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    A Look at How Millennial Student Debt is Holding You Back

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    millennial student debt

    Millennial student debt is one of the most likely things to hold you back in life. Here is how debt is holding you back, Millennials.

    One of the things most likely to hold you back in life is your student loan debt. While it’s possible to borrow smart, and use debt as a way to leverage different opportunities, it can also drag your finances down. Using debt requires that you walk a fine line that can result in financial bondage if you aren’t careful.

    Even if you do use debt for something considered “reasonable” like education (student loans), buying a home, or starting a business, it’s important to borrow as little as you can and to pay it back as quickly as possible. If you don’t, even so-called “good” debt can begin to hold you back.

    How?

    How Debt is Holding You Back

    1. Debt Saps Wealth

    millennial homebuyers

    Even though it’s possible to use debt as a way to jump-start financial success, you should realize that, ultimately, debt saps wealth. This is especially true of consumer debt with high interest rates, such as credit card debt. When you are paying interest to someone else, you reduce your disposable income in a way that leaves less for you to use the way you want.

    Paying interest means that your money is going to someone else — and not going to build a profitable side business, improve your financial future through wise investments, or even to a great family vacation. Pay off your debt as quickly as you can in order to ensure that your money is being used for your financial future.

    2. Debt Can Affect Your Ability to Find Work

    best private student loans reddit

    Another way that debt can hold you back is in your professional life. While not all jobs require a credit check, some employers might want to know your credit history. If you are going to work in the financial sector, or if you have a sensitive job, you might be considered vulnerable and unsuited if you have a high amount of debt.

    Getting out of debt can help you improve job prospects in some cases. Not only that, but most people feel a jolt of confidence when they pay off debt. Being debt free can translate into confidence and a good attitude that can help you get hired, as well as help you negotiate a higher salary. You might not even realize how debt has been weighing on your confidence and attitude until you pay it off and feel better about yourself and your situation.

    3. Debt Can Impact Your Relationships

    Stress introduced into relationships because of debt can really make a difference. What happens when you are in debt can cause stress and anxiety, and lead to difficulties with your loved ones. Indeed, marriages have been ruined because of the stresses that come with being in debt. Plus, your anxiety can impact relationships with children, parents, friends, and coworkers. Get out of debt, and you will find yourself more relaxed, and better able to focus on building good relationships with those around you.

    The Student Loan Crisis

    The student loan crisis is going to cause changes in the economy because it has started to cause a trend in which recent graduates are delaying their first home purchase. With student loan debt in the United States having more than doubled, it is driving down homeownership due to the lengthy-time period it takes to pay back student loans [1].

    This money if saved up each month could be used for a down payment. Unfortunately, the cost of living and education today has increased but minimum wage has not increased with the same rate of inflation as other sectors. The previous generation could be home-owners and have no student debt within a few years after graduation.

    Today, many are still paying their students debts 10 years post-graduation and still do not own homes [1]. Today to get a decent income many require more than a Bachelor’s degree but the baby boomers only needed a Bachelor’s, therefore this generation is in more student debt and spend more years in school, delaying their career start date.

    Student loans are keeping many in the 24 to 32 age group from buying a home, according to a Federal Reserve study and from 2005 to 2014, the percentage in that group owning homes dropped from 45 percent to 36 percent, 20 percent of which likely came from education debt burden [2]. During this 9 year period, college debt doubled per capita, leading to 400,000 recent graduates not buying homes who otherwise would have [2].

    This also means that credit scores are being impacted, even if they have a payment a couple of day late. Therefore students are struggling more often to get credit card limit increases and car loans [2]. It is unfortunate that “83% of non-homeowners say student loan debt is preventing them from buying a home, according to the National Association of Realtors (NAR)” [3], that is a ridiculously high number as they are the next generation and if they are coming into this economy with this much struggle the housing sector is not the only one that will be impacted.

    Another issue is that “options are slim and competition is fierce, as the availability of cheaper homes is about half that of pricier options — and supply is tightening” [4]. With less homes in an affordable price range, it is forcing those that cannot afford to increase their home budget to keep renting and sometimes they have to rent far away from work to get cheaper rent.

    The student loan crisis has become such a large problem, some are going as far to say it has “completely broken…the business cycle,” with school loans increasing steadily throughout the last financial crisis even with debt growth slowing in other sectors, nearly “one-fifth of the U.S. population is holding student loans..double the 2004 level” [4]. 

    With first-time homebuyers being a key part of America’s housing sector, with the current patterns, the real-estate industry and economy is going to be taking a big hit due to the student loan crisis [4]. The government needs to better assist students to accommodate the difference in inflation between cost of living and minimum wage. A program with lower interest rates for recent graduates and possible longer amortization periods, to be able to make lower monthly payments would greatly benefit the young generation trying to start their careers.

    Millennials and Debt — A Shift in Mindset

    Being in debt can really weigh on a person. From holding you back financially to holding you back in other areas of your life, debt can be a real burden.

    Take steps to pay your student loans faster and other debts, and you will feel happier and have more income at your disposal.

    Sources:

    [1]- https://www.npr.org/2019/02/01/689660957/heavy-student-loan-debt-forces-many-millennials-to-delay-buying-homes

    [2]- https://www.cnbc.com/2019/01/16/student-loan-debt-is-keeping-young-people-from-buying-homes-fed-study-finds.html

    [3]- https://www.experian.com/blogs/ask-experian/how-does-student-loan-debt-affect-buying-a-home/

    [4]- https://www.bloomberg.com/news/articles/2019-05-18/three-charts-show-struggle-is-real-for-millennial-home-buyers

    White Rock Loans Review 2021: Scam or Legit?

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    white rock loans

    Is WhiteRockLoans.com legit and safe? We will review this loan lender, White Rock Loans, to see if you should trust them or not.

    If you’ve ever found yourself in a position where you need a loan, no matter what it may be for, then you likely understand just how stressful it can be – especially when it comes to picking out a service to do it through.

    Of course, most would-be loaners are turning to the internet these days, as is typical of the digital age. Sites like MoneyGator.net are particularly popular – rather than being a lender in itself, they essentially distribute the details of would-be loaners among its extensive network of money lending services. In this way, loaners like yourself can far more efficiently find the best lender for what they’re looking for (and get the best rates).

    But you likely know this. In fact, you’re probably here in the first place because you’re thinking of giving White Rock Loans a try. But you likely also know that choosing a money lending service is a big decision – and making a rash choice can potentially be a serious hassle, and potentially a waste of time and money.

    But from what we’ve seen, you really have made the right decision in considering White Rock Loans as your lender marketplace.

    APPLY NOW

    What is White Rock Loans?

    white rock loans

    Get a safe and secure loan up to $5000 from WhiteRockLoans! Users submit their request online and can be approved by a lender within minutes. white rock loans

    APPLY NOW

    Is White Rock Loans Legit?

    Firstly, and perhaps most strongly, there’s its dedication to convenience. We can’t personally know what the circumstances are surrounding your loan, but we’re guessing you’d like to get your hands on it as soon as realistically possible.

    And that’s the principle that White Rock Loans is pretty much built on. Fill in some basic info about yourself and the loan you’re looking to take out, and that info is provided to a vast network of potential lenders, thus dramatically speeding up the process of finding a lender who suits your needs.white rock loans

    And just to complement the slickness and convenience, White Rock Loans offers an ACH payment option, which withdraws the due payment for your loan out of your bank account on its due date, thus ensuring that, with no input from or extra cost to you, you fully avoid all the stress and hassle that can potentially come with a missed payment.

    And secondly, there’s the simple fact that it costs nothing to make use of White Rock Loans’ services. To be sure, some of the lenders you choose to do business with may charge you separate fees; but accessing the White Rock Loans marketplace itself, and perusing and comparing the various lenders, doesn’t cost you anything.

    This may sound like a simple asset at first; but when you think of it, it’s a serious blessing when you’re looking for a loan. After all, at a time like that, you’ll probably want to avoid spending excess money.

    APPLY NOW

    White Rock Loans Review

    Basically, White Rock Loans is a site that makes the loaning process as slick and convenient as it can be, all without any extra cost to you. You’ve really got nothing to lose by giving it a go. Being in the position of needing a loan can be a stressful one, and you deserve for it to be as painless as possible – and from what we can see, that’s precisely what White Rock Loans provides.

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    Top Reasons Parents are Struggling with Parent PLUS Loan Repayment

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    Parent PLUS Loan Repayment

    That moment at the end of your senior year, when the caps are thrown in the air is such a moment of pride. With flowers and gifts, your family is there to celebrate this reward of hours spent studying for your SATs, ACTs and AP tests.

    Then the grad party is over, and it is time to deal with college admissions. Armed with your dream acceptance letter, there are majors to choose and deadlines to beat. Then comes the sticker shocker; how are you going to pay for all of it?

    Chances are that your parents do not have a college fund like you always thought they did. And if they have, majorities have less than $10,000 socked up. Non-profit private colleges now charge a minimum of $46,950 for fees, room and tuition and these costs are skyrocketing by the day.

    Many parents at this point will jump in to save the day. Their dream is to see you have a brighter future than they have had. Parents know this future can be built on the bedrock of solid tertiary education. So, some will tap on home equity and raid their retirement funds. But if your parents do not have such assets, they will go into private debt or get a federal Parent Plus loan.

    The outcome of these decisions has a very bleak outlook for your parents. While a student can get a student loan, a parent on the verge of retirement has no chances of getting a retirement loan.

    So most parents getting into debt to finance their children’s education are most probably going to be a financial burden to them in the future. Unfortunately, research shows that Millennials have slim chances of out-earning their hard-working parents, so taking on that debt yourself might be an impossible task.

    Why do parents get into debt for their children’s education?

    • Thanks to student loans, Millennials are now beginning their adult lives with a negative average net worth. With an average student loan ranging from $37,172 in 2016, it is understandable that most parents hate the notion of letting their kids start their life out of debt.
    • Kids who finance their college education definitely have to work through their college lives. Most parents would rather have their kids more focused on better GPAs than finances.
    • If you have to work to fund your education chances are that college life is not really going to be the best time of your life. You will probably miss out not only on your social life but some classes too. Your parents might get into debt just to cushion you from the harsh realities of working through college.
    • Your parents might still be paying off their own student loans. This makes them very committed to ensuring that you stay off the lifelong financial burden unfortunately by taking on more debt themselves.
    • A simple survey shows that 28% of all parents have nothing saved for a college kitty. These parents will end up taking a loan because they have to, at the rush of getting kids into college. They haven’t found ways to save money as they should have.
    • Most parents have never heard of a 529 plan. These tuition plans are usually sponsored by educational institutions, states or their agencies to encourage a culture of saving for future educational costs.

    Top reasons parents are struggling to pay off student loans

    Parent PLUS loans

    In the 80s, the Parent Plus loan had caps on borrowing, but come 1993, most of those limits were lifted. Now your parents are eligible to up to your college’s cost of attendance. Most parents get a pleasant surprise on the realization that the stringent credit check rules that apply to other financing purchase options do not apply for Parent Plus. They can actually borrow more than they can afford to pay.

    And without large dings on their credit, your parent can get a loan approval of up to tens of thousands of debt. You can see where this is going. With no caps on borrowing and a continual increase in tuition fee charges, parents have dug themselves into a tight spot. This situation has thoroughly worsened the loan repayment outcomes with up to 3.4 million parents now owing up to $87 billion in Parent PLUS loans. This is a hefty 6% of all outstanding student federal loans.

    This outcome should not come as a surprise though. These loans have a substantial 7.6% interest rate and a 4.248% origination fee. Now, a student who borrows a federal student loan has many borrower protections that a parent cannot enjoy. This means that on default, your parent’s wages and their social security benefits will be garnished. Their tax refunds could be confiscated too.

    The major problem with Parent Plus loans is that a parent cannot easily transfer the responsibility of payment to their child. They could transfer them personally or through rare student loan consolidations, but this means losing all relief options and federal protection as well. The loan could lose its public service debt forgiveness opportunity and other lower payment options.

    They are part of the sandwich generation

    Want to know if your parents are part of the sandwich generation? Are they not only supporting you, but also taking care of their parents?

    Americans today owe over $13.15 trillion in debt. A majority of American adults are debtors, with 80.95 of all baby boomers, a group already in retirement, in debt. The Gen Xers have 79.9% of their population in debt, and 81.5% of all Millennials too have found their way into the debt trap.

    With little left to save after meeting all their responsibilities, parents who are willing to sacrifice and take on loans for their children are doing so with their own unpaid loans. Over the last 25 years, the average student loan borrowing amount has tripled from $5,200 in the 90s to $16,100 in 2014 and is still rising.

    Entrenched in debt, taking care of their offspring, servicing their loans and taking of their parents in debt has become a tall order for most parents. Most of them are on alternate repayment plans which means that they are paying off their own loans just as their own children are enrolling into college. This has created a sandwich generation that has is slowly aging and is set to become dependent too on their children.

    How to Make Parent PLUS Loan Repayment Work?

    The Parent PLUS loan has options that can be of help to parent borrowers. There are extended repayment options, graduated repayment as well as consolidation options. Under the income contingent repayment option, for example, a parent can have any remaining balance after 25 years on the plan forgiven. For parents on public service jobs, they can have the forgiveness option in ten years.

    Parents should also assist their children to find affordable institutions or tuition-free colleges that will keep them off the debt. If there are no scholarships or other financial grants, children can start off from affordable community colleges and transit gently to four-year colleges without straining their parent’s finances.

    Finally, as steep as it has become to squirrel some savings aside, this virtue can be cultivated with good financial discipline. Start off when kids are young so that you will not have to suffer financial peril in the future.

    18 Apps That Pay Real Money via PayPal

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    best money making apps

    Are you interested in downloading the best money making apps that pay you real money?

    Today I’m going to show you some new strategies to make some extra money fast simply by clicking a few buttons on your cell phone (in under 5 minutes).

    The best part? A lot of these require no effort at all.

    I get it.

    Life happens.

    Sometimes you need some extra cash to pay a bill or you’re trying to save up for something you want.

    You don’t want to fall behind on bills and are wondering how to make money today or what apps pay you real money?

    Sure, another 100 dollars earned today wouldn’t hurt.

    We’ve all been there, but what do you usually do when that happens? This is an exhaustive list of things that anyone can do, today, in order to make money online fast through the best mobile applications I’ve found.

    If you’re strapped for time, I’ll go ahead and share the best money making apps that you can add to your side hustle arsenal.

    How to Make Money with Apps

    Ready? I’ll only list legit ways that I’ve personally used to make money, and make it fast. We will first start with the quick wins, companies that’ll (legit) pay you money just for signing up:

    Next, we’ll move on to other ways to earn with your mobile phone.

    1. Survey Junkie (Best Money Making App)

    • iPhone: 4.5 – ‎17,660+ reviews
    • Android: 4.3 – ‎8,220+ reviews
    • Payment methods: Paid in gift cards, or cash via PayPal
    • Quick summary: With Survey Junkie, you’ll complete easy tasks to earn cash and rewards. If you like taking fun and interesting surveys, this is a good app for you. You can earn points that can be easily be redeemed.

    survey junkie

    Taking online surveys to make that extra money is a no-brainer!

    You definitely won’t get rich or make thousands of dollars per day with surveys alone, but you won’t waste much time, and you can make some money the easy way. Here is my favorite (and highest paying) survey site:

    best money making apps surveyjunkie

    Survey Junkie pays between $2 and $50 per survey, and many of them take less than 5 minutes to complete. So if you took on average 10 surveys per day, every day for a month, you could make $375+ per month. If you took more surveys a day — the possibilities are endless.

    survey junkie

    There are a lot of scammy survey sites out there, but Survey Junkie has over 11,000 positive reviews on TrustPilot, the highest of any survey site. It’s legitimate.

    Sounds like fun? Sign-up for Survey Junkie, take surveys and earn money from your phone fast. You can also get a registration bonus through here.

    Earn money with Survey Junkie

    Download: iOS | Android | Browser

    2. Swagbucks

    • iPhone: 4.4 – ‎13,674+ reviews
    • Android: 4.2 – ‎39,986+ reviews
    • Payment methods: Paid in gift cards, or cash via PayPal
    • Quick summary: With Swagbucks, you can put cash back in your wallet for answering fun surveys and polls. You can also get free gift cards and cash for shopping and discovering content online. Plus, they’ll even give you a $10 welcome bonus.

    swagbucks

    Swagbucks is another great survey app to make some extra money in your free time. As a new member, you can earn up to $35 per survey!

     They are known for giving out fun, top-paying surveys. And you can also get paid to play games and watch TV!

    It’s similar to Survey Junkie, but there are also a few other ways you can earn money as a member (including a $10 bonus just for signing up).

    swagbucks make $200 fast

    Other ways you can make money with Swagbucks outside of surveys:

    Swagbucks is conveniently offering a $10 bonus just for signing up through this link, so act fast.

    Claim $10 signup bonus

    Download: iOS | Android | Browser

    3. InboxDollars

    • iPhone: 4.4 – ‎106,369+ reviews
    • Android:  4.2 – ‎94,251+ votes
    • Payment methods: Paid in gift cards or via check
    • Quick summary: With InboxDollars, you can earn cash for sharing your opinion and completing surveys. Join the millions of InboxDollars members who have earned over $50 million in cash to date.

    inboxbollars

    The next thing you can do is sign up for InboxDollars which pays you, in cash, to watch fun videos & take surveys.

    If you sign up before the end of this month, they also give you a $5 free bonus just to give it a try.

    By spending just 5-10 minutes per day on this (either on your lunch break or during TV commercial breaks) you can earn and earn an extra $200/month.

    More people should be doing this!

    Claim $5 signup bonus

    Download: iOS | Android | Browser

    4. Aspiration: Get Spotted $100 from This Bank for Free

    aspiration

    Want to get spotted a free $100 without having to take out a personal loan or worse, payday loan?

    Simply sign up for Aspiration, and the free banking app will make you $100 richer just for opening an Aspiration Spend and Save account.

    Just spend at least $1,000 in cumulative transactions (utilities + groceries) within 60 days of opening an account and you’ll get that $100 in your account.

    There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

    Now you can get some beer money at any time — for free!

    You didn’t have to do anything, other than originally sign up for Aspiration.

    It’s as simple as that.

    Get spotted $100

    Download: iOS | Android | Browser

    5. Solitaire Cube

    solitaire cube

    Solitaire Cube is an addicting game where you can play Solitaire on your phone and compete in cash tournaments.

    Solitaire Cube includes tournaments and head-to-head competitions with real cash prizes (where available).

    It’s available on the Apple Store only, sorry Android users.

    It’s pretty easy to get started and the game will match you up with other players who have the same level of skills in real-time.

    Cash outs are through PayPal and I had no issues withdrawing or depositing money.

    How to play? Stack cards into piles to sort them by their suit. Sound easy? It is!

    Play cards and earn

    Download: iOS | Android | Browser

    6. Mistplay

    mistplay

    We all heard the old saying “time is money” right?

    Instead of playing games on your phone like everyone else and feeling bad for wasting your time — now you can get paid for it.

    Getting paid for playing games sounds like a dream. But if you download a free new app, and then download games from it and play, you earn money.

    As you level up you can earn more money for cash rewards or gift cards.

    This is a great opportunity for those looking to get paid for something they enjoy, like winning free gift cards and cash for playing games. I use it and it is legit and has over 35,404 positive reviews in the Google Play store.

    If you’re interested, I recommend you download the app from the Google Play store for free by clicking here.

    Get paid to play games

    Download: iOS | Android | Browser

    7. Blackout Blitz

    blackout blitz

    Blackout Blitz (iOS) is a brand new bingo-style game where you can win real cash prizes by playing bingo.

    I’ve won over $1,000 playing just the Bingo game alone. But I do play some of the other matches that are labeled “brackets” and in those, you can win a higher dollar amount.

    They also have special events where you can win prizes and larger sums of money and yes, they do deliver on paying you out if you do win whatever prize that is up for grabs.

    All in all, I really like this game and spend a good amount of time on their other games too because they’re all pretty fun and super addicting!

    If you don’t like to gamble then don’t gamble and only play the free portion and if you do wish to gamble at a later time then you can.

    Click here to try out Blackout Blitz (Apple App Store)

    Make money with bingo

    Download: iOS | Android | Browser

    8. Nielsen

    nielsenBy using the internet as you do every day, Nielsen invites you to make a difference – and you can make a quick $50 too.

    Just by downloading an app, you can collect $50 per device and earn rewards. They just track your app usage and that’s it.

    You don’t have to do anything other than initially registering your computer or phone.

    Nielsen: This company will pay you $50 a year to keep their app on your favorite internet browsing device and they also give away $10,000 each month. So you can possibly make more than $50. Sign up through here for a registration bonus.

    Make $50 with Nielsen

    Download: iOS | Android | Browser

    9. Get a Free Stock with Robinhood

    Are you ready to say goodbye to fees for when you buy and sell stocks and hello to commission-free trades?

    That’s right, this app lets you do everything for free and takes no fees — ever.

    robinhood

    Better yet, if you join through this link you can get a free stock like Apple, Ford, or Sprint when you join.

    Sign up for Robinhood now and Get a Free Stock

    Claim free stock now

    Download: iOS | Android | Browser

    10. Lucktastic

    lucktastic

    If you love the feeling of buying lotto tickets or scratch-offs and dreaming about the money ? you stand to win — then you would seriously enjoy playing Lucktastic (download for Android only).

    This free app offers the same daily scratch-off cards that you find at your local convenience store — but here you can play for free and win real money.

    I was hesitant at first but this gaming app has over 327,695+ positive reviews in the Google Play store.

    You can win up to $10,000 in card cash prizes and there are daily $500 Amazon gift card giveaways. The threshold for payout is only $2 and you can get daily opportunities to win big when you download the Lucktastic app for free.

    Want to try it out? Download Lucktastic for free (Android only) to play scratch-offs and win cash on your phone.

    Earn money with Lucktastic

    Download: iOS | Android | Browser

    11. Fundrise

    Wouldn’t it be great if you could invest in commercial real estate and apartments without dealing with all the hassle of buying, improving, and re-selling real estate?

    You don’t have to be a millionaire to invest in these types of properties. You can now invest in large-scale real estate for as little as $500 with Fundrise.

    fundrise

    Through their real estate investment products, investors earned an average of 8.7 – 12 percent on their money last year, and all without painting a wall or dealing with unruly tenants.

    There is a reason why they currently have over 200,000+ users, this app really pays you!

    If you’re interested, I recommend you sign up for more information from Fundrise by clicking here.

    Earn passive income with Fundrise

    Download: iOS | Android | Browser

    12. Cash In on the Food Delivery Boom

    free money

    Gig economy workers are the real winners in the COVID-19 era, as the demand for food delivery is booming. If you wanted to cash in and earn over $20 each day — here are the best food delivery apps that pay the most:

    1. DoorDash: DoorDash is the #1 food delivery app to make money delivering food. You can earn on your bike or even by walking and make up to $20 an hour.
    2. Instacart: If you have a car then you can use it to deliver groceries with Instacart. Just log into the app whenever you want to make extra cash and the orders will come. You can earn $20 an hour.
    3. Postmates: Postmates is another popular option to make money delivery groceries, takeout, or even alcohol. Plus, there is no dress code so you can wear whatever you want during deliveries.

    If you do plan picking a delivery app to make extra cash in your free time, consider driving for multiple food delivery apps at the same time in order to be more profitable and make more money in between orders. If you haven’t yet, click here to sign up for InstacartDoorDash and Postmates!

    13. Paribus

    Do you want to get free refunds with Paribus?

    No, hear me out. I bought something online from Target.  The price of the Keurig cups I purchased — dropped in price, after the fact.

    ✔️ I effortlessly got refunded without doing a thing.

    I didn’t have to do anything, other than originally sign up for Paribus.

    It’s as simple as that.

    paribus app

    This free app will scan your emails for any purchase receipts from dozens of online retailers. You don’t even have to know about the price drop in order to get your refund. It’s 100% free and will save you a lot of money. I pocketed around $50 in the first few weeks of signing upRemember, it’s 100% free!

    Discover your savings

    Download: iOS | Android | Browser

    14. Ibotta

    The app you should know about is Ibotta. This money-making app actually gives you cash back on things you buy every day, even booze!

    You heard me right, you can make money for the booze you buy at groceries.

    Ibotta is a fun rebate app that lets you get cash back on your purchases from major stores like Walmart, Target and almost every grocery store all over the country.

    They are conveniently offering a $10 sign-up bonus after uploading your first receipt. So act fast.

    ibotta

    How it works:

    1. Download the app and start a free account to browse deals in your area.
    2. Scan your first grocery receipt within a few days of downloading the app.
    3. Get paid and cash out cash via PayPal.

    However, you do have to be 21 or older to take advantage of the booze deals.

    Download Ibotta now

    Download: iOS | Android | Browser

    15. MyPoints

    MyPoints has been featured on so many publications like The New York Times, TechCrunch, Yahoo! and more (and for good reason).

    mypoints

    You can earn money with MyPoints for shopping online, playing addicting games, taking surveys, and reading emails. This company has been around since 1996 and has already paid out $236 million to its 10 million members.

    Plus you can get a $10 Amazon or Visa gift card just for being a new user. Just spend $20 or more using its shopping portal to redeem the bonus.

    Collect $10 Amazon GC

    Download: iOS | Android | Browser

    16. Cash Bonuses Expiring Today

    If you’ve got some free time you can earn extra cash just for signing up for sites/apps. It’s a perfect way to make a good amount of extra cash whenever it’s convenient for you.

    Interested? The next thing you can do is claim $5 bonuses for quick wins, check out the best sign up bonuses below:

    A lot of people do this full time, so you can imagine that’s it definitely possible to do this on as a lucrative side gig and make extra money and be your own boss.

    17. Willy Wonka Casino Slots

    willy wonka

    Willy Wonka Casino Slots is your lucky ticket to free casino slot machines with the iconic cast and characters of the classic movie!

    This free gaming apps has amazing graphics and animations are top notch and the little audio snippets from the movie are really funny.

    The best part? You can actually win real money by downloading it here (android only).

    Play slots on android devices

    Download: iOS | Android | Browser

    18. Rakuten (Formerly Ebates)

    You’d be silly not to get cash-back for items you would have bought anyway. You can do this by shopping online with Rakuten.

    Rakuten is my favorite way to make money when I shop online and right now they are offering a $10 sign up bonus through this link.

    rakuten

    Every time I shop online, I start at Rakuten and then I get cash back deposited into my PayPal account.

    Hello, free money! Join now for free here.

    Claim $10 welcome bonus

    Download: iOS | Android | Browser

    Once You Have $1,000 in Your Checking Account, Do These 5 Things

    Once you built some cushion in your bank account — you’re on the right path. Money making apps can only get you so far, it’s time to think about longer-term financial goals.

    What’s the next step you should take?

    Here are ways to take your finances to the next level:

    Leave Your Family $1M

    bestow

    Who doesn’t want to be a millionaire? While we don’t all have trust funds waiting for us, there is still a way to provide protection for your loved ones with up to $1 million in term life insurance.

    Wouldn’t it be great if you could do this for as little as $8 a month without dealing with all the hassle of wasting your time or money? You don’t have to have money in your pockets to get a free quote from Bestow.

    If you’re interested, I recommend you sign up for more information from Bestow by clicking here.

    GET STARTED >>

    Build an Emergency Fund

    cit

    Having money in the bank for emergencies can help you improve your financial standing. You’ll want three to six months’ worth of expenses in your emergency fund. Be sure to stash your money in the right savings account that’ll grow your money.

    Start with a high-yield savings account like CIT Bank that offers a Savings Builder that will pay a great APY and still give you instant access to your money in case of an emergency. You can open it with $100 and deposit $100 a month to help you get to $1,000 in less than a year.

    GET STARTED >>

    Get Spotted $100 for Free

    aspiration

    Need a better checking account that’ll spot you a $100 for free?

    Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card.

    There’s no catch.

    This bank account is legit and only takes two minutes to sign up for an account.

    GET STARTED >>

    Get Free Stocks Instantly

    While you’re at it, why not increase your net worth with a free stock? Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock.

    Better yet, if you join through this link you can get a free stock like Apple, Ford, or Sprint when you join (must complete signup).

    GET STARTED >>

    Start Building Passive Income

    fundrise

    Fundrise is definitely one of the best passive income apps. This app was originally an iOS app and it has just become available on Android.

    By downloading this app, you can start investing in real estate all around the US in as little as 30 minutes and it’s super easy to get started. Then you can literally beat the stock market year after year and start making money in your sleep

    If you want to earn the big bucks then you can learn how to get started by getting more information from Fundrise here.

    GET STARTED >>

    There Will Always Be Money Making Apps that Pay You

    There you have it. If you’ve finished the list, you’ve just made at least $100 through these apps that pay you real money. We wish you the best of luck on your journey on how to make money!

    Just remember, with most of these services, consistency is key, so be diligent about completing your daily check-in and continue to use the service if you want to earn more lucrative amounts of cash or gift cards.

    It’s always better to use these opportunities as additional cash for smaller purchases, rather than to rely on them for a steady income.

    If you didn’t claim your $5-10 cash bonuses already, don’t forget to check out the best signup bonuses below:

    To chalk it up, what are the best ways to make money right away? While a search online when you’re in need of some fast cash will produce millions of results, not all will be legitimate.

    It’s up to you to filter through the so-called noise.

    These strategies to make $20 fast will help put you in the black, even if it’s in a very small way. Once you are, resume planning and focusing on the bigger picture.

    How to Get Out of Student Loan Debt (7 Legal Ways)

    0
    how to get out of student loan debt

    Have crippling student loan debt? Here are ways you can legally stop paying student loans. It may be worth your time to see if you qualify.

    More than 40 million Americans have student loan debt. Of those borrowers, 5.6 million owe more than $50,000. That kind of crushing five-figure debt can take a real financial and mental toll.

    You probably heard about student loans being discharged and now you are looking all around the internet if there are any legitimate student loan forgiveness programs available out there so you can stop paying student loans.

    Is it too good to be true?

    While looking for the real ways to get them discharged and quit paying student loans you also have to watch out for student loan forgiveness scams. There are a lot of them claiming they can get your debt forgiven, which is usually not the case.

    There are also the legitimate ones that can guide you through the whole application process that helps you take advantage of any federal programs that might be available for you. So before you stop paying so you can avoid student loans sold to a collection agency you should learn about your forgiveness options.

    Student loan forgiveness options have been around for some time now when President Obama reformed part of the Direct Loan program in 2010 by signing the Health Care and Education Reconciliation Act of 2010.

    Student Loan Forgiveness programs have been set into place in order to help aid former students in paying for their education following graduation (sadly, these programs are only applicable to students with federal student loans, not private).

    Getting loan forgiveness is a lengthy process that only applies under certain circumstances.

    How To Stop Paying Your Student Loans

    Besides making more money, you may feel like your options are limited. Here are three legitimate programs that could help you get your loans forgiven:

    1. Enroll in income-driven repayment

    Most federal student loans are eligible for at least one income-driven repayment plan. If your income is low enough, your payment could be as low as $0 per month.

    An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. You can enroll in four income-driven repayment plans:

    • Revised Pay As You Earn Repayment Plan (REPAYE Plan)
    • Pay As You Earn Repayment Plan (PAYE Plan)
    • Income-Based Repayment Plan (IBR Plan)
    • Income-Contingent Repayment Plan (ICR Plan)

    If you’d like to repay your federal student loans under an income-driven plan, you need to fill out an application.

    2. Pursue a career in public service

    If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program.

    The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

    To qualify for PSLF, you must

    • Work for a government agency or for certain types of nonprofit organizations
    • Work full-time for that agency or organization
    • Have Direct Loans (or consolidate other federal students loans to qualify)
    • Repay your loans on an income-driven repayment plan
    • Make 120 qualifying payments

    Think you are eligible? You can use the PSLF Help Tool to assist you in starting the Employment Certification Form that you will eventually print, complete, and submit.

    3. Apply for disability discharge

    Total and Permanent Disability Discharge is available to federal student loan borrowers who are disabled and unable to engage in any substantial gainful activity (employment) because of physical or mental impairment.

    The discharge would provide you with relief on your student loans by removing the debt completely that is under your name. You must be able to prove to the Department of Education (DoE) that you are in fact permanently disabled.

    Few options to prove your disability

    • If you have received a notice of award for SSDI or SSA you can submit this to the DoE to review. The notice must state that you are permanently disabled, as well as having your next review between 5-7 years. If your next review is less than 5 years, you will not qualify for a disability discharge.
    • Your physician can submit a certified form stating that you are totally and permanently disabled. The physician would need to state what is your disability, how long it is expected to last, and whether he or she believes you are unable to engage in gainful activity due to your disability.
    • If you are a veteran, the Veterans Affairs office can provide documentation to you that you are unemployable due to a service-related injury.

    Your disability must have lasted, or is expected to last at least 60 months, or is expected to result in death.

    4. Ask your employer

    If you are not eligible for federal programs, you may get lucky if your employer can help with those payments. According to a report from Debt.com, about 4% of employers help their employees with their student loan payments. That number is going to increase next year.

    All that it takes? Simply asking your employer if they offer assistant with student loan repayment.

    The worst they can say is no.

    5. Serve your country

    If you are a veteran and served your country then you may be eligible for student loan forgiveness. Each branch has its own set of requirements and rules so it’s worth checking out.

    If you didn’t serve, you can also benefit by volunteering your time with AmeriCorps or Peace Corps which can also grant loan forgiveness.

    6. School closure

    The closed school discharge program is available if you attended a school that closed while you were enrolled or if you withdrew 120 days before the school’s closure.  (Note that the period changed from 90 days to 120 days as of July 1, 2014).

    Only loans received at least in part on or after January 1, 1986, may be discharged. FFEL and Direct Stafford loans, PLUS, and Perkins loans are eligible. Consolidation loans are trickier. A consolidation loan usually consists of a number of underlying loans.

    If any of these underlying loans could be canceled, you can apply for a closed school cancellation for these loans only. If granted, you will receive a credit for the amount of the underlying loans related to the closed school.

    7. Borrowers defense to repayment (BDR)

    The Obama administration introduced the Borrower Defense to Repayment (BDR) rule as a way to provide debt relief to students defrauded by their school.

    The legislation was prompted by the closing of Corinthian Colleges, which left approximately 16,000 students with debt and no degree. Although borrowers have been able to seek loan forgiveness from fraudulent colleges since 1995, BDR makes the application process much easier.

    For-Profit Schools went through several investigations between 2010 and 2016. What the investigations revealed that in some cases the colleges had over 50% dropout rate, they were overcharging students, using illegal recruitment tactics, misleading students about their accreditation and especially job placement.

    Some colleges were even encouraging students to forge documents to get approved for loans they should never have gotten. At this point, these schools have cost the taxpayer around $24 billion dollars.

    In the six months prior to leaving office, the Obama administration forgave nearly 28,000 loans.

    Final word

    With the options available there is a high chance that you could get out of student loan debt or more formally get your student loan debt forgiven, it just a matter of taking the time and knowing your options.

    12 Simple Ways to Make $20 Right Now

    0
    best money making apps

    Need to make 20 dollars fast?

    These are a few of the best ways to make extra money so that you can earn $20 fast online.

    This is a list that will help you make extra cash without much effort.

    I don’t know why you need an extra $20 dollars right, but heck we all could use an extra 20 bucks.

    Ready to see the list of how to make 20 dollars fast?

    Let’s get into it — here are the top ways to make 20 dollars fast in 2020.

    12 Simple Ways to Get $20 Free Now

    In case you wanted to get started with some quick wins — here are some legitimate websites that’ll pay you just for signing up:

    Next, we’ll move on to other ways to earn your $20.00 quickly.

    If you’re looking for a free way to make $20 using online tools and apps – here it is. There are a plethora of different mobile apps and websites that can net you $20 instantly.

    1) Make $20 Fast Taking Surveys at Survey Junkie

    Survey Junkie has over 11 million members and pays them for taking surveys, trying out new products, and listening to music.

    Joining Survey Junkie in order to score $20 fast is a no-brainer! Once you join, simply stick to the higher-paying surveys so you can score $20 today.

    You only need 1,000 points to cash out which you can accumulate in 30 minutes to an hour. Oh, and Survey Junkie has over 11,036 positive reviews on TrustPilot.

    There are so many short-form and long-form surveys to choose from, and you can get paid through PayPal or gift cards.

    How to make $20 fast? Signup for Survey Junkie, take high-paying surveys and earn $20 fast. You can also get a registration bonus here.

    Earn Per Activity Payment Method Min To
    Cash Out
    Next Steps
    $1 – $50 PayPal or Gift Cards $10  

    SIGN UP

    Survey Junkie is a great way to make $20 if you need it by today or tomorrow.

    2) Collect a $10 Sign Up Bonus at Swagbucks

    If you want another quick way to make $20 then give Swagbucks a shot. You’d be silly not too as the site has already paid out $441.9 million to its users.

    Plus, you won’t be limited to only surveys with this rewards site — in fact, you can earn $20 fast simply by watching entertaining videos, searching the web, and even playing games. You earn ‘points’ that you can redeem for gift cards or for cash through PayPal.

    They have an excellent rating on TrustPilot with over 14,144 reviews!

    Simply sign up and score a $10 signup bonus then start watching videos or playing games and earn your other $10 to get your $20 fast today. Don’t believe me? A Huffington Post report says users are earning $600 per month with this site.

    Earn Per Activity Payment Method Min To
    Cash Out
    Next Steps
    $.50-$2 PayPal or Gift Cards $3  

    SIGN UP

    To chalk it up, Swagbucks is one fun way to score $20 fast today.

    3) Get $20 Right Now at ZippyLoan

    If you actually need money now, then you can opt for a personal loan. When you need money in a hurry ZippyLoan is where to go.

    ZippyLoan offers you online personal loans in about 5 minutes on their completely secure website.

    This website connects you to lenders which means that waiting times are minimized unlike at a bank. The money is usually deposited in your account the next day you apply for a loan.

    You review the loan details and e-sign if you like what you see. No risk in checking what offers you’ll get. You can borrow between $20 and $15,000 as soon as tomorrow.

    Loans service for up to 60 months.

    ZippyLoan connects borrowers to lenders through their network of lenders. They’ll find you the lowest interest rate and is one of the best no credit check loan. You can visit ZippyLoan here.

    GET CASH NOW

    4) Download the Nielsen Mobile App and Collect $50

    One of my favorite apps that not many people know about is Nielsen. If you have a cell phone or laptop then you can earn $50 fast right now. All you have to do is register for free (they’ll track your browser usage) and you’re set to earn $50 per year passively.

    It’s really noninvasive, requires basically no storage, and won’t impact your device performance. After you installed the app, just use the internet as you usually would (but now you’re getting paid — cha-ching!).

    Earning Potential Payment Method Min To
    Cash Out
    Next Steps
    $50+ PayPal or Gift Cards None  

    SIGN UP

    Nielsen gives out $10,000 each month so you can win real money for about 60 seconds of work. A no brainer.

    5) Make $20 Fast for Playing Games with Mistplay

    We all heard the old saying “time is money” right?

    Instead of playing games on your phone like everyone else and feeling bad for wasting your time — now you can get paid $20 fast for it.

    Getting paid for playing games sounds like a dream. But if you download a free new app, and then download games from it and play, you earn money.

    As you level up you can earn more money for cash rewards or gift cards.

    This is a great opportunity for those looking to get paid for something they enjoy, like winning free gift cards and cash for playing games. I use it and it is legit and has over 131,404+ positive reviews in the Google Play store.

    Earning Potential Payment Method Min To
    Cash Out
    Next Steps
    $50 Per Month Visa Gift Card or Gift Cards 1,500 Points or $5  

    SIGN UP

    If you’re interested, I recommend you download the app from the Google Play store for free by clicking here.

    6) Make $20 Fast Searching the Web with InboxDollars

    InboxDollars is a market research company that’ll pay you $20 fast to search the web (using their search engine) instead of using Google or Bing. So if you search the web for a few days and other tasks like playing games, watching videos, or taking online polls — you can make extra money online.

    While you won’t get rich — you can surely make $20 fast online by using the site or app.

    Earning Potential Payment Method Min To
    Cash Out
    Next Steps
    $0.15 for Every 29 Qualified Search Check or Gift Cards $30  

    SIGN UP

    Making 20 dollars fast is no longer a mystery with the help of InboxDollars, and signing up will net you a $5.00 instant bonus.

    7) Earn $20 Fast Playing Solitaire Cube (iOS)

    Would you be interested in competing in cash tournaments and head-to-head online (on your phone) to win your $20 fast but don’t know where to get started?

    Solitaire Cube (iOS) can help you get your feet wet & if you’re already glued to your phone, why not earn some little side money.

    Here, it is basically regular Solitaire but faster and you are playing against someone else for cash.

    So it’s pretty legit — you will be matched up with people of your same skillset so it’s really fair. I deposited $10 the other day and I already won $125!

    Earning Potential Payment Method Min To
    Cash Out
    Next Steps
    Uncapped PayPal or Direct Deposit $0  

    SIGN UP

    I suggest downloading Solitaire Cube (iOS only) as it has a proven track record (over 55K positive reviews) for being a diverse approach for earning your $20 fast.

    8) Use Gig Apps to Score Cash Fast

    Gig economy workers are the real winners in the COVID-19 era, as the demand for food delivery is booming. If you wanted to cash in and earn over $20 each day — here are the best food delivery apps that pay the most:

    1. DoorDash: DoorDash is the #1 food delivery app to make money delivering food. You can earn on your bike or even by walking and make up to $20 an hour.
    2. Instacart: If you have a car then you can use it to deliver groceries with Instacart. Just log into the app whenever you want to make extra cash and the orders will come. You can earn $20 an hour.
    3. Postmates: Postmates is another popular option to make money delivery groceries, takeout, or even alcohol. Plus, there is no dress code so you can wear whatever you want during deliveries.

    If you do plan picking a delivery app to make extra cash in your free time, consider driving for multiple food delivery apps at the same time in order to be more profitable and make more money in between orders. If you haven’t yet, click here to sign up for Instacart, DoorDash and Postmates!

    9) Cut $20 From Your Monthly Bills

    Want another quick way to make $20 fast simply by lowering your bills?

    If you could use creative ways to save money in your life right now then you should consider using apps that’ll help you legit lower your bills.

    That might sound too good to be true but you can literally pay less on your cell phone, cable, security or other bills.

    These companies will negotiate the lowest possible rate for you – no headaches, just savings! They even get you refunds when your internet goes down!

    1. Truebill is your automated financial assistant, putting you back in control of your money. Review spend, manage subscriptions, lower bills, and track your budgets all in one place. The #1 money saving app to lower your bills.
    2. Trim negotiate your bills, give back 4% interest on savings, cancel old subscriptions, and more.
    3. Billshark gets you the best rate on your bills and you can save up to $3,000/yr. No fees unless lowered and they have a  90% success saving rate.

    If you love saving money then use these budgeting ideas to generate ideas about the best ways to save money in your day-to-day life.

    10) Use Game Apps to Win Real Money

    There are games that pay you to play –  Yes, I’m serious.

    These 3 apps will PAY YOU to play games on your mobile device.

    1. Mistplay (Android) – If you have an android device, you can download this app and start getting cash rewards for playing new games.
    2. Solitaire Cube (iOS) – Earning money by playing games on your phone sounds like a dream. But this app really pays you for playing solitaire with cash rewards.
    3. Lucktastic (Android) – This free app offers the same daily scratch-off cards that you find at your local convenience store — but here you can play for free and win real money.

    11) Get Free Money

    Aspiration: Want to get spotted a $100 for free? Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card. There’s no catch, just use your card to make at least $1,000 in cumulative transactions within 60 days of opening an account. This bank account is legit and only takes two minutes to sign up for an account.

    SIGN UP NOW

    12) Get a Free Stock from Robinhood

    Robinhood: This investing app lets you trade stocks and do everything for free and takes no fees — ever. Better yet, if you join through this link you can get a free stock like Apple, Ford, or Sprint when you join (must complete signup).

    Next Option: Sign Up Freebies to Earn $20 Fast

    Your next bet is to get some quick wins through freebies and sign up bonuses.

    The three survey sites below are legitimate and you can join from your smartphone.

    I’m not the biggest fan of survey sites, but it’s worth it just to claim a quick sign up bonus.

    Once you’re in and a paid survey is ready for you to take, you’ll get a notification.

    Sign up for all 3 below (will open in new tabs) and you’ll get paid up to $50/per survey.

    Need More Ways to Make $20 Fast?

    A ton of people are searching online for the best ways to make 20 dollars fast.

    Well, look no further, because if you wanted more ways to make money online besides these free money making ideas, there are more apps that pay you real money.

    If you didn’t claim your $5 bonuses already, don’t forget to check out the best sign up bonuses below:

    • SurveyJunkie: Make up to $50 per survey in your spare time from home to take online surveys, participating in Focus Groups and trying new products. Join SurveyJunkie Now
    • Swagbucks: Watch videos, take surveys, shop and more to earn real money. Join Swagbucks Now to Get $10 Free
    • InboxDollars: Has so far paid its members over $40 Million. Watch videos, take surveys, shop and more. Join InboxDollars Now and Get Free $10
    • Branded Surveys: Is known as one of the #1 paid survey site. Take paid surveys anytime and anywhere via PC, Laptop, Tablet, Cell Phone or Mobile App. Join Branded Surveys Now

    Next, you can take a look at the best money making apps where you can earn money (even during COVID-19).

    Pay Your Loans Fast with The Best Student Loan Repayment Plans

    0
    Student Loan Repayment Plans

    This post will provide you with ways to help with dealing with massive student loan debt by choosing the right student loan repayment plans.

    Everyone knows that they should be paying down student loan debt as fast as possible.

    If it were only that easy. While there are some ways to get free money and ways to stop paying your loans, you need to buckle down and figure out your options.

    Some of the most common questions I get from my readers about student loans are, “Do I qualify for a discounted payment plan or loan forgiveness?” And, “Am I on the right payment plan?”

    Student loans are a massive economic burden for millennials that graduate from college every day. According to one study by Pew Research Center, 1 in 4 American adults have student loan debt. Those who have bachelor’s degrees owe a median of $25,000 dollars. Many college graduates and parents are worried about paying off student loan debt, especially if other payments are taken into consideration. However, there is room for hope for many in the form of student loan forgiveness programs.

    These are specialized programs that are offered by government agencies to help reduce the burden of student loan debt college graduates face each year. The eligibility requirements for student loan forgiveness vary depending on the program. Another benefit to forgiveness programs is that most programs will suspend the deadline for you to pay your loan while they review your application. In this article, we will show you how to apply for student loans, whether someone qualifies for student loans, and what to watch out for when applying.

    How to Apply & Eligibility

    Student Loan forgiveness programs are often accessed at the federal level. You can contact a loan servicer that can help you with eligibility and billing for student loan forgiveness programs. From here, you can talk to your loan servicer on what options you have when applying for forgiveness programs.

    Certain programs will only offer forgiveness for certain types of loans for example, teacher loan forgiveness programs only offer student loan forgiveness if your loans are either direct loans or federal family education loans (FFEL). Some, but not all, types of forgiveness programs will offer you loan forgiveness for Perkins Loans so please read the program description carefully.

    What Types of Student Loan Forgiveness Programs are Out There?

    There are a variety of student loan programs offered by both federal and state governments. Most of these programs are based on occupations such as work for government, teaching, or military for example. Others include forgiveness programs based on income such as the Federal Income-Based Repayment program or the Pay as You Earn Program.

    These loan forgiveness programs are especially helpful when you have bills that total up to more than 10% of your discretionary income. Other student loan programs are sponsored by state governments such as the Maryland SmartBuy Home Buyer Assistance & Forgiveness Program or the Janet L. Hoffman Loan Assistance Repayment Program.

    Standard Payment Plans

    If you took out:

    Or almost any other loan out there, you were probably automatically enrolled in a standard payment plan as soon as your grace period ended.

    These loans are paid back over 10 years and will typically be the option that offers you to get out of debt the fastest but have the highest payment.

    This may not always be your best option though.

    How You Can Lower Your Student Loan Payments

    Income-driven plans, or plans that make it easier for federal student loan borrowers to pay back loans if your debt is high compared to your income, were designed for those facing financial hardship upon graduation (which pretty much describes nearly all graduates these days).

    Instead of simply calculating the payment period over three years, the government will calculate your payment based on a percentage of your income.

    With an income-driven plan, it could take a while longer to pay down your debt (if you only pay the minimum monthly payment), but it can significantly lower your monthly payment if you have a high balance.

    Plus, on some payment plans, when the interest owed exceeds the monthly payment, the government with cover the shortfall for three years or more.

    Income-Driven Plans

    You might be thinking, “I can afford to pay the standard payment. Why should I consider an income-driven plan?”

    Good question!

    Everybody knows that you should pay down the loan with the highest interest rate first.

    What you may not know is that using an income-driven repayment plan can still have benefits even if you can afford the standard payment plan, since an income-driven plan lowers your monthly payment across all of your loans.

    “Won’t I pay the same amount of interest either way?” you might be asking yourself.

    Not necessarily.

    Because your required payment is lowered, you now have more cash free to pay down your higher interest loan. This is especially meaningful if you have large differences in your interest rates.

    Examples

    Let’s look at an example of someone with $100,000 of student loans spread equally at 8.75%, and 4% and the differences an income-driven plan can make.

    In this case, we are going to assume the borrower is eligible for Revised Pay AS You Earn (REPAYE) which caps payments at 10% of income.

     Plan Standard Payment REPAYE Amount Saved
    Monthly Payment $1,150 $266
    Additional Payment $884
    Payback Period 10 Years 9 Years 1 Year
    Interest Paid $38,000 $23,251 $14,749

    Using REPAYE and paying $884 per month to the higher interest loan allowed this borrower to save almost $15,000 in interest payments!

    This could go a long way toward a down payment on a house or even buy a nice car!

    While Income-Driven Plans aren’t for everyone, I hope you can see the benefits and the flexibility that they can create for many borrowers.

    Please see the table below for more details and specifics on the three most commonly used plans.

    As always, be sure to contact a financial planner about which one is right for you.

    The Three Types of Income-driven Student Loan Repayment Plans

    Plan PAYE IBR REPAYE
    What is it? Pay as You Earn –

    Limits payments to the lower of 10% of borrower’s income or the standard payment plan.

    Income-Based Repayment –

    Limits payments to the lower of 15% of borrower’s income or the standard payment plan.

    Revised Pay as You Earn –

    Limits payments to 15% of borrower’s (family if married filing joint) income.

    Interest Adjustment The government pays the first three years of interest on subsidized loans in excess of monthly payment The government pays the first three years of interest on subsidized loans in excess of monthly payment Government Covers First Three Years of Interest on subsidized loans not covered by payment and 50% of interest not covered thereafter.
    Taxable Forgiveness Taxable Loan Forgiveness After 20 Years Taxable Loan Forgiveness After 25 Years Taxable Loan Forgiveness After 25 Years
    PSLF Forgiveness Qualifies after 10 Years Qualifies after 10 Years Qualifies after 10 Years
    Qualifying Loans
    Federal Direct Loans
    FFEL Loans* X X X
    Perkins Loans* X X X
    Parent Plus Loans* X X X
    Private Loans X X X

    *Can be eligible if consolidated into a Federal Direct Consolidation Loan

    Are Student Loans a Problem?

    This year, the total student loan debt was 1.56 trillion dollars across the total number of U.S borrowers with student loan debt of 44.2 million. That comes out to an average of 34,389.14 each student has in student loan debt!

    The value of the American dollar, according to the current dollar index, has increased from 89 in September of 2009 to 101.46 in December of 2019, which shouldn’t be seen as having any effect of increasing debt.

    While some of these issues seem blatant on paper, to the average student they can be nearly invisible until dramatically revealed. This isn’t helped by the fact that little is explained to students beforehand.

    Lack of Information

    Student debt can be increased by layers of hidden costs. Often, if a student asks about these costs, they will be denied detailed information. When information is revealed there may be questionable charges. Sometimes – for instance – students are charged for parking when they don’t own or operate a vehicle. Personally, this sounds borderline unethical as it appears to be charging for services not rendered.

    I feel it is not the colleges themselves that are the root of this problem that is growing at a much more rapid pace than people realize. However, private for-profit colleges may be the exception to this opinion as they are designed to be profitable. The system itself and the boards that continue to utilize and encourage such systems desperately need to be broken down and restructured for the benefit of American education.

    Summary

    If you are thinking about the best repayment plans you should also consider other options out there for you such as refinancing student loans.

    When you are managing student loan debt, a lender that as your back is SoFi

    SoFi is a social lending company that provides rates as low as 1.9% variable with auto pay and 3.5% fixed with auto pay.

    You can save thousands simply by refinancing your student loan interest rates. They can offer lower rates than the rest because they analyze you based on merit, quality of employment, and education besides just a credit score and financials.

    There are zero origination and prepayment fees. Offer terms are from 5, 10, 15, 20 years in both fixed and variable. Both private and public student loans can be refinanced. Besides low rates, one of their best features is their unemployment benefits.

    If you lose your job while repaying your loans, you don’t have to pay your loan for up to 12 months while you look for a new job! Interest will still accrue, but having this cash flow break is a huge benefit. They also provide job assistance guidance as well.

    If you’re interested in refinancing your student loans — you can take a look at the top refinancing lenders below:

    LenderVariable APRGet startedDetails
    laurel road logo2.25% to 6.65%Check rates
    at Laurel Road

    Laurel Road Details

    • Loan Types: Variable and Fixed
    • Terms: 5, 7, 10, 15, 20
    • Eligible Degrees: Undergrad and Graduate
    • Eligible Loans: Private and Federal
      lendkey2.01% to 8.88%Check rates
      at LendKey

      LendKey Details

      • Loan Types: Variable and Fixed
      • Terms: 5, 7, 10, 15, 20
      • Eligible Degrees: Undergrad and Graduate
      • Eligible Loans: Private and Federal
      earnest
      1.81% to 6.49%Check rates
      at Earnest

      Earnest Details

      • Loan Types: Variable and Fixed
      • Terms: 5 – 10
      • Eligible Degrees: Undergrad and Graduate
      • Eligible Loans: Private and Federal
      studentloansadvice1.81% to 5.74%Check rates
      at SoFi

      SoFi Details

      • Loan Types: Variable and Fixed
      • Terms: 5, 7, 10, 15, 20
      • Eligible Degrees: Undergrad and Graduate
      • Eligible Loans: Private and Federal
      student loans advice2.02% to 7.09%Check rates
      at Commonbond

      Commonbond Details

      • Loan Types: Variable and Fixed
      • Terms: 5, 7, 10, 15, 20
      • Eligible Degrees: Undergrad and Graduate
      • Eligible Loans: Private and Federal

      Have you considered any other student loan repayment plans that we haven’t covered here? Let us know in the comments below!

      5 Best Banks to Refinance and Consolidate Student Loans in 2021

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      best student loan refinance reddit

      Looking for the best student loan refinance, Reddit? The choice to refinance your student loans is a great way to tackle college debt and lower your monthly payments. Learn about the best banks to refinance and consolidate student loans and start saving!

      Making any decision that has to do with your finances is a big step and an important task. Finances are tricky, and it’s crucial to approach it in the right way and weigh your options.

      According to CNN, student loan debt in the United States has recently reached $1.5 trillion, which means there are a fair amount of college graduates still in debt. While no one likes to be in debt, lots of people are constantly looking for new ways to approach paying off their student loans in an efficient way. Refinancing your student loans is an option when trying to save money in the long run, so it’s definitely something to consider.

      When you start to think about refinancing your student loans you may be on the fence about it because it may or may not be the best step for you. You’ll want to way the pros and cons of refinancing to decide what is the right decision for you and your finances.

      Before making the decision you may want to think about a few things like, how much money you owe, what you can afford, and if there has been a change in your credit score or salary recently.

      If you have done your research and are ready to refinance then you’ll benefit from learning about our top 5 picks for refinancing student loans.

      Who’s eligible?

      Each lender has its own qualifications but you’ll want to demonstrate that you have a solid history of repaying back debt, have a decent credit score, and have a stable income.

      Even if you aren’t making a six figures salary, you should look into if you’re eligible to refinance. The average recent grad who has refinanced their student loans had an average income of $54,000 and a student loan balance of $49,320, according to Credible.

      Credible knows this space well and offers student loan refinancing and private student loans. After providing some quick information to Credible, they will find you the best rate from up to 10 lenders. Credible will even give you $200 if you find a better rate somewhere else.

      Refinance Student Loans with Credible

      • Compare prequalified refinancing rates from up to 10 lenders
      • Credible users save an average of $18,000
      • Fill out a simple 2-minute form to compare rates
      • Checking your rates won’t affect your credit score

      Refinance with Credible

      So if even if you do not think you are eligible for student loan refinancing, it doesn’t hurt to check and it doesn’t hurt your credit score.

      What can refinancing do for you?

      Refinancing can sound confusing, but it isn’t. Searching for “best student loan refinance reddit” comes up with a ton of results but the goal of your refinancing your student loans is to pay less on your loans over the long term.

      Refinancing your federal student loans or private student loans can get you a lower rate and possibly favorable repayment terms.

      According to CNN, On average, borrowers who refinanced reduced their rate by 1.7 percentage points, cut their term by five years and can expect to save $18,668 over the life of the loan, according to the report.

      Where to refinance?

      The lenders in the table below are our picks for the best banks to refinance student loans and consolidate student loans and start saving more money in 2019! These lenders don’t charge origination fees or closing fees and provide the best rates.

      LenderVariable APRGet startedDetails
      laurel road logo2.25% to 6.65%Check rates
      at Laurel Road

      Laurel Road Details

      • Loan Types: Variable and Fixed
      • Terms: 5, 7, 10, 15, 20
      • Eligible Degrees: Undergrad and Graduate
      • Eligible Loans: Private and Federal
        lendkey2.01% to 8.88%Check rates
        at LendKey

        LendKey Details

        • Loan Types: Variable and Fixed
        • Terms: 5, 7, 10, 15, 20
        • Eligible Degrees: Undergrad and Graduate
        • Eligible Loans: Private and Federal
        earnest
        1.81% to 6.49%Check rates
        at Earnest

        Earnest Details

        • Loan Types: Variable and Fixed
        • Terms: 5 – 10
        • Eligible Degrees: Undergrad and Graduate
        • Eligible Loans: Private and Federal
        studentloansadvice1.81% to 5.74%Check rates
        at SoFi

        SoFi Details

        • Loan Types: Variable and Fixed
        • Terms: 5, 7, 10, 15, 20
        • Eligible Degrees: Undergrad and Graduate
        • Eligible Loans: Private and Federal
        student loans advice2.02% to 7.09%Check rates
        at Commonbond

        Commonbond Details

        • Loan Types: Variable and Fixed
        • Terms: 5, 7, 10, 15, 20
        • Eligible Degrees: Undergrad and Graduate
        • Eligible Loans: Private and Federal

        Benefits from these student loan refinancing banks

        Rest assured, when you choose to refinance your student loans with a new company, they may have a set of benefits for their customers. Some refinancing companies have options to make bi-weekly payments to help with interest or to even have the flexibility to skip a payment during a difficult month. It is good to research your potential companies before choosing who to refinance with and base your choices on the benefits they give.

        The choice to refinance your student loans can be a great way to tackle college debt and lower your monthly payments. Everyone wants to save money, and refinancing could be the option for you to pay off your debt sooner and possibly build up your savings a little bit more. While refinancing your loans may not be the best option for everybody, weighing your options will help decide if refinancing might be good for you and your bank account. With lower interest rates, refinancing may help you save a lot of money on your overall student loan debt. best student loan refinance reddit

        Other resources to help pay down your student loans

        If you are looking for ways to pay off your student loans here are some helpful resources:

        Have any questions about the best banks to refinance student loans? Leave us a comment below. best student loan refinance reddit

        9 Best Money Making Websites That Pay You Cash

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        Are you looking for easy websites to make money or ways to make money fast outside of your job?

        Then you’ll love this article. I’ll share several lucrative ways you make some money through the best websites to earn money.

        Why would anyone want to make money with money making websites?

        Depending on a monthly salary can be frustrating. With rising living standards, making it to the end of the month can prove to be difficult.

        Some people depend on having side income streams to make ends meet, so learning to make money outside of your job is beneficial for most people.

        There are plenty of ways to make money over and above your monthly salary. In order to do this, you would have to fully utilize your time and resources you already have. This is possible through these simple money making websites.

        personal finance wiki

        9 Money Making Websites To Earn Money Online

        Looking for some quick ways to make a little extra cash? Check out these options.

        1.  Amazon Flex

        Amazon Flex – The latest entry to this market space, Flex launched in Amazon’s home market of Seattle and has since expanded to two dozen other markets. You can earn up to $25/hour delivering packages to Prime customers in under one hour. You cover gas, maintenance, and any other car expenses.

        2. Mechanical Turk

        Mechanical Turk – Another Amazon service, Mechanical Turk lets you do “human intelligence tasks” online for a variety of pay points. One man earned $20,000 doing these small jobs from home while he still had a full-time job!

        3. Task Rabbit

        TaskRabbit.com: Cleaning, shopping, and delivery, handyman, moving help, general help and summer tasks are a few of the categories that you can hire yourself out in.

        4. CheckPoints

        CheckPoints.com: App that offers manufacturer deals while you’re in the store. You earn points for simply scanning the barcode on an item in a store. No purchase of the product is necessary. You can redeem the points you collect for free gift cards, airline miles, and other perks.

        5. Easy Shift App

        EasyShiftApp.com: Become an on-demand secret shopper. You’re assigned “shifts” by product manufacturers who want people on the ground to go into stores and confirm that their merchandise is being displayed properly. The pay rate for a shift is between $3 and $8 and the money is remitted to you via PayPal.

        6. Foap

        Foap: Make money by taking photos. Plus, you can charge as much as you want per photo.

        7. Field Agent

        Field Agent: Find local jobs in your area and complete them within two hours for cash.

        8. Fiverr

        Fiverr.com – Are you an expert at reviewing resumes? Designing websites? Improving PowerPoint presentations? Developing marketing materials? If you can do any of these things or more, there’s a market for your talents on Fiverr.

        9. eLance

        eLance.com – Offer your freelance services to others in a variety of fields.

        These are the Best Websites To Make Money! Go Get It!

        One of the great things about the internet is that it’s such a great way to get into business for yourself.

        No matter where you live, as long as you have an internet connection, you can make money online.

        In this article, you found some of my favorites ways to make money online with these easy sites that’ll help you earn in 2020.

        We hope this helps you in some way. Please feel free to contact me if you have any questions at all about these money making websites!

        How Are Millennial Homebuyers Saving To Buy Their First Home?

        0

        Millennials’ interest, and their perceived lack of interest in homebuying, has drawn many headlines over the last few years.

        Most of that attention is rightly focused on student loan payments weighing down this generation in debt. Today’s average student debt has ballooned to $37,000. These sky high monthly payments coupled with rising apartment rents and cost of living in metro areas — hello, avocado toast scandals — has made it nearly impossible for many millennials to afford a monthly mortgage payment, let alone a down payment on a home for first time buyers.

        So, Millennial Home Ownership?

        millennial homebuyers

        To put it bluntly: millennials are interested in buying homes — it’s just too expensive to do so.

        The National Association of Homebuilders has previously found that more than 90 percent of millennials say they eventually want to buy a house.

        But, median down payments on homes have risen to a three year high of $18,850 across the country.

        For those planning to buy in a city like Los Angeles, that number is more like $120,000 if you’re putting 20% down.

        Millennials are juggling a bunch of fairly new expenses that previous generations didn’t have take into account, whether it’s those dreaded student loan payments or on-demand and subscription services like Uber and Netflix that have become a part of everyday life.

        With December being a traditional month to start considering and saving up for home ownership goals, we decided to take a detailed look at where millennials currently stand with their homebuying plans and get insight into which expenses are the toughest to cut.

        Millennial Home Buying Trends

        Open Listings surveyed 500 U.S. millennials between 18-34 years old to dig into how they plan to save up for a home and additional financial measures they’re taking to afford their downpayment.

        millennial homeowners

        Millennials are Buying Homes, Especially in the Midwest

        Our representative sample of U.S. millennials found that 44% of the much buzzed about generation has bought a home to date. This falls somewhat in the middle of previous real estate industry analysis and past studies on millennial homebuying.

        Overall, millennial men were more likely to have bought a home (47%) than women (40%).

        Furthermore, 30% of those under 24 are currently homeowners, and 53% of millennials older than 24 have a bought a home.

        48% of the respondents, which have yet to buy a house, plan to buy a home within five years. The other 52% of non-homeowners plan to buy in more than five years.

        Millennials’ purchases of homes and plans to, also continue to be regional in nature.

        For instance, 51% of millennials in the Midwest note they have already bought a home, versus 41% of millennials on the east and west coasts.

        Home Buying Tips For Millennials

        millennial-homebuyers

        It seems like millennials really do love their avocado toast — or at least, dining out.

        When we asked respondents to choose the hardest expenses to cut from their budgets when figuring out top savings to buy from a home, dining out (e.g. avocado toast) was the most frequent answer (37%).

        millennial home buyers

        Surprisingly, it even beat out those who are trying to beat student loans with Student Loan Payments (35%), which is often a large fixed cost that cannot be easily mitigated within a personal budget.

        In some sense, it’s not a huge surprise.

        Previous studies have noted that the average millennial eats out 5 times per week, which is more than 14% more than baby boomers.

        Even if it’s is the healthy, quick service choice that many millennials are opting for (think: Sweetgreen, Cava), we’re likely talking about $60-$100 per person, per week.

        Over the course of the year, that amounts to almost $5,000, or around 25% of the current national down payment average for a home!

        For existing millennial homeowners, dining out was an even tougher expense to cut, with 44% of them saying it was the hardest expense, compared to 27% choosing student loan payments.

        It’s likely that current millennial homebuyers may have been able to buy a home earlier because they weren’t suffering the same student debt crunch. Therefore, cutting student loan payments from their budgets while saving for a home was easier than their cohorts.

        Comparatively, millennials that noted they wouldn’t be buying a home for at least another five years were the most likely to note how hard it was to cut student loan payments from their expenses (43%).

        This group of respondents was also more likely than their peers to note that Cable (e.g. Comcast), Transportation (e.g. Uber) and Online Subscriptions (e.g. Netflix) were hard expenses to cut from their personal budgets.

        When it came down to other variable expenses, women found it easier to cut the gym from their expenses (8% noting it was hard to cut out) than men (13% noting it was hard to cut).

        Millennials Guide To Buying A Home

        millennial homebuyers

        While the number of millennials moving back in at home draws media headlines, there are a variety of financial measures today’s millennial homebuyers are taking to save for a home.

        Moving back in with mom and dad isn’t at the top of the list.

        Millennials would rather consider getting a side job to accompany their 9-5 (40%).

        They’re also likely to be foregoing yearly vacations (34%) and are more likely to consider moving in with a roommate to save for a home (19%) before going back to their old room at their parents (15%).

        Those that said they won’t be buying a home for at least 5 years were the most likely to note they would consider moving back in with their parents (18%) to save money for a home (likely trying to become a saving junkie).

        Women were also slightly more likely (16%) to note they would consider moving back in with their parents versus millennial men (14%).

        Somewhat surprisingly, millennials that noted they were within 2 years of buying were the most likely to note that they would consider selling their car to save for a home (18%).

        This could be a result of eyeing locations that are more urban or near public transit.

        9% noted they’d consider renting their apartment on Airbnb to save for a home.

        Millennial Home Buyers 2020

        With the impending impact of tax plan reorganizations and the continuation of a volatile market, the next two-five years will provide further insights into millennials and homebuying behavior.

        It remains to be seen if these financial measures and priorities give the next generation of buyers the possibility to grab their own slice of the home-owning pie.

        Home Buyers Survey

        Get the full infographic from our study:

        millennial homebuyers