Tip of the WeekIf you are in the market for a vehicle upgrade, you just might want to consider buying a vehicle that is a few years old. The price will certainly be lower than that of a new vehicle and ownership expenses are often lower as well. A high-quality used vehicle has already taken its most significant depreciation so you should be able to buy a nicer version with more extravagant trappings. Sure, there are shortfalls too. New vehicles often come with lower [...]
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الأحد، 17 يناير 2016
10 Worst States for Student Loan Debt
Time and again, statistics show that a college degree is a good investment. College graduates make more money cumulatively, studies show, helping them achieve greater wealth over the course of their lifetimes.
A recent study from Georgetown University analyzed educational achievement and wage data to highlight this disparity. What they found: Those with a bachelor’s degree earn around 84% more over the course of their lifetimes. Translated into dollars and cents, that means a bachelor’s degree is worth as much as $2.8 million dollars on average. And, no matter how you cut it, that’s a lot of money.
Sadly, college graduates from recent years aren’t feeling rich yet. They’ve got student loan debt to contend with – and more of it than any other generation before them. Current student loan debt sits at record levels – currently over $1.3 trillion cumulatively, and growing a reported $2,726 every second.
10 States With the Worst Student Loan Debt
Nationwide, 69% of graduating seniors had some student loan debt in 2014, at an average balance of $28,950, according to a study by the Institute for College Access & Success. However, students in some states are carrying a bigger burden than others.
Factoring in both the percentage of graduates with student loans and the average amount owed, here are the states with the most student loan debt in the U.S. (data is for 2014 graduates of four-year institutions in each state):
No. 10: Illinois
- Average student loan debt: $28,984
- Pct. of students graduating with debt: 67%
At the University of Chicago, only 41% of graduates leave school with student loan debt averaging $23,323. But unfortunately that’s not the case at many other Illinois colleges. At Eastern Illinois University, for example, 82% of students graduated with an average debt load of $31,219 in 2014.
No. 9: Ohio
- Average student loan debt: $29,353
- Pct. of students graduating with debt: 67%
While students of the Ohio State University system fare better than the national average when it comes to student loan debt, with 56% leaving school with an average of $26,830 in loans, other Ohio students don’t get off so easy. At Cincinnati Christian University, for example, 86% of graduating seniors owed an average of $32,675 in loans.
No. 8: Wisconsin
- Average student loan debt: $28,810
- Pct. of students graduating with debt: 70%
While there are plenty of affordable four-year schools in Wisconsin — such as the University of Wisconsin’s flagship campus in Madison, where only 51% of seniors graduated with loans — others leave graduates with a pretty big debt burden. Four out of every five (82%) Northland College graduates owed an average of $30,637 upon graduation, while two thirds (67%) of Lawrence University’s departing senior class owed an average of $33,755.
No. 7: Iowa
- Average student loan debt: $29,732
- Pct. of students graduating with debt: 68%
While Iowa offers an otherwise low cost of living, students there carry more than their share of student loan debt. In 2014, the burden averaged out to $29,732 for the 68% of graduating students with loan debt in 2014.
Some schools dramatically drove up the average. In 2014, that list included Wartburg College, a small liberal arts school where 80% of 2014 graduates left school with average debt of $39,414, and Grand View University, a four-year school where an astounding 89% of graduates need to pay back $38,160.
No. 6: Rhode Island
- Average student loan debt: $31,841
- Pct. of students graduating with debt: 65%
Rhode Island is small state where relatively few schools compete for student education dollars, which is perhaps its downfall in terms of cost – and in terms of student debt burden. In 2014, 65% of graduates left Rhode Island schools owing $31,841.
In 2014, Roger Williams University saw 68% of its students graduate with an average debt of $40,612. Bryant University, meanwhile, left 78% of its 2014 graduates owing an average of $39,283.
No. 5: Delaware
- Average student loan debt: $33,808
- Pct. of students graduating with debt: 62%
Another small state, Delaware has very few schools — many of them expensive — which drives up the average price, and debt burden, tremendously. While students at Delaware State University paid in-state tuition of just $7,336 during the 2014-15 academic year, 89% of seniors walked out the door with average debt of $38,702. Ouch.
No. 4: Maine
- Average student loan debt: $30,908
- Pct. of students graduating with debt: 68%
College tends to be even more expensive in the northeast, and that includes Maine. Sadly, 68% of students there were saddled with an average debt burden of $30,908 in 2014, and this is despite the fact that the relatively small state boasts a wealth of public and private four-year institutions.
Obviously, some Maine colleges charged more and left students on the hook with bigger balances. In 2014, the colleges that left students with the most dent included the Maine Maritime Academy, which left 88% of students owing an average of $40,909, and Thomas College, where an astounding 95% of students graduated owing $36,278 on average.
No. 3: Minnesota
- Average student loan debt: $31,579
- Pct. of students graduating with debt: 70%
Higher education is taken seriously in Minnesota, with 32.6% of adults holding a bachelor’s degree or better in 2013 according to U.S. Census Bureau estimates. Unfortunately, that dedication has manifested into student loan debt for more than two thirds of the state’s students, to the tune of $31,579 on average for 2014 graduates.
The College of Saint Scholastica did the worst by far in 2014, saddling 77% of its students with average debt of $42,792. Another poor performer in 2014 was St. Catherine University, where 87% of students left owing $39,748.
No. 2: Pennsylvania
- Average student loan debt: $33,264
- Pct. of students graduating with debt: 70%
With 45 public, four-year schools competing for students, one might assume Pennsylvania is a state where competition is high and prices are low. In reality, Pennsylvania took the No. 4 spot on our list of the worst states for college affordability last year, with average in-state tuition and fees of $13,395 at public colleges. Indeed, across almost all of Pennsylvania State University’s 24 campuses, students graduated 2014 with an average debt burden of $36,935.
No. 1: New Hampshire
- Average student loan debt: $33,410
- Pct. of students graduating with debt: 76%
The fact that New Hampshire students leave school drowning in debt shouldn’t surprise anyone. Because of the high cost of tuition in the state – $15,160 on average for public, in-state schools – the state also took the top spot on our list of worst states for college affordability.
Unfortunately, the high cost of tuition at both public and private universities translates directly into high student debt levels. In New Hampshire, the worst reported offenders in 2014 were Franklin Pierce University, where 86% of 2014 graduates left school with loans averaging $38,546, and the University of New Hampshire, where 79% of graduates left with an average of $36,965 in loans. And at Keene State College, another public four-year school, 85% of students graduated with debt averaging $33,796.
Photo: University of New Hampshire
The Bottom Line
Students across the country are leaving school with more than a college degree and a sense of accomplishment; they’re leaving with tens of thousands of dollars in student loans that must be paid back.
Sadly, these loans represent more than a bill in the mail for many. Being thrust into adulthood with so much debt often means delaying many of life’s major milestones – perhaps waiting longer to buy a home, get married, or have a first child. Worse, it often means repaying the money for years – and even decades – at a time when they would otherwise be growing their wealth.
Did your state make the list? Do you know anyone dealing with crushing student loan debt?
The post 10 Worst States for Student Loan Debt appeared first on The Simple Dollar.
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10 Easy Ways to Make Extra Cash in 2016
It’s still early in a brand-new year.
It’s a time filled with potential and promise. A time for spring cleaning and thinking about how to make 2016 even better than 2015.
As a result, many of us focus on getting more fit and healthy this year — and it goes for our finances, too!
The Best Ways to Make Money in 2016
Fattening your wallet doesn’t have to be as difficult as resolving to shrink your waistline. In fact, we’ve compiled 10 foolproof ways to pad your pockets in 2016.
Best of all? Many are opportunities to earn passive income (read: real pants not required).
I can raise a glass to that!
1. Yell About Politics
Have strong opinions about Donald Trump? Something to say about Hillary?
You might avoid an awkward holiday dinner and earn a few bucks if you only spout your beliefs on survey sites.
We like Swagbucks because of its high payouts and real-cash-value rewards.
When you’re responding, try to stick to your thoughts on Trump’s tenets, rather than his toupée. I think we can all agree on that, anyway.
2. Surf the Internet
Yep, you can earn extra cash doing exactly what you’re doing right now. Just trade Google for Bing and earn rewards just for searching the web.
You can earn over 100 credits — about a dollar’s value in cash — every week, just for searching like you were going to anyway.
Bing’s rewards include useful gift cards to popular vendors you were totally going to patronize anyway, like Amazon, Starbucks and Sephora.
You can even earn extra credits for completing (easy) bonus tasks, like setting Bing as your home page.
3. Start Answering “Yes” to “Do You Need a Receipt?”
I always made fun of my mother for hoarding paper trails for things like toilet tissue or plastic cutlery.
I was always so confused: If it’s not eligible for some sort of write-off, we don’t need to bring ink and paper into this, right?
Wrong!
Thanks to apps like Ibotta, I’ve recently come around to keeping receipts. It’s super easy: just search the app to see which items you’ve purchased qualify to earn you a cash rebate.
Then, take a photo of your receipt as proof you purchased the item — and earn some cash back! It’s super simple.
You can even look through the app’s offerings ahead of time and plan your meals or shopping trips around getting the biggest bang for your receipt-rebate buck.
4. Actually Keep Your Weight-Loss Resolution
Keep making and breaking a resolution to get fit each year?
Make 2016 the year you finally achieve weight loss success by putting your money on the line.
Not only do you stand to earn some decent cash, a monetary incentive makes going for a run or having a lettuce-based lunch look much more inviting.
Check our full list of ways to earn money while losing weight here.
5. Download Some Apps
It turns out navigating to your app store and clicking “download” might be functionally equivalent to opening your wallet and inserting cash!
A number of companies, including Google, are willing to pay you to install their apps on your cell phone. And they’ll pay you for every month you keep them installed.
The apps collect data from your phone and help companies better understand web and mobile usage.
You earn while they learn what times of day you browse, how long you stay on websites and use apps, and what types of sites and apps are popular (or not).
Here are my favorites — install all of them and earn $400 per year or more:
Smart Panel: Once you’ve qualified and downloaded the app, they’ll give you $5.
Keep it installed for at least two weeks and you’ll earn another $10. Earn another $5 for every additional month you keep the Smart App installed. You can earn up to $75 for the first year!
Media Insiders Panel: This one pays you $5 a month. You can install it on up to three devices, earnings you up to $200 a year.
Nielsen Mobile for iPhone Users: If you have an iPhone, this Nielsen panel will pay you $50 per year to keep this app on your phone.
Nielsen Mobile Panel for Ages 45+: If you have a smartphone and you’re 45 or older, this Nielsen panel will pay you $50 per year to keep this app on your phone.
MobileExpressions for Androids: This one can only be downloaded on Androids.
After you’ve installed it for one week, you get to play an instant rewards game for a prize (everyone wins something). I won a $25 Amazon gift card, but some of the other prizes include iPads & Samsung TVs.
Placed Panel: This one is for Android or iPhone. Choose a guaranteed PayPal prize, instead of an entrance into a sweepstakes to reliably earn money.
Although those higher payouts look tempting, the odds are not in your favor — better to hoard pennies than hope for dollars!
6. Change Your Bank Account — or Open Another One
Tons of banks offer cash incentives to open a new account — just look into requirements to make sure you qualify. Here are the best three deals we found in 2015. We’ll keep you in the know on this year’s new offers!
Even if you can’t find a bank that fits your needs and also offers an opening bonus, you’ll want to look into these banks who offer surprisingly high interest rates.
A 5% interest rate might not seem like much, especially if your savings account is a little meager to start. But it’s way better than 1%, and can add up to a lot over time!
7. Keep Checking Your Phone at the Dinner Table
Or don’t.
If you’re like me, this advice would be breaking a 2016 resolution!
But if you use an Android device, you can earn extra money just by continuing to use your phone as usual.
Apps like Adme will display beautiful ads on your lock screen. They’ll pay you a few pennies a day just for using your phone as usual!
8. Take Advantage of Your Credit Cards (Rather Than Letting Them Take Advantage of You!)
Many savvy financial experts advise against any credit card use.
But if you can use credit cards wisely and responsibly, they can offer great returns. Earn cash back and frequent flyer miles to take you around the globe, without decimating your savings account.
If you choose the right rewards card, you can earn money every time you spend!
Do some research on rewards cards to figure out which one(s) will best suit your needs — we reviewed these six popular options to get you started.
And if you already carry rewards cards, make sure you’re using them to their full potential!
Another option?
Go after credit card sign-up bonuses — strategically, and only if you can handle multiple credit cards without breaking the bank (and your credit score).
Again, always check the restrictions and qualifications. You might have to spend more than would be feasible for you in a limited amount of time, and it’s not actually profitable to sign up for cards that’ll stretch you beyond your means.
9. Do What You Love
What if you could market your hobby, spend more time doing what you really enjoy — and make money at the same time?
If you craft, try selling your wares on Etsy or Amazon Handmade — or peddle them face to face at your local flea market.
Is baking your go-to destresser? Check your local cottage baking laws. You might just be able to sell your homemade goods.
Got a knack for writing code? Build a site for a friend’s side business.
If you love organizing, offer to help people get their act together after the holiday kerfuffle.
If you take Fido on an hour-long walk every day, knock on your busy neighbor’s door and see if Spot wants to come, too — for a buck or five.
There are tons of skill-share apps to make all these services digitally marketable, but don’t forget the effectiveness of a friendly face or a neighborhood flyer.
10. Declutter and Cash In
Get a lot of unwanted — though well-intended — tchotchkes for Christmas? Maybe you’re just ready to get a jump-start on spring cleaning.
One Penny Hoarder’s trash might be another’s treasure!
Schlep your stuff to the local flea market or post it on Craigslist. Clean up your act and line your pockets — rather than your overloaded shelves.
New Ways to Earn Money This Year
These are just a few of the easy ways to earn extra cash this year.
Keep an eye on The Penny Hoarder to learn more tips, tricks and hacks as we discover and share them with you!
Your Turn: How are you planning on earning extra income in 2016? Let us know in the comments!
Disclosure: This post includes affiliate links. We’re letting you know because it’s what Honest Abe would do. After all, he is on our favorite coin.
The post 10 Easy Ways to Make Extra Cash in 2016 appeared first on The Penny Hoarder.
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