The Federal Housing Financing Agency (or FHFA) recently announced that it will be extending the Home Affordable Refinance Program (or HARP) all the way through December of 2018.
Previously, there was speculation that the program–intended to help homeowners who owe more than their home is worth–would be discontinued in 2017 to make room for a new refinance program from Fannie Mae and Freddie Mac. That program will still be available later this fall, but is expected to require some modification. In the meantime, HARP has been extended to provide an option for underwater homeowners.
This probably doesn’t mean much unless you keep an eye on the housing industry. That doesn’t mean it can’t benefit you, however.
What is HARP?
After the housing bust, home prices in some areas of the country plummeted, leaving owners with devalued properties that were impossible to refinance under traditional guidelines. HARP was created to give those homeowners a way out.
The program requires that:
Fannie Mae or Freddie Mac owns the loan.
The loan closed prior to May 31, 2009.
The loan-to-value (LTV) ratio is between 80%–200%.
The home is primary residence, second home, or an investment property with 4 or fewer units.
You are current on your mortgage, with no 30-day late payments in the last 6 months and up to 1 in the past year.
What does this mean for me?
If you or someone you know has put off refinancing because you know your home isn’t worth what it was, you still have plenty of time to refinance. Just keep in mind that interest rates are still on the low side–while you may have plenty of time to refinance, you might not have much time before they start creeping back up.
Buying a home is never easy. It’s expensive, confusing and loaded with paperwork under the best circumstances. It’s even harder these days when the average price of a home is over $400,000 in the U.S., and higher interest rates are making homes that much more expensive.
That’s why it’s so curious that federal regulators might write rules to make homebuying even tougher, however unintentionally, for lower- and middle-income families with modest credit.
Currently, banks must look at three different credit reports from the major credit bureaus (Equifax, Experian and TransUnion) when a consumer applies for a conventional mortgage. It’s what’s known as a “tri-merge” requirement, and it makes sure every homebuyer has three opportunities to prove their creditworthiness and put their best foot forward.
One writer for Rocket Mortgage said it’s “the most comprehensive look at their borrowers’ credit history,” and that’s a good thing. But last year, the Federal Housing Finance Agency (FHFA) proposed to move away from the “tri-merge” system and require only two credit reports, not three — or what’s known as a “bi-merge” system.
That change barely got noticed at all until members of the House Financial Services Committee — Democrats and Republicans — started raising concerns at an FHFA oversight hearing in May. Congressman David Scott, Democrat of Georgia, had this to say: “My concern is that by removing one of the reports from a lender’s review, FHFA is potentially leaving out predictive and positive credit history … this action could have serious implications for consumers planning to purchase a home.”
FHFA no doubt has its reasons. In truth, a bi-merge might be just fine for consumers with perfect credit. But for low- to moderate-income borrowers, it could be a big deal.
Let’s face it: Sometimes, bills get overlooked. Imagine a consumer with a recent bill in collections. If that collection shows up on one of their three credit reports — and it happens to be the one their bank pulls for a loan — the consumer only has one more opportunity in a bi-merge system to demonstrate their creditworthiness instead of two.
The opposite scenario plays out for rent. Not all landlords send a history of on-time rental payments to a credit bureau, which means renters don’t always get (literal) credit for paying their rent on time.
But what if a consumer lives somewhere that does share those on-time payments with a credit bureau? Under a bi-merge system, homebuyers only get credit for the rental payments if the bank where they’re seeking a loan uses the credit report that lists those rental payments. If they pull one of the other two, that homebuyer could be out of luck.
The same is true if a potential homebuyer has a credit card through a local bank. If that bank only shares data with one of the three credit bureaus — instead of all three, like some bigger banks — the consumer may appear “credit invisible” when they go to get a mortgage at a competing bank if the bi-merge report used for that mortgage doesn’t include the “right” credit report.
That’s unfair to the consumer and reduces the incentive to use a small or community bank — good institutions that know the people they serve and play an indispensable role in suburban and rural areas.
Finally, there’s the question of equity. We all know who gets left out when financial opportunities narrow; consumers from historically disadvantaged communities are more likely to have modest credit.
Those potential homebuyers should have every opportunity to represent themselves wholly and completely when they apply for a loan. That’s exactly what the tri-merge represents, and it’s exactly why it should stay in place.
Something that’s simple and straightforward today becomes a roll of the dice in a bi-merge system. That means fewer choices for borrowers who want to shop around and a higher likelihood of missing out on the loan.
Here’s the good news: FHFA’s director, Sandra Thompson, is a smart leader with good intentions. The bi-merge idea is a simple oversight from an office working daily to support homebuyers, including those in disadvantaged communities.
Even better news: There’s still time to turn it back. That’s exactly what FHFA should do.
Pharmacy school student loans are one way for potential pharmacists to subsidize some or all of the costs associated with attending pharmacy school.
There are several pros and cons to taking out a pharmacy school loan, from the opportunity to receive student loan forgiveness to potential fees for late payments or a drop in credit score.
Keep reading to learn how much it costs to attend pharmacy school, a few different ways to pay for it, what a pharmacy school loan covers, and the ins and outs of pharmacy school student loans.
Average Cost of Pharmacy School
The average cost of attending pharmacy school spans anywhere from $65,000 to $200,000.
It’s a wide range but, generally speaking, in-state, public schools are on the lower end of the scale, costing around $14,800 to $82,000 per year, while pharmacy programs at private institutions can run between $74,800 and $160,000.
Average Student Loan Debt Pharmacy School
The American Association of Colleges of Pharmacy (AACP)’s 2021 survey of pharmacy school graduates found that about 85% of PharmD degree holders had to borrow money to get through school.
And the average student loan debt for pharmacy graduates, according to that same report, is $173,561.
There’s good news, though: The return on investment can be promising for pharmacists, whose median pay is around $128,710 per year, according to the Bureau of Labor Statistics.
What Can You Use a Pharmacy School Student Loan on?
There are several ways a student loan can be used to cover the cost of a pharmacy school education:
Tuition
As evidenced above, tuition is one of the biggest pharmacy school expenses that can be covered by a pharmacy school student loan. Since it can cost upwards of $200,000 to complete a pharmacy program, student loans can be helpful in covering that cost.
Fees
The term “fees” can sound a little bit elusive, and you typically see it thrown alongside the word “tuition.” The fees associated with attending pharmacy college vary based on the type of program the student attends, how many credit hours the student completes, and whether or not they’re an in-state or out-of-state student. In some cases, a pharmacy school may charge “comprehensive fees” that cover tuition, fees and room and board.
Books and Supplies
Pharmacy school student loans can be used to pay for books, supplies and other education-related expenses. To acquire the funds for books and supplies, pharmacy school student loans are first applied to a student’s tuition, required fees, and room and board bills. Then, any remaining funds get refunded to the borrower, either in the form of a check or through direct deposit. From there, the money can be used to pay for books and supplies.
Recommended: How to Pay for College Textbooks
Living Costs
Room and board is another expense that can be paid for with pharmacy school loans. Students can use their borrowed funds to pay for student housing — whether that’s in a dorm room or an off-campus apartment with roommates.
Pharmacy School Student Loans: Pros & Cons
Pros of Using Pharmacy School Student Loans
Cons of Using Pharmacy School Student Loans
Help people pay for pharmacy school when they don’t otherwise have the financial resources to do so.
Can be expensive to repay.
Open up more possibilities for the type of pharmacy school a person can attend, regardless of the cost.
Can put borrowers into substantial amounts of debt.
Cover a wide range of expenses — from tuition and fees to school supplies, room and board.
Borrowers might have to forego other financial goals to pay off pharmacy school student loans.
Paying off pharmacy school student loans can help build credit.
Late payments or defaulting on a pharmacy school student loan can damage credit.
Pros of Using a Pharmacy School Student Loan
Using a pharmacy school loan comes with a few pros:
Student Loans for Pharmacy School Can Be Forgiven
In terms of pharmacists student loan forgiveness, there are several options for newly graduated pharmacists who need some help paying off their pharmacy school loans.
Typically, these forgiveness programs are available on a state or federal level.
A few different pharmacy student loan forgiveness options include:
• Public Service Loan Forgiveness (PSLF)
• HRSA’s Faculty Loan Repayment Program
• National Institutes of Health Loan Repayment Programs
• Substance Use Disorder Workforce Loan Repayment Program
• State-based student loan forgiveness programs
Salary
As mentioned above, the median pay for a pharmacist is around $128,710 per year. For a pharmacy school graduate with student loan debt, this salary range could mean the difference between paying off loans and still having money left in the budget for living expenses, an emergency fund, and other types of savings.
Credit Score
Paying off pharmacy school student loans can be one way for a borrower to boost their credit score. When building credit history, making on-time payments is a prominent factor, which can potentially have a beneficial effect on a borrower’s credit score. Although their credit score could face a minor dip right after paying off the loan, it should subsequently level out and eventually rise.
Pharmacy school student loans appear as “installment loans” on a person’s credit report, which can diversify the types of credit they manage, thus potentially improving their “credit mix.” Which could also help enhance their credit score.
Cons of Using a Pharmacy School Student Loan
Pharmacy school student loans can also come with a few cons:
Debt
Since a pharmacy school loan is an installment loan, it’s considered a form of debt. As such, potential pharmacists are signing a long-term contract to repay a lender for the money they borrow. Should they find themselves on uneven financial ground, they may end up missing a payment or defaulting on the loan altogether, which could have a damaging effect on their credit report.
Late Payment Penalties
Many pharmacy school student loan lenders dole out fees for late payments. The terms of the loan are outlined by the lender before the borrower signs the agreement, but it’s important to read the fine print because loan servicers can charge a late payment penalty of up to 6% of the missed payment amount.
Interest Rates
Student loans for graduate and doctoral degrees like pharmacy school have some of the highest interest rates of any type of student loan.
Even federally subsidized Grad PLUS Loans have a fixed interest rate of 7.05% for the 2023-2024 school year, which could cause a pharmacy school student loan balance to climb high over time.
Recommended: Grad PLUS Loans, Explained
Average Interest Rates for Pharmacy School Student Loans
Pharmacy students have a variety of student loan options available to them. This table details the interest rate on different types of federal student loans that might be used to pay for a portion of pharmacy school.
Loan Type
Interest Rate for the 2023-2024 School Year
Direct Loans for Undergraduate Students
5.50%
Direct Loans for Graduate and Professional Students
7.05%
Direct PLUS Loans for Graduate Students
8.05%
Private student loans are another option that may help pharmacy students pay for their college education. The interest rates on private student loans are determined by the lender based on factors specific to the individual borrower, such as their credit and income history.
Paying for Pharmacy School
Before looking into an undergraduate student loan option or a graduate student loan option, potential pharmacists might be able to secure other sources of funding to help them pay for pharmacy school.
Scholarships
Scholarships are funds used to pay for undergraduate or graduate school that do not need to be repaid to the provider.
They can be awarded based on many different types of criteria, from grade point average (GPA) to athletic performance to acts of service, chosen field of study, and more. Scholarships might be offered by a college or university, organization, or institution.
For potential pharmacy school students, there are several available options for scholarships through their individual states and other providers. The American Association of Colleges of Pharmacy (AACP) is a great resource for finding a pharmacy school scholarship.
Grants
Unlike scholarships or loans, grants are sources of financial aid from colleges, universities, state/federal government, and other private or nonprofit organizations that do not generally need to be repaid.
The AACP breaks down grants and awards for health profession students and government subsidized grants for pharmacy school students on their website.
Recommended: The Differences Between Grants, Scholarships, and Loans
State Pharmacy School Loans
Some potential pharmacists may be eligible to participate in a state student loan program. The cost of attending a state pharmacy school will vary depending on whether or not the student lives in the same state as the school, so researching the accredited pharmacy programs by state can help them determine how much they’ll need to borrow.
Federal Pharmacy School Loans
The U.S. Department of Education offers Direct Subsidized and Unsubsidized Loans to undergraduate and graduate pharmacy school students. The school will determine the loan type(s) and amount a pharmacy school student can receive each academic year, based on information provided by the student on the Free Application for Federal Student Aid (FAFSA®) form.
PLUS Loans are another federal pharmacy school loan option, eligible to graduate or professional students through schools that participate in the federal Direct Loan Program.
Recommended: Types of Federal Student Loans
Private Pharmacy School Loans
A private student loan is another way for students to pay for pharmacy school. When comparing private student loans vs. federal student loans, it’s important to note that because private loans are not associated with the federal government, interest rates, repayment terms. Benefits also vary depending on the lender. For these reasons, private student loans are considered an option only after all other financing sources have been exhausted.
When applying for a private pharmacy school loan, a lender will usually review the borrower’s credit score and financial history, among other factors.
Private pharmacy school student loans can help bridge the gap between other payment options like the ones listed above, and give potential pharmacists the opportunity to shop around for the option that works best for them.
Income-Driven Repayment Plans
Income-driven repayment plans in particular help borrowers qualify for lower monthly payments on their pharmacy school loans if their total debt at graduation exceeds their annual income.
Here are the four income-driven repayment plans available for federal student loans:
• Income-Based Repayment (IBR
• Pay As You Earn (PAYE)
• Revised Pay As You Earn (REPAYE)
• Income-Contingent Repayment (ICR)
The Takeaway
Nearly 85% of pharmacy school graduates have student loans, according to the AACP. Pharmacy school loans can be used to pay for tuition and fees, living expenses, and supplies like books or required lab equipment. Federal student loans can be used in combination with any scholarships and grants the student may qualify for. If you find yourself still looking for a way to pay for your pharmacy school education after exhausting scholarships, grants, and federal student loans, a private student loan option might be an option to consider.
With SoFi’s private student loans, you get a six-month grace period post-graduation before you start thinking about repayment. Interested applicants can find out their rate in just a few minutes.
Learn more about borrowing a SoFi private student loan.
FAQ
How long does it take to pay off pharmacy school loans?
Depending on the type of pharmacy school loan you take out (private vs. federal) and when the funds were distributed, it can take between five and 30 years to repay a pharmacy school student loan.
How can I pay for pharmacy school?
There are several ways to pay for pharmacy school, including federal student loans, private pharmacy school loans, scholarships, grants, and personal savings.
What is the average student loan debt for pharmacy school?
According to the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy graduates is $173,561.
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If the bond market is well understood to be heavily “data dependent,” and if today’s big ticket economic data didn’t come in stronger than expected, why did the bond market lose a fair amount of ground? A fair question, to be sure and in this case one that isn’t easily answered by making excuses for the econ data (i.e. by calling attention to the month-over-month increase in ISM and ISM prices, or saying “yeah, but JOLTS is still elevated!”). Instead, it makes more sense to focus on “new month” tradeflows and apprehension over the upcoming data and event in the 2nd half of the week (Treasury refunding announcement + bigger-ticket econ data).
ISM manufacturing
46.4 vs 46.8 f’cast, 46.0 prev
prices 42.6 vs 42.8 f’cast, 41.8 prev
Job Openings
9.582m vs 9.610m f’cast, 9.616m prev
09:22 AM
Modestly weaker overnight with more selling at 8:20am. Stabilizing now. MBS down 1 tick (0.03) officially, but more like a quarter point from y’day’s latest liquid levels. 10yr up 5.4bps at 4.021.
10:17 AM
More selling despite weaker data (not weak enough, apparently). 10yr up 7.4bps at 4.04. MBS down half a point.
03:20 PM
Sideways at weaker levels since the last update. MBS down 14 ticks (.44). 10yr up 7.6bps at 4.043
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Mortgage applications decreased for the fifth straight week – this time down 5.1%, according to the latest report from the Mortgage Bankers Association.
As has been the case for several weeks now, rising mortgage rates and low inventory are contributing to the slowdown in mortgage applications, said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
“The rapidly recovering economy and improving job market is generating sizeable home-buying demand, but activity in recent weeks is constrained by quicker home-price growth and extremely low inventory,” Kan said.
Refinance mortgage applications declined for the fifth straight week. The refinance index decreased 5% from the previous week and was 20% lower than the same week one year ago. Kan said refinancing volume over the past 10 weeks is down by more than 30%.
For purchase mortgage applications, bidding wars and appraisal gaps are discouraging some buyers from looking at existing homes, while high costs for lumber and building materials are pushing up the price of new homes.
The 30-year fixed rate moved up to 3.6% after registering at 3.33% last week. And even though the unadjusted purchase index dropped 4% from the past week, it’s still sitting 51% higher than the same week last year.
The FHA share of total mortgage applications decreased to 10.2% from 11.3% from the week prior. However, the VA share of total mortgage applications increased to 13.38% from 10.3% the week prior.
Here is a more detailed breakdown of this week’s mortgage application data:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.36% from 3.33%
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) increased to 3.41% from 3.34%
The average contract interest rate for 30-year fixed-rate mortgages increased to 3.36% from 3.29%
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.74% from 2.71%
The average contract interest rate for 5/1 ARMs increased to 2.92% from 2.85%
SEATTLE, WA – OCTOBER 31: A Redfin real estate yard sign is pictured in front of a house on October 31, 2017 in Seattle, Washington. Seattle has been one of the fastest and most competitive housing markets in the United States throughout 2017. (Photo by Stephen Brashear/Getty Images for Redfin)
Everyone knows mortgage rates aren’t as low as they used to be.
Understatement of the decade there. But this doesn’t just equate to a higher monthly payment.
There are other negatives associated with a higher mortgage rate, some which may be overlooked.
Today, I want to talk about loan amortization and how it differs between low and high mortgage rates.
With the 30-year fixed closer to 7% these days, it’s going to take a lot longer to pay down your principal balance. And that could have unintended consequences.
Higher Mortgage Rate = Slower Paydown
As noted, mortgage rates are no longer a screaming bargain. In fact, they’re historically kind of high now, at least if you consider the last couple decades.
At last glance, the popular 30-year fixed mortgage averaged 6.81%, according to the latest weekly survey from Freddie Mac.
For some borrowers, a rate in the 7s isn’t out of the question, depending on down payment, FICO score, and other pricing adjustments.
A little more than a year ago, you could get a 30-year fixed closer to 3.5%. And despite this rate jump, home prices haven’t budged in most places.
In fact, they’ve reached new heights nationally, defying affordability constraints and the many Fed rate hikes that have taken place since.
Unfortunately, this means today’s home buyers are facing significantly higher mortgage payments.
But beyond that, they’re also facing much slower paydowns. Simply put, the higher your interest rate, the longer it takes to pay down principal.
This means more of each payment goes toward interest instead of principal, especially in the early years of the loan.
A 7% Mortgage Rate vs. a 3.5% Mortgage Rate
$500,000 loan amount
3.5% rate
7% rate
Monthly Payment
$2,245.22
$3,326.51
Payment Difference
+$1,081.29
Month 1 interest
$1,458.33
$2,916.67
Month 1 principal
$786.89
$409.84
Balance after 3 years
$470,177.21
$483,634.91
Balance after 5 years
$448,485.61
$470,658.16
Home equity difference
+$22,172.55
Let’s look at an example to illustrate, using a $500,000 loan amount and a 30-year fixed-rate mortgage.
On the 7% mortgage, the monthly payment would be $3,326.51. On a comparable home loan with a 3.5% mortgage rate, the payment would be $2,245.22.
So right off the bat, we’re talking a difference of $1,081 per month. That’s the obvious downside.
But wait, there’s more. Because of the much higher mortgage rate, the composition of each mortgage payment changes too.
There is an interest portion and a principal portion. In month one on the 3.5% mortgage, you’d pay $1,458.33 in interest and $786.89 in principal.
The principal is what you borrowed, so knocking that out means you’re actually making a dent in the loan balance.
The interest is simply the cost of borrowing the money in the first place, and does nothing to lower your loan balance (see interest-only loan for more on that).
After three years, you’d whittle the $500,000 balance down to about $470,000. Not bad, especially if home prices increase during that time.
But what about the 7% mortgage? Well, that’s a different story. Your first payment would be $2,916.67 in interest, and just $409.84 in principal.
As you can see, a much larger portion of the monthly payment goes toward interest, simply because the interest rate is higher.
This means after three years, the principal balance would only be paid down to roughly $484,000.
So not only are you paying more each month, you’ve made less of a dent in your outstanding balance. Double whammy.
Now imagine if home prices went down ~8% from when you purchased, and your home’s appraised value is $483,000.
You’ve now got an underwater mortgage on your hands, meaning the loan balance exceeds the property value.
Aside from not having any home equity, you could be a predicament if you want to sell the property or refinance the mortgage.
How to Offset the Higher Interest Expense of a 7% Mortgage Rate
Now the example above is just a hypothetical. Home prices are expected to keep rising, so hopefully such a scenario doesn’t play out.
But it could, depending on where you’re located in the country, as some cities may boom while others bust.
Either way, there is a simple way to offset the higher interest expense tied to a higher-rate mortgage.
Simply pay extra. This could mean paying more each month, doing biweekly mortgage payments, or applying a lump sum to the mortgage.
Doing so will lower your interest expense and make the higher mortgage rate less painful. Just note that it won’t lower subsequent payments.
For example, paying an extra $200 per month would reduce the loan balance to about $475,650 after three years.
Not only would you reduce the impact of the high mortgage rate, but you’d have more equity to call your own.
And if and when a refinance opportunity came along, you’d ideally qualify at a lower loan-to-value (LTV) ratio, potentially snagging a lower mortgage rate in the process.
Leading up to this issue, I’ve been building the Women of Influence panels for October’s HousingWire Annual in Austin, Texas. One of my biggest takeaways in planning and hosting dedicated Women of Influence sessions at our flag-ship event is that these sessions are for every-one. And, reading through this year’s esteemed list of women explains why.
I first want to recognize and congratulate those who made the 2023 list. Your achievements and leadership momentum in 2022 and 2023 not only caught our attention, but also the attention of the industry as a whole. You are joining the ranks of women who have gone on to lead housing at the national level , work as CEOs and serve as chairs of associations and boards. These women are leaving a mark in housing.
This is also why we’re excited to bring our Women of Influence honorees, and really everyone in the industry, together for HW Annual on October 10-12. As presidents, CEOs and leaders at some of the biggest organizations, these women wield an incredible amount of advice, insight and knowledge that applies to anyone growing their career or their business. Their talks will focus on the importance of giving yourself permission to not know everything and navigating your career in a down market.
Kris and I joined some friends last weekend for a 40th birthday celebration at Bluehour, a swanky Portland restaurant. While the other couples spent $150 to $250 for their meals, we escaped paying only $52, including tip. We hadn’t planned to do this, but our unintentional parsimony taught us a few ways to save the … [Read more…]
Inside: Looking for the best care packages for college students? Look no further! This guide will teach you everything you need to know about choosing the right gifts and packing a care package that will make your student feel at home during their time away.
It’s that time of year again! Time to send your college student a care package. But what should you include?
We’ve got you covered with this comprehensive list of the best care packages for college students.
From food and snacks to study aids and dorm decor, we’ve got ideas for every type of student.
This year, I seem to know so many parents sending off their college students.
So whether your child is homesick or just needs a little pick-me-up, check out our list of the best care packages for college students.
What is a Care Package?
A care package is a heartfelt bundle filled with handpicked items, designed to uplift the spirits of the recipient.
A care package for a college student is a curated box filled with various items such as food, products, or novelty items, tailored to their interests, to remind them they’re loved and provide them with needed or desired items while they’re away from home.
Nonetheless, a care package can be a wonderful surprise!
What goes in a care package for a college student?
Who says that college life has to be tough?
Show your college-bound kid you’re thinking of them with an amazing care package! Here’s how:
Pamper them with toiletries like soap, body scrub, or dry shampoo. It’s practicality meeting indulgence.
Include favorite snacks like popcorn, pretzels, candies, chips, or nuts—because nothing beats study stress like mouthfuls of favorite munchies!
Throw in souvenirs from your hometown because nostalgia is a comfort blanket away from home.
Don’t forget a gift card or two. It’s the little ticket to a happy spree when the budget runs low.
And finally, a heartfelt, handwritten note to remind them they’re loved, even from miles away.
In every box, you’re not just bringing joy to your college kid, you’re sending them love and comfort!
Why Send A Care Package To A College Student?
1. A Gift of Sustenance and Comfort 2. A Way to Express Love and Support 3. A Means to Introduce New Things 4. A Way to Help College Students Cope with Stress 5. A Resource for Essential Kitchen Items 6. A Means to Stay Connected 7. A Way to Provide a Mood Booster 8. A Tool to Help College Students Transition into Life Indoors 9. A Way to Give Money 10. A Gift That Can Help College Students Get Ahead
What are some care package ideas?
Care packages are personalized boxes filled with essentials, comforting items, or little luxuries that can offer solace, promote self-care, or give a delightful surprise.
Here are some ideas to get the creative juices flowing!
Imagine delivering a box packed with their favorite homemade goodies, essential school supplies, novel books, or even a themed package for that upcoming stressful finals week or just because!
Unbox this opportunity and read on to discover unique ideas for designing amazing care packages. Excite a college student today with this heartfelt gesture!
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What item should every care package include?
Creating a care package can be a delightful way to demonstrate your care and thoughtfulness. It combines a mixture of practical items, fun surprises, and often much-needed essentials.
What goes into each package can vary greatly, but a gift card is always a must!
Care Packages Themes for College Students
Choosing a theme for a care package can help streamline the process and reduce the stress of deciding what to include.
Themes could be traditional, humorous, or catered towards particular interests or events, such as a holiday-themed box, an orange-colored items package to signify the end of exams or a coffee-themed care package for those who love a good brew.
Regardless of the theme, here are a few items that should ideally be included in every care package:
Self-Care Items: These can include items like face masks or beauty products, scented candles, and relaxing bath products, among others. They offer the recipient the luxury of self-pampering.
Comfort Items: Usually, soft items such as socks, blankets, or even simple things like their favorite tea or coffee can provide comfort.
Snacks & Treats: These are a must-have. Include their favorite bites or homemade goods if possible.
Drinks: Depending on the recipient’s preference, you can include a variety of drinks, like coffee, tea, or hot chocolate.
Fun Things: Small games, coloring books, or novels can serve to reduce stress and provide entertainment.
Personal Care: Essential items such as toiletries or grooming products are always useful.
Cleaning Supplies: Especially for those away from home, cleaning supplies can be handy.
School Supplies or Work Essentials: Depending on the recipient’s needs, this could include notebooks, pens, sticky notes, etc.
Personal Safety Devices: Consider adding items like a mini first aid kit, a personal alarm, or a safety whistle.
Other Useful Things: Depending on the recipient’s interests, you could add items like a new book, a special photo, study aids, or sports gear.
Regardless of what you choose to include, the most important aspect of a care package is that it conveys love and care to the recipient.
Make sure you time sending your package well, and learn what time do Amazon packages arrive.
Best Care Packages for College Students
College students, often away from home for the first time, can sometimes struggle with homesickness or stress.
One of the most cherished remedies for these feelings is a thoughtful care package from home. It is an amazing way to remind them they’re loved and missed, bridging the gap between home and school.
But what really makes the best care package?
One that aligns with their interests, meets their fundamental needs and contains a surprise or two for fun.
A care package can boost their morale, make them feel less homesick, and get them through challenging times. It’s not just about what’s in the package, it’s about the thought and care that goes into it.
Here is a list to fill your care package with:
Food & Drinks:
1. Snacks: College students need fuel for their late-night study sessions. A variety of healthy snacks can give them that energy boost they need.
2. Instant coffee or tea bags: For caffeinated moments without needing to leave their dorm room.
3. Homemade Cookies or Baked Goods: Nothing says ‘care’ like homemade treats.
4. Specialty Coffees: For the coffee-lover student. Because it serves as an essential tool for late-night study sessions, helping students remain awake and energized.
5. Spirulina Powder: A superfood that’s great for a health boost.
6. Granola Bars or Oatmeal: Quick and easy to make, these are ideal for those mornings when students are running late for their classes.
7. Sugar-free chewing gum: Helps to maintain focus while studying.
8. Recipe Books: For the college student who needs help learning to cook. Even better create your own digital recipe book to pass along your family favorites!
9. Water Bottle: A reusable water bottle serves both as a health and environment-friendly gift.
10. English Breakfast Tea: This can provide a comforting, hot beverage that is easy to make in a dorm room. This electric tea kettle would be a special treat!
11. Hot Sauce: A versatile condiment like hot sauce can spice up drab, repetitive cafeteria meals.
12. Snacks & Munchies: Items like popcorn and pretzels are perfect for late-night cravings or for sharing with roommates.
13. Treats: Candies, chips, cookies, marshmallows, and nuts give students a sweet or savory option for a quick snack between classes.
14. Healthy items: Vitamins are great to keep students healthy, especially during finals when stress levels are high and sleep is compromised.
15. Fondue Set: A fun treat and a good reason to invite friends over.
Besides these food items, it would also be wonderful to include a few gift cards for local eateries or popular chains like Starbucks to give students the chance to have a meal or two outside the college cafeteria.
Self Care & Pampering:
16. Facial Masks: A fun and relaxing self-care item.
17. Natural Skin Care Products: To ensure their skin stays healthy too.
18. Cozy blanket: For those chilly nights in the dorm.
19. Candles: especially battery-powered ones, offer a relaxing ambiance without posing a potential fire hazard, making them ideal for dorms.
20. Spa Items: Think along the lines of bath bombs, Epsom salts, body lotion
21. Sheet Masks: this popular DIY spa at-home item is a must!
22. Essential Oils: These are needed as they offer a calming and uplifting aroma that can alleviate stress and contribute to an overall sense of well-being, especially in high-stress environments like colleges or workplaces.
23. Nail Care Kit: specifically items to do gel manicures at home. This is something I love to do myself!
24. Sleep Mask: To ensure a good night’s sleep.
25. Cute or neutral cozy socks: Socks provide warmth and comfort, helping individuals relax after a long day of classes or studying.
26. Shower Massager: A shower massager can provide much-needed stress relief after a day filled with classes, activities, and studying.
27. Scalp Massager: This can be an excellent tool for relaxation and stress relief, making it a perfect inclusion for a college beginning or the exam period.
28. Mini First Aid Kit: Every student should have a basic first aid kit.
To Get Moving (Health & Fitness):
29. Sports Equipment: For some physical activity.
30. Bluetooth Speaker: For listening to music or watching movies with friends.
31. Yoga Mat: It’s crucial to note that a yoga mat plays a significant role in providing comfort, reducing injury, and enhancing concentration during workouts.
32. Running Shoes: Running is one of the easiest ways to stay active. Or maybe to replace an old set of shoes.
33. Fitness resistance bands: These bands are perfect for incorporating into a student’s fitness routine, keeping them in shape even with their busy schedule.
Artsy Or Creative:
34. Coloring Book and Colored Pencils: A relaxing way to take study breaks. Or try this backward coloring book.
35. Colored Pencils: These complement the coloring books perfectly.
36. Notebooks and Stationary: Artists and writers would appreciate sets of beautiful stationery.
37. Origami Paper: tap into their creativity by providing a relaxing and enjoyable pastime that can help alleviate the stresses of academic life.
38. DIY Crafts: Handmade items for a personal touch.
39. Art Supplies: If they have an artistic side, new supplies can help fuel their creativity.
Mindfulness:
40. Stress Balls: Perfect for stressful exam periods. These are my favorite item on my desk!
41. Letters or Notes of Encouragement: Personal notes to show your love and support.
42. A Self-Care Journal: Helps to promote mindfulness and wellbeing.
43. An Inspirational Book: Can provide motivation and comfort.
44. Fidget Toy: Great for stress relief and concentration.
45. A calming lavender scented candle: This can help create a soothing environment, perfect for stress relief after a long day of lectures.
46. Zen Garden: This mini-sandbox can foster a bit of creativity and provide a mindless distraction from overwhelming studies.
47. Meditation guidebook: This can introduce a beginner to effective meditation techniques and potential benefits for mindfulness.
48. Affirmation cards: Daily positivity prompts can boost mood, and encourage a positive mindset.
49. White noise machine: This can provide calming background noise, assisting in good quality sleep and fostering mental well-being.
50. Weighted blanket: Proven to stimulate serotonin production, this blanket can increase feelings of calm and aid in better sleep.
51. Gratitude journal: This promotes the daily practice of noting down things one is grateful for, fostering a positive mindset, and reducing stress.
52. Mini Buddha Board: With this, they can paint with water and watch it slowly evaporate, reminding them of the impermanence of life’s stressors.
For School:
53. Portable Charger: No student wants to run out of battery while on the go.
54. Noise-Canceling Headphones: A fantastic tool that can help students study in peace, even in a noisy dorm.
55. iPhone/Android Charging Cord: An extra charging cord can be a lifesaver for busy students.
56. Planner: Helps students keep track of their assignments and plans. Don’t forget these planner stickers.
57. USB Flash Drive: For backing up important assignments and projects.
58. Study Supplies: Flashcards, highlighters, sticky notes, and more.
59. Stickers: These can be used to decorate their laptops, notebooks, or other personal items, adding a fun and creative element.
For Fun:
60. Birthday decorations: For a surprise birthday celebration.
61. Flying Butterflies out of the Box: This is one of my favorites! The butterflies fly out of the box when opened! Very easy to set up too.
62. Movie Night Pack: A collection of films, popcorn, and candy for a sweet night in.
63. Mini Board Games: Something fun they can do during their free time.
64. Board Game or Playing Cards: Fun games to play with friends during downtime.
65. Funny Socks: Just to put a smile on their faces.
66. “Orange you glad exams are almost over?” care package: A box full of orange-colored items will not only be visually striking but will also offer a light-hearted joke to help reduce exam stress.
To Help Their Budget:
67. Wallet or Money Clip: To keep their money and ID safe.
68. Budget Binder: make sure they are starting out right! Here are the best budget binders.
69. Laundry Detergent Pods: This easy-to-carry, mess-free laundry solution is perfect for college students.
70. Hygiene Products: Essential toiletries like toothpaste, soap, shampoo, and conditioner can save them a trip to the store.
71. Extra set of Sheets: Comes in handy during laundry day.
72. Prepaid Visa Gift Cards: These can be for anything from their favorite stores, food places or for movie tickets.
73. CASH: Check out these money gift ideas on ways to package it.
74. Money Cake with Cake: These are extremely popular with the recipient.
Maybe it is a good reminder for them to find remote jobs for college students.
Nostalgia:
75. A DIY Scrapbook: A place to store all of your pictures and mementos.
76. Stuffed Animal: For comforting cuddles on lonely nights.
77. Postcards from Home: Reminds them of their roots while away.
78. Cute photo frames: For them to display their favorite memories.
79. Personalized Keychain: To carry a piece of home with them at all times.
How to Choose the Right Care Package for a College Student
Transitioning to college life is notoriously challenging for students.
Tackling the academic load, juggling social responsibilities, and handling homesickness can be overwhelming. That’s where a thoughtful care package comes in as a ray of hope, bringing a taste of home, a load of love, and a boost of morale.
While choosing the ideal care package, consider these critical attributes:
Personalization: Pick items aligning with their tastes and interests. The more personal, the more cherished.
Versatility: Include a variety of items, from fun snacks to useful goods. Variety is the spice of life.
Affordability: There’s no need for a high budget. Thoughtfulness doesn’t need to be expensive.
Thematic elements: Consider packages focused on upcoming holidays or exam seasons for added relevance. The more timely, the more needed.
Convenience: Prioritize products that save your student time and energy. The simpler, the better.
Remember, these packages are powerful messages of love and support. Choose wisely.
When to Send Care Packages for College Students
One of the most fitting times to send a college student a care package is at the beginning of the freshman year when they are trying to adjust to their new environment.
However, these thoughtful packages can be sent at any time throughout their college journey to remind them that they are missed and cared for back home.
Fall
Thanksgiving
Christmas
Valentine’s Day
Easter
Finals
Birthday
Or any other holiday!
Especially during stressful periods, like exam season, a care package can be a well-appreciated and timely morale booster.
Tips for Sending a Care Package to a College Student
1. Consider the Student’s Needs
Do you puzzle over what to put in a care package for your college student? You’re not alone.
Many parents struggle with creating a meaningful gift that caters to their child’s actual needs.
The key is convenience and usefulness—factors often overlooked in the thrill of care package creation. Let’s transform your approach.
Tailoring your package to their needs ensures your thoughtful gift becomes a practical blessing in their hectic college life.
2. Consider the Budget
Overspending on care packages for your college student can shock your wallet. Just like trying to figure out how much to give for high school graduation.
The wrong box size could lead to needless extras and unexpectedly high shipping costs. Thankfully, you can easily drop ship the items with Amazon Prime.
Also, think about how many times per year you plan to send a care package. That way you can spread out the fun throughout the year.
This is especially true if you want to know how to pay for college without loans.
3. Email or Call the Student to Find Out What They Need
Don’t risk sending unneeded items to your college student that end up wasting space and money.
Imagine the disappointment when they open the package to find redundant or unnecessary supplies.
But there’s an easy fix! Before assembling a care package, make a quick call or send an email asking what they actually need. This simple step ensures your thoughtful gesture aligns perfectly with their requirements.
Remember, it’s about sending useful items that your student appreciates and utilizes – making your effort truly count!
FAQ
Feeling homesick is a common challenge for many college students. Their new environment can seem excitingly novel but also distressingly foreign. But you can help alleviate this uncomfortable feeling by sending thoughtful, comforting care packages.
Snacks from Home: Local snacks can evoke a sense of nostalgia, making them feel closer to home.
Personal Mementos: Tokens like pictures of family, posters of hometown landscapes, or preserved local flowers help create a familiar space in their dormitory.
Money: An unexpected cash bonus is not just practical, but also a mood booster. Who doesn’t love a surprise windfall?
Heartfelt Note/Card: A message of love and encouragement can provide emotional resiliency in distressing times.
Remember, your care packages remind them that they’re loved and thought of, even miles away.
Sending care packages to college students is a thoughtful gesture that can be done at any frequency you prefer.
For example, once a quarter might be a good rule to ensure your student receives regular reminders of your love and support.
Supplements around finals, or during difficult times, are always appreciated. Feel free to adjust the frequency based on your student’s needs and preferences.
Sending a college girl a care package is a great way to remind her of home and boost her spirits. And typically, girls want fun things specific to them.
Here are the top 5 items to include:
Hair Accessories: Such as colorful hair ties or headbands to add a fun touch to her looks.
Socks: Choose cozy and cute ones, they’ll be perfect for chilly dorm nights.
Lip Balm: This is essential for avoiding chapped lips, consider tinted options for a dual-purpose product.
Fun Study Supplies: Including unique pens or sticky notes as they can make studying a bit more entertaining.
Face Masks: They offer a chance for self-care and relaxation, especially for those stress-induced skin flare-ups.
Time to Pack Those College Care Packages!
Transitioning to college life can be both exciting and overwhelming. Often, college students find themselves daunted by academic rigors, social pressure, and the unique environment of living away from home.
But what if there was a simple way to overcome these challenges?
Enter: the care package.
With a little bit of planning, you can easily put together a care package that will make your student smile.
So what are you waiting for? Get started today!
Know someone else that needs this, too? Then, please share!!