Like most U.S. airlines, Delta charges passengers to check a bag when they travel on domestic itineraries. The first bag is $35, and must be no more than 50 lbs.
A second bag costs $45 and follows the same Delta baggage weight policy. This fee also applies on flights to Canada, Mexico and the Caribbean. Other international itineraries receive one free checked bag per passenger.
The Delta baggage calculator can give you the exact requirements for your trip. It analyzes all the factors into your destination, eligible waivers and number of passengers to alert you to the amount you would owe for standard or overweight bags.
How to pay
You can pay for a checked bag during the check-in process for your flight online or at the airport by using a kiosk with either in cash or in miles. Remember that most domestic Delta airports are now “cashless,” and you may need a credit or debit card.
Checked bag restrictions
Overweight/excess bag fees are determined by the number of bags, the size of the bag and the weight of the bag. Here is what you can expect to pay for bags that exceed these limits:
51-70 lbs: $100.
71-100 lbs: $200.
Over 100 lbs: Not permitted.
Third checked bag: $150.
Fourth-10th checked bag: $200 each.
Oversized bag exceeding 63-80 inches in length/width/height: $200.
Oversized bag exceeding 80 inches in length/width/height: Not permitted.
Travelers can pay extra to check as many as 10 bags per person on most domestic Delta or Delta Shuttle flights (Delta Shuttle flights are the airline’s air shuttle service in the Northeastern U.S.). Up to four bags may be checked on Delta Connection carrier flights, the regional airlines that operate under Delta.
It’s important to note that Delta may limit the number of excess bags it carries on some flights if not everyone is allowed to check the standard two pieces. They would be on a standby basis and may travel on the next available flight.
Here are some key exceptions to the Delta luggage weight limits:
When flying to/from Key West, Florida, all passengers are only permitted one checked bag.
Excess baggage weight is not permitted on Delta Connection flights.
Military travelers on orders can check as many as five bags (up to 100 lbs each) for free. When traveling for personal reasons, they can check two bags (up to 50 lbs each) for free with proper military identification. If traveling in Premium Select, they can check three bags (up to 50 lbs each), and if in first class or Delta One, three bags (up to 70 lbs each).
How to avoid Delta baggage weight fees
There are several ways to avoid paying Delta bag fees.
Flying internationally
When flying all other international flights, most Delta passengers can check their first bag for free, no matter their cabin, status or fare. Basic economy passengers do not earn this benefit. Additional weight and size limitations for international flights include:
51-70 lbs: $100.
71-100 lbs: $200.
Over 70 lbs: not permitted on flights to Europe/United Arab Emirates/North Africa/South Africa.
Over 100 lbs: not permitted on all other flights.
Restrictions on number of bags and size of bags vary depending on the destination country.
Elite status
One of the many perks of SkyMiles Medallion status is being able to check bags for free. This benefit also applies to up to eight companions traveling with the Medallion member on the same reservation.
SkyMiles Silver Medallion: One free checked bag up to 70 lbs on domestic flights and 50 lbs on international flights.
SkyMiles Gold Medallion: Two free checked bags up to 70 lbs on domestic flights and 50 lbs on international flights.
SkyMiles Platinum and Diamond Medallion: Three free checked bags up to 70 lbs on domestic flights and 50 lbs on international flights.
Any SkyMiles Medallion member in Premium Select: Three free checked bags up to 70 lbs on domestic flights and 50 lbs on international flights.
Any SkyMiles Medallion member in first class or Delta One: Three free checked bags up to 70 lbs on all flights.
Premium cabin
In addition to more space and additional food and beverage options, those traveling in premium cabins receive extra bag perks, too (no matter what their elite status tier).
Delta Premium Select: One free checked bag up to 50 lbs.
First, business and Delta One: Two free checked bags up to 70 lbs.
Credit cards
The real value sinks in if traveling with others because they can check one bag for free, too. Up to eight additional companions on the same reservation as the cardholder can check one bag for free.
The only bummer about this benefit is that this perk does not apply when departing from Paris Charles de Gaulle or Amsterdam.
These are the eligible cards with this benefit:
At $35 per bag (per way), that’s a savings of $630 if you travel as a group of nine. That can really take the sting out of paying an annual fee for any of Delta’s credit cards. Frequent flyers can actually come out ahead when you consider the perks of several Delta cards, like SkyClub access with the Delta SkyMiles® Reserve American Express Card(annual fee: $650; see rates and fees ).
If you do not have a Delta co-branded credit card, but still want to save cash, there are other workarounds, too. Many cards, like The Platinum Card® from American Express and Chase Sapphire Reserve® , come with travel credits tied to the card.
When spending money with Delta, bag fees would be refunded up to a certain amount. American Express requires that you designate Delta as your preferred airline at the beginning of the year. You would receive up to $200 back. Chase offers up to $300 with no specified airline requirement. Terms apply.
Top cards for Delta flyers
Delta SkyMiles® Gold American Express Card
Delta SkyMiles® Platinum American Express Card
Delta SkyMiles® Reserve American Express Card
Annual fee
$0 intro for the first year, then $150
Earning rates
• 2 miles per $1 on purchases made directly with Delta and at U.S. supermarkets and restaurants (including takeout and delivery in the U.S.).
• 1 mile per $1 on all other eligible purchases.
Terms apply.
• 3 miles per $1 on eligible purchases made directly with Delta and on hotel purchases.
• 2 miles per $1 at U.S. supermarkets and restaurants (including takeout and delivery in the U.S.).
• 1 mile per $1 on all other eligible purchases.
Terms apply.
• 3 miles per $1 on eligible purchases made directly with Delta.
• 1 mile per $1 on other eligible purchases.
Terms apply.
Other benefits
• First checked bag free.
• Priority boarding.
• No foreign transaction fees.
Terms apply.
• Companion certificate (main cabin).
• First checked bag free.
• Priority boarding.
• No foreign transaction fees.
Terms apply.
• Airport lounge access.
• Companion certificate (first class, Delta Comfort+ or main cabin).
• Credit for application fee for TSA PreCheck or Global Entry
• First checked bag free.
• Priority boarding.
• No foreign transaction fees.
Terms apply.
Learn more
Carry-on bag restrictions
The bag you bring on board should follow a combined length, width and height limit of 45 linear inches with the size restrictions also being 22 inches long, 14 inches wide and 9 inches tall. There are sizers at the check-in and gate areas for travelers to measure their luggage; this includes handles and wheels. Interestingly, there is no weight limit for carry-on bags as long as they follow these size metrics.
If you are flying from Beijing or Shanghai, however, Delta will require the carry-on to be 22 lbs or less.
Delta makes exceptions for musical instruments, strollers, car seats and nursing mother accessories. There are no size limits for these items although they must be able to securely fit in the cabin.
To view rates and fees of the Delta SkyMiles® Gold American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Platinum American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Gold Business American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Platinum Business American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Reserve American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Reserve Business American Express Card, see this page.
You may have heard that 20% is the ideal down payment on a house, but that doesn’t mean you must pony up that amount to become a homeowner. In truth, the average house down payment is considerably smaller. Currently, the median down payment for a house is 15%, according to data from the National Association of Realtors® (NAR).
Here, you’ll learn more about down payments so you can house-hunt like an insider. Getting a sense of what others are paying and how that differs based on geographic area is helpful. We’ll also share how you might access help if you can’t come up with 20%. Armed with this intel, you’ll be better prepared to navigate that major rite of passage: purchasing a home.
Table of Contents
Key Points
• The median down payment for a house in the US ranges widely from 10% to 35% of the purchase price.
• The amount of the down payment can vary based on factors like loan type, credit score, and lender requirements.
• A larger down payment can result in lower monthly mortgage payments and potentially better loan terms.
• Down payment assistance programs and gifts from family members can help with affordability.
• It’s important to save and plan for a down payment to achieve homeownership goals.
Average Down Payment Statistics
As of 2023, the median down payment for a house was 15%, or $63,908 if you consider that the median national home price in 2023 was $426,056, according to Redfin. This was up slightly from 13% in 2022, according to the NAR. (The median means half of buyers put down less and half put down more; it’s generally considered a better barometer than an average, because the latter can be thrown off by outliers — people who spend wildly more or less than usual.)
This 15% figure shows that the conventional wisdom that you need 20% down to purchase a home is, to a large extent, untrue. In fact, in an April 2024 SoFi survey of prospective homebuyers, many planned to put down far less than 20%. Almost a third of respondents (29%) said they planned to put down 10% or less, and 7% of those surveyed were exploring zero-down-payment options.
A 20% down payment will lower your mortgage amount and monthly payments vs. a smaller down payment, and will allow you to avoid private mortgage insurance (PMI), but it’s not the only game in town.
Average Down Payment on a House for First-Time Buyers
First-time buyers make about a third of all home purchases, and the typical down payment for first-time buyers in the NAR survey was 8%, while repeat buyers’ typical down payment was 19%. (Repeat buyers often have money from the sale of their first residence to put toward the purchase of their next one.)
Down Payment Requirements by Mortgage Loan Type
The amount of money you put down on a home may be governed in part by the type of mortgage loan you choose (and conversely, how much money you have saved for a down payment could dictate the type of mortgage you qualify for). Let’s take a look at the different loan types and their down payment requirements.
Remember that if you are buying your first home or you haven’t purchased a residence in three or more years, you may qualify as a first-time homebuyer and be eligible for special first-time homebuyer programs.
Conventional Loan
This is the kind of loan favored by most buyers, and for first-time homebuyers some conventional home loans can allow for as little as 3% down on a home purchase. A repeat homebuyer might need to put down a bit more — say 5%.
FHA Loan
An FHA loan, acquired through private lenders but guaranteed by the Federal Housing Administration, allows for a 3.5% minimum down payment if the borrower’s credit score is at least 580.
VA Loan and USDA Loan
These loans usually require no down payment, although there are still other hoops to jump through to qualify for one of these loans.
A VA loan backed by the Department of Veterans Affairs, is for eligible veterans, service members, Reservists, National Guard members, and some surviving spouses. The VA also issues direct loans to Native American veterans or non-Native American veterans married to Native Americans. For a typical VA loan borrower, no down payment is required.
A USDA loan backed by the U.S. Department of Agriculture is for households with low to moderate incomes buying homes in eligible rural areas. The USDA also offers direct subsidized loans for households with low and very low incomes. Typically, a credit score of 640 or higher is needed. While borrowers can make a down payment, one is not required.
Jumbo Loan
A jumbo loan is a loan for an amount over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA). In most U.S. counties, the conforming loan limit for a single-family home in 2024 is $766,550. Minimum down payment rules for jumbo loans vary by lender but are generally higher than those for conforming loans. Some lenders require a 10% down payment, and others require as much as 20%.
For all of the above loan types, the home being purchased must be a primary residence in order to qualify for the minimum down payment, but a homebuyer can use a conventional or VA loan to purchase a multifamily property with up to four units if one unit will be owner-occupied.
Average Down Payment by Age Group
The latest NAR Home Buyers and Sellers Generational Trends Report breaks down by age the percentage of a home that was financed by homebuyers in 2023.
Older buyers tend to use proceeds from the sale of a previous residence to help fund the new home. Buyers 59 to 68 years old, for instance, put a median of 22% down, the NAR report shows.
Most younger buyers depend on savings for their down payment. Buyers ages 25 to 33 put down a median of 10%, and those ages 34 to 43, 13%. A fortunate 20% of the younger homebuyers (those age 25-33) received down payment help from a friend or relative.
Percentage of Home Financed
All buyers
Ages 25-33
Ages 34-43
Ages 44-58
Ages 59-68
Ages 69-77
Ages 78-99
50%
15%
6%
8%
15%
22%
31%
29%
50-59%
6%
2%
5%
5%
9%
14%
11%
60-69%
6%
2%
5%
6%
9%
11%
9%
71-79%
13%
13%
14%
14%
12%
9%
15%
80-89%
23%
26%
27%
22%
19%
18%
14%
90-94%
13%
19%
14%
12%
10%
4%
8%
95-99%
14%
22%
17%
12%
8%
4%
7%
100% (financed the whole purchase)
12%
9%
11%
13%
9%
9%
6%
Average Down Payment by State
The average house down payment in any given state is tied to home prices in that location. You can look into the cost of living by state for an overview and then find the median home value in a particular state at a given point in time and estimate what your down payment might be.
The least expensive states in which to buy a home? Iowa, Oklahoma, Ohio, Mississippi, and Louisiana are among them, according to Redfin.
Average Down Payment On a House in California
California, the most populous state and one of the largest by area, is joined by Hawaii and Colorado on many lists of the most expensive states in which to buy a house. Redfin shows a median sales price of $859,300 in California in spring of 2024. A 3% down payment would be $25,779; 10% down, $85,930; and 20% down, $152,260. The Los Angeles housing market is among the toughest in California, with the median sale price up more than 10% in the last year to $1,050,000. You might want to check out housing market trends by city as well if you are interested in finding out where owning a home could be more or less expensive.
Hawaii comes out near the top with a median home price of $754,800. Three percent down would be $22,644; 10% down, $75,480; and 20%, $150,960. In Hawaii, the conforming loan limit is $1,149,825, a reflection of the state’s high home prices. If you need a mortgage for more than that amount in Hawaii, you’ll be in the market for a jumbo loan.
Recommended: How to Afford a Down Payment on Your First Home
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Source of Down Payment
You’re probably wondering where homebuyers get the money to afford a down payment, especially first-time homebuyers. NAR has polled buyers to probe that question. Not surprisingly, more than half of buyers (53%) simply say they have saved up the money — which of course isn’t simple at all.
Savings is especially likely to fund a home purchase for those ages 25-33. Almost three-quarters of younger buyers rely on it for their down payment. Older buyers also use savings but are more likely to draw on the sale of a primary residence. This is especially true after age 59.
Other down payment sources include gifts from relatives or friends, sale of stock, a loan or draw from a 401K or pension, or an inheritance. For those who don’t have generational wealth or savings to rely on, first-time homebuyer programs can make home ownership possible.
City, county, and state down payment assistance programs are also out there. They may take the form of grants or second mortgages, some with deferred payments or a forgivable balance.
How Does Your Down Payment Affect Your Monthly Payments?
Curious to see what your potential mortgage would look like based on different down payments? Start with a home affordability calculator (like the one below) to get a feel for how much you’ll need to put down and other expenses.
Or use this mortgage calculator to estimate how much your mortgage payments would be, depending on property value, down payment, interest rate, and repayment term.
What Do I Need to Buy a House?
If Your Down Payment Is Less Than 20%
If your down payment will be less than 20%, you now know that you’ll have plenty of company. (In SoFi’s survey, 14% of would-be buyers said not having an adequate down payment was their primary challenge.) Consider these ways to optimize the situation:
• A government loan could be the answer: FHA loans are popular with some first-time buyers because of the lenient credit requirements. The down payment for an FHA loan is just 3.5% if you have a credit score of 580 or more. Just know that upfront and monthly mortgage insurance premiums (MIP) always accompany FHA loans, and remain for the life of the loan if the down payment is under 10%. If you put 10% or more down, you’ll pay MIP for 11 years.
• You may be able to improve your loan terms: If you can’t pull together 20% for a down payment, you can still help yourself by showing lenders that you’re a good risk. You’ll likely need a FICO® score of at least 620 for a conventional loan. If you have that and other positive factors, you may qualify for a more attractive interest rate or better terms.
• You can eventually cancel PMI: Lenders are required to automatically cancel PMI when the loan balance gets to 78% LTV of the original value of the home. You also can ask your lender to cancel PMI on the date when the principal balance of your mortgage falls to 80% of the original home value.
You may be able to find down payment assistance: City, county, and state down payment assistance programs are out there, and SoFi’s survey suggests they don’t get enough attention: About half (49%) of the homebuyers who said they were challenged to come up with a down payment hadn’t looked into city or state down payment assistance programs. The assistance may take the form of grants or second mortgages, some with deferred payments or a forgivable balance.
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Dream Home Quiz
The Takeaway
What is the average down payment on a house? Currently, it’s about 15% of the home’s purchase price, which usually means mortgage insurance and higher payments for the buyer. But buyers who put less than 20% down on a house unlock the door to homeownership every day. If you want to join them, you can be helped along by low down payments for first-time homebuyers, as well as government loans, down payment assistance, and other programs.
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
Is 10% down payment enough for a house?
Yes. More than a third of all buyers put down 10% or even less to buy a home. Lower down payments are especially common among younger and/or first-time homebuyers.
What is the minimum you should put down on a house?
Conventional wisdom says the minimum down payment is 20%, but most buyers put down less — 15% is far more common. Younger buyers and first-time homebuyers, especially, often put down far less and some home loans allow you to finance 97% or even 100% of the home’s cost.
What factors can affect my down payment requirements?
The amount of down payment you’ll need to come up with depends on your loan type, credit history and credit score, the cost of the property you’re buying, and whether you are a first-time homebuyer.
What are the pros and cons of putting down less than 20% on a house?
Putting down less than 20% on a house might allow you to buy a home sooner. It might also permit you to set aside money for renovations or to pay off other debts. The disadvantage is that those who put down less than 20% usually have to pay for private mortgage insurance which adds to their monthly costs. (Those with FHA loans who put down less than 20% will pay a mortgage insurance premium.)
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.
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.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Montana is a state known for its wide-open spaces, breathtaking natural beauty, and a rugged, independent way of life. But like any state, living in Montana comes with both benefits and challenges. This article dives into the pros and cons of living in Montana to help you decide if it’s the right place for you.
Is Montana a good place to live?
Life in Montana is defined by its striking landscapes, from the towering Rocky Mountains in the west to the rolling prairies in the east. The largest city, Billings, offers a small but growing urban center with a mix of retail, entertainment, and industry jobs. Other notable cities like Missoula and Bozeman are hubs for adventure and home to top-tier universities, including the University of Montana and Montana State University. While urban areas are expanding, much of Montana retains a rural, frontier atmosphere, where people value space, privacy, and self-sufficiency.
Montana state overview
Population
1,084,225
Biggest cities in Montana
Billings, Missoula, Great Falls
Average rent in Billings
$1,425
Average rent in Missoula
$1,295
Average rent in Great Falls
$1,525
1. Pro: An outdoor paradise
Montana is an outdoor lover’s dream, providing access to some of the most stunning landscapes in the country. With two major national parks, Glacier and Yellowstone, plus countless state parks and wilderness areas, there’s no shortage of adventure. Whether you’re into hiking, fishing, skiing, or simply soaking in the views, you’ll find an outdoor activity for every season.
Insider scoop: For a true local experience, visit the hidden gem of Hyalite Canyon near Bozeman. It’s a favorite spot for locals, offering hiking trails, waterfalls, and ice climbing in the winter—without the crowds you’ll find in the national parks.
2. Con: Long, harsh winters
Montana winters can be brutal, especially in the northern and mountainous regions where temperatures can plummet well below freezing. Heavy snowfall and icy roads can make daily life challenging, and cabin fever is a real concern during the months of subzero temperatures. For those not accustomed to cold weather, the winter season can be a major downside. Cities like Great Falls and Helena regularly see snowfall starting as early as October and lasting through April.
Insider scoop: Embracing the winter is key—head to Bridger Bowl near Bozeman for some of the best skiing in the state, or check out Missoula’s winter markets for fresh produce and handmade goods that bring a bit of warmth to the coldest months.
3. Pro: No sales tax
Montana is one of the few states in the U.S. with no statewide sales tax, making it a good place for those who want to stretch their money further. Whether you’re buying a new car, furniture, or groceries, you’ll save a bit more on each purchase compared to states with high sales taxes.
4. Con: Limited public transportation
Montana’s sprawling geography and low population density mean that public transportation options are limited. Most residents need to rely on their own vehicles to get around, even within cities. Rural areas are especially challenging for those without a car, as bus and train routes are virtually non-existent outside of the larger urban centers. Ride-sharing options like Uber and Lyft are also less common, making transportation a potential headache for those without a reliable vehicle.
5. Pro: Low population density
Montana is one of the least densely populated states in the U.S., with only about 1.08 million residents spread over its vast landscape. This means plenty of room to breathe, privacy, and fewer crowded public spaces. The low population density is perfect for those who value solitude or are looking to escape the hustle and bustle of larger cities. Even in towns like Billings or Missoula, you won’t feel overwhelmed by crowds.
6. Con: Expensive housing in certain areas
While Montana is often associated with affordable living, certain cities, particularly Bozeman and Missoula, have seen a surge in housing prices in recent years. Driven by an influx of new residents, these cities now have a housing market that rivals much larger metro areas. The average rent for a one-bedroom apartment in Great Falls is around $1,525, while Billings averages $1,425. For long-time residents, this increase in housing costs is a notable con.
Insider scoop: If you’re looking for a more affordable option, consider cities like Helena, where rental rates are lower, averaging around $1,125 for a one-bedroom apartment.
7. Pro: Growing job market in certain sectors
While Montana has traditionally relied on agriculture, mining, and tourism, the state’s job market is expanding in sectors like tech, healthcare, and education. Cities like Bozeman have become tech hubs, attracting startups and remote workers looking for a better quality of life. The healthcare industry is also thriving, with hospitals and medical centers in cities like Billings and Missoula offering numerous job opportunities.
8. Con: Potential risk of wildlife
Living in Montana means sharing the landscape with a variety of wildlife, from deer and elk to bears and mountain lions. While these animals add to the state’s natural charm, they can also pose risks, especially if you live in rural or mountainous areas. Bears are particularly common near Glacier and Yellowstone National Parks, and it’s not unusual to see warnings about wildlife encounters on hiking trails. Keeping bear spray handy and securing garbage bins are common practices in many parts of the state.
Travel tip: Always make noise when hiking in bear country to avoid startling wildlife, and store food securely when camping to keep critters at bay.
9. Pro: Slower, laid-back lifestyle
Montana offers a slower pace of life that’s hard to find elsewhere. The state’s rural charm, wide-open spaces, and small-town atmosphere make it perfect for those looking to escape the stress of city living. Even in the larger cities like Billings or Great Falls, the pace is far more relaxed compared to the hustle of metropolitan areas. People in Montana tend to value a work-life balance and outdoor recreation, making it an ideal place for those looking to unwind and live a simpler life.
10. Con: Montana is windy
Montana is known for its windy conditions, especially in the eastern plains and mountainous areas. The state’s wide-open spaces and high-altitude landscapes create an ideal environment for strong winds, particularly during the winter and spring months. In cities like Great Falls, Helena, and Livingston, it’s not uncommon to experience wind gusts exceeding 50 mph, which can make outdoor activities less enjoyable and even hazardous. The wind can also lead to increased heating costs in the colder months, as it amplifies the chill factor.
PS LAX — originally called The Private Suite at LAX before the name was shortened in January 2020 — is a reservation-only passenger terminal that can be accessed before or after your flight. The lounge, which opened in May 2017, offers a luxurious experience, including chef-prepared food; a spa; 12 private suites; private TSA, customs and immigration; and a BMW that drives you directly to your plane. PS has locations in Los Angeles and Atlanta, with plans to expand to Dallas-Fort Worth and Miami.
PS LAX gave me free access to a private suite in the lounge, which would have otherwise run over $5,000. I stopped by before a trip where I was flying to Amsterdam for a few nights before a safari in Tanzania.
My take: The lounge is expensive — beginning at $1,095 per person to access The Salon (a communal area separate from the private suites) and $4,850 for up to four people to access the private suite — but it’s a remarkable experience for those who can afford it. Unlike with other lounges, there’s no easy way to get access through a premium credit card, although the lounge does offer complimentary annual membership to people with the AmEx Centurion Black Card, an invitation-only card for the wealthy (terms apply).
The private suite at PS LAX. (Photo by Josh Garber)
Getting to PS LAX
The walkway between suites at PS LAX. (Photo by Josh Garber)
PS LAX is in its own private terminal, located at 6875 W. Imperial Highway, Los Angeles, CA 90045. There are a few options for getting to PS LAX:
Arranging for transport through PS LAX
You can book transit to LAX directly through PS LAX, with pricing dependent on the type of car you book and where you live. For a car from Hollywood Hills West in Los Angeles, I was quoted the following rates:
$173.07 for a sedan for up to three passengers.
$255.36 for a Mercedes-Benz S-Class for up to three passengers or an SUV for up to six passengers.
Uber, Lyft or other rideshare
You can also arrange an Uber, Lyft or other rideshare to take you to PS LAX. I decided to take a Lyft Black, which came out to $83.49. One thing to keep in mind is that if you use a rideshare, the driver may not know exactly where the PS LAX terminal is, so you may want to order your rideshare car five or 10 minutes earlier than you might otherwise as a buffer.
Driving your own car
You can drive to PS LAX, but note that you may need to pay for parking depending on your membership status and how many days you stay and whether you’re accessing the suite or The Salon (more on that below). Here’s the pricing for valet parking at PS LAX:
All Access membership. 30 nights complimentary for the suite, two nights complimentary for The Salon.
The Salon membership. Two nights complimentary for The Salon.
No membership. $90 per night.
One perk to parking your car at PS LAX is that it will be cleaned for you. That service comes at an additional cost if you do not have an annual membership.
PS LAX amenities
PS LAX offers guests several amenities, including:
Spa services, including a table massage or a chair massage.
Private, line-free Transportation Security Administration screening and customs before departure (including a beverage area after you go through screening where you can fill up your water bottle or pick up complimentary drinks to take on the flight with you).
Customs and immigration services upon arrival.
Chef-prepared food.
12 private suites, including a double suite and a suite that has a private outdoor area.
An outdoor garden area that includes top-shelf food and drinks, as well as games, water features and shaded areas.
BMW car service that takes you directly to the aircraft door.
Instant luggage delivery on arrival.
Each suite has its own bathroom (including amenities like toothbrushes, razors and other toiletries that you can take with you), a pantry with food, a minibar, a two-person daybed and views of aircraft taking off and landing.
The TSA screening and passport control at PS LAX. (Photo by Josh Garber)
There are so many amenities at PS LAX that you’d be hard-pressed to use them all before your flight.
Dining experience
Dining at PS LAX feels like you’re at a restaurant, with a menu and chef-prepared food. While the exact food offerings may differ depending on when you fly, below is a sample of the food offered on the menu during my visit. (Note that breakfast is available from 5 a.m. to 11 a.m., with all other food served from 11 a.m. to 11:30 p.m.)
Seasonal fruit plate.
Breakfast grain bowl.
French omelet.
PS breakfast sandwich.
Eggs any style.
Chilaquiles.
Vegan tacos.
Avocado toast.
Charcuterie and cheese.
Margherita and seasonal flatbread.
Sandwiches
PS burger.
Maitake mushroom sandwich.
Southeast Asian fried chicken sandwich.
PS turkey sandwich.
Hanger steak.
Blackened seasoned Scottish salmon.
Pan-seared scallops.
Spinach sorpresine.
Pasta primavera alla chitarra.
Strawberry mousse.
Sticky toffee pudding.
Chocolate torte.
Note that the menu does not have pricing on it, but you will need to pay for food if you order off the menu.
Hanger steak at PS LAX. (Photo by Josh Garber)
Bar
PS LAX includes a bar called The Salon, and you have the option to purchase access only to The Salon (meaning you won’t have a private suite).
The Salon at PS LAX. (Photo by Josh Garber)
The bar is chic with plenty of top-shelf liquor, wine, beer and cocktail options. There are also non-alcoholic beverages, including non-alcoholic wine, zero-proof cocktails, soft drinks and Icelandic still or sparkling water.
The spa at PS LAX
A major perk of PS LAX is that it includes a spa, which can really help to reduce pre- and post-travel stress. All Access and The Salon members in a private suite receive a complimentary spa service, and other visitors can purchase spa services at the following rates:
$120 for a manicure.
$150 for a table or chair massage.
$100 for a haircut or barber service.
Massage table at the spa at PS LAX. (Photo by Josh Garber)
Personalized touches
Something that made the PS LAX special was the personalized touches from the staff. I visited PS LAX on my way to Amsterdam and Tanzania for a safari, a trip that I planned for my birthday.
I was surprised when I walked into my private suite to find that the staff had included stroopwafel and other Dutch treats, flags from the Netherlands and Tanzania, a Lonely Planet guide to Tanzania, a PS LAX hat and a birthday present and card that included Kiehl’s products and a travel amenity kit.
A table in the private suite that included Dutch- and Tanzania-themed presents. (Photo by Josh Garber)
How to access PS LAX
Memberships
Access to PS LAX and pricing depend on whether you’re a member and whether you want to access a private suite or have your visit include only The Salon. Below is an overview of PS LAX memberships and benefits:
Outdoor area accessible by all PS LAX guests. (Photo by Josh Garber)
Reservations
You’ll need to make a reservation to visit PS LAX, and access is on a space-available basis, with All Access members receiving priority access for the private suite and The Salon and The Salon members receiving priority access for The Salon.
If you have no membership, you’ll be put on a waitlist and receive notice generally 48 hours before your flight.
PS LAX BMW that picks you up after security to drive you directly to your plane. (Photo by Josh Garber)
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Many Americans don’t closely track their finances or know what their current credit score is. Being financially literate, especially when it comes to credit usage, can make it much easier to manage your finances and, over time, improve your situation. The good news is that numerous personal finance tools are available today to make things easier than ever.
Keep reading to learn more about the top four personal finance tools you should start using today.
What are financial tools?
Financial tools are apps or services that help you track and manage your financial transactions. These tools can help you stay within your spending limits, meet your financial goals and make informed financial decisions.
Today, you can access many of these tools online through a secure platform or app. For many, these tools are an essential part of financial management. They help simplify the financial tracking process and make it easier to understand your current financial status.
Top 4 types of personal finance tools available
1. Budgeting tools
Financial freedom doesn’t just happen overnight. It takes careful planning and continuous tracking of where you spend every dollar. This is why maintaining a personal budget is so important. Keeping a budget can ensure you’re saving enough to meet your future needs, preventing you from spending more money than you earn and helping you create an emergency fund.
Fortunately, you no longer need to rely on pen and paper to keep a budget and track your spending. Instead, there are a number of online tools you can use to quickly track where you spend every dime. While Mint has been a popular budgeting tool for many consumers, it’s ceasing operations as of January 1, 2024. Whether you’re looking for a Mint replacement or your first budgeting app, here’s a look at the top options available.
You Need A Budget: Commonly referred to as YNAB, this tool uses the zero-based budget system to track every dollar you earn and spend. The easy-to-use finance tool lets you link all your accounts, including bank accounts, credit cards and loan payments, to help you get a clear view of your financial status.
Goodbudget: This online tool uses the popular envelope budgeting system to ensure you’re tracking every dollar you spend. While you can’t link your bank account to Goodbudget, you can import data from your bank to keep everything up to date. The app shows you how much money you have left to spend in each category.
PocketGuard: PocketGuard is a simplified budgeting tool that links to your bank accounts, credit accounts and loans. It automatically tracks your bills to let you know how much you have left to spend. While it doesn’t have all the special features you might find with other budgeting apps, it’s a good choice for those who prefer a straightforward approach to budget tracking.
HoneyDue: This online budgeting tool is ideal for couples who want to sync their accounts. It lets users customize their own settings for what information they want to share with each other and how to split expenses. HoneyDue also offers special features such as bill reminders and goal setting.
2. Online banking tools
Nearly all banks, credit unions and credit card companies offer online services. Chances are, you already use these online tools to track your account balance, deposits and charges. While using these tools for basic services is a good first step, these apps offer so much more. Here’s a look at several other online services most financial institutions offer.
Online bill payment: Most banks and credit unions let you use their online platform to pay bills. This great feature allows you to instantly make payments online so you can avoid late payment fees.
Mobile check deposit: Fortunately, you don’t have to run to the bank every time you want to deposit a check. You can deposit it directly through your mobile device. In many cases, you can see funds from these deposits in your account almost immediately or the next day.
Transfer funds: When that work bonus hits your bank account, you don’t have to risk spending more of it than you planned. Instead, use your online banking platform to transfer the funds from your checking to your savings account instantly.
Credit score: Some banks and credit unions provide their customers with a look at their credit score. This feature can help you track your score over time.
3. Investment tools
According to the latest Gallup poll, 61 percent of adults in the United States own some type of stock. For many, their stock ownership is limited to their 401(k), but your investment options don’t have to stop there. Many online tools are ideal for beginner and long-time investors.
Best of all, you don’t need a lot of money to invest. In fact, you can get started with your spare change. If you’re ready to start building your investment portfolio, check out these online investment tools.
Acorns: Acorns is a good option for those just starting to invest. There are no minimum deposit requirements when you sign up for its Round-Ups program. This program rounds up every transaction you make to the nearest whole dollar. It then uses these funds to automatically invest your money and build your portfolio.
RobinHood: RobinHood is a popular investment app for those who want to take charge of their own investment options. There are no minimum balance requirements or commission fees, which is great for those looking for a low-cost way to start investing in the stock market. RobinHood even lets users buy cryptocurrency.
Fidelity: If you’re looking for an online tool that offers a hands-off approach to investment while also helping you better understand the stock market, Fidelity may be the right option for you. The combination of its robo-advisor services and online resources and tools make it easy to build a customized investment strategy.
Betterment: Through the Betterment app, you can start investing with as little as $10. This app lets you set your financial goals, risk level and starting amount. With these details, it automatically creates an investment plan to help you reach your goals.
4. Credit-related tools
Many people fail to understand the full impact their credit score has on their overall financial health. For instance, you may already know that your credit report and credit score can impact your ability to secure a credit card or obtain a car or home loan. But did you also know your credit score can determine your ability to rent an apartment, land a job or set up utilities in your name without a deposit?
It’s crucial you stay up to date on your credit score and credit report. First, tracking your credit can alert you to drops in your score and give you time to take steps to address any issues. Second, understanding issues on your credit report lets you create a strategy for repairing or rebuilding your credit.
Finally, regularly examining your credit report can help you quickly identify any errors that are wrongfully hurting your credit and take steps to fix them. It can also help you guard against identity theft.
You’re entitled to request one free copy of your credit report each year from each of the three major credit bureaus—Experian, TransUnion and Equifax. But you don’t have to wait until the end of the year to track your credit. Instead, you can use Lexington Law’s free credit assessment and other paid services to get updated information related to your credit. Using a combination of these tools can help you get a better handle on your financial status and set up a strategy to improve your credit.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
If you’ve been paying attention, you may have noticed that mortgage rates have quietly crept back up to nearly 7%.
While it appeared that those 7% mortgage rates were a thing of the past, they seemed to return just as quickly as they disappeared.
For reference, the 30-year fixed averaged around 8% a year ago, before beginning its descent to nearly 6% in early September.
It appeared we were destined for 5% rates again, then the Fed rate cut happened. While the Fed itself didn’t “do anything,” their pivot coincided with some positive economic reports.
Combined with a “sell the news” event of the Fed cut itself, rates skyrocketed. However, now might be a good time to remind you that rates do tend to fall for a while after rate cuts begin.
Falling Rates Often Play Out Over Years, Not Months
As noted, the Fed pivoted, aka lowered its own fed funds rate, in September. They did so after increasing their rate 11 times during a period of tightening.
Hence the word “pivot,” as they switch from raising rates to lowering rates.
In short, the Fed determined monetary policy was sufficiently restrictive, and it was time to loosen things up. This tends to result in lower borrowing rates over time.
While many falsely assumed the pivot would lead to even lower mortgage rates overnight, those “in the know” knew those cuts were mostly already baked in, at least for now.
So when the Fed cut, mortgage rates actually drifted a little higher, though not by much. The real move higher post-cut came after a better-than-expected jobs report.
Lately, unemployment has taken center stage, and a strong labor report tends to point to a resilient economy, which in turn increases bond yields.
And since mortgage rates track the 10-year bond yield really well, we saw the 30-year fixed jump higher.
After nearly hitting the high-5s in early September, it completely reversed course and is now knocking on the 7% door again.
How is this possible? I thought the high rates were behind us. Well, as I wrote earlier this month, mortgage rates don’t move in a straight line up or down.
They can fall while they are rising, and climb when they are falling. For example, there were times when they moved down an entire percentage point during their ascent in 2022.
So why is it now surprising that they wouldn’t do the same thing when falling? It shouldn’t be if you zoom out a little, but most can’t stay the course and contain their emotions from dramatic moves like this.
It Can Take Three Years for Mortgage Rates to Move Lower After a Fed Pivot
WisdomTree Head of Equities Jeff Weniger crafted a really interesting chart recently that looked at how long mortgage rates tend to fall after the prime rate starts falling.
He graphed six instances when rates came down from 1981 through 2020 after prime was lowered. And each time, other than in 1981, it took at least two years for rates to hit their cycle bottom.
If we combine all those falling mortgage rate periods and use the average, it took 38 months for them to move from peak to trough.
In other words, more than three years for rates to hit their lowest point after an initial Fed cut.
As it stands now, we are only a month into the prime rate falling. But it’s important to note that rates had already fallen from around 8% a year ago.
They’ve now drifted back up to around 6.875%, and it’s unclear if they’ll continue to move higher before coming down again.
But the takeaway for me, in agreeing with Weniger, is that we remain in a falling rate environment.
Even if 30-year fixed rates hit 7% again, it’s lower highs over time as rates continue to descend.
Meaning we saw 8% in October, 7.5% in April, and perhaps we’ll see 7% this month. But that’s still a .50% lower rate each time.
The next stop could be 6.5% again, then 6%, then 5.5%. However, it won’t be a straight line down.
Still, it’s important to pay attention to the longer-term trend, instead of getting caught up in the day-to-day movement.
Mortgage Lenders Take Their Time Lowering Rates!
I’ve said this before and I’ll say it again for the umpteenth time.
Mortgage lenders will always take their sweet time lowering rates, but won’t hesitate at all when raising them.
From their perspective, it makes perfect sense. Why would they stick their neck out unnecessarily? Might as well slow play the lower rates if they’re not sure where they’ll go next.
As a lender, if you’re at all fearful rates will get worse, it’s best to price it in ahead of time to avoid getting caught out.
That’s likely what is happening now. Lenders are being defensive as usual and raising their rates in an uncertain economic environment.
If and when they see softer economic data and/or higher unemployment numbers, they’ll begin lowering rates again.
But they’ll never be in any rush to do so. Conversely, even a single positive economic report, such as the jobs report that got us into this situation, will be enough for them to raise rates.
In other words, we might need multiple soft economic reports to see mortgage rates move meaningfully lower, but just one for them to bounce higher.
So if you’re waiting for lower mortgage rates, be patient. They’ll likely come, just not as quickly as you’d expect.
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.
Credit union student loans are offered by member-owned financial institutions to help you cover college costs. While banks and online lenders also offer private student loans, credit unions often stand out by providing no-fee loans with competitive interest rates.
In this guide, we’ll walk you through how credit union student loans work, explore your options, weigh the pros and cons, and explain how to apply.
What Are Credit Union Student Loans?
Credit union student loans are private loans offered by credit unions to help students pay for college or other educational costs. Depending on your situation, they can be a good alternative to loans from big banks or once federal student loans have been exhausted.
Advantages of Credit Union Student Loans
Credit unions are all about putting their members first. Because they prioritize people over profits, they can offer perks like lower interest rates and fewer fees. Some credit unions even team up with others to share resources, making things more convenient and affordable for you.
Advantages include:
Lower costs: As nonprofits, credit unions don’t focus on making money for investors. This allows them to pass savings on to you through lower interest rates and fewer fees, helping you save on loans.
Member-focused: Credit unions are dedicated to helping their members. You’re likely to receive personalized attention and support from representatives who take the time to understand your needs and recommend the best services for you.
Flexibility: Credit unions may be more flexible with loan eligibility requirements for members. They might be more willing to work with students who are considered high-risk or don’t have a cosigner.
Eligibility Requirements
To get a student loan from a credit union, you typically need to be a member. Each credit union usually has its own membership guidelines, which might require you to work in a specific industry, belong to a certain group, live in a particular area, or attend a specific school.
If you have a family member who’s already a member, you might be able to join through them. Many credit unions allow immediate family members to become members, which could give you access to a student loan.
Keep in mind, though, there might be a membership fee, typically between $5 and $25.
When it comes to getting a student loan, each credit union has its own criteria, just like banks and online lenders. While private lenders often look for a credit score of 670 or higher, you might still qualify even if your score is lower.
Recommended: Do Credit Unions Help You Build Your Credit Score?
Types of Credit Union Student Loans
Here’s a look at the types of student loans offered by credit unions. Keep in mind, though, that options vary by credit union.
Private Student Loans
Private student loans from credit unions are a way to help cover college costs. While it’s recommended to use federal financial aid first, a private student loan from a credit union may help bridge the gap. These loans often have competitive interest rates and flexible terms, making them an appealing option to finance higher education costs.
Unlike federal student loans, though, how much you can borrow and the interest rate you get usually depend on your credit and income.
Student Loan Refinancing
Some credit unions offer student loan refinancing options, which may help you streamline your student debt and potentially save you money. When you refinance with a credit union, you’re essentially getting a new loan to pay off your existing ones, whether your loans are federal or private.
In other words, credit union refinancing for student loans lets you consolidate your loans into one payment, potentially with a lower interest rate and better terms if you qualify. And with just one monthly payment to manage, handling your debt could become much less stressful.
Keep in mind, though, that refinancing federal student loans into private student loans makes it so you’re no longer eligible for federal benefits, such as student loan forgiveness programs and income-driven repayment plans.
Recommended: Pros and Cons of Student Loan Refinancing
How to Apply for a Credit Union Student Loan
Applying for a student loan from a credit union is a straightforward process, but it’s important to understand the eligibility requirements, necessary documentation, and application process.
Step 1: Check Eligibility
Before applying for a student loan from a credit union, you’ll typically need to become a member. Some credit unions will let nonmembers apply, but to receive a loan you must be a member. If you’re already a member, make sure you meet their lending requirements — like being enrolled at least half-time.
Also, double-check to see if your school qualifies for private student loans. If you’re attending a community college or trade school, not all schools may be eligible, so it’s important to confirm.
Step 2: Gather Required Documents
If you meet the eligibility requirements, you can typically apply online, by visiting a branch, or by reaching out to the credit union directly.
When you’re ready to apply, you’ll typically need to share some basic information, like your name, Social Security number, and proof of income. It’s a good idea to check your credit score first, as lenders typically look for borrowers with a solid credit history, a good credit score (670-739), and a certain level of income.
If you’re concerned you might not qualify on your own, think about getting a cosigner. A student loan cosigner could increase your chances of getting approved and might even help you get a lower interest rate and better terms.
Step 3: Compare Loan Options
You may want to compare lenders in order to get the best rate and terms for your situation. Some lenders let you get prequalified, which helps you explore your options. Since prequalifying only involves a soft credit check, it won’t affect your credit score and you can see potential rates and terms without any worries.
In addition to exploring credit unions, it’s worth checking out other lenders that might offer competitive rates and terms.
Step 4: Submit Your Application
Once you choose your credit union or another lender, you can submit your official application. The lender will then usually do a hard credit check, and you’ll get the final approval decision.
Repaying Your Credit Union Student Loan
With some private student loans, you’ll need to make payments during school, while others let you hold off until you’ve graduated. To find out which one applies to your loan, check with your loan servicer or take a look at your loan documents.
It’s also a good idea to ask if the interest that builds up during the time you’re in school will be added to your principal balance when repayment starts.
When it comes time to make your payments, where you pay depends on your loan servicer. Most servicers let you pay online, but it’s smart to confirm this before your payments begin.
Many servicers also offer automatic payments, which automatically deduct your monthly payment from your bank account. This can help you avoid missing payments or getting hit with late fees.
Recommended: 6 Strategies to Pay Off Student Loans Quickly
Tips for Managing Credit Union Student Loans
Here are a few tips for managing your credit union private student loans.
Make a budget. Knowing where your money goes each month is key to setting aside funds for loan payments. Review your income and expenses to see where you can cut back, and try to allocate more toward paying off your loans.
Compare repayment options. Unlike federal loans, repayment options with credit unions and other private lenders can vary. If you’re struggling to keep up with payments, check if your lender offers plans like interest-only repayments, which allow you to defer the principal.
Make extra payments. Whether it’s biweekly payments instead of monthly or tossing in extra cash when you can, paying a bit more here and there can help you pay off your loans faster. Just be sure to request that any extra funds go directly toward the principal balance.
Sign up for autopay. Many private lenders offer an automatic payment option. By enrolling in autopay, you can ensure you never miss a payment.
Focus on high-interest debt. If you have multiple student loans, paying off the one with the highest interest rate first could save you money in the long run.
Consider refinancing your loans. If managing your payments feels overwhelming, you can refinance your student loans. This allows you to combine multiple student loans into one, ideally with a lower interest rate or more favorable terms.
The Takeaway
Credit unions offer private student loans to help cover college expenses like tuition and books. Unlike federal student loans, these private loans don’t offer the same flexible repayment options or borrower protections. It’s best to use your federal aid first, and then turn to private student loans if needed.
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 you use a credit union for a student loan?
Yes, some credit unions offer private student loans to their members. These loans work similarly to those provided by banks or online lenders, often with competitive interest rates and additional member perks.
Are student loans from credit unions considered private?
Yes, student loans from credit unions are considered private since they’re funded by the credit union, not the government. While they don’t offer the same federal benefits and protections, they often come with competitive rates and special perks for members.
Is it more difficult to get a student loan from a credit union?
Getting a student loan from a credit union usually depends on your credit history and being a member. Membership might require living in a certain area or belonging to a specific group. But once you’re in, you could benefit from more personalized service and potentially better rates than what you may find with other lenders.
Photo credit: iStock/hobo_018
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.
FoundersCard, a membership community offering exclusive perks and discounts on travel, business expenses, entertainment and shopping, charges $595 per year for a standard membership. It’s marketed as a VIP pass for entrepreneurs and business executives. But to me, it felt less like a VIP pass and more like a coupon book that takes significant effort to use.
Although FoundersCard sounds like a credit card, it isn’t one. It’s a membership program that gives you elite status to certain airline and hotel brands and access to several discounts, plus business perks like members-only networking opportunities. Unlike the premium credit cards it competes with, you won’t earn a sign-up bonus or ongoing rewards with each purchase. And, notably, it doesn’t come with complimentary lounge access, a benefit travelers often use to justify the price of premium cards.
FoundersCard could be worthwhile for business owners wanting to take advantage of the business-specific benefits or loyalists of some of the participating airlines who spend upwards of $3,500 a year on flights. And if you can access membership for free (like I did) or at a discounted price, it might be a good deal. But at full price, it’s not a good value for most travelers.
What FoundersCard costs
FoundersCard has two membership levels:
Standard: $595 a year.
Elite: $995 per year.
It’s relatively easy to find promotions to test out the program before you pay. As of September 2024, you could receive a six-month free trial through the FoundersCard website. I received a free year of the Standard membership through my Clear membership.
Depending on how you sign up, you may have access to a different rate. For example, I was offered a renewal rate of $395 for the standard membership.
My experience
Once I filled out the application form for FoundersCard, I received an email stating that the membership board would look over my application and get back to me in one to three business days if I was approved. I received my approval email a little less than 24 hours later.
If you decide to accept a membership, you’ll need to provide your credit card information, but you won’t be charged until your trial period ends.
You can’t see the program’s full benefits until you’re approved. Once you are, you’re met with a dizzying amount of discounts, perks and elite status benefits. Here are some things you can expect:
Up to 16% off flights through United Airlines, Alaska Airlines, Virgin Atlantic, British Airways, Etihad Airways, Singapore Airlines, Qantas and Qatar Airways.
Elite status with Marriott Bonvoy (Platinum status), Hilton Honors (Gold status), IHG (Gold status), Omni (Champion status), Sonesta (Gold status), Virgin Atlantic (Silver status), Hertz, Avis and Sixt.
Discounts on select hotels.
Preferred pricing at sporting events, concerts and plays.
Discounts at select retail stores, like Adidas, Mr Porter and COS.
Preferred pricing on gym memberships through Equinox, Crunch Fitness, SoulCycle and CorePower Yoga.
Preferred pricing on electronics through Dell, Apple and Lenovo.
Discounts and credits on business services, like Amazon Web Services, Google Workspace, Stripe, Square and Hubspot.
Discounts on memberships and daily passes at select coworking spaces.
Up to 15% off select phone plans through AT&T.
Some of these benefits can be extremely valuable, especially if you have expenses that match what FoundersCard offers. Others are similar to deals you might get on $0-annual-fee credit cards.
🤓Nerdy Tip
Some of FoundersCard discounts will be automatically applied to your purchase once you click through the link on FoundersCard’s website. But you may need to provide a promo code to receive a discount, which you’ll find once you click on specific benefits.
What I like
As an avid credit card user, I was pleasantly surprised to find perks through FoundersCard that are harder to find on credit cards. Here are a couple of my favorites:
Up to 16% off United Airlines flights
United Airlines is rarely my first choice of airline, but since I live near a United hub, it’s often the best option. So that potential 16% discount on flights would be significant for me. It’s important to note, though, that you’ll only get this discount once you pay for a Standard membership. The trial period I currently have doesn’t come with this offer.
If you pay full price for the Standard membership, you’d need to spend over $3,700 on United flights each year to break even, which is more than most people will spend. But even if it doesn’t cover the entire cost of a membership, it can cover a significant chunk for travelers who often fly United.
Keep in mind the math doesn’t apply to every participating airline with a discount. The discount varies by airline, so you might have to spend even more to break even if you’re a devoted Alaska Airlines flyer (which only has a 5% discount) or British Airways flyer (which only has an up to 10% discount).
Cheaper stays at smaller hotel brands
Don’t get me wrong: I love my hotel rewards. But sometimes it’s nice to stay at a boutique hotel that isn’t connected to a large hotel chain. FoundersCard gives you deep discounts at over 500 hotels, many of them smaller chains. You can often find 20% discounts, and several hotels even waive resort fees.
Up to 15% off Hyatt stays through Hyatt Leverage
FoundersCard gives you automatic Hyatt Leverage, a program designed for small businesses that gives participants up to 15% off qualifying stays. Anyone can sign up for Hyatt Leverage, but if you (or your employees) don’t stay at least 50 nights per year, you could get removed from the program. With FoundersCard, there’s no such requirement. Because of Hyatt’s small footprint, I don’t stay at the brand often. But a 15% discount definitely makes me seek out Hyatt hotels when it’s available.
What I don’t like
Airport lounge access isn’t free
FoundersCard will get you into No1, Plaza Premium and The Club lounges for up to 20% cheaper than the general public pays. That’s not nothing. But considering the price of a membership that touts its premium travel benefits, I’d expect to sip cocktails in a free airport lounge.
Many credit cards — some with significantly lower annual fees — get you into airport lounges at no additional cost. For example, the $395-annual-fee Capital One Venture X Rewards Credit Card comes with access to Capital One lounges, Priority Pass lounges and Plaza Premium lounges. Even the United℠ Explorer Card, which has an annual fee of $0 intro for the first year, then $95, comes with two free day passes to United Clubs.
Low levels of elite status
FoundersCard offers automatic elite status for several hotels and rental car companies. This is a nice perk, but many hotel credit cards also offer an equivalent or higher level of elite status for a much lower price. For example: My $99-annual-fee IHG One Rewards Premier Credit Card gives me Platinum Elite status for IHG. FoundersCard only comes with Gold.
Lack of transparency
FoundersCard doesn’t provide any meaningful information to prospective members. Sure, it’s relatively easy to get a free trial, but it would be nice to know what you’re signing up for — before you have to provide your credit card information.
Even with my free membership, I can’t view key information that would influence my decision to renew my membership or upgrade to the Elite level. Up to 16% off United flights is a major perk. But I can’t see what the “up to” entails without paying. If I could guarantee 16% off all United flights, it would definitely influence my decision to renew my membership. But what if this rate only applies to certain routes or certain classes? The actual benefit could be much less valuable than I’d hope for.
Inconsistent entertainment discounts
FoundersCard sometimes offers event tickets at a discounted rate. While a great perk, it wouldn’t be a selling point for me.
In September 2024, I looked at tickets to a Texas Rangers baseball game, several broadway shows and a Taylor Swift concert. The Rangers tickets were roughly half the price through FoundersCard. The Broadway shows were the same price or even more than booking through Broadway.com. And Taylor Swift tickets were selling for a whopping $2,000 more than you could book on SeatGeek.
For people who can justify the cost of FoundersCard, potential savings on entertainment is a nice addition. But for the price, I’d expect more guaranteed savings on this spending.
Calculating your potential value is complicated
Unlike many premium credit cards, FoundersCard doesn’t come with statement credits to help you cover the cost of the annual fee. You could luck out and score a great deal on a hotel room or a couple of first class flights to cover the annual fee. But if not, you’ll likely need to add up small, individual savings throughout the year and hope the value outweighs the cost.
Even the $695 annual fee on The Platinum Card® from American Express is easier for me to justify (see rates and fees). The Platinum Card® from American Express comes with complimentary lounge access, which gets me into Centurion Lounges, Priority Pass lounges and Plaza Premium lounges, and it offers the same level of Hilton elite status (enrollment required). Terms apply.
On top of that, it’s easy to calculate the value of the other benefits. I recoup $640 each year with expenses I’m already going to make by taking advantage of three main statement credits:
$200 airline incidentals fee credit.
$200 Uber credit.
$240 entertainment credit.
Terms apply.
That leaves just $55 to make up throughout the year — significantly less than the $395 (or $995) I’d need to justify with FoundersCard.
Is FoundersCard worth it?
If you can find a free trial, it’s worth opening an account to try out the benefits. Business owners will probably get the most use out of the membership, but most travelers would probably be better off applying for a credit card with rewards and perks that match their lifestyle.
To view rates and fees of The Platinum Card® from American Express, see this page.
The median price of a home in Kaufman County, Texas, where Payovich was looking, jumped from $235,000 in 2019 to $310,000 in 2024. With the local housing market becoming more expensive, saving enough for a traditional down payment seemed out of reach. “Interest rates were really high, and with the down payment we were going … [Read more…]
Do you want to learn how to get paid to shop? It’s possible! Many companies and apps now give you ways to get paid for shopping that you might already do. You can make extra cash by grocery shopping, buying clothes, or even just browsing stores. These opportunities range from being a personal shopper to…
Do you want to learn how to get paid to shop? It’s possible! Many companies and apps now give you ways to get paid for shopping that you might already do.
You can make extra cash by grocery shopping, buying clothes, or even just browsing stores. These opportunities range from being a personal shopper to taking surveys about products you buy. Some options let you shop for yourself, while others involve shopping for other people. It’s a fun way to earn money doing something you enjoy.
Over the years, I’ve found that there are so many ways to make money while shopping, and it’s been a great side hustle for me. From getting paid to shop for others to earning cash back on my own purchases, it’s an easy and enjoyable way to bring in extra income.
How To Get Paid To Shop
Below are the best ways to get paid to shop.
1. Personal shopper
Personal shoppers help people buy things. They pick out clothes, gifts, and other items for clients, so this can be a fun way to get paid for shopping.
To become a personal shopper, you need good taste and people skills. You should enjoy fashion and keeping up with trends.
Many personal shoppers work in person in retail stores, but you can also get paid to shop online for others. They help customers find outfits and accessories. Some work for wealthy clients, buying everything from groceries to designer clothes.
You can start by getting a job at a department store and looking for positions in personal shopping or styling. Another option is to work for yourself and you can find clients through word-of-mouth or online platforms.
When I was younger, I had a friend who was a personal shopper for a family. My friend mainly did their grocery shopping and ran errands, but would occasionally buy gifts for when the family was attending a birthday party or a wedding.
2. BestMark
I’ve done a lot of mystery shopping over the years, and it’s been a fun way to earn extra money while doing something I already enjoy. Whether it’s evaluating a store’s customer service, trying out new products, or going to a restaurant, it’s pretty easy work.
BestMark is a top mystery shopping company that’s been around since 1986.
As a BestMark shopper, you’ll visit stores, restaurants, and other businesses. You’ll act like a regular customer and evaluate your experience, and this might include checking product quality, service speed, and staff friendliness.
After your visit, you’ll fill out a detailed report online. BestMark gives you a list to help you understand what to look for during your shop.
The pay for BestMark shops varies, but you can tend to earn between $10 and $20 per task. For most assignments, you will get your meal or whatever you buy reimbursed. They usually give you a limit on what you can spend or they specifically tell you what to buy.
Recommended reading: 9 Best Mystery Shopping Companies To Work For
3. Swagbucks
Swagbucks is a popular website that pays you to shop online, and it’s free to join and easy to use.
I’ve been using Swagbucks for almost 10 years now, and I think it’s pretty easy to earn points.
To get paid to shop with Swagbucks, there are two main ways to earn points:
Earn cash back when shopping online. For example, right now you can get up to 8% cash back when shopping at Macy’s, up to 4% when shopping on Amazon, up to 10% when shopping at Best Buy, and more.
Earn points (SB) by submitting your shopping receipts. You can submit any receipt that you have from the last 14 days – both in-store and online receipts. You can then earn points. For example, you can get 50 points for any loaf of bread that you buy, 50 points for any bananas, 900 points for diapers, and more.
When you’ve collected enough SB, you can trade them for gift cards. You can pick from lots of popular stores. If you prefer cash, you can get money sent to your PayPal account instead.
I’ve redeemed over 100 gift cards from Swagbucks over the years, and I love how easy this rewards site is to use.
If you join Swagbucks through my referral link, you will receive a $10 bonus.
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Swagbucks is a site where you can earn points for answering surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
4. Rakuten
Rakuten is a popular way to earn cash back when you shop online. It’s free to use and super easy to get started.
I have used Rakuten for years and it’s an easy way to get cash back for the online shopping that you already do. In fact, I just used it on a hotel booking, and I received 2% back, which adds up quickly for a hotel!
You just sign up for an account on Rakuten’s website or app. Then when you want to buy something, go through Rakuten first. They’ll send you to the store’s site to shop like normal.
After you make a purchase, Rakuten adds cash back to your account. The amount varies by store, but it’s often 1% to 10% of what you spend. Some stores even pay you 20% or more during special sales.
You can get paid by check or PayPal. Rakuten sends out payments every 3 months and you need at least $5 in your account to get paid.
So, why does Rakuten give you this cash back? Rakuten makes money by getting a commission from stores when you buy stuff. They share part of that commission with you as cash back.
Please click here to sign up for Rakuten. Plus, you can get a $30 bonus when you spend $30 if you join right now (at the time of this writing; please double-check the current offer).
5. Stitch Fix stylist
Want to get paid to shop for others? Becoming a Stitch Fix stylist might be perfect for you. This job lets you work from home and help people look their best.
Stitch Fix hires stylists for women’s, men’s, and kids’ styling. They even train you, so you can start with no experience.
As a Stitch Fix stylist, you’ll pick out clothes for customers based on their likes and needs. You’ll use a computer to see what items are available and choose the best ones for each person.
6. Instacart shopper
Becoming an Instacart shopper is a way to make money grocery shopping on your own schedule.
As an Instacart shopper, you’ll pick up and deliver groceries to customers. Instacart has full-service shoppers, where you shop and deliver groceries, as well as in-store shoppers, where you only shop in-store but don’t deliver (someone else picks up the items and delivers).
To start, you need to be at least 18 years old. You’ll also need a smartphone to use the Instacart app as this app tells you what to buy at the grocery store and where to deliver it.
Instacart gives you a payment card to use at stores. You’ll get this card about a week after signing up. You use it to pay for the groceries you’re buying for customers.
Recommended reading: Instacart Shopper Review: How much do Instacart Shoppers earn?
7. Shopkick
Shopkick is a free app that lets you earn rewards for shopping. You can get points called “kicks” for different activities. These include scanning products in stores and uploading receipts.
You don’t even need to buy anything to earn kicks. Just walking into certain stores can give you points. The app works with many popular retailers like Target and CVS.
As you collect kicks, you can trade them for gift cards.
To start, just download the Shopkick app on your phone. Then link your credit or debit cards to your account, because this lets you earn kicks automatically when you shop at partner stores.
8. Ibotta
Ibotta is a free app where you can earn cash back on your everyday purchases. It works for both online and in-store shopping at many popular retailers.
To get started, download the Ibotta app on your phone. Before you shop, browse the app for “offers” at your favorite stores. You’ll see cash back deals on specific items or entire purchases.
When shopping in stores, buy the items with offers (of course, make sure these are items that you actually want to buy because the item is not free, it is simply more like getting a discount). Then, take a picture of your receipt with the app when you are done. Ibotta will match your purchases to the offers and add cash back to your account.
For online shopping, start your purchase through the Ibotta app or website. Shop as usual, and you’ll automatically earn cash back on qualifying items.
Ibotta works with many big stores like Walmart, Target, and Kroger.
Once you reach $20 in your account, you can cash out via PayPal or choose a gift card. It’s a simple way to make your shopping more rewarding.
This app is available for both Android and iOS (iPhone).
You can sign up for Ibotta here.
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Ibotta is an app where you can get cash back and earn free gift cards. Simply submit your receipts on your everyday purchases with your phone.
9. Ath Power Consulting
Ath Power Consulting is a company where you can get paid to do mystery shopping. They have a huge network of over 600,000 shoppers across North America.
Ath Power does more than 10,000 mystery shops each month. They work with many well-known brands and companies around the world.
Ath Power mystery shoppers shop in person for companies, and then share their thoughts about the products and services they try. Companies can then use this information to improve what they sell to customers.
10. IntelliShop
IntelliShop is a company that hires for mystery shopping jobs. You can sign up to become a secret shopper and get paid to visit stores.
Most tasks pay between $5 and $20. They usually take less than 15 minutes in the store, and then after your visit, you’ll need to fill out a report.
IntelliShop has jobs in stores, online, and over the phone.
As a mystery shopper for any of the mystery shopping companies on this list, please remember to keep any receipts or business cards from your visit. You’ll need these to prove you completed the task and get paid.
Recommended reading: How To Become A Mystery Shopper
11. Care.com
Care.com is a site where you can earn money by helping others with tasks like grocery shopping. You can sign up as a helper on their platform to find local gigs.
The site connects you with people who need assistance, such as parents and seniors. You might help with grocery shopping, cooking, or other errands.
As a helper on Care.com, you can set your own rates. Some helpers charge between $15 and $25 per hour. The amount that you decide you want to get paid may vary based on your experience and the tasks you do.
You may be able to find enough gigs to make this a full-time career, or you can also do this part-time in your spare time.
12. Capital One Shopping
Capital One Shopping is a free tool that can help you save money when you shop online. It’s a browser extension and mobile app that works in the background while you browse.
When you’re ready to check out, Capital One Shopping searches for coupon codes automatically and it tries to apply them to your order to get you the best deal.
The tool also compares prices across different websites. This can help you find the lowest price for items you want to buy.
You can earn rewards called Shopping Credits when you make purchases through Capital One Shopping. These credits can be redeemed for gift cards to popular stores.
While you won’t get paid directly to shop, you can save money and earn rewards. This can add up to significant savings over time and even free gift cards.
I recently received a $71 gift card for simply using the Capital One Shopping browser extension, which was super easy to get.
You can learn more at Capital One Shopping Review: Is It Worth It?
13. Fetch Rewards
Fetch Rewards is a free app that lets you earn points for shopping. You can get points by scanning any receipt or shopping online through the app.
I use Fetch Rewards for nearly all of my grocery shopping receipts. What I like about Fetch is that you don’t need to clip coupons or look for special offers. You just buy products and scan your receipts when you are done. It takes less than one minute to scan your receipt and earn points, so it is very easy.
Fetch gives you points for every receipt you upload. You can earn extra points by buying specific brands or products. The app has special offers where you can earn extra points, such as for buying a specific brand of cheese.
You can turn your points into gift cards from many stores and restaurants. Some options include Amazon, Target, and Starbucks.
You can sign up for Fetch Rewards here.
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With this app, you can scan your grocery receipts (from any grocery store or wholesale club, any time) and earn free gift cards. It is free to sign up and easy to use.
14. Uber Eats
With Uber Eats, you can make money by delivering food.
To get started, you’ll need to create an account and fill out some forms. Once approved, you can begin accepting delivery requests through the Uber app.
Uber Eats drivers can earn around $15 to $26 per hour on average. Your earnings can vary based on factors like your location, how busy it is, and the amount that you earn in tips.
You will want a reliable vehicle and a valid driver’s license, of course, for this side gig.
Recommended reading: 14 Ways To Make Money Driving
15. DoorDash
DoorDash is another way to get paid for delivering food.
DoorDash pays Dashers weekly through direct deposit. If you need money faster, DoorDash offers a Fast Pay option. This lets you cash out your earnings right away for a small fee.
Remember, you’re responsible for your own expenses like gas and car maintenance. It’s a good idea to track these costs to see how much you’re really earning.
16. Taskrabbit
Taskrabbit is an app that lets you make money by doing odd jobs for people in your area. You can pick tasks that fit your skills and schedule.
Some popular jobs on Taskrabbit include cleaning houses, assembling furniture, and running errands (such as shopping for others).
Taskrabbit gives you the flexibility to choose when and how much you work, as well as the type of work that you want to do.
17. Walmart personal shopper
You can get paid to shop as a Walmart personal shopper. This job lets you pick out items for customers who order online.
You’ve probably seen Walmart personal shoppers when you’ve been in Walmart. They work for Walmart and typically have a uniform and a very large basket where they collect items for different orders.
Walmart personal shoppers earn about $15 per hour on average.
Most personal shoppers work full-time or nearly full-time, between 32 to 40 hours a week.
As a personal shopper, you’ll walk around the store and find items customers want. You’ll need to be quick and careful to pick the right products.
Frequently Asked Questions
Getting paid to shop can be a fun way to earn extra money. There are different methods like using apps, shopping for others, and being a mystery shopper. Here are answers to common questions about how to get paid to shop.
How to get paid to go shopping?
You can get paid to shop by using cash back apps, becoming a personal shopper, or doing mystery shopping. Cash back apps give you money back on purchases. Personal shoppers buy things for busy people. Mystery shoppers check stores and fill out shopping assignments on their customer experience.
What are the top apps that pay you for shopping?
Some popular apps that pay you for shopping are:
Rakuten: Gives cash back on online purchases
Ibotta: Pays rebates on groceries and other items
Shopkick: Rewards you for scanning items in stores
Fetch Rewards: Gives points for uploading grocery receipts
These apps are free to use and can help you save money on things you already buy.
How can I earn cash by doing grocery shopping for others?
You can earn cash by grocery shopping for others through apps like Instacart or Shipt. Sign up as a shopper, get orders from customers, and deliver their groceries. You’ll get paid for each order you complete.
How much money do people usually make by delivering groceries?
The amount of money you can make by delivering groceries varies. Most shoppers make between $10 and $25 per hour, and your pay depends on factors like the number of orders you complete, the size of the orders, tips from customers, and time of day and demand.
Is being a secret shopper a good side hustle?
Secret shopping can be a good side hustle. It lets you earn money while shopping and dining out, but it’s not a full-time job. I have done a lot of mystery shopping assignments over the years.
What ways to get paid to shop on Amazon are there?
You can get paid to shop on Amazon in a few ways:
Use cash back sites like Rakuten when shopping on Amazon
Join Amazon’s Vine program to review products
Sell items on Amazon as a third-party seller
Sign up for the Amazon Associates Program to earn from product links
These methods can help you save money or earn extra cash while shopping on Amazon.
Best Ways To Get Paid To Shop – Summary
I hope you enjoyed my article on how to get paid to shop.
Getting paid to shop is a fun and easy way to make extra money while doing things you already like. I have been getting paid to shop for over 10 years now, and I have done almost everything on this list. While I’ve not earned a full-time income doing anything on this list, I have earned side income and plenty of free gift cards over the years.
You can use cash back apps or become a personal shopper to earn cash. You can make money buying groceries, clothes, or even taking surveys about your shopping habits.
Mystery shopping is another way to earn money by pretending to be a regular customer and reporting your feedback on your experience. Companies like BestMark and IntelliShop pay for this. Apps like Swagbucks and Fetch Rewards make it easy to earn by scanning receipts or shopping online.
Whether you want a side hustle or just want to save money, getting paid to shop is a fun way to make more money.