need

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When you need help putting together a solid plan for your money, you might seek out financial consulting services. A financial consultant can offer advice and guidance on things like investing, retirement planning, and building wealth. You may also hear financial consultants referred to as financial advisors, as the terms are often used interchangeably, though there may be some slight differences.

What is financial consulting designed to do? In simple terms, it’s all about helping clients formulate a strategy for managing their money. What working with a personal finance consultant looks like for you can depend on your situation and goals.

Key Points

•   Broadly speaking, financial consultants help clients identify strategies to help them reach financial goals.

•   Services offered by financial consultants may include investment management, estate planning, tax planning, and retirement planning, among others.

•   Financial consultants and financial advisors may hold certificates or designations that reflect advanced training, such as Certified Financial Planner (CFP) or Accredited Financial Planner (AFP).

•   Choosing the right consultant requires evaluating the scope of services they offer, their professional certifications and designations, their fee structure, and more.

What Is a Financial Consultant?

Broadly speaking, a financial consultant is someone who offers advice about money – be it retirement planning or buying stocks or other securities – in a professional capacity. A financial consultant may work independently or be employed by a financial consulting firm, and they may offer services online or in-person.

Examples of Financial Consulting Services

Financial consultants can offer a variety of services to their clients. Again, those clients may be individual investors, business owners, or even a non-profit organization. The types of services a financial consultant may offer can include:

•   Basic financial planning, such as creating a household budget

•   Estate planning

•   Tax planning and legacy planning

•   Retirement planning

•   College planning

•   Succession planning for clients who own a business

A financial consultant’s overall goal is to help clients create a comprehensive plan for managing their money. Financial consultants may work with a diverse mix of clients, or niche down to offer their services to a specific demographic or client base, such as dual income couples, with no kids or members of the LGBTQ community.

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Financial Consultants vs. Financial Advisors

The terms “financial consultant” and “financial advisor” are often used interchangeably, as their meaning is roughly, but not quite, the same. There are some important differences, including the licensure that each is required to hold in order to practice, and the regulators each operates under. Generally, they both offer financial advice and guidance in a professional capacity, though.

Other Names for Financial Professionals

Financial consultants and financial advisors can go by more specific names, depending on which professional certifications they hold. Certifications and designations signify that a consultant or advisor has completed advanced training and education in a particular area. Here are some of the most common designations for financial professionals:

•   Certified Financial Planner (CFP®)

•   Chartered Financial Consultant (ChFC)

•   Certified Public Accountant (CPA)

•   Accredited Financial Planner (AFP)

•   Registered Investment Advisor (RIA)

•   Certified Annuity Advisor (CAA)

•   Certified Financial Consultant (CFC)

•   Certified Tax Advisor (CTA)

•   Chartered Financial Manager (ChFM)

Navigating the alphabet soup of designations for financial consulting services can be confusing and it helps to understand what type of advice you need.

For instance, if you want to work with an advisor who can help with everything from budgeting to retirement planning, then you might choose a Certified Financial Planner. On the other hand, you might want to work with a registered investment advisor if you’re specifically seeking investment help.

The main thing to know about financial consulting services is that there’s more than one option to choose from. Taking time to research a consultant or advisor’s background and qualifications can make it easier to find the right person to work with when you need consulting services.

When Would You Need Financial Consulting?

Working with a financial consultant is a personal decision. With that in mind, you might start working with a consultant at any time if you feel that you need help managing your finances. If you need more specific examples of when it makes sense to hire a financial consultant, here are a few scenarios to consider:

•   Your parents pass away, leaving you $500,000 in assets. You might work with a financial consultant to figure out the best way to maximize your inheritance while minimizing taxes.

•   After 15 years of marriage, you and your spouse have decided to divorce. You decide to hire a financial consultant to help you create a plan for managing the assets that you’re leaving the marriage with.

•   You’re a parent to a child with special needs who will require long-term care after you’re gone. You reach out to a financial consultant to discuss setting up a trust to pay for their care when the time comes.

Financial consulting services can be an appropriate choice when you have a difficult financial decision to make or you’re trying to navigate a situation that feels overwhelming. Winning the lottery, for instance, could leave you paralyzed with indecision about what to do with the money.

A financial consultant can also help you move through changing life stages. That can include getting married or divorced, having a child, starting or selling a business, or changing careers. Financial consultants can look at the bigger financial picture to help you get through the changes while keeping your long and short-term goals in sight.

Finding the Right Financial Consultant

Finding a financial advisor starts with taking inventory of your needs to determine what kind of advice is appropriate. Once you’ve figured out what kind of help you need, the next step is creating a list of advisors in your area that you might want to work with.

Asking questions can help you get a feel for how an advisor operates. Here are some examples of the types of questions you might want to ask:

•   What kind of financial consulting services do you offer?

•   Do you hold any professional certifications or designations?

•   Do you specialize in working with a particular type of client?

•   What is your investment style?

•   How are your fees structured and what do you charge for consulting?

•   What is your preferred method of communication?

•   How often will we meet?

If you’re considering a robo-advisor, then it may be a good idea to look at how the platform manages portfolios, what benefits or features are included, and what you’ll pay for consulting services. Should you choose a robo-advisor vs. financial advisor? There are some pros and cons to consider.

On the pro side, a robo-advisor can be a less expensive way to get financial consulting services. The typical financial advisor cost is around 1% of assets under management per year. Robo-advisors may cost much less, with some offering services charging a fraction of what a human advisor would.

Of course, there’s a trade-off to consider, since you’re not getting financial advice with a human element behind it. For instance, if market volatility sets in and you’re tempted to sell off stocks in a panic, a robo-advisor wouldn’t be able to talk you through it the way a human advisor could. Taking that into consideration can help you decide which one might be right for you.

The Takeaway

A financial consultant’s job is to help you feel more secure and confident when making decisions about your money. Whether you need a consultant’s services or not can depend on where you are financially right now and where you want to go in the future.

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FAQ

Is a financial consultant the same as a financial advisor?

Financial consulting and financial advisory services are typically grouped together, as they generally mean the same thing. A financial consultant or a financial advisor can provide advice about things like investing, retirement planning, and estate planning. The difference is that consultants may offer their services on a one-time basis, while financial advisors may work with clients long-term.

What does a financial consultant cost?

What you’ll pay for financial consulting services can depend largely on the type of professional you’re working with. A typical financial advisor’s fee is around 1% annually, though it’s possible to pay more or less, depending on the kind of services you receive. Robo-advisor financial consulting can cost less, though it does lack the human element.

What does a financial consultant do?

Financial consultants help their clients create a plan for managing money. A financial consultant may work with individual investors, businesses, or organizations to offer financial advice. Financial consulting services may cover a broad scope of topics or concentrate in just one or two areas of financial planning.

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From charming southern hospitality, stunning beaches, and rich historical roots, South Carolina draws renters from all over. It’s home to bustling college towns, beautiful coastal escapes, and even thriving tech hubs. But is South Carolina a good palace to live? From palmetto-lined streets to legendary barbecue pits, South Carolina has quirks that both attract and challenge newcomers. Here, we explore ten pros and cons of living in South Carolina to help you get a feel for life in the Palmetto State.

Is South Carolina a good place to live?

Life in South Carolina is laid-back, yet provides scenic coastal living, historical architecture, and growing opportunities. Major cities like Charleston, Columbia, and Greenville have become economic hubs, attracting companies in industries ranging from healthcare to manufacturing and technology. Employers like Boeing, BMW, and Prisma Health are some of the state’s biggest, providing various career opportunities. The capital, Columbia, has a lively college-town vibe thanks to the University of South Carolina, while Charleston is a bustling port and an ever-expanding tech industry. 

The state’s cultural scene shines with renowned events like Charleston’s Spoleto Festival USA, and Columbia’s SC State Fair, where the community comes together to celebrate. South Carolinians embrace the outdoors, enjoying everything from hiking through the lush landscapes of Congaree National Park to kayaking along scenic rivers. Beach lovers flock to Myrtle Beach and Hilton Head, while nature enthusiasts find solace in the state’s pristine forests and sprawling parks.

South Carolina overview

Population 5,118,425
Biggest cities in South Carolina Charleston, Columbia, North Charleston
Average rent in Charleston $1,468
Average rent in Columbia $1,057
Average rent in North Charleston $1,686

1. Pro: Beautiful beaches and mild winters

South Carolina’s coastline is a dream for beach lovers, with stunning sandy stretches like Myrtle Beach, Hilton Head, and Folly Beach. With winters that are mild compared to northern states, coastal life can be enjoyed almost year-round. Whether you prefer lounging on the beach, taking scenic oceanfront bike rides, or gathering with friends around beach bonfires, South Carolina’s beaches are an irresistible part of life here.

Local tip: Folly Beach locals say the best time to visit is in the fall when the crowds have thinned, and you can catch the magical sunsets without the summer rush.

2. Con: High humidity and hot summers

The flip side to those mild winters? Summers can be a real scorcher. With humidity often in the 90% range, the summer season here is long and intense, especially in cities like Columbia and Charleston. If you’re not used to high heat combined with high humidity, you may need some time to adjust. 

3. Pro: Southern hospitality and friendly neighbors

Southern hospitality is alive and well in South Carolina, and it’s something newcomers notice right away. Whether you’re moving into an apartment in Charleston or renting a home in Greenville, expect friendly waves, porch chats, and genuine interest from your neighbors. The sense of community here makes it easy to settle in and feel welcomed, as locals take pride in making new residents feel at home.

Insider scoop: As an insider tip, if you want to connect with locals quickly, attend a neighborhood oyster roast or shrimp boil—these gatherings are a South Carolina staple.

4. Con: Limited public transit options

Public transportation isn’t as developed in South Carolina as in some other states, which means a car is a necessity for most people. Outside of Charleston and Columbia, public transit options are sparse. The reliance on driving can be a drawback, especially for those accustomed to using buses, trains, or metro systems. 

5. Pro: Affordable cost of living

South Carolina is known for its affordable cost of living, making it an attractive choice for renters. Rent prices are generally reasonable, especially compared to other coastal states. In Columbia, the state’s capital, the average rent for a one-bedroom apartment is around $1,057, while in Greenville, a bustling city with a growing tech scene, it averages closer to $1,477. Charleston, with its historic charm and beach access, tends to be pricier, with one-bedroom rentals averaging around $1,468. Even so, compared to similarly popular cities along the East Coast, Charleston remains affordable.

6. Con: Higher utility bills

While rent and other expenses are generally low, utility costs in South Carolina can be surprisingly high. The hot and humid climate means air conditioning is a must during the warmer months, which can lead to higher energy bills. Some homes also rely on electric heat in the winter, adding to costs. For instance, utilities in Charleston are 20% more than the national average.

7. Pro: Renowned culinary scene, especially BBQ

South Carolina’s food scene is bursting with Southern charm, from mustard-based BBQ to shrimp and grits. Charleston is a foodie’s paradise with world-class restaurants and innovative chefs, while local BBQ joints across the state serve up signature flavors that locals swear by. If you’re a fan of seafood, low-country boils, and hearty Southern comfort food, you’ll feel right at home in the Palmetto State.

Insider scoop: For a true insider experience, head to the tiny town of Hemingway and try Scott’s Bar-B-Que, a legendary spot beloved by locals for its whole-hog, wood-smoked barbecue.

8. Con: Limited variety of international cuisine

While local cuisine is a strong suit, South Carolina may be limited in international food options compared to larger metropolitan areas. Outside of Charleston and Columbia, finding authentic international cuisine, like high-quality sushi or Mediterranean food, can be challenging. Foodies looking for a wide range of global eats may miss having extensive options nearby.

9. Pro: Rich history and cultural heritage

For history buffs, South Carolina is full of it. The state played a significant role in the American Revolution and the Civil War, and its historical legacy is preserved in sites like Fort Sumter and Charleston’s historic district. Living here offers endless opportunities to explore museums, cultural festivals, and historical landmarks, making it easy to stay connected with the state’s rich past.

Insider scoop: Try the candlelight walking tour in Charleston, where guides share hidden tales of Revolutionary battles, pirate lore, and local legends as you stroll cobblestone streets at dusk.

10. Con: Occasional hurricanes and tropical storms

Moving to South Carolina means being aware of the hurricane season, which typically runs from June to November. Coastal areas are particularly vulnerable, with Charleston and Hilton Head occasionally impacted by tropical storms and hurricanes. While precautions are standard, renters in coastal regions may face occasional evacuations and should consider flood insurance if they’re near low-lying areas.

Pros and cons of living in South Carolina: Overview

Pros Cons
Beautiful beaches and mild winters High humidity and hot summers
Southern hospitality and friendly neighbors Limited public transit options
Affordable cost of living Higher utility bills
Renowned culinary scene, especially BBQ Limited variety of international cuisine
Rich history and cultural heritage Occasional hurricanes and tropical storms

Source: rent.com

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Both Fannie Mae and Freddie Mac announced newly expanded appraisal waivers to reduce costs and help more first-time home buyers purchase a property.

The pair already offer appraisal waivers on some of the loans they guarantee, but the loan-to-value ratio (LTV) is currently capped at 80%.

This means you must come in with a least a 20% down payment to avoid the cost and potential hassle of a traditional appraisal.

To further streamline this process and ease the burden on lower-income borrowers, this number will increase to 90% LTV beginning in the first quarter of 2025.

And it will be expanded to the program limits (e.g. 97% LTV) for their more robust inspection-based appraisal waivers.

You Might Not Need an Appraisal for Your Next Home Purchase

While appraisal waivers aren’t all that new; they were introduced by Fannie Mae in 2016 for refinance transactions and later expanded to home purchases in 2017, they’re limited in reach.

In other words, many home buyers still need to pay for an appraisal when they apply for a mortgage.

This results in an added cost, which can range from say $400 to $1,000 or more. And a longer home loan process as the appraisal is ordered, conducted, and submitted.

It can also lead to uncertainty regarding the collateral value, possibly jeopardizing the loan late in the game if the human appraiser returns with a value below the purchase price.

For these reasons, receiving an appraisal waiver can be a blessing. What’s not to like? A faster, lower-stress loan approval and reduced borrowing costs.

But as mentioned, these only applied to loans where borrowers were able to come in with a 20% down payment.

This clearly didn’t help those most in need, namely first-time home buyers and/or lower-income borrowers who could only muster 3-5% down.

Well, beginning in the first quarter of 2025, these money-saving waivers will be expanded from an 80% maximum LTV to 90% LTV/TLTV.

So if you come in with just 10% down on your home purchase, you might soon be able to skip the appraisal too.

And the maximum LTV ratio for purchase loans eligible for inspection-based appraisal waivers will jump from 80% all the way to 97%.

This means borrowers will be able to get a 3% down Home Possible loan from Freddie Mac, or a Fannie Mae HomeReady mortgage without the appraisal.

Understanding the Different Appraisal Waivers Available Today

First off, I should note that these appraisal waivers apply to conventional loans, not government loans such as FHA loans or VA loans.

So only conforming loans backed by Fannie Mae and Freddie Mac qualify for an appraisal waiver.

Secondly, there are two different types of appraisal waivers. Let’s talk about the straight up waivers that rely solely on data and technology to accept the lender-provided value.

  • Fannie Mae’s is known as “Value Acceptance”
  • Freddie Mac’s is known as automated collateral evaluation (ACE).

These typically require that a prior appraisal that was conducted on the subject property be found in the database.

They are also limited to one-unit properties (including condos) for primary residences and second homes.

In addition, there is a $1 million maximum estimated value (or sales price) for properties to receive the waiver.

The good news is there is no fee to the borrower for these options, which could save them several hundred dollars or more.

There are also so-called inspection-based appraisal waivers, which will see their maximum LTV increase from 80% to 97%.

These more robust appraisal alternatives require property information to be physically collected on-site by trained data collectors.

Similar to an appraisal, the originating lender arranges for property data collection, but the result should be decreased costs and faster turn-times.

The cost of an inspection-based appraisal might be half the cost of a traditional appraisal, so perhaps $200 or so vs. $400 or more.

Does This Introduce Added Risk to the Housing Market?

While these changes will likely be welcomed with open arms by mortgage lenders (and not so much by appraisers), there is the question of risk.

The collateral value of the property is a huge part of the equation when underwriting and approving a loan.

If home appraisals are waived, one could argue that the loan is inherently riskier.

However, this is actually why Fannie Mae stopped using the phrase “appraisal waiver” and replaced it with Value Acceptance.

That change was implemented to better reflect the actual process, which relies upon data collection and technology to accept the lender-provided value.

This isn’t dissimilar from a human appraiser, who also uses data collection to come up with an appropriate value that supports the entered price.

But my guess is there will be some scrutiny, especially as the changes are being introduced at a time when housing affordability has rarely been worse.

Allowing a home buyer to forgo an appraisal when putting just 3% down sounds a little scary when home prices are at/near all-time highs and have increased ~50% in just the past few years.

It also widens the gap between conventional loans and government-backed loans, the latter of which are already known to be more difficult to get approved for due to inspection/appraisal requirements.

(photo: m kasahara)

Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Latest posts by Colin Robertson (see all)

Source: thetruthaboutmortgage.com

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Eight million borrowers facing “persistent financial burdens,” such as those brought on by unexpected medical bills, natural disasters or high child care or family caregiving costs, could qualify for federal student loan forgiveness — but it’s not a done deal yet.

The Education Department revealed new details of the financial hardship proposal on Friday, Oct. 25, including eligibility criteria and how borrowers could apply for the relief.

“For far too long, our broken student loan system has made it too hard for borrowers experiencing heartbreaking and financially devastating hardships to access relief, and it’s not right,” U.S. Secretary of Education Miguel Cardona said in a statement.

The hardship proposal is part of President Joe Biden’s student loan forgiveness ‘plan B,’ which currently faces legal challenges. The president introduced ‘plan B’ in June 2023, after the Supreme Court blocked his original up-to-$20,000 student loan forgiveness plan. The Education Department kicked off the rulemaking process in October 2023.

The Education Department aims to finalize the plan in 2025, but lawsuits could impact that rollout. The department will formally publish the proposed regulations in the coming weeks. Once published, the public will have 30 days to comment on regulations.gov.

“While this is yet another lawful avenue to cancel student debt, pushback is anticipated, so it is crucial that we move forward quickly to deliver this much-needed relief,” said Kristin McGuire, executive director of Young Invincibles, a policy organization focused on issues affecting young people, in a statement.

Two pathways to student loan ‘hardship’ forgiveness

If the hardship proposal goes into effect, borrowers would have two main pathways to this student loan forgiveness:

  • Automatic forgiveness. If the Education Department determines that you have at least an 80% chance of defaulting on your student debt within two years, it may automatically forgive your loans on a one-time basis. Determining hardship factors may include your income, assets, type and amount of student debt and whether you received a need-based Pell Grant to pay for school. 

  • Application-based forgiveness. If you don’t qualify for the automatic one-time forgiveness, you may submit an application that holistically assesses how likely you are to default or experience severe, persistent financial hardship.

Don’t count on hardship forgiveness yet

“I have so little faith in that actual forgiveness program coming to fruition,” says Stanley Tate, a lawyer who specializes in student loans. “Even if you have what you would believe to be a pro-forgiveness president in office, they still would be up against challenges from groups who have the right to challenge these things.”

On Oct. 3, a federal judge in Missouri temporarily blocked Biden’s ‘plan B’ for student loan forgiveness, which includes this hardship proposal. A group of Republican-led states including Missouri, Georgia and Alabama filed the lawsuit in September.

“Our latest lawsuit challenges [the Biden-Harris administration’s] third and weakest attempt to mass-cancel student loans in the dark of night without letting Congress — or the public — know about it,” Missouri Attorney General Andrew Bailey said in a September statement.

Forgiveness and relief options available now

If you’re struggling with student debt right now, consider these existing relief and forgiveness options instead:

  • Income-driven repayment (IDR) plans. IDR plans cap your monthly federal student loan bills based on your income and family size, to as low as $0. After 20 or 25 years, your remaining debt will be forgiven. 

  • SAVE lawsuit forbearance. The newest federal IDR plan, SAVE, currently has legal challenges. As a result, borrowers enrolled in SAVE have an interest-free payment pause until at least April. If you’re not on SAVE, you can still get this interest-free forbearance if you apply for the plan now. You always have the option to change plans down the line. 

  • Deferment or forbearance. You can temporarily postpone your federal student loan bills by asking your servicer for a deferment or forbearance. Deferments are generally the better option, because interest does not generally accrue — but you must meet specific eligibility criteria. If you have private student loans, ask your lender about ways to temporarily lower or suspend your payments. 

  • Refinancing if you have private student loans. If you have private student loans, your relief options are limited and you don’t have access to federal student loan forgiveness. Refinancing your private student loans to get a lower interest rate can reduce your monthly payments and the amount you pay overall. However, you can only qualify for the lowest advertised rates if you have a strong credit score and finances. 

To learn more about your relief options, call your student loan servicer. Your servicer can take a look at your situation and make recommendations. You may also consider reaching out to vetted nonprofit organizations that offer student loan help.

Source: nerdwallet.com

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When your mortgage payment comes due every month, it may look like a single bill. But in reality, you’re likely paying four separate things: principal, interest, taxes, and insurance. PITI is an acronym that bundles these four elements together. But in order to better understand where, exactly, your monthly mortgage money is going, we’re going to take PITI apart and explain each element for you.

Understanding PITI

As discussed above, PITI is the acronym for the four basic components of a monthly mortgage payment. PITI includes:

•  Mortgage principal (the amount you borrowed from the bank)

•  Mortgage interest (the amount the bank charges you for the loan)

•Property taxes (levied by the local government)

•  Homeowners insurance (which covers the cost of repairing or replacing your home under certain covered circumstances)

Importance in Mortgage Payments

Together, these amounts add up to your total monthly mortgage payment — though that amount is not the same as your total monthly home expenses, which also include things like utilities and maintenance. (More on that below.)

Breaking down your PITI and calculating each separate component helps you better understand where your money is going each month. During the home-buying process, it helps you narrow your home search to those that are actually affordable on your budget. And later, knowing what does PITI stand for and what numbers comprise the components of your PITI will help you if you need to request a mortgage interest deduction on your taxes.

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Breaking Down PITI Components

Principal and interest are paid to your mortgage lender, and include both the money you borrowed and the money the bank is charging you for the service of offering the loan. Keep in mind that the amount of principal versus interest will change over the lifetime of the loan in a process known as amortization. To get a full picture of how that works, try out a mortgage calculator that includes an amortization chart.

Meanwhile, your property taxes and homeowners insurance will likely flow into an escrow account, where funds will be used to pay those bills as they come due. Property taxes are almost always included in your mortgage payment, and if you owe money on your home, you will be required to carry homeowners insurance. (Even if you don’t, buying a policy is a good idea. After all, if you’re like many Americans, your home is likely the single most valuable asset in your portfolio.)

Finally, there are also other components that may be part of your monthly mortgage payment — though not part of your PITI. These include extras like PMI (private mortgage insurance) or HOA fees. Not every home purchase will come with these payments, but if you make a down payment of less than 20%, some sort of mortgage insurance is usually inevitable.

Recommended: Property Tax and Your Mortgage: Everything You Need to Know

How PITI Affects Home Affordability

PITI in real estate affects home affordability in a pretty straightforward way: Knowing your PITI ahead of time helps you ensure you’re making an offer on a house that’s truly within your budget. Knowing the cost of a home is one thing, but knowing how much the mortgage will actually take out of your account each month is another. One important rule of thumb: Most lenders prefer that your PITI is less than or equal to 28% of your gross (pre-tax) monthly income.

Fortunately, there are some things you can do to lower your interest rate — which lowers your overall PITI. By keeping your debt-to-income ratio (DTI) low and maintaining a good credit score, you can help ensure you get the lowest interest rates possible, which may expand your home-buying power by qualifying you for a lower rate, no matter the purchase price.

Calculating Your PITI

These days, the easiest way to calculate your PITI is by using an online mortgage calculator with taxes. You’ll need to estimate the home’s annual property taxes based on records kept by your county, and add the insurance premium quoted to you into the mix.

Keep in mind, however, that PITI can (and likely will) change over time as both tax rates and your insurance premiums change each year. Although a fixed-rate mortgage keeps your “PI” static, the “T” and “I” may change your overall monthly mortgage payment over the course of its term. To ensure long-term affordability, consider how increases in each of these categories might work with your budget.

PITI vs. Non-PITI Expenses

As discussed above, PITI doesn’t cover the whole range of homeownership expenses. Along with additional extras like homeowners association (HOA) fees and mortgage insurance, owning a home also means paying monthly utilities as well as any regular repair and maintenance costs.

Those costs can add up, especially if you’re not expecting them. One common rule of thumb is to set aside 1% of your home’s value for repairs each year, with exact figures depending on where you live. (In other words, in some expensive states, like Hawaii, California, and New York, repair costs may be even higher.)

Strategies to Manage and Reduce PITI

Keeping your PITI low keeps your housing expenses low, and while some parts of your mortgage may seem set in stone, others are more negotiable.

For example, did you know that you can challenge property tax assessments (that determine the amount of “T” in your PITI)? Once your home is valuated, if you disagree with the findings, you may reach out to your county or local governance to challenge them. Doing so may lower your taxable property value. (Be warned, however, that if the current valuation does not include recent renovations or, say, a new outbuilding, the taxable value could actually rise.)

Additionally, shopping around for insurance can go a long way toward lowering the second “I” in your PITI. Different insurance companies have different proprietary algorithms and therefore different rates for similar coverage. Additionally, you can play with how much coverage you buy — but use caution before skimping on protecting your home.

Finally, if you already have a home mortgage loan but your creditworthiness profile has substantially improved (and market interest rates are lower than they were when you took out the loan in the first place), refinancing may serve to substantially lower the “P” and initial “I” in your PITI. Remember, though, that you’ll pay closing costs again, so factor in that expense before deciding this is the right financial move for your situation.

Recommended: What Is a Home Inspection

The Takeaway

The acronym PITI describes the four most basic elements of a monthly mortgage payment — but they’re far from the only costs associated with homeownership. Still, understanding PITI can help you find a home that’s within a reasonable purchase price range in the short term — and taking strategic steps to reduce your PITI can help you keep your costs low for years to come.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How does PITI change over the life of the loan?

If you have a fixed-rate mortgage, your principal and interest payments will always amount to the same total — though the ratio of how much of those funds go toward interest versus principal will shift over the lifetime of the loan in a process known as amortization. Your property tax rate and insurance rate may change over time based on the valuation of your home, changes in the local tax code, and insurance premium changes (or a change in insurers). Thus, your monthly housing cost could shift, and even increase, over time, even if the loan is fixed-rate.

Can I pay property taxes and insurance separately from my mortgage?

In most cases, property taxes and homeowners insurance are paid together with the mortgage, and the funds go into an escrow account where they pay their respective bills as they come due. However, it is possible to secure an escrow waiver from your home lender, which would allow you to pay these expenses separately.

How does PITI affect my ability to qualify for a mortgage?

Lenders calculate your PITI before approving your mortgage application — and if your PITI is too high, you might not get approved. Generally speaking, lenders like to see your PITI equal to or less than 28% of your gross monthly income, though some lenders may approve you if your PITI is slightly higher.

What happens if I can’t afford the full PITI payment?

If your financial circumstances change and you can no longer afford to pay your mortgage, your first move should be to contact your lender. They may be able to negotiate or offer a mortgage assistance service. Talking to a U.S. Department of Housing and Urban Development foreclosure avoidance counselor could also help — but simply allowing your loan to fall into default could lead to home foreclosure.

Photo Credits: iStock/

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Source: sofi.com

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The FAFSA Submission Summary is a document containing your estimated financial aid eligibility for the relevant academic year and copies of your responses on the Free Application for Federal Student Aid (FAFSA).

The summary is not an official financial aid offer. Colleges use the information from your summary to create financial aid offers once they’ve admitted you.

Here’s what you need to know about your FAFSA Submission Summary and how it factors into your financial aid package.

What information does the FAFSA Submission Summary include?

The FAFSA Submission Summary provides basic information about your financial aid eligibility, including:

  • Estimated eligibility for the need-based Pell Grant, which provides up to $7,395 per academic year that you don’t repay. 

  • A copy of the answers you provided for each FAFSA question.

  • Information about the school(s) you selected to send your FAFSA to, including graduation rates, median student debt upon completion and average annual cost of attendance.

Example FAFSA Submission Summary

The summary also contains your Student Aid Index (SAI), a measure of your financial need that colleges use to determine your financial aid offers. The index ranges from -1,500 to 999,999. A lower SAI indicates higher financial need.

If your FAFSA was incomplete, your Submission Summary will include instructions on how to resolve any issues before you can receive your SAI.

How to access and download your FAFSA Submission Summary

You can access your FAFSA Submission Summary after the Education Department processes your FAFSA, typically one to three business days after you submit the form.

To find your FAFSA Submission Summary, log into your StudentAid.gov account and check your main dashboard. You’ll find the date you submitted your FAFSA, the date it was processed and a link to view your summary.

Only students can access their FAFSA Submission Summary. FAFSA contributors, like parents or spouses, cannot directly access the document.

To download a copy of your summary, select the “Print FAFSA Submission Summary” button in the upper-right corner of your dashboard and save the document as a PDF.

What should you do with your FAFSA Submission Summary?

Review the report carefully to make sure all the information you provided is correct. That information determines your SAI and your eligibility for federal and institutional aid, so it’s crucial that it’s accurate and up to date.

If you find a mistake, like an error in your address, go to your studenaid.gov account to make a FAFSA correction. If the Social Security number or any tax information imported from the IRS on your FAFSA is incorrect, though, you might have to submit a new application on paper. In that case, contact your school’s financial aid office to find out what your next step should be.

If your current financial situation is different than what’s reported in your FAFSA — for example, if your parents’ income this year will be substantially less than the information on the tax returns you provided — talk with the financial aid office at the school you plan to attend.

Only after you have exhausted all federal and free student aid that you can access through the FAFSA — such as grants, scholarships and federal student loans — should you turn to private student loans.

Source: nerdwallet.com

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When you take out private student loans, your lender works with your school to certify the loan before disbursing funds. But what happens when a school won’t certify private loans for college?

If private student loan certification isn’t granted, there are steps students can take to address the issue.

Here’s an overview of how private student loan certification works, potential reasons for having certification denied, and some options to remedy the situation.

Understanding Private Student Loan Certification

Private student loan certification is often a required step for funds to be disbursed by a lender to your school. This is intended to protect student borrowers by ensuring that they’re informed about their federal financial aid options and the school’s cost of attendance when taking out private student loans.

With school-certified private student loans, borrowers fill out and sign a Private Education Loan Applicant Self-Certification form after receiving loan approval. This form provides lenders with a student’s enrollment information and any financial assistance they’ve received, such as grants or scholarships.

Next, lenders send the private student loan information to the school for certification. Schools are responsible for confirming that students are enrolled and that the loan amount does not exceed the cost of attendance: tuition, fees, books, living expenses, transportation costs, and dependent care (if needed). If this information checks out, the certification moves forward and the loan funds will be disbursed without any further action required by students.

While waiting, you might be wondering “how long do private student loans take to process?” It can take anywhere from two to 10 weeks for a student loan to process, depending in part on any issues in the student loan certification process.

When the student loan certification is complete, borrowers receive a final loan disclosure from their lender. This indicates the loan amount, which could be adjusted by the school if the requested funds exceed the total cost of attendance. Borrowers are then offered a three-day waiting period after receiving the final disclosure, known as the right-to-cancel period, to cancel the loan with no penalty.

Do private loans go directly to the school or student? With school-certified loans, the lender disburses loan funds directly to the school.

Recommended: Student Loan Basics

The Role of Schools

After issuing loan approval, a lender forwards a certification request to your school’s office of financial aid. This involves verifying certain information provided when applying for the loan, including enrollment status, expected graduation date, year in the program, and requested loan amount.

Federal regulation prohibits students from receiving student aid that exceeds the cost of attendance. To determine the maximum amount of loan funds, the school financial aid office deducts all other types of financial aid — scholarships, grants, and federal student aid — from the school’s cost of attendance for that semester or academic year.

A key difference with private student loans compared to federal loans is that schools do not consider the Student Aid Index (SAI) when calculating how much can be borrowed in private student loans. Additionally, maintaining satisfactory academic progress could be required by schools to certify private student loans.

With all this information, schools will either certify, certify with changes, or deny certification. For instance, loans could be certified for a lesser amount than what was initially requested if it surpasses the school’s cost of attendance.

Recommended: Undergraduate Private Student Loan Rates

Reasons for Certification Denial

There are a few possible reasons why a school won’t certify private loans. Resolving any such issues — whether on behalf of the student or school — is necessary for the disbursement of student loan funds to move forward.

Common Scenarios for Student Loan Certification Refusal

Here’s a look at some common scenarios where schools might refuse private student loan certification.

Exceeding Cost of Attendance

As mentioned above, schools are prohibited from certifying a loan amount that’s greater than the cost of attendance, minus any financial aid awarded.

Note that schools may list different dollar amounts for the cost of attendance depending on a variety of factors. For instance, students living on campus may have a different cost of attendance than those living off campus. Whether you’re paying in-state vs. out-of-state tuition and attending undergraduate vs. graduate school can also impact how your school calculates your cost of attendance.

Schools may break out the cost of attendance into separate expenses. This means that student loan certification could be denied for specific expense categories (e.g., housing costs) if they’re higher than what’s allowed by the school.

Satisfactory Academic Progress Issues

Students are required to maintain Satisfactory Academic Progress (SAP) at their school to continue receiving financial aid. Each school sets its own SAP policy, but generally students need to maintain a 2.0 GPA to maintain eligibility.

While private student loans typically don’t have SAP requirements, losing financial aid could impact your ability to pay for college.

Recommended: Comparing Private Student Loans

Enrollment Status Discrepancies

It’s not uncommon for students to adjust their course load, but a change in enrollment or incorrect reporting of enrollment status could lead to certification denial.

Student loan certification often occurs in the weeks preceding the start of the semester, so it’s important to ensure you’ve successfully enrolled before then. Additionally, a discrepancy could occur if dropping or adding classes impacts enrollment as a full-time vs. part-time student.

Steps to Take When Loan Certification Is Denied

If private student loan certification is denied by your school, there are a few options to consider to avoid delayed or halted disbursement.

Recommended: How Are Private Student Loans Disbursed?

Request an Explanation from the School

Your school’s financial aid office is usually the point of contact to understand the rationale for certification denial and the necessary steps to resolve the problem. Errors with enrollment status or personal information can usually be addressed quickly, but it’s important to reach out promptly.

Appeal the Decision

If the denial involves exceeding the cost of attendance, students may need to appeal the decision with their school. Often referred to as a professional judgment, this appeal aims to increase the student’s cost of attendance to be eligible for additional student loan funding.

Financial aid offices typically consider professional judgment on a case-by-case basis, so it’s important to have documentation to support the request for revising the cost of attendance. For example, a student living off-campus could provide their renewed lease to show an increase in rent. Other circumstances that could warrant a professional judgment include childcare, disability-related expenses, and medical costs.

Explore Alternative Funding Sources

Students often use multiple funding sources to pay for college.

Applying for college scholarships and grants could secure financial aid to help cover tuition, room and board, and other school expenses. This type of aid is usually awarded based on academic merit or financial need, and doesn’t need to be paid back.

To apply for most scholarships and grants, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). After completing the FAFSA, students receive a financial aid package from the schools they’ve been accepted at, outlining eligible financial assistance, including federal student loans, work-study, grants, and scholarships.

Managing Private Student Loan Debt Responsibly

Staying on top of private student loan debt is essential for long-term financial health. Understanding your loan terms, including the interest rate and repayment plan, is key to developing a payback strategy that avoids fees and penalties.

After graduation, students may have a grace period before they need to start repaying their private student loans. Once repayment begins, setting up automatic payments could provide a discount on the loan interest rate and help ensure you’re sticking to your debt payoff goals.

Recommended: Private Student Loan Forgiveness

The Takeaway

Private student loan certification is a required step for funds to be disbursed to your school. If your school doesn’t certify your private student loans, don’t panic. Reach out to your school’s financial aid office to determine if any errors have been made, then take the necessary steps to resolve it.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Can schools deny private student loan certification for any reason?

No. Schools deny private student loan certification if the amount exceeds the cost of attendance or if there are discrepancies in a student’s enrollment status.

What happens if a private student loan is disbursed without certification?

Private student loans cannot be disbursed until a school completes the certification process. In rare circumstances, students may be eligible for a false certification discharge if a loan was disbursed despite a student being ineligible to receive a loan.

Are there limits on the amount schools can certify for private student loans?

Yes, schools cannot certify private student loans exceeding the cost of attendance, minus any financial aid. Note that students can request a professional judgment to increase their cost of attendance, but these are granted on a case-by-case basis.

Photo credit: iStock/recep-bg

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

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Creating a serene nursery for your little one can make a world of difference when it comes to optimizing your child’s sleep. With the right elements in place, you can foster an environment that promotes restful nights and happy days. So whether you’re welcoming a new baby to your apartment in Boston, moving to a rental home in Baltimore, or upgrading your toddler’s room at your home in Seattle, here’s how to set up a nursery room to promote sleep, from our sleep and home design experts.

Sleep environment is key

While there are many factors that can impact your child’s quality of sleep, two essential elements to the perfect sleep environment are a calm and peaceful space for them to rest at night and during nap times. Child sleep expert Charmian Mead from The Sleeping Baby Routine shares more information about how to set up a nursery room for sleep below:

“To encourage independent and positive sleep habits, it’s essential to create a calm and peaceful sleep environment for your newborn, baby, or toddler. As your baby grows they require a slightly different approach and adjustment to their environment but regardless of age, light, temperature, and calm are key to indicate sleep. Your baby’s or toddler’s room should be a sanctuary, a safe, comfortable place to settle. While an infant’s overall routine hugely influences their sleep, the sleep environment is the finishing touch that provides the security they need to relax and rest.”

We all want our children to have positive sleep experiences. So when planning out how to set up a nursery room, being mindful of the above advice can aid in ensuring that your child has consistent, restful sleep while in your home!

Be mindful of temperature and darkness

As Charmian noted above, room temperature and lighting (or lack of lighting) play a crucial role in optimizing your child’s sleep. While preferences may vary by individual, our experts have shared some amazing tips to help optimize temperature and lighting to aid in getting a great night’s sleep: “Infants and children thrive on routines and consistency, especially with sleep. The ideal environment is 68-72 degrees, completely dark, with white noise playing. Another key is a consistent routine leading up to bedtime. For more information or help getting your infant or child sleeping better, Lisa at Sleepytime Sleep Consulting has got you covered.” Shared Lisa Rietzke, RN, BSN. 

Maintaining an appropriate temperature in your child’s nursery is important for their comfort and safety, however, it is sometimes easier said than done – especially during colder months. Katie from Slumber & Sprout suggests “the use of sleeping bags / sleepsuits for little ones who aren’t yet in a bed because they are a great way to ensure that you have dressed your little one appropriately for sleeping. A comfortable room temperature is between 19-22 degrees Celsius. In the winter we recommend that you warm the room with a safe heater and keep the heater a safe distance from the sleep space to avoid overheating.”

Xan Coffman, founder and certified infant and toddler sleep expert at My Baby Sleepology also shared some great insights on the effect of proper lighting for your child’s nursery, stating that “Creating the perfect sleep environment for your baby is key to fostering restful nights and naps. Start by keeping the room dark with blackout curtains to block any outside light, helping your baby understand that it’s time for sleep and to elevate their natural levels of melatonin. 

White noise machines or a gentle fan can work wonders by masking household sounds and creating a soothing atmosphere.” 

Consider using white noise machines

As Xan mentioned above, white noise machines can be a game changer for child sleep. They help drown out household noises and create a consistent sound environment that can comfort babies. Katie from Slumber & Sprout also provided great information on the best techniques for noise control:

“We recommend the use of continuous white noise throughout the entire night and for all naps. Babies are used to noise. The womb is as loud as a vacuum cleaner, so to a baby, the sound of white noise is very soothing. We recommend using it at safe volumes of no louder than 50Db and positioned at least 2 meters away from your baby’s sleep space. You can download an app called “dB Meter” to test the dB level. As babies get older, the use of white noise is soothing but it’s also helpful in filtering out any noise disturbances (creaky floorboards, morning work alarms, dogs barking, traffic, etc.).”

Look for machines with adjustable volume settings and various sound options, such as ocean waves or gentle rain. You should also consider soundproofing options to promote a peaceful environment. Rugs and fabric wall hangings can be used to absorb sound, and door sweeps and weather stripping to block outside noise.

Safe bedding and mattress selection

Choosing the right bedding is vital to creating the perfect sleeping environment for your child. The team at Rockabye Rockies shared that “For babies ages 0-12 months old a safe sleep environment is critical for their safety and wellbeing. A crib with a firm mattress and no pillows, bumpers, stuffed animals, or cords nearby will prevent strangulation and suffocation.” With infants being especially vulnerable to safety concerns that arise with certain types of sleeping environments, ensure that you remain mindful and hyper-vigilant when creating their nursery! 

Seemingly small factors can make a significant difference in your baby’s sleep. Dr. Summer Hartman from Newborn Sleep Company expresses that “Designing a newborn’s nursery with the perfect sleep environment is important for healthy development. To create a peaceful atmosphere, opt for soft, neutral colors, and a red night light and invest in a comfortable crib mattress. 

I recommend Newton Mattress, Swaddle (Miracle Blanket), and using brown noise machines to mask external sounds. Consider placing the crib away from windows and doors to minimize disturbances. Using a firm, flat mattress that fits snugly in the crib to prevent any gaps and sticking with fitted sheets made of breathable materials creates a safe environment for your child. We also suggest reading reviews and choosing reputable brands that prioritize the safety of your little one.”

Use night lights to help your child sleep

As several of our stellar experts have mentioned above, investing in noise machines and night lights can make a big difference in figuring out how to set up a nursery room for your child’s sleep. “For older children ages 2+, I recommend adding a low voltage red or orange-hued nightlight to their bedroom. Developmentally, their imagination begins to introduce ideas like ghosts in the corner and monsters in the closet, so allowing them to see around the room after lights out can help alleviate these fears,” shared the team at Rockabye Rockies.

Khadijah from My Night Light elaborated on the use of night lights, adding that “Fear of the dark is one of the main reasons children often feel anxious at bedtime, especially when transitioning to sleeping on their own.

Creating a comforting atmosphere, including a warm light, can foster positive sleep experiences. Sleep specialists recommend using red light at night because it doesn’t disrupt sleep hormones like bright, blue-white lights can. This makes Duski Night Lights an excellent choice for parents who want to create a calm, secure environment that encourages restful sleep  for their little ones.” It’s also helpful to note that night lights can provide a gentle glow, making nighttime feedings and diaper changes easier without fully waking your baby.”

Establish a sleep routine

While the room environment cannot be discounted when exploring how to set up a nursery room to optimize your child’s sleep, consistency is also vital. Establishing a sleep routine that follows the same steps each night is key to signaling to your baby that it’s time to wind down. 

Dr. Aubrie, founder of Sleepfull Baby suggests that you “avoid screens, bright lights, and overstimulation before bed, and try to stick to a regular, early bedtime. Including a consistent bedtime routine is also essential in establishing healthy sleep habits over time. A warm bath, a gentle massage, stories, or lullabies are all you need to help signal that it’s time to sleep. The perfect sleep environment is safe, cozy, and promotes restorative sleep.”

Photo courtesy of @thesleepingbabyroutine

If you are looking for help establishing a consistent routine for your child, Charmian Mead from The Sleeping Baby Routine also recommended a great routine that will help aid consistency as your child grows and their needs evolve: 

“On the 7 pm to 7 am Sleeping Baby Routine, the ideal sleep setup evolves as your child moves from newborn to toddler.

  • 0-3 months: Create a quiet, dark bedroom, and use a sleep position in which you swaddle your infant and tuck them into a Moses basket or crib with a cellular blanket. Ensure that the room temperature is 18-21 degrees Celsius. 
  • 4-8 months: Maintain a quiet and blacked-out bedroom, alter their sleeping position to a sleeping bag in a cot, and keep the room temperature between 18-21 degrees Celsius.
  • 8 months – 2 years: Ensure a quiet room and draw the curtains. Place your child in a sleeping bag and comforter to settle for the night. It’s recommended to introduce a nightlight or wake-up clock at 2 years of age.”

Establishing a good sleep environment helps ensure deep, uninterrupted sleep, making settling easier — and as they say, “sleep breeds sleep.” Consistency in routine is no easy feat, but putting effort into a set sleep routine will set your child up for sleep success as they grow and develop! 

Improve your child’s sleep in a family bedroom

While it may be a dream of yours to create a solo sleep space for your child, sometimes children (through necessity or preference) will find themselves sleeping with you. Below Tiffany Belanger, a safe cosleeping educator from the Cosleepy blog, has great tips to make cosleeping safe and rewarding: 

“If you have a young child who sleeps better when they’re in your bedroom, my advice is to go with it! Move clutter and nonessentials out of the room to create a calm, comfortable “family bedroom” that maximizes sleep for everyone in the family. You’ll want a big, firm mattress to support your little one’s growing body. If you put it directly on the ground, you’ll enjoy cooler air throughout the night and you won’t have to worry about anyone falling off the bed. Enjoy your giant nest, if you can, because this is a temporary season of life! Your little one will be big, and in their own bedroom, in the blink of an eye.”

Regardless of your child’s sleeping situation, safety should always be the top priority. Don’t fret if your child prefers to sleep with you, enjoy the time while it lasts and achieve a safe environment using the simple tips above.

How to set up a nursery room for sleep: in a nutshell

Improving your child’s sleep involves thoughtful attention to various factors, from temperature and lighting to safety and organization. By creating a cozy and calming environment, you can help your little one enjoy the restful nights and peaceful days that both you and your child deserve. 

Source: rent.com