amazon
10/24/2023 07:47 am GMT
Because You Need to Stock up
Time to Shop Those Amazon Prime Days Before They Are GONE!
As the curtain falls on Amazon Prime Days 2023, seize the moment and secure the deals that beckon to your savvy shopper’s soul.
The virtual aisles are teeming with savings, and the time is ripe to claim what your budget permits.
Remember, the thrill of a great deal lingers far longer than the sting of an impulse purchase.
So, shop wisely my friends, prioritize your needs, and relish the joy of snagging the best bargains.
Make sure you act swiftly before the deals vanish into the digital abyss, and may your purchases bring not just instant gratification but lasting Money Bliss.
Happy shopping, frugal budget maestros!
Now, All of the Amazon Insider Information:
Know someone else that needs this, too? Then, please share!!
If you’re trying to pay down debt and you own a home, you may be wondering whether it makes sense to use a cash-out refinance to pay off debt.
There are pros and cons to going this route, and it’s important to understand how the process works to help decide if it’s the right option for you.
Read on to find out how to use a cash-out refinance to pay off debt, the costs involved, the benefits and drawbacks, and other options for repaying debt you owe.
Using a Cash-Out Refi to Pay Off Debt
In mid 2023, household debt (not including mortgages) in the U.S. exceeded $4.7 trillion dollars, according to a report released by the Federal Reserve Bank of New York. It’s no wonder then that individuals are looking for ways to get out from under the debt they owe.
A cash-out refinance for debt consolidation allows you to use the equity in your home to pay off debt by taking on a new mortgage. The new mortgage pays off your old mortgage and it comes with new terms, including a new interest rate that’s potentially lower, and length of time to repay the loan. The new mortgage terms may be better than your original mortgage, but it’s also possible they may not be as favorable.
Here’s a quick course in cash-out refinancing 101 and how it works:
Determine How Much Cash You Need
When you’re considering a cash-out refinance to pay off debt, first figure out how much money you’ll need. To do this, add up all the debts you want to pay off. Include things like credit card and personal loan debt and medical bills.
Determine How Much You Can Borrow
The amount you can borrow with a cash-out refinance depends on how much equity you have in your home. Equity is how much your home is worth compared to how much you owe. Typically, you can borrow up to 80% of your home’s market value.
Here’s an example of how cash-out refinancing works: Let’s say your home is worth $500,000 and you owe $300,000 on your current mortgage. That means your home equity is $200,000. With a cash-out refinance loan, a lender might let you borrow up to 80% of your equity (as long as you qualify for that amount), which is $400,000.
You’ll need to use that $400,000 to pay off the $300,000 you owe on your mortgage and also closing costs. That leaves you with about $100,000 in a cash out refinance for debt consolidation.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Prepare Your Cash-Out Refinance Application
Your cash-out refinance application is much like the mortgage application you filled out when you bought your house. Lenders will look at and evaluate such factors as your:
• Credit score: Many lenders look for a minimum credit score of 620 for a cash-out refinance
• Debt-to-income (DTI) Ratio: DTI compares your monthly debts to your gross monthly income. In order to qualify for a cash-out refinance, lenders typically look for a DTI of less than 50%.
• Home equity: As mentioned above, you’ll likely need at least 80% equity in your home.
You may need to provide the lender with documents such as bank statements and W-2s. 💡 Quick Tip: Thinking of using a mortgage broker? That person will try to help you save money by finding the best loan offers you are eligible for. But if you deal directly with an online mortgage lender, you won’t have to pay a mortgage broker’s commission, which is usually based on the mortgage amount.
Complete the Closing and Pay Closing Costs
If the cost to refinance a mortgage makes sense for you, and you qualify with a lender, you’ll pay closing costs to cover such fees as credit reports and appraisals. Closing costs may be wrapped into the refinanced loan amount. After you close on the loan you’ll receive your funds.
If You’re Consolidating Debts, Let The Lender Know
It’s possible that your debts may be high enough to preclude you from qualifying for a cash-out refinance. However, if the lender knows you’ll be consolidating debts, they can include those debts in your loan amount for consolidation.
That way you’ll be paying off the debts in one payment with the new interest rate (ideally, a lower one) you received with your cash-out refinance.
Benefits of Cash-Out Refinancing to Pay Off Debt
When you consolidate debts with a cash-out refi, you have just one monthly payment to make. That’s usually more manageable than trying to pay multiple bills all at once.
There are other potential benefits as well.
Consolidating Debts Can Lead to Savings
High-interest debt can be difficult to pay back. Credit card APRs can reach 29.99% or higher, which adds to the amount you need to pay each month. When you consolidate debt with a cash-out refinance, you may save money on interest costs.
Cash-Out Refinancing Can Pay Debts Quickly
When you take out a cash-out refi to tackle the debt you owe, you may be able to pay off certain debts faster than you would have otherwise. You’ll likely be paying less in interest, which could allow you to put more money toward the debt balance.
Impact On Credit Score
Paying off high-interest debts with a cash-out refi could lower your credit utilization rate, which is the amount of credit you’re using. Credit utilization is an important factor in your credit score.
Should You Use a Cash-Out Refinance to Pay Off Credit Card Debt?
Interest rates on credit cards are typically high, and can be more than 30%. The interest rate on a mortgage tends to be much lower. If you can get a lower interest rate to repay your debt, a cash-out refinance could be worth it. However, if you choose this method, be careful to avoid overspending and running up credit card debt again. Changing your spending habits can be critical to staying out of debt.
Drawbacks of Using a Cash-Out Refinance to Pay Off Debt
A cash-out refinance also has some significant disadvantages to consider. These include:
Increased Monthly Mortgage Payment
When you take out a bigger loan amount, you may also end up with a higher monthly mortgage payment. You’ll be responsible for paying that higher amount each month.
Turning Unsecured Debt Into Secured Debt
Another factor to consider is that if you can’t pay back everything you borrow with a cash-out refinance, you could be in danger of losing your home. That’s because a mortgage is secured debt, and your home is collateral for the loan. While that’s true with any mortgage, with a cash-out refinance you are likely borrowing even more money since you’re using the extra cash to tackle debt, which means there’s more for you to repay.
Closing Costs
When you refinance a mortgage, including a cash-out refinance, you need to pay closing costs. These costs can be around $5,000 according to Freddie Mac. However, the size of your loan and where you live can affect how much your closing costs may be.
Cash-Out Refinance vs. Debt Consolidation
With a cash-out refinance, you take out a new mortgage to repay your old mortgage and also get cash you can use for a variety of purposes, including paying debt. With debt consolidation, you combine all your debts into one loan. A debt consolidation loan is not secured by your home; a cash-out refinance loan is. 💡 Quick Tip: Because a cash-out refi is a refinance, you’ll be dealing with one loan payment per month. Other ways of leveraging home equity (such as a home equity loan) require a second mortgage.
Alternatives to Cash-Out Refinance Loans
A cash-out refi isn’t your only option for paying off debt. Here are some other methods to consider.
Home Equity Line of Credit (HELOC)
A home equity line of credit is secured by the equity in your house. It’s similar to a line of credit, so you borrow just what you need when you need it, and you only pay interest on what you borrow. However, if you don’t pay off a HELOC you may be in danger of foreclosure.
Home Equity Loan
With a home equity loan, you receive a lump sum of money and make regular fixed payments. Interest rates tend to be higher than they are for a cash-out refinance, and you will need to pay closing costs.
Personal Loan
A personal loan is an unsecured loan that you can use for almost any purpose, including debt consolidation. These loans generally come with higher interest rates than a cash-out refinance, HELOC, or home equity loan. They also have a shorter term, which means you’ll need to make higher monthly payments. But that also means the loan will be paid off sooner.
Balance Transfer Credit Card
A balance transfer credit card typically offers a 0% introductory rate for a number of months (up to about 21 months) on debt you transfer from another source, which is usually another credit card. There is a balance transfer fee of around 3%, but you won’t won’t owe interest on the balance you transfer. If you have a lower debt amount that you can pay off in a relatively short amount of time, this option might make sense. However, to qualify for the 0% rate, you’ll typically need a strong credit score.
The Takeaway
If you need to pay off high-interest debt and you have sufficient equity in your home, a cash-out refinance can be an option worth exploring. It can give you a lower interest rate, as long as you qualify, which could help you save money. However, keep in mind that you will need to pay closing costs when refinancing, and the terms of the loan, including the length of the loan, will change.
Turn your home equity into cash with a cash-out refi. Pay down high-interest debt, or increase your home’s value with a remodel. Get your rate in a matter of minutes, without affecting your credit score.*
Our Mortgage Loan Officers are ready to guide you through the cash-out refinance process step by step.
FAQ
Can I use a cash-out refinance to pay off both secured and unsecured debts?
Yes. A cash-out refinance can be used to pay off a variety of debts, including secured debts as well as unsecured debts, like credit cards.
Are there any tax implications of using a cash-out refinance for debt repayment?
If you use a cash-out refinance for debt repayment, you won’t owe taxes on the money you receive from the cash-out refi. That’s because the money is considered a loan that needs to be paid back, and not income. At the same time, per IRS guidelines, you typically can’t deduct the interest on a cash-out refinance if you use the money to pay off debt.
What factors should I consider when deciding whether to use a cash-out refinance for debt repayment?
If you have high-interest credit card debt, and you can get a lower interest rate to repay your debt with a cash-out refinance, it may be worth it for you. But first make sure you can change your spending habits to avoid overspending and running up credit card debt all over again.
Also, consider the fact that your monthly mortgage payment will likely be higher with a cash-out refinance. Can you afford that higher amount? And you’ll also have to pay closing costs. Calculate to be sure that the amount of cash you’ll get from the cash-out refi is sufficiently more than what you’ll spend on closing costs.
Photo credit: iStock/fizkes
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Inside: Do you want to make money online fast? If so, we’ll discuss the best digital products to sell on Etsy. By following these steps, you’ll be on your way to making money selling digital items quite easily.
Do you want to learn how to sell digital products on Etsy and make money through it?
Selling digital products offers an exciting avenue for generating passive income. With their low production and distribution costs, high profit margin, and potential for scalability, they stand as a lucrative business model for many entrepreneurs.
Moreover, once a digital product is created, it can continuously bring in revenue without the need for additional production costs, making it an appealing source of passive income.
The key to being a successful Etsy seller is to understand your chosen niche and what your audience wants.
We will dive into digital products you could sell on Etsy which range from arts & crafts to business materials.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What are Digital Products?
Digital products are items that are accessed and delivered electronically, examples of which include software, ebooks, online courses, digital music, video, and audio files.
These intuitive products offer the versatile benefit of being easily reproduced and instantly accessible on various devices, without the requirement of physical storage or shipping. Plus the world is moving towards becoming digital anyway.
In creating digital products, businesses aim to capitalize on customer appeal and convenient delivery, which often complement their physical goods or services.
Why Sell Digital Products on Etsy?
Selling digital products on Etsy offers an incredible opportunity to showcase and monetize your unique creations. With Etsy’s vast online marketplace and its millions of potential customers, it has become a preferred platform for artists, designers, and content creators.
Furthermore, it provides the flexibility to set your prices in accordance with the value you offer and experiment with different pricing strategies.
This is a hassle-free way to monetize your creativity. Here’s why:
You craft it once, it sells eternally: Digital products offer the ultimate advantage of a “create once, sell forever” model. Imagine sipping a cup of tea while your creation secures sales one after another.
Resource-friendly: Bid adieu to the restrictions of shipping, storage, or material costs. Instead, welcome the comfort of financial freedom and resource efficiency.
Everlasting stock: Digital products on Etsy never run out! Say goodbye to inventory issues and overselling, which makes it a smart choice for long-term business.
So, start now by creating an account, picking your digital product, setting up shop, and starting selling on Etsy. With no heavy fees and no botheration of shipping.
Just pure creative power leads to sheer earning happiness.
What digital products sell the most on Etsy?
Well, our data shows that digital prints, planners, stickers, fonts, and children’s educational materials are some of the best-selling categories netting serious cash on this creative marketplace. This information came from Cody and Julie – the founders of the e-Printables course.
Typically, seasonal content always does well on any platform. Same with current trends like the “Barbie” craze.
These products are a creative enthusiast’s goldmine owing to their limitless customization capabilities, instant delivery, and cost-effectiveness.
Wherein, most busy professionals, students, parents, and small business owners find them irresistible due to their convenience and adaptability to suit specific needs and tastes.
To learn more about selling on Etsy, I highly recommend connecting with Cody and Julie in their free webinar.
What digital download sells best on Etsy?
Among the myriad of digital products available,digital prints notably rank as one of the best-selling downloads on Etsy, closely followed by other popular items such as:
digital planners
logo designs
travel guides
business card designs
Lightroom presets
printable invitations.
A beautiful synergy of convenience, utility, and aesthetics, that can be printed at home or in a local print shop, whenever you wish. Perfect for last-minute gifters, DIY décor enthusiasts, or anyone looking for hassle-free beautification!
So, staying in the game, consistently monitoring market trends, and adapting accordingly is the key to successfully selling your digital prints on Etsy.
Best Digital Products to Sell on Etsy
The best digital products to sell on Etsy depend upon various factors, such as your skills, customer interests, and specific market trends.
It is also important to keep an eye on high-sales products, check positive reviews, track favorites, and note recurring themes to understand what customers are looking for and to guide your digital product offerings. This is a quick way to make 300 dollars fast.
Here are the examples of some of the best digital products you might want to sell on Etsy:
1. Printable or Digital Planners
You’ve hit the jackpot if you’re contemplating selling printable or digital planners on Etsy. Some people might say digital or printable planners are seasonal but due to the high demand and flexibility, it could be the golden goose for your marketing on Etsy.
Buyers love and enjoy the tailored usability offered by printable planners, which they can customize to their requirements and physically pen in their plans.
You can supply this demand by offering a large variety and aesthetically pleasing designs.
Tip: Try bundling in different types of stickers for a snappier offer.
2. Craft Patterns
Craft patterns are a top-ranking digital product on Etsy, thanks to a revival of all things crafty!
From knitting and crocheting to sewing and embroidery, these digital masterpieces cater to the abundant trend-setters and hobbyists who frequent Etsy.
To truly get your digital craft patterns thriving on Etsy, remember to follow the trail blazed by successful pattern sellers like these Etsy sellers. These crafts start from an average selling price of $10, making them a lucrative venture for creatives.
Lastly, don’t forget to unleash SEO magic – get your product seen by the right people especially when creating a sewing pattern or crochet pattern. This can be your missing element for transforming hard work into hard sales!
3. Children learning materials
Looking for a profitable side gig? Selling children’s learning materials on Etsy is wildly popular and well-needed especially for those homeschooling.
Parents and teachers are snapping up digital educational resources. By marketing printable lesson plans, colorful flashcards, and engaging worksheets, parent is hyped to supplement their children’s education.
This is a great summer job for teachers because your educational resources might just be the next best-seller on Etsy.
Crack open those lesson plans, as your Etsy store awaits.
4. Wallpapers
On Etsy, phone wallpapers are the new moneymaker. Provide colorful ways for customers to personalize their devices, these digital beauties are a hot ticket item.
To catch the widest net, cater to both phone and desktop users. You must keep up with trends. Also, creating wallpapers for Apple watches and other high-tech gadgets or themed designs for holidays is always a hit.
It’s a simple concept: stylish wallpapers have an average selling price of around $3-4.
5. Calendars
Venture to sell digital business calendars guarantees a steady demand, as planning isn’t just a phase – it’s woven into the fabric of daily life. To get started, unlock your artistic prowess with any digital art program like Adobe Photoshop or Canva.
Begin creating your unique touch on calendars, ensuring they’re editable pre-print- a clear selling point. Remember, quality trumps all – prioritize visually appealing designs with user-friendly formats.
Time to turn dates into dollars. Listing calendars in your Etsy shop certainly won’t go out of style or demand. Also, aim for the $5 – $10 price range to hit the sweet spot of affordability and profitability.
6. Invitations
Invitations are among the top-selling digital items on Etsy.
Customizable templates for various occasions like weddings, parties, baby showers, and more are particularly popular. It’s perfect for creative individuals skilled in design who are looking to turn a profit on their talents.
These digital products can provide a meaningful revenue stream. Some creators can charge up to $20 per customized item.
The bottom line is that selling digital invitation templates on Etsy doesn’t just allow for creativity, but it’s also a lucrative business opportunity.
7. Business cards
Catering to the surge of remote entrepreneurs and the timeless need for personal cards, this trend is something to tap into.
You can offer editable, customized, or even smart cards – with features like one-click phone calls or emails – which can give your shop an edge.
Through Canva or Wepik, you can design exotic templates, offering customers the control to personalize before printing. Turn on your creative juices, let your brand shine, and step up your entrepreneurial ladder with a business card template.
8. Wedding Invitations and Printables
To be honest, I actually created my best friend’s wedding invitations. Maybe, I should have stuck with the side gig to make 500 dollars fast?!?
Wedding printables are now the ‘go-to’ digital products. This isn’t just about a cute ‘Save the Date’; offers a hassle-free, all-in-one wedding stationery solution, ready to match every wedding theme under the twinkling lights.
Help the DIY couples by providing a bundle: wedding program, customized hashtag sign, table place cards, save-the-date cards, and even personalized portrait options with a delightful sign thrown in.
You can provide a seamless experience and watch the sales ring along with the wedding bells.
9. Journal Inserts
Are you a fan of journaling or love designing layouts? Well, it’s time you converted your passion into profit. Making journal inserts is one of the smartest digital products you can sell on Etsy.
Audiences vary from educators needing organized lesson and homework schedules or those seeking self-help and discovery questions.
For optimal selling, focus on providing a variety of designs and including white spaces for personal touches.
With an average selling price of $5, they appeal to smart shoppers who prefer to print inserts on cardstock paper.
10. Digital artwork
Digital artwork stands out in popularity due to the unique customization and selection variety it offers.
Customers are drawn to the ability to choose from diverse art forms, including watercolor illustrations, inspirational quotes, and Baltic or Bohemian prints, that perfectly align with their personal aesthetic or represent an emotion they resonate with.
Moreover, the availability of immediate prints post-purchase greatly increases the convenience and appeal of this artwork form.
11. Recipe cards
Do you love cooking and want to create delightful digital recipe cards for your customers? But, don’t stop there, look at creating a meal planner to bundle with!
A printable, editable canvas for food aficionados brimming with delicious details of recipe cards is a great product. These digital delights are perfect for amateur chefs, bakers, and recipe bloggers.
The takeaway is clear. Selling recipe cards on Etsy is as facile as slicing butter, once you’ve got the right ingredients and the perfect recipe. It’s time to turn the heat up on your Etsy store and dish out some delightful recipe cards.
12. Social media templates
Creating social media templates can provide significant value for businesses and influencers seeking to establish a professional and cohesive online presence.
These templates, which can include pre-designed Facebook banners, Instagram stories, Twitter headers, and more, can be customized to fit a variety of themes such as minimalism, boho, or pastel colors.
When well-crafted, such templates can save businesses valuable time and effort while also helping maintain consistent brand imaging across different platforms. This is similar to a business hiring a virtual assistant with no experience.
e-Printables Free ebook
Curious about selling printables on Etsy but don’t know where to start?
Get the secret list of best-selling products by month and learn you how to capitalize on seasonal trends to make sales.
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13. Printable Cake and Party Decorations
Selling printable party decorations as digital products on Etsy is like icing on the proverbial cake for smart entrepreneurs.
You can focus printable party decorations from charming cartoon-themed toppers for kids’ birthday cakes to exquisite, romantic pieces for weddings and anniversaries.
Whether you’re creatively inclined or have an entrepreneurial spirit spotting potential, these printables offer a loophole to financial growth. Bundle your decorations based on themes for enticing offers.
14. Zoom background
Thanks to the surge in remote working and virtual meetings selling incredible Zoom backgrounds on Etsy has emerged as a lucrative product in the digital landscape.
These tailored digital backdrops not only enhance the visual appeal of online interfaces but also cater to users’ needs to maintain privacy or conceal unorganized spaces.
However, you need to understand that creating Zoom backgrounds may not be beginner-friendly due to the required customization. However, do not let this intimidate you.
15. Productivity Trackers
People are constantly in search of practical, user-friendly tools to streamline their lives and make every hour count.
So, these productivity trackers are supremely versatile, covering daily routines, budgeting, goal setting, project management, and even grocery lists. Make your Etsy shop the one-stop shop for everyone’s needs.
As it becomes an increasingly popular choice to shift focus towards maximizing effectiveness in people’s daily lives. Whether it’s maintaining a workout routine, tracking investments, or staying on top of a student’s study schedule, these trackers cater to a wide assortment of needs.
16. Lightroom Presets
Lightroom Presets are essentially preset configurations that enhance a photo’s aesthetics, and folks from influencers to amateur photographers are keen to have them.
For starters, it caters well to the Instagram-obsessed demographic continually seeking to elevate their photo game. This venture is best suited for those who have a knack for photo editing and an understanding of aesthetics.
With an average selling price of $10, the numbers tip favorably in your Lightroom presets.
17. Etsy shop banners
Help out your new Etsy sellers by designing an impressive storefront with their shop banner.
Indulge your Etsy shop banners in various design themes suitable for a wide range of stores. Also, include a shop kit that makes store icons, a large and small banner, custom and reserved listing templates, and a profile picture graphic.
Promote your banner designing prowess to other sellers, so that you increase your brand awareness along Etsy.
When you have an awesome shop yourself, you are more likely to get sales!
18. Logos & branding kits
Move over, clip art! Logos and branding kits are in high demand as they fulfill the crucial need of every business that is striving for a unique identity.
Bundle your logos and branding kits or offer them individually to maximize your reach. Also, combining them with other digital products like media kit templates elevates your shop’s appeal.
This caters to diverse clients from Etsy sellers to businesses, influencers, and bloggers. Selling in this segment, you’ll never run short of market demand. Get ready to impress with your graphic skills, and ride the wave of this profitable venture on Etsy.
19. Thank you cards
This is a timeless product that is regularly used by businesses and individuals to express their gratitude.
Offering these thank you cards in digital, customizable formats can attract more buyers due to ease of customization and competitive pricing relative to store-bought alternatives.
You can also sell the same design on physical cards if you want for another revenue stream.
20. Fonts
In the world of businesses, creators, and crafters galore are on a relentless hunt for the perfect font that suits their needs. Where versatility is a font’s middle name – they can jazz up a brand’s website or add pizzazz to a party invitation.
Cricut fonts, in particular, are best-sellers. It is specially crafted for Cricut machines – a hit in the Etsy community of designers and makers.
Remember, the devil is in the (font) detail. Jump into the journey of digital font selling on Etsy and watch your typography turn into a treasure in no time.
21. Resume templates
Resume templates are handy, well-designed digital products are reportedly perfect for professionals keen on making their job applications stand out. It is mostly designed to suit particular sectors such as real estate or marketing.
After all, a well-structured resume could be the golden ticket to someone’s dream job – like one of these low stress jobs that pay well without a degree.
However, in my personal experience, the most successful templates are clean, professional, and neutral in color.
22. Invoice templates
You might think that cashing in invoice templates may seem odd, but these digital products offer ample sales potential on Etsy!
Their charm lies in their simplicity and frequently used nature by a wide range of businesses. Small business owners, short on time and design skills, frequently scout Etsy for professionally designed, eye-catching invoices – duly making it your prime market.
Transform invoice templates into a goldmine, with less likelihood of running into steep competition. With an average selling price of $10, you can surely earn money online quickly.
23. Website templates & themes
Are your web design skills a cut above the rest?
Leveraging your skills to create and sell website templates and themes on Etsy, and turn your talent into a tidy profit. This digital product must be customization-friendly with a range of applications, and cater to a broad audience—from small businesses to in-demand bloggers, giving them a sleek, professional online presence minus the design headache.
Begin by focusing on creating templates on popular website-building platforms like WordPress with a Kadence WP Theme. Make sure they serve a specific market, like photography websites or eCommerce stores, and ensure your products have unique, eye-catching designs that set them apart from the sea of competitors.
Remember, if your themes and templates are more unique and tailored. You can command, sometimes get a range of your product to $50.
24. Stickers
Stickers, both physical and digital stickers, are hot commodities on Etsy, cozily nestled among the platform’s top-selling items.
It also appeals to a large market spectrum, from social media users who love accentuating their chats with digital stickers, to fans of physical stickers decorating their belongings.
Remember, one major selling point is the editability of digital stickers, enabling customers to customize after purchase. Dial your creativity, pick a distinct theme, and roll out your sticker sets on Etsy – there’s a world waiting to stick onto your designs!
25. Bookmarks
Feeling bookish? Get your create-on and cash in on the thriving trend of selling digital bookmarks on Etsy.
Digital bookmarks, at a modest cost of $2 – $3 a pop, are gaining popularity as one of the easiest and fastest-selling digital products, thanks to their charm, practicality, and customized appeal.
Create an aesthetic touch on your reading escapades by hitting the serious tribe of bookworms. To amp up your sales and earn money quickly, don’t forget to add “personalization” options to your bookmarks.
26. Editable flyers
As demands surge, these feature-rich editable flyers become ideal for crafty entrepreneurs aiming to make a profit.
Most of your clients will be large markets comprising event organizers, business owners, and individuals who find convenience in ready-made editable materials.
Success in selling editable flyers on Etsy lies in understanding your target clientele’s needs, creating versatile and appealing designs, and offering top-notch quality. Kickstart your venture by preparing a wide range of attractive editable flyers.
27. Menu templates
Fresh out of the oven, menu templates are popular with restaurant owners to party planners who crave these editable, print-ready goodies.
These menu templates are flexible and can be tailored for cafes, restaurants, weddings, and even small business events. Therefore, begin by creating captivating designs–uniqueness sells and is editable for everyone who wants to customize it.
So preheat your digital oven – it’s time to serve up some mouth-watering menu templates on Etsy.
28. Gift tags
Digital gift tags on Etsy could light up your entrepreneurial path. With an average selling price of $5, these little printables have a big demand, particularly for special occasions like weddings and birthdays.
Ideal for individuals and businesses, this product can fit a myriad of needs from Christmas presents to children’s party favors. If you want to maximize your profits, focus on offering a wide range of designs that target different occasions and tastes.
Don’t forget to consider making a customization service that gives your customers a chance to tweak and add their personal touches.
29. Ebook Templates
Ebook templates have emerged as one of the most popular digital products on Etsy.
Beyond individual ebooks, sellers also offer a variety of creatively designed ebook templates, ebook covers, and materials for children’s books. With a target audience interested in arts and crafts, informative ebooks offer exceptional sales potential, especially those that provide professional knowledge in specific niches like graphic design or online money-making tips.
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30. Fitness Trackers
Fitness trackers‘ popularity is booming as they cater to a wide array of tracking necessities beyond just gym visits or step counting.
This product helps monitor weight loss programs, home workout plans, and 30-day challenges, effectively, becoming a one-stop-shop for holistic wellness.
They are ideal for those aiming to enhance their fitness, sleep quality, and overall productivity. With an average selling price of $5, they offer an affordable solution to digital tracking needs.
31. Debt Payoff Trackers
Debt payoff trackers are fundamental tools for efficient financial management and debt reduction. They provide a concrete visual of one’s financial obligations and illustrate the progress made toward extinguishing each debt.
This encourages a consistent habit of payment and propels individuals towards financial freedom. However, cost should not be a barrier to good financial habits, which is why our website offers a wide range of high-quality debt payoff trackers completely free of charge.
While these are still popular on Etsy, you have to realize many people want free or extremely cheap.
32. SVG Files for Cutting Machines
Scalable Vector Graphic (SVG) files for cutting machines like Circut or Silhouette, are a crafter’s dream, making them a top-tier product to sell.
You can elevate your service by including a PDF tutorial or short video guide demonstrating the use of your product.
Ensure the functionality of your products by carrying out tests prior to listing.
33. Personalized Recipe Books
Being a foodie’s ultimate treasure, these recipe collections are perfect to tickle the taste buds of amateur cooks or pro food bloggers. Plus you can create recipe book templates to be used in Goodnotes or Notability.
Cultivate your online presence to spice up the sales of your digital recipe books.
From personal experience, I bought a digital recipe book because I didn’t want to create one myself.
34. Budget Planners
Budget planners are soaring in popularity, with these nifty tools averaging quite a tidy sum of $5-20 each. Its powerful design is both lucrative for sellers and beneficial for buyers.
In an increasingly digital world, these planners provide a seamless way to stay and stick on top of your finances. From the ordinary individual aspiring to save a penny or two to the business owner meticulously monitoring their profits and expenses. Some budget planner pros, like FRGLMAMA, have made over 60,000 sales!
Here’s a pro tip: Increase your profits by bundling your budget binder with envelopes and to-do lists. Users love the convenience and it saves them a search.
35. Wall Art
Calling all artists and designers with flair! Wall Art reigns supreme on Etsy – proving it’s not just a ‘dabbling’ industry, but a potential goldmine.
Remember, the ‘Home Sweet Home’ and ‘Be Kind’ style arts still hold their charm! Maximizing profits can entail providing add-on services such as printing and shipping.
Wall art downloads make great posters, especially for those who prefer to change up their decor often.
36. Gratitude Journal
Gratitude journals, with their guided prompts and questions, make hot picks for those striving for self-improvement or simply savoring the good in life. This little gem, flourishing in popularity, provides a thoughtful juncture for folks to reflect on the positive aspects of their lives.
This digital product is tailored for therapists, life coaches, stressed corporate followers, or anyone looking to light up their lives with gratitude.
Make sure to use keywords related to gratitude and journaling in your product description to maximize visibility.
37. Self Improvement Printables
People love these printables for their blend of practicality and inspiration by giving actionable tips, uplifting affirmations, useful trackers, and more.
These self-improvement printables are timely digital products that strike a chord with a growing audience keen on personal growth, self-care, and organization.
This product is perfect for those seeking self-help workbooks, motivational quotes, fitness planners, and even kid-friendly educational materials.
Is selling digital products on Etsy still profitable?
According to legions of online entrepreneurs, the answer is a resounding YES!
As the market for digital products keeps on growing, so does the profit potential for digital sellers on Etsy.
The startup costs are delightfully low – most of what you’re paying is merely for your product’s licensing and Etsy fees. After that, it’s all pure profit!
This method could be your ticket to financial freedom. So if you’re a creative at heart with a knack for producing digital gems, it’s high time you join the Etsy bandwagon to sell your valuable creations.
Etsy passive income isn’t just a haven for handcrafted goods – it’s also a hub for downloadable products from design templates to educational materials.
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Now, What Digital Downloads to Sell on Etsy?
By now, you’ve embarked on an enlightening journey around the process of selecting digital products to sell. You have digested tips, explored examples, and refined your knowledge regarding your market, skills, and customer desires to ensure profitability.
So, let’s cut to the chase, find your product that fits the mold, craft an appealing product description, price it competitively yet profitable, and start making waves with your expertise in the digital market.
By coupling this post with the free training offered, you could be the next seller with digital products that are the next hotcake on Etsy! Will you be the next Etsy seller to learn how to make 10k a month?
Take your first step towards this entrepreneurial journey, and soon enough you could be reaping the sweet profits of your digital endeavor.
Now, start your listings and remember to believe what you have to offer is worth buying.
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Now, learn from the experts, so you are successful from the start. Learn everything else that goes into actually making money with this side hustle.
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Open enrollment is no one’s idea of a good time, but health coverage is a crucial part of your financial health. Whether you’re getting insurance through an employer or the Affordable Care Act marketplace, it’s important to ask the right questions before you choose a health plan for 2024.
“Open enrollment is a great time to do a personal health audit,” says certified public accountant Charlene Rhinehart, a personal finance editor at drug savings site GoodRx. “Understanding your current and anticipated health care needs will help you decide which plan is the best fit.”
Here’s how to weigh your options.
Are your doctors in network?
Plan networks change from year to year. If you love your doctor or specialist, make sure they’re still in the network of the plan you’re considering for 2024.
You should also consider whether you want the option to go out of the network — which you can usually do in a preferred provider organization, or PPO, plan, although it will cost more. Health maintenance organizations, or HMOs, tend to be cheaper but lack the out-of-network flexibility.
Are your medications covered?
If you’re on prescription medications, check plan formularies to make sure you understand how your drugs will be covered in 2024. Drug coverage can change from year to year, even if you stick with the same plan.
“Even if you were in an Aetna plan before, and you say, ‘Well, I’ll stay with Aetna again,’ you still want to look and make sure the medication you’re taking is still on the formulary,” says Abbie Leibowitz, chief medical officer and co-founder of Health Advocate, which provides integrated health advocacy and health benefits programs.
What are the out-of-pocket costs?
Every plan has set costs, like the monthly premiums, plus the costs of care, which include the deductible and any copays and coinsurance. Comparing plans means estimating how much health care you’ll use next year.
On the one hand, you have the costs you’d pay if you don’t use the plan much beyond preventive care. On the other hand, you have the maximum amount you could pay in each plan if you’re a heavy health care user. You can easily compare these situations.
There’s a squishy middle ground, however, where the best plan for you depends on the amount and type of care you’ll need next year.
“The tricky part is we never really know how much we’re going to spend in a given year if we’re in the middle,” says Adam Rosenfeld, a health care benefits expert and president of employee benefits company Rubicon Benefits. The best thing, he says, is to look at your current claims information and imagine that the next year will be identical. On which plan would you be better off?
“It’s the best predictive modeling you can do at this point,” Rosenfeld says.
Is a high-deductible plan right for you?
A high-deductible health plan, or HDHP, in 2024 is defined as a plan with a deductible of at least $1,600 for individual coverage or $3,200 for family coverage, with out-of-pocket maximums of no more than $8,050 or $16,100, respectively. HDHPs usually have lower premiums, and sometimes companies kick in a contribution to a health savings account, or HSA, to help cover the deductible.
An HDHP can be an appropriate plan for people in a variety of health situations, as long as they’re prepared to pay the deductible if they need health care.
“The question is, ‘Can you afford it?’” says Adria Gross, an insurance broker, consultant and founder of MedWise Insurance Advocacy, which helps clients and attorneys with medical claims issues. If you’re healthy, Gross says, go for the HDHP. But in the case of a bad accident, you’ll want to make sure you have the means to pay the full deductible.
Can you stack benefits?
You might have access to voluntary benefits through your employer that can help cover costs that your insurance doesn’t cover. For example, Aflac policies can help pay expenses if you have an accident or get cancer.
You may find that you can get a high-deductible health plan plus a supplemental plan that would help you cover your deductible for less than the cost of a traditional health plan. “It can be a lot less than moving to the next tier where the deductible is lower,” Leibowitz says.
Do you have special care needs?
Some insurance plans cover things like weight loss surgery or infertility treatments — but some don’t, and the exclusion can make a huge difference if it’s a procedure you’re considering. You might find that one insurance company covers a certain surgery or test while another views it as investigational and not medically necessary.
“I call them the fringes,” Leibowitz says. “They’re beyond the typical medical and surgery coverage.” The focus is narrow, he says, but the coverage can be important.
The underlying message, he says, is that just because it looks like the same plan from the same company you were with this year, don’t assume that it hasn’t changed in ways that are important to you. “Network, formulary, benefits,” Leibowitz says, “you have to do your homework.”
This article was written by NerdWallet and was originally published by The Associated Press.
Many students take out loans to pay for college. While federal student loans don’t require a credit check, private student loans typically do. And, since students often don’t have much credit history, they typically require a cosigner. A cosigner can be a parent but it doesn’t have to be. You can ask other family members, friends, or even mentors to cosign your student loan.
Since a cosigner will be responsible for paying back your loan in the event you’re unable to, it’s important to choose someone you feel comfortable entering a financial agreement with. A cosigner with good credit and high income could result in lower interest rates on your loans.
Read on for a simple, step-by-step guide on how to get someone to cosign your student loan.
How to Ask Someone to Cosign Your Private Student Loan
You may have someone in mind who would make a good cosigner. The problem is, how do you ask someone to cosign a loan? It’s a big ask, and approaching the topic can be intimidating. Not to worry. What follows are some tips that can help ensure you come to the conversation prepared.
Recommended: Avoidable Mistakes for Choosing Student Loan Cosigners
1. Research Your Financial Aid Options First
Before you ask someone to cosign a private student loan, it’s a good idea to explore all of your college funding options. Around 85% of students receive some form of financial aid to pay for college.
Filling out the Free Application for Federal Student Aid, or FAFSA, will give you access to any federal student aid you may be eligible to receive. This might include grants, work-study, federal subsidized loans, federal unsubsidized student loans, and even private scholarships. Completing the FAFSA is free, and it’ll also show potential cosigners that you’ve done your due diligence and have tapped all your available options to finance your education before asking for help.
Recommended: 11 Strategies for Paying for College and Other Expenses
2. Explain Why You Need a Cosigner
Once you’ve decided who you want to ask to be your cosigner, it’s important to come to the table with a clear explanation of why you need a cosigner and what costs the loan will cover. You’ll want to be prepared to share details on your own savings, debts, and credit history. This shows a cosigner why you need help and what kind of risk they would be taking on.
Providing a clear picture of what you have and what you need demonstrates that you’re taking your education and financial goals seriously. Having followed tip #1, you’ll be in a position to show the funding gap between your own funds plus any aid you’ve received and the cost of attendance at your chosen college.
3. Outline Your Plan for Repaying the Loan
When asking someone to cosign a student loan, it’s a good idea to let them know that you have a plan for repayment and exactly what that plan is. Some private lenders allow you to defer making payments until after graduation, while others require you start making interest-only payments while still in school. Either way, you’ll want to have an idea for how you will make those payments on your own.
Failing to make payments on time each month will impact both you and your cosigner, so it’s a good idea to also make a backup plan in case something doesn’t work out. This might be getting a part-time job in any field if you find that it takes longer than expected to get hired in your chosen field.
Demonstrating your plan for repayment can help build your potential cosigner’s confidence and help them feel more comfortable about entering into a cosigner agreement with you.
Recommended: 6 Strategies to Pay Off Student Loans Quickly
4. Make Sure They Understand What They’re Agreeing To
Before moving forward to a written agreement, it’s a good idea to go over the requirements and responsibilities for being a cosigner. For starters, your cosigner must meet a minimum credit score and demonstrate a certain minimum monthly income. The exact requirements will depend on the lender.
You’ll also want to let them know that, as a cosigner, they have a legal obligation to make sure the loan is repaid, and that any late or missed payments on the loan can impact both your and their credit scores.
While these risks can feel intimidating to bring up, outlining your plan to avoid loan default can help address their concerns and show you’re taking the commitment seriously.
Recommended: Ca$h Course: A Student’s Guide to Money
5. Make a Plan for a Cosigner Release
A cosigner release effectively removes a cosigner from a loan, freeing them from any continued responsibility for repayment of your loan. Private lenders may offer the option for a cosigner release if you, at a certain point down the road, meet certain credit requirements and have a strong track record of on-time payments.
Discussing a plan or timeline for when your cosigner will be released from their responsibilities shows that you’re being considerate of the risks of being a cosigner and the impact it can have on their finances. While you may not have the strongest qualifications as a borrower today, your creditworthiness can build over time as you consistently make on-time loan payments.
You might also have the option of refinancing your student loan and, in the process, releasing your cosigner from the original loan agreement.
6. Give Them Time to Think
Cosigning a loan is a serious commitment and whomever you ask may need some time to think over the decision. For this reason, it’s a good idea to approach your potential cosigner early on so you have plenty of time to talk through the agreement and, if necessary, pursue another option.
Handling Potential Concerns and Objections
Cosigners will likely have questions and potential concerns about how the agreement could impact their finances, as well as your relationship. After you’ve made your pitch, it’s important to hear them out and be open to their input to reach an agreement that works for you both.
If a cosigner has objections that you can’t resolve, it may be time to seek out a different cosigner.
Formalizing the Cosigner Agreement
If the person you ask to cosign your loan says “yes,” it’s time to find the right private student loan for your needs. It’s generally a good idea to shop around and compare rates and terms from different lenders, including banks, credit unions, and online lenders. Some lenders allow you to pre-qualify for a student loan online, without impacting your (or your cosigner’s) credit score. This allows you to compare offers, go over rates and terms with your cosigner, and decide which loan is the best fit.
When you officially apply for the loan, you and your cosigner will need to provide a number of financial documents to the lender, so be sure to give your cosigner time to gather all their paperwork.
Repaying the Loan Responsibly
When you take out a private student loan, you’ll typically have a choice of several repayment plans. Which one you choose can have a significant impact on both your monthly payment and total cost of the loan. Options may include:
• Immediate repayment This means you make full monthly payments while still in school. Doing so will minimize the interest you pay, resulting in the greatest savings.
• Interest-only repayment Here, you’ll pay only the interest on your loan while you’re still in school. Payments will be lower than immediate repayment but you won’t chip away at your loan balance (or save as much on interest).
• Partial interest repayment This involves making a fixed monthly payment while still in school that only covers part of the interest you owe. Payments will be lower than interest-only plan but your loan balance will grow.
• Full deferment Here, you’ll pay nothing while you’re enrolled in school. During this time, though, your loan balance grows.
Once you choose a plan, you’ll want to create a budget for the minimum payment you owe each month. It’s also a good idea to enroll in autopay, to ensure you never miss a payment. Some lenders also offer a rate discount if you enroll in autopay.
After you’ve graduated and your finances allow, you may be able to make extra principal-only payments — this can help lower the total interest you pay over the life of the loan.
The Takeaway
If you need a cosigner on your student loan, you have options. Whether you choose a parent, other family member, friend, or mentor, it’s important to be transparent about the requirements and risks that go into being a cosigner.
Coming to the conversation prepared can build trust and confidence with potential cosigners and put you on the path to funding your education.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
How do you convince someone to cosign a loan?
You’ll want to be transparent, as well as fully prepared for the conversation. Explain how the loan will support your long-term educational and financial goals, how you plan to make future loan repayments, and why you are a trustworthy borrower.
Who can I ask to be my cosigner?
It’s common for students to use parents or family members as cosigners, but there are no rules stating that your cosigner must be a relative. You can also ask mentors or family friends who are invested in your success. Just keep in mind that a cosigner will need to meet the lender’s financial and credit requirements.
Can I hire someone to be a cosigner?
There are businesses that advertise online that they will cosign your student loans for a fee, but borrower beware. These are often scams in which the “cosigner” requests cash payment in advance, then disappears. Or, the business might be legitimate but will require you to give them a portion of the loan in exchange for cosigning. Generally, it’s not worth the risk or cost.
What percentage of student loans are cosigned?
Roughly 92% of undergraduate private loans are cosigned. About 66% of graduate school loans from private lenders require a cosigner.
How do I assess my creditworthiness before seeking a cosigner?
To assess your creditworthiness, you’ll want to check your credit score and take a look at your credit reports.
You can often access your credit score for free through your bank or credit card company (check your statements on log into your online account). You can access your credit reports from the three main consumer credit bureaus (Equifax, Experian, and TransUnion) for free at AnnualCreditReport.com.
Photo credit: iStock/NoSystem images
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Rates on the 30-year fixed-rate mortgage eclipsed 8% this week as the Treasury yield surpassed 4.9% for the first time since 2007, according to one index.
Per Mortgage News Daily, mortgage rates touched 8.03% on Wednesday, up from 7.69% the previous week. HousingWire’s Mortgage Rates Center showed Optimal Blue’s average 30-year fixed rate for conventional loans at 7.78% on Wednesday, compared to 7.52% the previous week.
Both indexes showed higher rates than the Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, and recorded the 30-year, fixed-rate mortgage at 7.63% as of Oct. 19, up 6 basis points from the prior week. By contrast, the 30-year, fixed-rate mortgage was at 6.94% a year ago at this time.
Mortgage rates in the 8% range are further impacting already strained levels of affordability, Sam Khater, Freddie Mac’s chief economist, said in a statement.
“In this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate,” Khater said. “With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance.”
While high rates are stifling homebuyers, homebuilders are feeling the brunt as well, Khater noted.
“Incoming data shows that the construction of new homes rebounded in September but as rates keep rising, home builders appear to be losing confidence. As a result, we expect construction to trend down in the short-term,” he said.
On Tuesday, the builder confidence fell to 40, its lowest point since January 2023, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).
Bob Broeksmit, the president and CEO of the Mortgage Bankers Association, said the organization expects rates to level off and fall over the next quarter.
“Mortgage application activity is now at its lowest level in 29 years as high mortgage rates, limited housing inventory, and affordability challenges continue to constrain borrowers,” he said in a statement. “While 2023 has been a tough time for the housing market, MBA expects that mortgage rates will moderate heading into 2024, which should bring some relief to those looking to buy a home.”
Still, inventory remains a huge problem for the housing market. Though inventory has ticked up of late, existing home sales are still down double-digits from last year and many homeowners are reluctant to give up sub 4% rates when borrowing costs are so high.
“With mortgage rates remaining near their 20-year high in recent weeks, homeowners are hesitant to list their properties,” Jiayi Xu, economist at Realtor.com said.