Category Archives: College Life

The Pros and Cons of Work-Study Programs

Pros and Cons of Work-Study Programs

Work-study programs allow students to work part-time jobs while pursuing their studies. These jobs, typically available to both undergraduate and graduate students with financial needs, can be on or off-campus and are often related to a student’s field of study​.

However, like any program, some pros and cons need to be considered.

What is a Work-Study Program?

Federal Work-Study is a financial aid program that needs to be applied for when filling out your financial aid application. It provides part-time jobs for students who demonstrate financial need. These jobs typically involve working with the public or are loosely related to a student’s course of study. In addition to on-campus work-study jobs, off-campus jobs are often available with local businesses subsidized by your school.

The Benefits of Work-Study

Work-study programs offer several potential advantages.

Gaining Experience in Your Field

Most colleges aim to match students with work-study jobs that align with their chosen course of study, providing an opportunity for real-world experience in the student’s field of study.

Flexibility

Work-study programs understand that students have academic commitments. Therefore, most work-study jobs offer flexibility in hours and work around your class schedule.

Less Competition

As work-study jobs are only offered to students who qualify, the potential pool of applicants is considerably smaller than the jobs a student might apply for off-campus, leading to less competition amongst potential job candidates.

Financial Relief

Work-study jobs provide extra cash that you can put aside towards paying tuition costs, potentially allowing you to take out fewer college loans and accumulate less debt in the long run.

Impact on Financial Aid

Earnings from work-study do not count on your FAFSA, which can potentially maintain or increase the amount of financial aid you are eligible for, unlike earnings from a part-time job off-campus.

Convenient Locations

Most work-study jobs are located directly on campus, saving students a significant amount of time commuting over the course of a semester​.

The Drawbacks of Work-Study

Despite the benefits, there are some drawbacks to work-study programs.

Low Wages

Most work-study jobs only pay minimum wage, which may not be enough to support recreational activities or educational expenses, particularly given that work-study jobs may ask students to handle more complicated tasks compared to other low-paying jobs.

Limited Hours

Work-study jobs typically have a strict maximum number of hours students may work in a week, which, coupled with low wages, can result in a paycheck that fails to offset the added burden work-study can bring​.

Time Constraints

Engaging in work-study can take time away from studying, impacting your academic performance if not managed effectively​.

Demographics of Work-Study Students

As of 2021, over 289,022 work-study students are currently employed in the United States. Of this, 66.6% of all work-study students were women, while 33.4% were men. The average age of an employed work study student was 47 years old. The most common ethnicity of work study students was White (57.2%), followed by Hispanic or Latino (17.6%), Black or African American (11.3%), and Asian (8.2%)​​.

Should I Graduate College Early: Pros And Cons

Graduate College Early Pros And Cons

Most college students don’t complete their courses within the standard four years. According to National Center for Education Statistics (NCES) data, in 2020, 64% of undergraduates took six years to graduate.

Notwithstanding the statistics, it is possible to graduate college early and complete your degree in under four years. Graduating early can seem enticing, especially for overachievers who want to get out the door quickly. But it is a major life decision that has a ripple effect on your career and life.

Before you make a choice, check out the following pros and cons.

Pros Of Graduating From College Early

Here are the major advantages of graduating from college early:

1. Lowers The Cost Of Your Degree

One of the key reasons that many college students want to graduate ahead of schedule is to cut down on the cost of a college education.

According to the College Board, in 2021-22, a four-year college degree costs an average of $27,330 for students attending state schools and $44,150 for students attending private universities.

Graduating early reduces the time you spend in school, resulting in a lower overall cost. You can slash your college education budget significantly and save more on tuition, textbooks, room, and board.

2. Reduces The Need For Student Loans

By graduating early and slashing the cost of your college education, you can obviate the need for student loans. You will graduate with less student loan debt, making your loan repayments more manageable.

3. Allows You To Join The Workforce Sooner

If you graduate at the same time as most college students, you’ll face a highly competitive entry-level job market.

Other graduates will be vying for the same open positions, making getting a job quickly challenging. If you choose to graduate early, you’ll face less competition, which can help you get a job more easily.

Also, when you enter the workforce sooner, you can start earning sooner. This will help you repay any earlier debt, and you can start enjoying your life and building your savings or retirement fund.

Moreover, graduating early and getting a job quickly helps you qualify for student loan refinancing, as you’ll have a regular source of income. You can refinance your student loans for a lower interest rate or opt for a different repayment term.

Cons Of Graduating From College Early

While graduating early has many benefits for students, it also has some critical drawbacks, such as the following:

1. Tougher Course Load

If you choose to graduate from college in less than four years, you will have to take a tougher workload in college than other students. While your peers may take just three or four classes, you may have to take five or six to complete your degree faster.

Such a hectic schedule can make it demanding and stressful to juggle your coursework and other commitments.

2. Missing Out On Activities

Senior year of college is an exciting and crucial period for most students. Final-year students often get access to a greater variety of extracurricular activities in college. They also get more time to spend with their friends than those who graduate early.

They can also discover their interests in different fields by taking fun electives, which can guide them in their career.

If you opt for early graduation, you will miss out on that time with friends and extracurricular activities. You’ll also miss out on valuable insights into your interests and hobbies, which may reduce your opportunities to learn and grow.

3. Not Emotionally Ready For Post-College Life

Life after college is vastly different from college life. Once you graduate, you will have to start living your “adult” life, which involves many duties and responsibilities.

You may have to find an apartment, handle utilities, and cook for yourself. On top of that, you have to start looking for a full-time job and manage your schedule, which can be overwhelming.

If you graduate early at a young age, you may not be emotionally ready for all the challenges in life that adults go through. Before venturing out and taking on adult responsibilities, some students may benefit from spending more time studying, learning, and gaining experience.

Conclusion

Graduating early has its pros and cons. Make sure you weigh them carefully before you make a decision.

Tips to Increase Your Credit Score

Tips to Increase Your Credit Score

If you’ve ever had trouble getting a loan or been denied credit, chances are your credit score was an issue.

Credit scores are calculated based on your past behavior with financial institutions. The higher your score, the better your chances of being approved for new loans and credit cards.

If you have good credit, it’s important to take care of it! You can do this by adopting simple habits like always paying off your bills on time, keeping debt low (ideally below 30%), and avoiding late payments.

But what if you don’t have good credit? Are there any ways to raise your score? Let’s find out.

What is a Credit Score?

A credit score predicts the likelihood of timely loan repayment. Your credit score is gauged based on a few factors, most of which include your past payments like your:

  • Payment history
  • Debt
  • Types of accounts opened
  • Credit applications
  • Foreclosure
  • Bankruptcy

Tips for a Better Credit Score

If your credit score is lower than you’d want it to be, there are a few ways to boost it. Depending on what’s holding down your credit score, you can add a few points to your credit score by following these tips.

Pay Credit Strategically

Credit builds up fast. If you ignore your credit card balances, they will continue to add up. It’s a good idea to develop a strategy to monitor your credit balances. Of course, paying with a strategy comes with rewards.

There are a few things you can do to pay off your credit quickly to positively impact your credit score in the long run:

  • Pay more than what you owe each month
  • Try to make more than one payment every month
  • Focus on paying off your most expensive debt
  • Try to renegotiate your loan term to make it shorter

Aim for a Reasonable Credit Utilization

Most people aren’t aware that banks don’t commend you for spending your entire credit limit even if you pay it off on time. If you really want to build your credit score more quickly, you should only utilize 30% of your credit limit.

A good rule of thumb to remember is that you should aim to spend less than your total credit limit each month. This will make it easier for you to make timely payments while also building up a record of paying off your debt on time.

Ask for a Credit Limit Increase

If you’re unable to reduce your spending, consider asking for a credit limit increase. Keep in mind that this may only work if you don’t have any outstanding balances with the bank.

This way, it will look like you’re spending less, without really doing anything to change your spending habits.

Pay Bills on Time

Every bill or transaction should be paid on or before the due date. Late payments will only drag down your credit score further. Here are some things you can do to stay on top of your due dates and ensure that you don’t miss a payment:

  • Set account reminders
  • Automate your payments
  • Mark it on your physical calendar

Correct Credit Report Errors

The smallest mistake could pull your credit score down considerably. So, when you’re conducting a review of your credit reports, make sure you take note of any incorrect information. Mistakes happen, and it’s never a bad idea to contest them especially if they affect your credit score.

This is also a good opportunity to spot charge-offs, which you’ll want to work towards removing.

Why A Good Credit Score Is Crucial

Credit scores are the three-digit numbers lenders use to determine whether or not you’re a reasonable credit risk. Additionally, they look at your past payment habits and other factors, such as the type of accounts you have opened and how long they’ve been open.

A low credit score can make it harder to get approved for loans, mortgages, lines of credit, and more. A high credit score, on the other hand, may help you get approved for these products at a lower interest rate.

The higher your credit score, the better your chances of getting approved for a loan or credit card.

Increase Your Credit Score Today!

The tips we’ve outlined here will help you to improve your credit score and, in turn, make it easier for you to manage your finances and get the loans you need. If you are looking for a loan, consider using these tips to increase your credit score so that you can qualify for better interest rates and repayment terms.

How To Sell Your Old College Textbooks And Make Some Extra Money

sell Old College Textbooks

Apart from tuition, one of the major expenses college students face is their textbooks as well as course materials. In 2021, full-time, undergraduate students spent approximately $1240 on textbooks on average.

While this is an unavoidable expense, there are still ways to get your money back once you’re done using these textbooks. After the end of the semester, the piles of books in your cupboard are of no use to you plus it only occupies space. There is always a demand for used college textbooks and this can be a golden opportunity for anyone looking to sell their used copies.

Here’s what you need to know about selling your old college textbooks so you can make some extra money.

Maintaining the Condition of Your Old College Textbooks

Whether you had pre-planned or have just decided to sell your books, the condition of your books will play a major role in determining how much you’re able to sell them for. A buyer or a bookseller may refuse to entertain textbooks with doodlings or drawings.

Loose-bound books or books with missing pages and water and food stains will also not be accepted by most buyers. If your textbooks include supplementary materials like a CD, make sure you have those intact.

While the easiest way to avoid this is by using the books with care or trying to restore the books as much as possible. And since you may decide to sell your next batch of textbooks as well, make sure to keep them in good condition.

When To Sell Your Books

Typically, there is a higher demand for textbooks at the start of the semester, whereas there will be little to no demand at the end of the semester.

Generally, there is a major drop in the book value during summer and the demand shoots up once school reopens. So, aim to sell the old textbooks before school begins.

Keep in mind that the book value decreases over the years and can reduce significantly if new editions are released by the publishers.

Best Ways to Sell Your College Textbooks

Once you have ensured that your books are in good condition and have decided when you will be putting them up for sale, you have multiple options for selling your books.

1. Sell Directly To Students

The easiest way to sell your old college textbooks is to sell them in person to students. When you decide to sell them directly to a new student, your potential customers are mostly your juniors. You can advertise your textbooks through word of mouth or by putting up a notice in your dorm or on social media accounts like Facebook.

As for pricing your books, you can find out the average price at which your nearby stores are selling used copies and lower your price by a few dollars. This will ensure that you get more money as you will be cutting out the middleman and selling directly to your customers. You will also be charging less than bookstores.

2. Selling To A Bookstore

Many bookstores tend to buy back used college textbooks. In this case, however, there is a middleman involved so you will get a lower price for your books.

It is a very convenient way to sell your books that will also get you hard cash in hand. However, selling your books at a bookstore most often gets you the lowest price compared to any other method.

3. Selling Online

A lot of students prefer buying second-hand textbooks online, so this is an effective way for you to sell your books. Here are some of the most popular sites where you can sell your old college textbooks:

  • Amazon
  • eBay
  • Decluttr
  • BookByte
  • BookDeal
  • GoTextbooks
  • Cash4books

How It Works

Selling your books online is typically a fairly simple process.

You will have to look up your textbook’s ISBN (International Standard Book Number). Once you have that, enter the ISBN on the site and you will receive a quote for the books. You can then decide whether or not you want to sell the books to that site.

If you decide to sell your books, you receive a prepaid shipping label that you can get printed and ship your book to them. Some sites may require you to pay the shipping fee.

Make sure you provide correct information about the condition of your book. If your books do not match the description you have given, there is a very high likelihood that the books will be returned to you.

Selling online will get you the best price for your book as you can compare quotes from different sites and select a site that’s giving you the best deal. However, it is also the option that requires the most effort on your part.

Conclusion

College textbooks have a decent resale value. And though there are a number of ways to sell your old college textbooks, ideally, the best option is the one that gets you the highest price for your books with the least hassle.

Make sure you maintain the condition of your books and sell them at the right time to increase your likelihood of turning a profit.

How To Be More Disciplined – 5 Simple Habits To Learn

How To Be More Disciplined

Self-discipline is a trait that allows people to achieve their goals. This, in turn, improves their lifestyle and contributes to their overall well-being and happiness.

Despite popular belief, discipline is a learned quality. This means you can improve it with practice and consistent effort.

Being disciplined allows you to stay in control of your actions, feelings, and emotions. It helps you remain motivated and focused on the task at hand, which will boost your chances of success.

Don’t know how to go about developing this trait? Here are 5 simple habits that will help you build discipline.

1. Know Your Strengths And Weaknesses

Recognizing your strengths will empower you and create the positivity you need to achieve your goal.

Your strengths could be determination, dedication, creativity, or versatility. They could also be your ability to be patient, calm, respectful, and honest.

You can use your strengths to proactively combat your weaknesses. Your weaknesses could include procrastinating, drinking, smoking, too much screen time, or irregular eating and sleeping routines.

Weaknesses pull you away from your goals. Mastering self-discipline becomes easy when you recognize and overcome your weaknesses.

2. Remove Temptations

The best way to overcome temptations is to remove them in the first place. You cannot go on a diet with your pantry full of your favorite junk food, nor can you go through your budget plan while browsing through online stores.

If you’re addicted to social media, uninstall the applications on your phone or turn off notifications.

It’s better to reserve self-control for unforeseen and unavoidable circumstances rather than exhaust your willpower on avoidable situations.

You are only human, and there are only so many temptations you can resist. By removing temptations, you can easily stay disciplined.

The fewer distractions, the clearer your goal. This increased focus will help you accomplish your goal.

These small sacrifices will help you lead a more successful and fulfilling life.

3. Set Small Goals

Setting a goal helps you develop a clear vision, but it is easy to get discouraged if you set very difficult and challenging goals on your new route to self-discipline.

The key to accomplishing goals is to first define them.

Break your main goal into smaller goals and celebrate whenever you achieve one of your subgoals. Plan and execute your mini-goals with time-bound guidelines.

Write down your goals and make to-do lists so you know you are working on them every day. Consistency is key to discipline and achieving goals. If you are trying to lose weight, work out for 15 to 20 minutes a day instead of 2 hours once a week to stay consistent and ease yourself into it.

Every little achievement will make you more disciplined and your life more productive. It will also give you the confidence to achieve bigger goals and the motivation that you need to keep going.

Start with one small goal and move to the next only when you have accomplished the former. The same applies to new habits whether it’s going to the gym, going to bed early, or spending less time on social media. Start with one new habit at a time, instead of being overwhelmed by several in an effort to be disciplined.

If you have a couple of things to do, prioritize and tackle them in the order of priority.

4. Nurture Yourself

One cannot overstate the importance of self-care in achieving discipline. It’s fine to put in a little additional time now and then, but if you’re working overtime for months on end to achieve discipline, you’ve lost sight of the objective. Your sleep-deprived mind will struggle to make decisions, and your body will suffer as a result.

Any objective, let alone discipline, will be impossible to achieve with a weary mind and body. When you are exhausted, you cannot work at your highest potential. It makes you lose focus on the task, which also makes you grumpy and pessimistic, breaking your resolve.

Eat well-balanced meals at regular intervals, with healthy snacking in between, to keep your body nourished. Combine healthy food with regular exercise. This will boost your mood and provide you with the energy you need to achieve your goals.

5. Treat And Forgive Yourself

Self-discipline does not mean you have to be too hard on yourself. It is important to treat yourself with breaks and rewards after little achievements. This will make you feel energized and restored, so you can move toward achieving your goal with increased enthusiasm.

If you’ve failed at achieving a goal, evaluate and figure out where you went wrong. Try again, without losing heart.

If you have made a mistake, forgive yourself quickly and move on instead of dwelling on the mistake. This will help you save valuable time that you can use to work on your goal.

Wrapping Up

Your path to self-discipline will have its fair share of bumps and failures. So when you face one, use it as a learning experience and move on. Instead of wrapping yourself up in guilt and frustration, forgive yourself and get back in the game with more fervor. Once you have learned to conquer yourself, everything else comes easy.

9 Career Fair Tips For College Students

Career Fair Tips For College Students

One of the things college students worry about is getting a job – and not just any kind of job – a job that makes them feel fulfilled. A career fair allows students to find a potential employer or sponsor. It’s like a job interview but for college students and the greatest mistake one could make is to go unprepared. You need to prepare your mind to nail your pitch, but it’s more than that. It comes down to your dressing, your smile, posture, and a whole lot of other things. This article will help you find some of those things you might miss when preparing for a college fair.

Important Career Tips for College Students

  1. Prepare the outfit: Don’t go on a closet destruction spree for the perfect outfit. What you need isn’t a nice outfit; you need smart and professional dressing. Stick with minimal colors, but at the same time, don’t be boring. You need the employers to remember you for something. Keep neat, clean, put-together, and of course, like you have something valuable to offer.
  2. Update your Resume: Everyone learns every day and you might have learned new skills you want to add. Check through your resume to make sure that you have properly and professionally sold yourself the best way possible with all your skills, qualifications, and experience levels. Add some of your accomplishments if you have and make sure that you have enough printed for 10 to 20 employers. If you have ever worked a seasonal job during your gap year, be sure to put it in the resume.
  3. Research on the employers that would be at the fair: If you can, ask about the employers that would be around – what they do, their companies, what they are looking for, the kind of skills they need, and so on. This will make for a great conversation when they begin to engage you in a discussion. However, be careful not to sound like you stalked them online.
  4. Prepare the pitch: Your pitch is like a short elevator speech that is about a minute or two minutes long but captivates a potential employer. See it as an audio resume where you highlight your value to their company. Though this can be slightly hard to figure out, practice as many times as you can and ask your teachers, family, and friends for advice.
  5. Be on time: You might think ‘but the fair doesn’t start till 8’. If you want to land the front seat, you need to be on time. Campus job fairs are always crowded with smart pants and you wouldn’t want the employers meeting with you when they are exhausted.
  6. Be attentive during interviews: Most times, students have already prepared a list of possible questions they’ll be asked during interviews – and though this can be great for practice, it makes some of them give correct answers for a different question. During interviews, listen carefully to the questions, understand them, and ask them to repeat if it’s not clear. Avoid jumping to answers, understand the question first, and give a coordinated and correct response.
  7. Ask questions after: This is what sets you apart from other students at the fair. Asking questions makes the employer feel that you understand his or her company and you are interested in adding value and not just getting a working space. Most times, they remember these questions and put you in mind for a hire.
  8. Ask for ways to stay in touch: Part of asking questions is asking for a business card, an email, or a phone number that you can reach them on. Ask also, for the best times and medium to reach out. Some employers prefer phone calls while others might prefer emails.
  9. Keep in touch: Finally, it’s not enough to ask for the medium, you should also follow up with those you feel were particularly interested in you. Why? You may ask. Most times, (especially if you arrived early), potential employers would have interviewed so many people that you will be almost forgotten. Following up with prospective clients will help you remind in sight.

Conclusion

A career fair can be the most competitive, overwhelming, and stressful part of being a grown-up in college. The worst is that sometimes, you might not even get a potential employer to look your way for a long time while you wait in your stand. However, keep a positive vibe and follow all the tips that have been mentioned above. Just remember to highlight the best things about yourself while you keep a great smile.

What is Dual Enrollment? How does it work?

What is Dual Enrollment

Dual enrollment allows a student in high school to enroll for classes in college at the same time. It helps students save money on college since you’ll be taking lesser courses in the college than the students that waited until after high school. It also helps the student get into the workforce market much sooner. Sometimes, the fee is covered by the state and other times, the student has to pay the fees in full by him or herself. However, there’s more to dual enrollment than what meets the eye. This article entails what dual enrollment is, how it works, and a bonus at the end with information regarding the requirements.

What is Dual Enrollment?

Dual Enrollment is simply what it is – a student enrolling for two classes at the same time. With dual enrollment, a high school student can take college classes and run high school programs at the same time. This allows the student to earn college credit while still in high school. These students end up having to work two schedules which can prove difficult for a few students. Some other students might find it hard to participate fully in both programs which allows them to miss out on the ‘fun’ of schooling.

However, there are some benefits to it. A student that is running a dual enrollment program will earn college credits on time, get a head start on degrees, and graduate much quicker. It also helps to ease the tension and anxiety of the ‘new-world experience’ of college. But how does it work?

How does dual enrollment work?

Since the student is allowed to run two programs at once (high school and college), when a student passes a dual enrollment (or dual credit) class, it counts as a credit for both programs. The kind of classes or what sort of classes are involved depends entirely on the school district. Some schools offer general subjects and courses like Science, Social Studies, Math, English, and likely Humanities.

However, these course works are usually introductory subjects so they are not overly tough for the incoming high schoolers. The courses usually last for a single semester which doesn’t allow the student to be too choked-up with double schooling.

The exams and tests are usually held at the high school either as an online assessment or a physical test. They can also sometimes be held in a local community college and as long as the state requirements are met, there would be no problem.

Dual credit classes are for those that require or are chasing after certain degrees and certifications like Carrer or Technical Education Certificates, Associate’s degree, or a Bachelor’s degree. The grade that ensures a pass during a dual credit program is a C and above (B or A). Also, the credit doesn’t only count during assessments, tests, or exams, They also count during admission processes or whenever the college administrators count credits.

However, you might need to note that though dual credit/enrollment might seem like a good idea, not all states accept these credit types. Out-of-state colleges, for example, or even private colleges are less likely to accept dual enrollment credits so you might need to search in-depth to know what schools and states accept dual credit. That’s why you might need the next section on the requirements for dual enrollment.

Dual Enrollment Requirements

  1. Dual credits are usually awarded or offered to only high school seniors and juniors. The students need to be at least a sophomore or a junior. Only a few schools will allow younger students to participate in their current grades are over-the-top excellent.
  2. If the student is a resident or is schooling in North Carolina, Mississippi, Maine, Alabama, Missouri, or Florida, the student has to have at least a 3.0 GPA to participate in dual credit programs. A student with a lower GPA will be considered unable to balance the two schedules properly.
  3. Students might require a written recommendation and permission letter from the class teacher, subject teacher, principal, coach, or parent as the case may be.
  4. Minimum ACT or SAT scores might also be required.

Conclusion

Dual enrollment is a great way for an outstanding student to get a feel of what college life will look like plus he or she can add up some college credits while at it. It is also great for saving costs. As long as the requirements are met, nothing might be able to stand in the way of getting those degrees and preparing for the workforce market early on.

How Are Private Student Loan Interest Rates Determined?

Student Loan Interest Rates

Only a few students go through the entire school year without collecting a loan of some sort. But that is not the hard part. The challenging part is paying back the loan. However, some students prefer to know how the interest rate will be determined so that calculations and projections can be made. If this sounds like you, then you are in the right place. This article will explain what interest rates are, how they are determined for student loans, and how they affect your loan at the end of the day.

What Are Interest Rates?

Interest is a percentage (fixed or not) of a certain amount, positive or negative – as in the case of debts. When you borrow an amount, or you are loaned money, an interest usually follows and the rate increases with every day that the debt is owed until the loan is paid back in full. For example, if the interest rate of a loan of $1000 is 0.2%, that means that a sum of $2 will be added daily to the total amount you’ll pay back (for example). So that at the end of every month, you have an additional $60 to pay when you pay off your loan.

In reality, the interest rate isn’t that thick but at the same time, you must know that some federal student loans place a fixed rate and it affects the total cost of your monthly payment or loan. However, not all interest rates are fixed. Some are varied – well it is called variable interest rates. Let’s take a look at that for a minute.

Fixed vs Variable Interest Rates

Fixed rates are certain fixed amounts you should pay at the end of the day regardless of how much you loaned or how long it took you to pay back. While this might sound great for those that like to stall on payment – there might be some disadvantages. There are different methods for determining fixed interest rates and it depends on the type of loan, the lender, and maybe the state you are in. However, this type of interest rate still seems to b a better option for those that are running a long-term loan plan.

The variable interest rate is flexible and fluctuating. It can also be tagged ad fluid because it changes with regard to the market index. Therefore your monthly payment might change (increase or decrease) during the time of repayment depending on what the market index says. Over time, the interest rate might become overwhelming or not but it’s not too safe for long-term loaners.

When the federal government grants student loans, the interest rate is usually fixed but when it comes to private lenders, it depends. Some prefer fixed rates while others go for variable interest rates. The type of interest rate you pick is dependent on a lot of things but mostly the term of the loan.

How Are The Rates Determined: Private and Federal Student Loan Interest Rates

Federal student loans are gotten by applying using the Free Application for Federal Student Aid (FAFSA). The fixed interest rate is usually based on a 10 year Treasury note rate and it is determined during May. The amount of the interest consists of a percentage attached to the loan type and the status of your education (undergraduate or graduate).

For Private loans, the deal is much different. First, the application varies from company to company and they can be funded by online lenders, credit unions, banks, and so on. The type of interest rate (fixed or variable) is also subject to the company that’s lending out the money. However, they usually work with credit history before giving out loans so that they can ensure that they’ll get their money back. They also look at your income frequency and status and employment history. Some companies check your credit and do a critical evaluation before awarding a loan. All of these they do only to be sure that you will pay back their money – and on time too.

Conclusion

Many things affect a student loan, the lender, the type of interest rate, market factors, rate choice, creditworthiness, and so on. However, the ways to determine the rates sit with what kind of loan it is – a federal student loan or a private one. Federal student loan interest rates are determined more easily and are straightforward while the other needs more documents, checks, and proof that you will pay back on time.

All in all, if you can pay off your student loans early, take the chance and do it!

10 Ways To Save Money On A Low Income

10 Ways To Save Money On A Low Income

As much as we’d all like to, not everyone makes 7 figures a year, unfortunately. That’s simply the sad reality of most of the working class. The constant battle to make ends meet can greatly impact your saving habits.

While it’s important to make sure your bills are paid and food is put on the table, there’s absolutely no reason for you to put your dreams of buying a house, car, or retiring worry-free on the back burner.

Saving money on a low income doesn’t mean you have to stop living your life to the fullest. It simply means finding a way to make the most out of your money while setting a little aside to contribute towards your future.

Let’s explore some of the best tips for saving money on a low income that won’t feel impossible to do.

10 Ways To Save Money On A Low Income

Anyone who has to deal with a low income knows how far planning ahead can go. That said, if you’re constantly feeling like you’re barely living paycheck to paycheck, it may be time to make a few changes.

1. Set A Budget

Without a set financial plan, you may find your money slipping away from your fingertips more quickly than it should. It’s important to take the time to sit down and think about where your money needs to be spent.

Financial experts like to follow a 50-30-20 rule where 50% of your income is allotted for your needs, 30% on your wants, and the remaining 20% goes into your savings.

This may or may not work for you, so it’s all a matter of building a budget that will help you keep track of your spending.

2. Reduce Your Housing Expenses

Your housing cost is one of your biggest expenses. According to the National Expenditure Survey, consumers spend around $10,080 on housing costs annually.

There are three things you can do to cut back on these expenses:

  • Downsizing to a smaller home or apartment.
  • Moving to a cheaper location.
  • Rent out any extra rooms or space.

3. Handle Your Debts

Trying to repay your debts can take a toll on your monthly budget, but it’s a necessity you can’t ignore. It may be challenging, but eliminating your debt more quickly will free up your money so you can use it on more important things like a home deposit.

4. Think About Your Food Costs

From packing lunches for work to cooking your own meals, there are many ways to cut down on food costs. We don’t mean eating the bare minimum. Instead, you should look into cooking your own meals rather than eating out.

If you want to stick to a budget, you may even find meal planning helpful.

5. Set Up An Automated Transfer

With cash on hand, it can be difficult to keep track of your money after paying the bills. One way to prioritize your savings is by setting up automated transfers each month.

This will allow you to set up your budget without having to worry about your savings and let you focus on your wants and needs depending on what’s left.

6. Find Cheap Ways To Entertain Yourself

Saving on a low income doesn’t mean you have to live a boring life. There are many ways to have fun while living frugally. Here are some suggestions to consider:

  • Take up hiking
  • Practice cooking
  • Take up gardening
  • Watch movies at home
  • Read a book

7. Visit Your Local Library

Libraries offer more than just free books. There are many free resources that they can offer such as:

  • Internet
  • Movies
  • CDs
  • Games

8. Look Into Cash Envelopes

It’s easy to lose track of your budget when all your money is in one place. To keep things organized and give you a clearer view of your spending habits, try the envelope method.

It’s simple — all you need to do is take a few envelopes, label them according to your expenses, and fill them with your allotted budget. And stick to these allotted amounts.

9. Find Affordable Banks

Banking costs are the bane of any low-income earner’s existence. Not only do they riddle you with unnecessary fees, but it can take a huge toll on your budget. To help you save in this area, it’s a good idea to look into fee-free banks.

10. Think About How Much Your Car Costs

If you own a car, then you’re probably spending several hundred dollars on it each month. It’s important to look into ways to minimize these costs, such as:

  • Switch to a cheaper insurance company
  • Try to pay off your car as quickly as you can
  • Scrap the car and bike or commute to work instead
  • Learn about doing minor car repairs at home

Conclusion

Savings not only help you prepare for retirement but also help you reach your dreams and act as a safeguard if you ever get laid off from work unexpectedly. There’s absolutely no reason for you not to save money.

We hope this list has given you an idea of how to save even with a barely manageable income.

What Foods To Buy In Bulk To Save Money And Food Waste

What Foods To Buy In Bulk

One of the smartest ways to save money when it comes to food is to buy it in bulk. Not only will you get large quantities at discounted prices but it will also reduce the need to go grocery shopping too often.

That said, you also need to know what foods can be stored for a longer period. Foods like bread and pastries do not store as well as others. Such items will just end up as food waste, along with the money you’ll be throwing away!

So, to help get you started, here are the top 10 foods you should buy in bulk to save money and minimize food waste.

Top 10 Foods To Buy In Bulk To Save Money And Food Waste

When picking out food to buy in bulk, it’s important to consider three things — how well they keep, how easy they are to store, and how flexible they are when it comes to cooking. This way, you won’t put off using them for longer periods just because you’re tired of the way they taste.

1. Canned Beans

Buying beans in bulk should be a no-brainer. They store well, are easy to use, and are versatile to boot! Canned beans are perfect because you can just open them up straight out of the can and use them. No need to cook or soak them! Plus, they can be used in a variety of dishes from tacos and beans on toast to adding them in pasta and rice dishes!

Average cost per can: $1.79

2. Canned Tomatoes And Tomato Sauce

Tomatoes are another great item to buy in bulk. These versatile and healthy fruits go well on a wide range of foods, including pasta sauces, stews, and soups. You can even use their juice in smoothies and other drinks!

Average cost per can: $1.25

3. Dried Lentils

Lentils are one of the most shelf-stable foods you’ll find in the market. While some studies show that storing these beans may reduce their nutritional value over time, it’s not that significant of a difference.

When stored in ideal conditions, dried lentils can last up to 10 years!

Average cost per pound: $1.56

4. White Rice

Dry white rice can be stored in an airtight container for up to 2 years. Since it doesn’t spoil easily, it makes sense to buy it in bulk. White rice can be used in a variety of dishes from desserts to burritos.

Average cost per pound: $0.71

5. Frozen Berries

Fresh blueberries are among the most expensive products in the market. Other berries like strawberries, raspberries, and blackberries can also cost a pretty penny. Luckily, you can save a few dollars by buying them frozen and in bulk.

While many raise concerns over losing the nutritional content of fresh berries when they’re frozen, it’s not of major concern and certainly not harmful to your health. And according to the USDA, frozen fruit can be safely stored for up to 6 months in the freezer.

 Average cost per pound: $2.04

5. Frozen Vegetables

Vegetables are an essential part of your diet since they’re packed with nutrients your body needs. However, buying them fresh can quickly become expensive. Vegetables also tend to spoil quickly; you might have found yourself unable to use them all up and having to toss most of them in the bin.

But like frozen berries, they can be stored for months. In some cases, frozen vegetables can last up to a year in your freezer.

Average cost per unit: $1.88

6. Honey

A healthier alternative to sugar, honey can be stored for up to 2 years according to the National Honey Board. When stored correctly, it can last for more, but this all varies depending on different conditions.

Average cost per pound: $1.97

7. Coconut Oil

Unlike other vegetable-based oils, coconut oil is more resistant to oxidation. This means it’s less likely to spoil over time. When stored in a cool, dark place, it can last for up to 3 years.

Average cost per pound: $0.46

Conclusion

When you think of buying in bulk to save money, it’s also important to consider food waste and minimize how much food you’re throwing away. Learning how to eat healthily is a very important step in keeping you running at full power your entire life.

A good way to do this is by looking into ideal storage solutions and buying food that is more shelf-stable. We hope this article has helped you learn about the best food to buy in bulk to save money and avoid food waste.