While we’ve come a long way since housing bottomed, the memories of how we got there still don’t feel very distant.
A lot of things contributed to the complete breakdown of the real estate market, with exotic financing being one of them.
So it’s no surprise that the new hot trend of “1% down mortgages” is now coming under the microscope.
Update: UWM has re-launched the 1% down payment mortgage.
Freddie Mac Is Changing the Rules Pertaining to 1% Down Mortgages
While 1% down mortgages have been all the rage lately
Freddie Mac is cracking down on the higher-risk home loans
Requiring a minimum 3% borrower contribution
That can’t come via the transaction itself via lender credits, points, etc.
Over the past couple years, many large lenders have introduced home loan programs that require just 1% down from the borrower, including big names like Quicken, Guaranteed Rate, Guild Mortgage, and even wholesaler United Wholesale Mortgage.
In fact, just this week another lender joined the party, Garden State Home Loans, giving home buyers in Connecticut, Florida, New Jersey, and Pennsylvania the chance to achieve the American Dream with just a 1% down payment.
As far as I can tell, most if not all of these programs rely upon Freddie Mac’s Home Possible Mortgage program, which is its 97% LTV offering.
However, it turns out that some lenders may have taken it a little too far because Freddie Mac doesn’t seem comfortable with their interpretation of the program.
Last week, Freddie Mac released a bulletin pertaining to lender gifts and grants on Home Possible Mortgages (their 3% down program) that is effective November 1st, 2017.
Basically, they’re revising their guidelines for Home Possible Mortgages to require a 3% borrower contribution that isn’t funded through the mortgage transaction.
Specifically, Freddie notes that the down payment money can’t come from “differential pricing in rate, discount points, or fees.”
So it sounds like some of these programs offered the 1% down option in exchange for a higher mortgage rate, kind of like how a lender credit allows borrowers to pay nothing out of pocket in the way of closing costs.
A borrower may be able to put less down, but they could wind up with a higher mortgage rate as a result.
Some may say there’s nothing wrong with that – heck, you see it on mortgages where borrowers put less than 20% down too.
But Freddie seems to think this practice is skirting the rules, or perhaps taking advantage of a loophole, and thus they’re closing it in the coming months.
That could mean that some (or all) of these 1% down mortgage programs will fall by the wayside, but that remains to be seen.
In any case, Freddie will still allow gifts or grants from the seller as the originating lender, but only after a minimum contribution of 3% of the value (lesser of the appraised value or the purchase price) is made by the borrower.
What This Means for You
While 1% down home loans may still be available via other avenues
It does mean it’ll get more difficult to obtain one going forward
This means having down payment funds at the ready is imperative
Especially in today’s competitive housing market where multiple buyers bid for the same property
These 1% down programs may not be done entirely, but the lenders offering them could have to figure out a new way to offer such financing. Or do it without Freddie Mac.
In the meantime, it might be advisable to set aside enough money to cover a 3% down payment, which is still a pretty small amount to put down on a home.
It’s a slightly smaller requirement than what the FHA calls for (3.5%), making it one of the most flexible loan programs around, even without the gift/grant money.
Furthermore, you pay for the privilege of putting down so little, often in the form of a higher mortgage rate and/or mortgage insurance, so consider that when deciding on an appropriate down payment.
It could make financial sense to put down more on a home if you have the means, and it could also help you secure a winning bid with all the competition in today’s housing market.
Read more: 3 ways a low down payment raises your mortgage payment
Editor’s note: This is a recurring post, regularly updated with new information and offers.
When a credit card’s annual fee is over $600, many people raise an eyebrow and question whether its benefits make that fee worth paying.
That’s certainly the case with the Marriott Bonvoy Brilliant® American Express® Card — the premium card in the Marriott credit card family. Along with announcing several new and enhanced benefits in late 2022, we saw the annual fee jump from an already-pricey $450 to an eye-catching $650 (see rates and fees).
The truth is, cobranded hotel cards usually aren’t the best for maximizing your spending beyond purchases with a given hotel chain. But when a credit card offers a premium free night award each year and elite status that can provide suite upgrades and free breakfast, people pay attention.
The Hilton Honors American Express Aspire Card proves that it’s possible to get significant value from at least one premium hotel card by offering generous perks such as automatic top-tier elite status and weekend reward nights. After its recent changes, we’re breaking down whether the same holds true for the Marriott Bonvoy Brilliant below.
The information for the Hilton Aspire Amex card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Welcome bonus
Let’s start with the introductory bonus offer to examine whether the card is worth it.
With the Marriott Bonvoy Brilliant Amex, you can earn a welcome bonus of 150,000 Marriott Bonvoy bonus points after spending $6,000 on eligible purchases in the first six months; plus, earn 50,000 points after you stay six eligible paid nights at Marriott hotels through Jan. 31, 2024. This offer ends Aug. 9.
TPG values Marriott points at 0.84 cents apiece, meaning this bonus is worth $1,680.
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Al Maha, a Luxury Collection Desert Resort and Spa near Dubai. ETHAN STEINBERG/THE POINTS GUY
Some of the best uses of Marriott Bonvoy points include free nights at properties such as The Ritz-Carlton, Turks & Caicos, The St. Regis Bora Bora Resort, The West Hollywood Edition and the London Marriott Hotel Park Lane. Those who enjoy time on the powder may love ski-adjacent options at The St. Regis Aspen Resort, The St. Regis Deer Valley or The Ritz-Carlton, Bachelor Gulch.
Remember that American Express has restrictions that will limit your ability to collect a new-member bonus if you’ve had other Marriott products before. Fortunately, there’s a pop-up that will tell you if you are not eligible for the bonus when you apply before Amex runs your credit — and our chart can help clarify things as well.
Related: Marriott’s dynamic award pricing is live — here’s what that means for travelers
Annual free night award
Each year after your card renewal month, you’ll receive a free night award worth up to 85,000 points.
In case you need some inspiration for what that can get you, this can include the luxurious St. Regis New York and St. Regis Deer Valley in the U.S., The Ritz-Carlton, Turks & Caicos for a Caribbean getaway, The Ritz-Carlton, Kyoto in Japan or idyllic overwater bungalows at the St. Regis Bora Bora or The Ritz-Carlton Maldives, Fari Islands.
That said, due to Marriott’s dynamic pricing model, you’ll want to do a calendar search for flexible dates in order to find nights that cost 85,000 points or less.
The Ritz-Carlton Maldives, Fari Islands. CHRIS DONG/THE POINTS GUY
The annual free night award has significant value, but it’s also worth pointing out that you can only use this award to stay for a single night. This could be challenging if you have plans to stay two nights or longer. If you maximize this award night and stay at a property costing 85,000 points, you have three less-than-ideal options for subsequent nights:
Pay 85,000 points from your Marriott balance.
Pay the cash fee (which can be quite high).
Move to a different hotel.
For this reason, people have differing opinions on the value of free night awards that are worth a single night at a luxury property.
Related: 9 places to maximize the new 85,000-point Marriott award night certificate
Up to $300 in dining credits per year
In the past, Marriott Bonvoy Brilliant Amex cardholders had an easy-to-use annual credit for up to $300 to use on spending with Marriott-affiliated properties. But when the Brilliant underwent its changes in 2022, this changed to monthly dining credits. While the maximum value per year ($300) remains the same, the credits are now given as up to $25 per month.
The Miami Beach Edition. NICK ELLIS/THE POINTS GUY
This means that the credits are now more complicated to use, as you must remember to use them monthly rather than simply paying for hotel stays related to the hotel program affiliated with the credit card at any time during the year.
That said, just about everyone spends at least $25 per month at restaurants, so as long as you remember to use the credits each month, this can help to offset nearly half of the card’s $650 annual fee (see rates and fees).
Related: How to use Marriott Bonvoy Brilliant’s $25 monthly dining credit
Elite status and related perks
The card offers automatic Marriott Platinum Elite status. In terms of Marriott’s status tiers, this is the level where valuable perks start to kick in.
Platinum Elite members are eligible for late checkout and early check-in, when available, plus room upgrades based on availability at arrival — including eligibility for upgrades to suites. At the Platinum level, you also have access to welcome gifts at check-in and free breakfast at select properties.
Unfortunately, you are not entitled to a Choice Benefit (the most valuable of which are five Suite Night Awards) just by having this card. You can, however, earn a Choice benefit by spending $60,000 on your card in a calendar year or, alternatively, by reaching 50 elite night credits. You’ll automatically get 25 credits by having your card, so you’ll need to stay just 25 additional nights to qualify for the Choice benefit.
Note that you can only earn one set of elite night credits from personal Marriott cards, regardless of how many you have. However, this benefit can stack with the 15 elite night credits given to cardholders of a Marriott business card — like the Marriott Bonvoy Business® American Express® Card.
If you have both the Bonvoy Brilliant and the Bonvoy Business cards, you’ll have 40 elite night credits, so you’ll only need to stay 10 qualifying nights to get the Choice benefit.
Le Meridien Maldives. KATIE GENTER/THE POINTS GUY
And if you’re shooting for Titanium Elite status, you’ll need 75 qualifying credits. The 40 elite credits you’d get from holding both the Brilliant and the Business cards will get you over halfway there.
Related: Your complete guide to earning Marriott elite status with credit cards
Other perks
Other built-in perks of the Marriott Bonvoy Brilliant card include a Priority Pass Select membership, which gives you and two guests unlimited access to more than 1,300 airport lounges worldwide, as well as an up-to-$100 Global Entry or TSA PreCheck application fee credit.
The Priority Pass membership is not a massive value-add if you already receive the benefit through other cards. However, if you already have Global Entry or TSA PreCheck because you received it for free with another credit card, you can use this credit to cover a friend’s or family member’s application fee. Enrollment is required for select benefits.
AMERICAN EXPRESS
The Marriott Bonvoy Brilliant Amex’s earning structure is similar to the other Marriott cards but with two additional bonus categories: dining and airfare. Cardholders earn 6 points per dollar on eligible purchases at hotels participating in the Marriott Bonvoy program, 3 points per dollar at restaurants worldwide and on flights booked directly with airlines, and 2 points per dollar on other eligible purchases.
Based on TPG’s valuations, that’s essentially a return of 5% on Marriott purchases, 2.5% on restaurants and flights and 1.7% on everyday spending. Those rates aren’t earth-shattering but aren’t bad for a cobranded card.
Related: Earn bonus Marriott points on your Uber rides and food delivery orders
Bottom line
While it might not be the best card for everyday spending, there’s plenty of value in the Marriott Bonvoy Brilliant card if you frequently stay in Marriott properties and place value in the elite perks the card offers. In fact, it may be a no-brainer for the program’s most loyal guests.
Depending on how you value these benefits, you could love the status, dining credits and more valuable free night award. Still, you may also think the annual fee is too much because you don’t see yourself maximizing them. Be sure to calculate the value you’ll get from the card before deciding to add it to your wallet.
Official application link: Marriott Bonvoy Brilliant American Express Card with 150,000 Marriott Bonvoy bonus points after spending $6,000 on eligible purchases in the first six months; plus, earn 50,000 points after you stay six eligible nights at Marriott hotels through Jan. 31, 2024. Offer ends August 9.
For rates and fees of the Marriott Bonvoy Brilliant Amex, click here.
Additional reporting by Emily Thompson, Ryan Wilcox, Summer Hull, Jennifer Yellin and Benji Stawski.
Credit cards (and earning their sign-up bonuses) are at the top of our list when it comes to easy ways to earn points and miles. Beyond that, we really hope you’re shopping through an online shopping portal like Rakuten to earn even more cash-back or rewards points on your online purchases.
But you may have overlooked one of the simplest ways to earn points and miles: linking a rewards program in some of your favorite apps. If so, now is the time to grab your phone and make sure you’ve connected your accounts to earn rewards for multiple programs when you make a coffee run or call a rideshare.
Starbucks
In late 2022, Delta and Starbucks announced their partnership to allow customers to link their rewards accounts, earning Delta SkyMiles alongside Starbucks Star Rewards and double Starbucks Stars on Delta flying days.
DELTA
Don’t expect a free flight from a coffee order, but over time, you’ll build up your SkyMiles balance. Plus, those with linked accounts got a 500-mile boost this past spring, a nice consolation prize for those of us crying into our lattes about the recent Starbucks rewards devaluation.
And of course, be sure to use a card that offers a nice bonus on dining purchases.
Related: The best credit cards to use at Starbucks
Lyft
On your Lyft app, you may think you’re already maximizing your earning potential by setting an eligible Chase card as your automatic payment method. But if you haven’t chosen a travel rewards program to link, you still leave rewards on the table.
From the app menu, select “Rewards.”
LYFT
You can connect your Delta SkyMiles, Hilton Honors, Alaska Mileage Plan or Bilt Rewards account from there.
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LYFT
Note that different types of rides earn different reward amounts on your linked account, so be sure to check out Lyft’s description of each program’s earning potential before deciding which one to link to.
Pro tip: Consider Bilt Rewards. This is often the most valuable partner since you can earn 2 points for every dollar spent and transfer them to a variety of partners (including Hyatt) at a 1:1 ratio.
Related: Triple stack these offers to maximize your next Lyft ride
Uber
In addition to taking advantage of your Amex Uber credits, ensure you’ve linked your Marriott Bonvoy account to your Uber account.
From your app’s menu, select “Partner Rewards.”
UBER
You’ll see your Uber credits from your Amex(es) at the top. Then, if you haven’t connected your Marriott Bonvoy account already, click below to enter your account information.
UBER
Once they’re connected, you’ll start earning Marriott points on qualifying Uber transactions.
And for both Uber and Lyft, consider adding a card that offers a bonus on travel purchases. One particularly great option right now is the American Express® Green Card, which is offering a best-ever welcome bonus of 60,000 Membership Rewards points after you spend $3,000 on purchases on your new card in the first six months of cardmembership. Plus, earn 20% back on eligible travel and transit purchases made during your first six months of cardmembership (up to $200 back in the form of statement credits).
Related: Earn Marriott points on Uber rides and food delivery
Bottom line
Ensure you’re taking advantage of opportunities to double dip rewards when you spend, including linking partner programs through the apps you use regularly. And while you’re at it, become the friend who volunteers to call the rideshare or make the Starbucks run. Bonus rewards await.
I don’t know what the weather is like where you live, but here in Austin, Texas, the heat and drought are the topic of 85% of conversations (that’s science).
As a native Texan, I usually roll my eyes when people lament about the heat. One of my friends summed it up nicely: “I’m tired of hearing people talk about the weather. It’s hot in the summer and cold in the winter. Welcome to Earth.”
But this year is different. According to the Lower Colorado River Authority, a nonprofit public utility in Central Texas, the 10 months from October 2010 through July 2011 have been the driest for that period since 1895, when the state began keeping rainfall records. Without rain, temperatures hit record levels in June and July, which were the hottest months on record statewide. As of August 5, Austin hit 100+ degrees 52 times this summer.
Lowering Energy Use, the Lazy Way
As a result, the cost to cool our house is getting obscene. We could dial the temp up to 80 degrees, put a kiddie pool in the living room, and buy some $72 over the course of a year, install a programmable thermostat when ours works fine, or purchase a new washing machine with energy-efficient motors and pumps. If I needed new appliances, sure, I’d check out energy-efficient models, but ours are all sufficient.
I know I could be doing more to
Seal up the house. I’m pretty sure we have money leaking through cracks around the doors and windows. It’s simple enough to buy caulk and weather-stripping to seal cracks — in fact, we already have caulk left over from other projects. According to Consumer Reports, sealing leaks can reduce energy costs by 15 to 30%
Use heat-generating appliances at night. I know this should be a no-brainer, but I like to bake, and because I work at home, I can bake whenever the mood strikes. But obviously a hot oven in the heat of the day forces the AC to work harder to keep the house at a comfortable temperature. The same goes for clothes dryers and dishwashers. Use these at night when outside temps are cooler.
Go retro with a crock pot. Speaking of ovens, there’s nothing that heats up our house faster than a preheating oven and a few pans on the stove top. Slow cookers, on the other hand, use less energy and won’t turn your kitchen into, well, an oven. I think the crock pot often gets a bad rap thanks to the old way of slow cooking: bland recipes created from canned and prepackaged ingredients. But the slow cooker is enjoying a quiet revival, and with it we’re seeing better recipes, such as this pulled-pork sandwich and these triple chocolate brownies.
Air-dry clothing. I like this idea in theory. J.D.’s wife Kris credits always allergy season. But if you have the room to spare, you could dry clothing inside on hangers. We’ve enough space in our laundry room to hang quite a bit of clothing, so I’ll start air-drying more.
Turn on fans. Fans make a room feel cooler, and the one in our living room quit working weeks ago. We need to fix it. Bluejay says it could save us $438 per year.
Unplug electronics. I know, I know. It should go without saying. I seem to forget about phone chargers and camera battery chargers, though. Because of this, they stay plugged in, sucking change from our bank account. By using power strips, I could shut off electricity to these devices all at once. Consumer Reports also found that you can save $25 to $75 each year just by putting your computer on standby.
Don’t cool an empty house. If you have a programmable thermostat, program it! We don’t have one, which means I have to make it a habit to raise the thermostat when I do leave the house. Close off rooms you aren’t occupying, as well.
Replace air filters monthly. We’re pretty good at replacing our filter, but we could be more diligent. Dirty filters restrict airflow, causing the AC system to run longer and use more energy. I’ve added a recurring task to my calendar to make sure the air filter gets replaced each month.
All of these tasks should add up to noticeable savings and don’t require much time or money. (Fingers crossed that ceiling fan will be an easy fix!) Once I’ve taken these steps, maybe I’ll be ready for more. For now, it’s much too hot to think about new appliances, insulation, and replacing windows. Besides, I’ve got triple chocolate brownies to bake.
What are some other easy ways to take a bite out of your electricity use? Share them in the comments!
Massachusetts has the highest percentage of adults with a bachelor’s degree or higher in the country — outside of Washington, D.C. — and it’s home to elite schools like Boston College, Harvard University, Massachusetts Institute of Technology and Tufts University.
Massachusetts may have some of the most expensive colleges in the country. But the commonwealth offers more financial aid options than many other states, including valuable tuition waivers, grants and scholarships.
The cost of education in Massachusetts
The Massachusetts public higher education system consists of 15 community colleges, nine state universities and five University of Massachusetts campuses. Students can also attend more than 90 private schools within its borders.
Here’s how much you can expect to pay for a year of tuition, required fees and room and board as a full-time undergraduate student in Massachusetts, based on 2020-21 average rates as reported by the National Center for Education Statistics:
Public four-year school (in-state): $28,317, about $6,980 higher than the national average.
Private four-year school: $65,784, about $19,471 higher than the national average.
Community college (in-state): $5,529, about $2,028 higher than the national average.
Financial aid options in Massachusetts
In Massachusetts, the cost of a public university for an in-state student is less than half the cost of attending a private school. But to qualify for the lower, in-state rate, you must be a qualifying resident.
To qualify for in-state rates in Massachusetts, you must live in the state for at least 12 months prior to enrollment. If you’re applying to a community college, you have to live in the state for six months before enrollment.
You may be asked for documentation or proof of residency. Eligible documents include:
Federal and state income tax returns.
Employment pay stubs.
A Massachusetts high school diploma.
Deferred Action for Childhood Arrivals (DACA) students can qualify for in-state tuition if they meet the residency requirements. However, they aren’t eligible for other state-based aid, such as grants or scholarships.
Undocumented students without DACA status aren’t eligible for in-state tuition or state-based aid.
Residents may be able to use one or more of the following state financial aid programs to offset the cost of education:
529 plans.
Scholarships.
Tuition waivers.
Student loan repayment assistance.
529 plans
For families who want to help their children pay for school, a 529 plan can be an excellent tool.
Massachusetts has two options:
U.Fund College Investing Plan
U.Fund College Investing Plan is a 529 investment plan in Massachusetts run by Fidelity. It allows you to invest and potentially grow your contributions to pay for a child’s education. There is no minimum to get started, and contributions are deductible on your Massachusetts income tax return. You can deduct up to $1,000 each year if you’re single, or up to $2,000 if you’re married and file a joint return.
Massachusetts also operates the Baby Steps program for children born or adopted in the state. If you open a U.Fund College Investing Plan account within one year of your child’s birth or adoption, the state will deposit $50 into the 529 to jump-start your savings.
U.Plan Prepaid Tuition Program
U.Plan Prepaid Tuition Program is Massachusetts’s prepaid tuition plan. It allows you to buy college credits at today’s rates, and your child can redeem them at participating Massachusetts colleges and universities in the future.
This plan has another perk: if your child chooses a school that doesn’t participate in the U.Plan program, you can cash out the fund and receive all of the contributions plus interest based on the consumer price index. There are no federal or Massachusetts tax consequences to cashing out the account.
In-state tuition
Massachusetts has some top public colleges and universities, and they’re about half the cost of private schools. However, Massachusetts is also part of the New England Regional Student Program (RSP), which allows Massachusetts residents to enroll at out-of-state New England public colleges and universities at a discount.
More than 2,500 undergraduate and graduate programs are part of the network. Eligible institutions are in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
Massachusetts grants
Grants, a form of gift aid, are typically issued based on financial need. Massachusetts offers seven state-operated grant programs.
Foster Child Grant Program
For current or former foster children, the Foster Child Grant Program provides up to $6,000 in annual grant funds. You must be between 18 and 25 at the start of study to qualify, and you can receive the award to attend a public or private school in Massachusetts for up to five consecutive years.
MASSGrant and MASSGrant Plus
The MASSGrant and MASSGrant Plus programs are for undergraduates with unmet financial need. Award amounts are based on the student’s household income but can cover the student’s remaining tuition and mandatory fees. However, these programs won’t pay for room and board. MASSGrant Plus may cover other expenses, such as textbooks or school-required fees.
Massachusetts Gilbert Matching Student Grant Program
The Massachusetts Gilbert Matching Student Grant Program provides funding to private schools to give grants to students. Eligible undergraduate students can receive from $200 to $2,500 per academic year, but the funds can only be used at participating private schools within the state.
Cash Grant Program
The Cash Grant Program is a complementary program to the Massachusetts Need-Based Tuition Waiver Program (see below). It provides students with grant money to pay for additional education-related expenses, such as mandatory school fees, at eligible public colleges and universities.
Part-Time Grant Program
Part-time students at public or private schools who are Massachusetts residents for at least one year prior to the start of study may qualify for the Part-Time Grant Program. Award amounts vary, but the minimum amount is $200.
Public Service Grant Program
For children or spouses of individuals killed or missing during their work as public duty servants in Massachusetts, the Public Service Grant Program covers up to the total cost of tuition at qualifying schools.
Paraprofessional Teacher Preparation Grant Program
Residents employed for at least two years as paraprofessionals in Massachusetts who wish to become certified teachers can take advantage of the Paraprofessionals Teacher Preparation Grant Program. It provides up to $7,500 per academic year for programs leading to a Massachusetts teaching certification.
Massachusetts scholarships
Massachusetts has several scholarships for students who display exceptional academic achievements or who have overcome significant personal obstacles. Depending on the award, eligible students can receive scholarships that cover up to 100% of the tuition cost. There are seven state-operated scholarship programs:
Agnes M. Lindsay Scholarship Program
The Agnes M. Lindsay Scholarship Program is for students attending public universities in Massachusetts. Students must have a demonstrated financial need and be a permanent resident of a rural area with fewer than 15,000 inhabitants. Award amounts vary by year.
Christian A. Herter Memorial Scholarship Program
Students who qualify for the Christian A. Herter Memorial Scholarship Program will receive an award that covers up to half of their calculated financial need at any university in the continental U.S. The scholarship is for Massachusetts residents who have overcome difficult personal circumstances, such as poverty, abuse or illness. Students must be nominated in the 10th or 11th grade by a school or qualified community agency or organization.
Early Childhood Educators Scholarship Program
To increase the number and quality of teachers and care providers, Massachusetts created the Early Childhood Educators Scholarship Program. Students pursuing degrees in early childhood education or related fields at select universities may be eligible for up to $4,500 per semester. Awardees must commit to working in an eligible program for at least one year.
Massachusetts High Demand Scholarship Program
The Massachusetts High Demand Scholarship Program is for students pursuing degrees in high-demand disciplines that will help address the state’s workforce needs. Eligible students attending a Massachusetts public university can receive up to $6,500 per year. Students can apply by completing a separate application through the MASSAid portal.
John and Abigail Adams Scholarship
The John and Abigail Adams Scholarship provides students with a credit that can pay for up to eight semesters of undergraduate education at a state college or university. The scholarship is awarded based on the student’s performance on the 10th grade Massachusetts Comprehensive Assessment System (MCAS) test.
One Family Scholarship Program
Low-income, head-of-household parents who are at risk of homelessness or who have experienced homelessness within the past year may be eligible for the One Family Scholarship Program. Award amounts vary, but it can cover tuition and living expenses for eligible students pursuing a degree at a Massachusetts school.
Paul Tsongas Scholarship
The Paul Tsongas Scholarship is awarded to students with high scores on the SAT or ACT and a GPA of 3.75 or higher. Eligible students can qualify for a waiver of mandatory tuition and fees at a state university.
Tuition waivers in Massachusetts
In addition to scholarships and grants, Massachusetts operates several tuition waiver programs. Depending on the program, you could qualify for a full or partial waiver of your tuition costs.
Career Advancement Program Tuition Waiver
Public school teachers within the first three years of teaching may be eligible for the Career Advancement Program Tuition Waiver. It waives the cost of one graduate-level course per year for up to three years.
Categorical Tuition Waiver
Veterans, Native Americans, senior citizens (over 60), members of the U.S. armed forces, and clients of the Massachusetts Rehabilitation Commission or the Commission for the Blind can qualify for the Categorical Tuition Waiver. It waives the full cost of tuition at public colleges and universities within the state.
Collaborative Teachers Tuition Waiver
The Collaborative Teachers Tuition Waiver encourages teachers to become mentors to full-time student teachers from public colleges and universities. The program waives the cost of one graduate-level course at a public school for each mentoring teacher.
Department of Children and Families (DCF) Foster Child Tuition Waiver and Fee Assistance Program
Graduate Tuition Waiver
To encourage students to enroll in graduate school, the state created the Graduate Tuition Waiver program. The waiver’s value varies by year, but it can be used for tuition at public schools like the University of Massachusetts.
High Technology Scholar/Intern Tuition Waiver
Incentive Program for Aspiring Teachers Tuition Waiver
MassTransfer Tuition Waiver Program
The MassTransfer Tuition Waiver Program is for students who earned an associate degree at a Massachusetts community college and are transferring to a participating public school. It waives the cost of tuition for up to two years.
Massachusetts Educational Financing Authority (MEFA) Prepaid Tuition Waiver Program
Need-Based Tuition Waiver Program
Commonwealth September 11, 2001 Tragedy Tuition Waiver
Children or spouses of those who died or went missing due to terrorism on Sept. 11, 2001, can qualify for this waiver, which covers up to 100% of tuition at a state school.
Stanley Z. Koplik Certificate of Mastery Tuition Waiver
UMass Exchange Tuition Waiver
The UMass Exchange Tuition Waiver allows University of Massachusetts students to attend partner institutions without a tuition charge. Eligibility varies by school.
Valedictorian Program Tuition Waiver
Students who were valedictorians of their Massachusetts high school may qualify for the Valedictorian Program Tuition Waiver. If eligible, the full cost of tuition at public schools is waived.
Washington Center Program Tuition Waiver
Through the Washington Center Program Tuition Waiver, students at Massachusetts public colleges and universities are placed in internships in government offices, communication organizations, law firms and professional associations. Students can also qualify for a waiver of mandatory school fees and receive a $2,000 housing scholarship.
MEFA was created by the Massachusetts state legislature to offer low-cost college financing to families. It issues student loans to college students nationwide, and it also offers student loan refinancing.
For undergraduate students, repayment terms are 10 or 15 years. All loans have a fixed interest rate starting at 4.89%, and there are no origination fees.
For graduate or professional students, the repayment term is 15 years. Rates are fixed and start at 5.74%.
Eligibility is based on your credit score, income and whether you have a co-signer.
Massachusetts No Interest Loan Program
While anyone can apply for a MEFA loan, the Massachusetts No Interest Loan Program is more limited. It is a state-funded loan program that issues loans with 0% interest and 10-year repayment terms. Eligible students can borrow from $1,000 to $4,000 per academic year, with a lifetime maximum of $20,000.
It’s only available to Massachusetts residents of at least one year who are U.S. citizens or permanent residents. Eligibility is based on financial need as determined by the Free Application for Federal Student Aid (FAFSA).
Other financial aid programs in Massachusetts
Students can also qualify for up to $250 each semester to pay for other expenses, such as transportation or textbooks.
Student loan repayment programs in Massachusetts
The average student loan balance per borrower in Massachusetts is $33,710, according to a NerdWallet analysis of 2022 Federal Student Aid Office data. If you are a Massachusetts resident with outstanding student loans, you may be eligible for help with your debt through the following state loan repayment program:
Massachusetts Loan Repayment Program for Health Professionals
Primary health care professionals, in areas including dental, medical and mental health, who commit to work for at least two years full time (or the part-time equivalent) in an eligible facility in a high-need area can qualify for up to $50,000 in student loan repayment assistance.
How to apply for financial aid in Massachusetts
To apply for Massachusetts financial aid programs, complete these steps:
Submit the FAFSA. Many of the state’s programs are awarded based on your financial need. Your need is determined by the information you submit on the FAFSA, so submit it ahead of the May 1 state deadline for priority consideration.
Create a MASSAid account. You can create an account through the MASSAid portal.
Complete a separate application. Some programs have their own applications. For example, the Christian A. Herter Memorial Scholarship Program has a separate application through MASSAid for nominators to fill out. Review the award requirements and fill out any necessary forms to apply.
If you have questions about state-based aid or how to apply for different programs, contact Massachusetts’ Office of Student Financial Assistance (OSFA) at 617-391-6070 or by visiting the OSFA website.
The bonus is for 4x bonus points on top of the regular 1x earn. It is capped at 5,000 points which corresponds to $1,250 in net purchases.
The Fine Print
This promotional offer is valid beginning the day the email is sent to you, and ending on 60 calendar days after that start date.
You will earn 5 rewards points (1 base plus 4 bonus) for every $1 spent on net purchases (purchases minus returns / credits) subject to the Bilt Rewards Program Terms and Conditions.
The maximum amount of bonus rewards points you can earn under this promotion is 5,000 (which corresponds to $1,250 in net purchases), regardless of the value of your purchase or how many transactions you make during the promotional period.
You must make at least 5 transactions in a statement period using your Bilt Mastercard to earn points, including bonus rewards points for this promotional offer.
It may take up to 7 days for bonus rewards points earned through this offer to post to your account.
Our Verdict
Nice spend categories here for valuable Bilt points, just keep in mind the $1,250 spend max. Seems like some people got targeted for only one of the above categories and some people got for all (and maybe some people were not targeted at all for this offer?).
It’s time to start your holiday shopping, but what to get for that friend who has everything and no room to spare? We’ve got you covered.
Even if you’re crafty enough to make your own wrapping paper and create DIY decor at the drop of a hat, there’s always that one friend who’s impossible to buy for. Maybe you’ve been friends so long that they already have all your best crafted gifts. Maybe they simply buy everything for themselves. Maybe they don’t have room for anything else because they live in a small space. Either way, you’re stumped.
Despite having a friend like this, you can’t overlook them during the holidays. You want to get them something, but gifts for small apartments put a size limit on what you can buy. To avoid having your friend struggle to find a place to store something big, go small and useful with these great gift ideas.
Pen and paper
It doesn’t matter how reliant you are on your device, everyone needs paper and a pen at some point. Jazz things up with a notebook that not only defines the content within it but shows off a little character too. Each of the products at WTF Notebooks has the perfect saying on the front. Whether your friend wants to catalog My list of things I was right about or likes to capture their Brilliant ideas I had while drinking wine, you’ll both have a laugh when this gift gets opened.
Pens prove that nice doesn’t necessarily mean the largest gift under the tree. The sleek and simplistic design of the UIXJODO pens on Amazon allows you to purchase an entire set for a perfect stocking stuffer gift.
Kitchen utensils
Considerate gifts for small apartments often have both form and function. Looking to the kitchen is a good place to start for inspiration. If you can figure out what essentials your friend is still missing, you’ve got an ideal gift. Some great ideas include OXO Kitchen and Herb Scissors, the Zeroll Ice Cream Scoop, available on Amazon, and a fish spatula, which actually works with so many foods. This set on Amazon from Rachel Ray comes in fun colors as well.
Weighted throw blanket
Because they fold up and are easy to store, a blanket is always a good gift to use when it gets cold even if that person has everything already. Take the gift a step further though and go for a weighted blanket. These blankets may help relieve stress and even make it easier for someone to sleep. A stylish throw, like the blanket from Quility, comes in a variety of patterns and sizes, all available on Amazon.
Flower subscription
What makes a better gift for small apartments than something that doesn’t last forever? That’s why a subscription to a flower service is the perfect gift for that friend who already has it all. You can brighten up their home not just once but over and over throughout the year. The Bouqs Co. offers monthly subscriptions of farm-fresh flowers everyone can enjoy.
Coffee sampler
While on the topic of gifts that won’t last forever, if you’ve got a coffee-drinking friend, cater to their morning pick-me-up routine with a coffee sampler that’s a little more exotic. Bad Ass Coffee is a Hawaiian coffee company whose Tour of Hawaii three-pack includes three different, 100-percent-Hawaiian coffees. There are even subscription options (and you get to say you got them a ‘bad ass’ gift).
Self-heating mug
To tie into that fancy coffee, but also serve as a worthwhile gift idea for a tea drinker, a self-heating mug is a great buy. It keeps any beverage of choice warm until the moment it’s finished. Even if you walk away from your cup, there’s not running to the microwave to zap it back to hot.
With an Ember mug, you can set the precise temperature to hold your beverage at the entire time. There’s even a travel mug design for those who commute to work and drink their coffee on the go.
Customized candle
Another way to offer up a small, but thoughtful, gift is to get your friend a candle from Homesick. This company has candles scented for places, experiences or even a holiday. You can get a candle with smells from your friend’s hometown or their favorite state. You can find scents that trigger a memory of that ski trip you took together or the beach cottage they went to with their family every summer growing up. There are even special Harry Potter scents for that world of witchcraft and wizardry fan.
Sunrise alarm clock
If your friend happens to not do mornings, a thoughtful gift that doesn’t take up a lot of space could be a sunrise alarm clock. These clocks simulate the sunrise and are perfect for heavy sleepers and anyone who can’t seem to get out of bed. While these clocks come in all different styles and prices, the JALL Wake Up Light not only simulates the sunrise but also has seven color-changing lights to pick from as well as a radio and snooze button. The alarm can also double as a bedside lamp before going to sleep.
A book every month
Another worthy subscription service, perfect for the person who has everything (and likes to read) is a Book of the Month subscription. This service puts out five hardcover books each month to pick from, sending you your preference to read and enjoy. Books in fiction, non-fiction and a variety of more specialized genres go into each month’s list. Readers can also skip a month or order from reader favorites. Credits carry over even if you don’t pick a title.
Gourmet oil and vinegar
Even with a small kitchen, if your friend is a foodie, they’re going to love a high-end ingredient or two to add to their culinary collection. An easy way to indulge this passion for food is with an oil and vinegar set. These essential ingredients go into salad dressing, marinades and so much more. Sure, the grocery store has plenty of options, but why not elevate the quality with a brand that’s not easy to find?
Seasons offers gift sets that take you to Italy, the Mediterranean and even Asia. You can get a tasting kit that’s perfect for salads or even as an enhancement to their next barbecue.
Bath time
While these aren’t ideal gifts for small apartments everywhere because you need a tub, for those that fit the bill, a relaxing gift of bath salts or other products is both thoughtful and space saving. The Yuzu Soap Dual Bath Fizz Set from Uncommon Goods lets you combine lavender and orange for a balanced and scented bath. You can also use each fizz separately for a more concentrated experience that makes them last longer.
For those who want to relax in a less-scented bath, Bathing Culture’s Big Dipper Mineral Bath is a perfect alternative.
A happy holiday for all
It’s not impossible to find the right gift for every friend, even the one who seemingly already has everything. If you cater to their interests, customizing when you can, you’ll deliver a holiday present that gets the biggest smile and a hearty ‘thank you’ every time.
When you buy through links in this article, we may earn an affiliate commission.
When it comes to loans, a balance generally refers to the amount you owe — but with credit cards, there can be several types: statement balance, current balance and negative balance, to name a few.
Current balance means the same thing as outstanding balance. Here’s what that means and why it matters when it comes time to pay your credit card bill.
What is an outstanding balance?
The outstanding balance on a credit card is the total amount owed at the time that you check your account. It is the total of purchases, cash advances, balance transfers, issuer fees and interest that have posted to the account.
Also known as the current balance, it is a living number that can change daily. If the outstanding balance is $500 when you log into the credit card’s app in the morning, but a $50 statement credit posts to the account midday, the outstanding balance you owe is $450 (even if the $50 credit is still showing as pending).
For the most up-to-date number of how much you owe the card issuer, check your outstanding balance.
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What’s the difference between outstanding balance and statement balance?
While the outstanding balance is the total amount you owe on the card, the statement balance indicates only how much you owe since the close of your last billing cycle, usually a period of around 30 days.
Your monthly credit card statement will typically list both your outstanding (aka current) balance and your statement balance. It’s possible for these two balances to be the same, but they may not be if you use your card — or make a payment toward it — after your statement closing date.
You can calculate your statement balance yourself:
Add up all purchases, fees, balance transfers and cash advances from the billing period. Let’s say that total is $3,000.
Add up all payments and statement credits from the billing period. Say that total is $1,000.
Subtract the second amount from the first. The statement balance would be $2,000.
If no other transactions are made, then both your statement balance for that billing cycle and your outstanding balance are the same: $2,000.
However, if you make additional transactions after the closing date of that billing cycle, your statement balance remains $2,000, while your outstanding balance will include those additional transactions.
Should you pay the outstanding balance?
Paying the outstanding balance is an excellent option if you can afford to do so. By submitting a payment in the amount of your current balance, you’ll have completely paid off your credit card bill, thus avoiding interest charges.
Paying the outstanding balance also guarantees that your credit card’s balance resets to zero, which isn’t always the case when you pay the statement balance. Credit bureaus prefer accounts with a low utilization ratio, or the percentage of total available credit in use at one time. Experts advise keeping your utilization ratio below 30%. After paying the outstanding balance, your utilization ratio for that particular credit account will be exactly 0%.
However, you won’t owe any interest if you pay the full statement balance either. When you do that, a grace period goes into effect, allowing you to “float” any new charges you make until the due date for your next billing cycle.
Note, though, that some issuers don’t give grace periods, and they may temporarily revoke that perk for cardholders who don’t pay off their balances by the due date.
The Pennsylvania Housing Finance Agency (PHFA) is accepting bids on tax credits to raise funds for the construction or rehabilitation of mixed-use developments in communities throughout the state. PHFA intends to raise funding from the sale of $4.5 million in mixed-used development tax credits, which the winning bidders can use to reduce their state tax … [Read more…]
Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates, reflecting home affordability concerns, reports from Mortgage Capital Trading and Black Knight showed.
Total mortgage rate locks by dollar volume were down 5% in April from the previous month, according to MCT’s monthly Mortgage Lock Volume Indices report. Compared with the same period last year, the number of rate locks by mortgage volume was down 25.4%.
The average 30-year conforming mortgage rate climbed to 5.27% last week, marking the highest average since 2009, according to Freddie Mac PMMS. Black Knight’s Optimal Blue OBMMI pricing engine, which considers refinancings and additional data from the Mortgage Bankers Association, finished the month of April at 5.42%.
Refinancing has seen the biggest impact of the rising-rate pressure. Rate locks for rate-and-term refinances, which is driven primarily by a drop in interest rates to lower monthly mortgage payments, were down 36.4% in April from the previous month. Compared with April 2021, rate-and-term refinances were down 89.2%.
Cash-out refinance activity, in contrast, is led by increasing home values by homeowners seeking to tap into their home equity. In April, cash-out refinance rate locks were down 31.1% from March and slumped 51.7% from a year earlier.
Black Knight’s monthly originations market monitor report showed a similar downward trend of mortgage rate locks. Rate lock production volume activity was down 20.3% month over month, driven by a 50% drop in rate-term-refinance lending activity.
Cash-out refi locks dipped 40% in April as homeowners likely sought other products including Home Equity Line of Credits [HELOCs] or second linens, to access tappable equity without sacrificing historically low first-lien mortgage rates, which were secured with real estate as collateral.
In a traditional home equity product, the lender disburses a lump sum of cash upfront to the buyer, who then pays the loan back in fixed-rate payments. A HELOC, by contrast, is a revolving line of credit that allows borrowing as needed, with a variable interest rate.
April’s decline in rate lock activity is “hardly surprising,” said Scott Happ, president at Optimal Blue, citing half of all mortgage holders holding current first lien rates below 3.5%. The combined decline in refinance locks pushed the refi share of the market down to 20% last month, marking the lowest point on record since at least January 2018, when Optimal Blue began tracking the metric.
“That being said, while purchase locks were down somewhat from March, they remained flat from last April, reflecting consistent and resilient demand from homebuyers,” Happ said in a statement.
Purchase rate locks measured by MCT, however, were up 2.2% month over month in April and 7.55% from a year earlier, “a bright spot even as mortgage rates have increased rapidly in 2022.”
MCT, founded in 2001, launched its first monthly mortgage lock volume report on Monday. The indices are based on the actual dollar volume of locked loans, not the numbers of applications.
“Especially in a tight purchase market. Applications are a less reliable metric for the mortgage industry as there is a higher likelihood of having multiple applications per funded loan,” the MCT report noted.
Black Knight’s monthly market monitor reports provide origination metrics for the U.S. and the top 20 metropolitan statistical areas by share of total origination volume. The New York-Newark-Jersey City regions had the highest rate lock volume at 4.1% in April. The Los Angeles-Long Beach-Anaheim regions had the second-highest lock volume rate (3.9%) trailed by the Washington-Arlington-Alexandria (3.8%) region.