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Traveling with kids can be a challenge for parents, especially when it involves international flights.

Experienced travelers know the benefits of Global Entry to reduce wait times at airport security and customs. But can kids get Global Entry? The answer is yes.

Unlike TSA PreCheck, which allows kids 12 and younger to use the expedited lanes with adults, Global Entry is required for travelers of any age.

Learn more about Global Entry, including how much it costs, how children can apply and what the interview is like for kids.

What is Global Entry?

Global Entry is a program from the U.S. Customs and Border Protection (CBP) that allows expedited processing of travelers through customs when returning from international travel.

Membership pre-approves low-risk travelers so they have access to expedited security lanes when returning through customs.

At Global Entry kiosks, returning travelers present their passports and answer a customs declaration. The kiosks also use fingerprints or facial recognition to identify the traveler and provide a transaction receipt they give to the customs agent.

Global Entry members also receive access to the TSA PreCheck lanes at airport security. They benefit from less invasive searches and body scans, and carry-on bags that streamline their way through airport security.

How much is Global Entry?

Global Entry is a membership program that costs $100 for five years. This breaks down to an average of $20 per year. There is no difference in price whether you’re an adult or a child.

A lower-cost option is TSA PreCheck, which is $78 for five years. However, it only covers domestic travel.

Credit cards that reimburse Global Entry application fees

Cards that reimburse Global Entry fees

Terms apply.

Most credit cards limit the reimbursement to once every four to five years. Check with your credit card for specific details on how often you can use this benefit.

If you have a credit card that reimburses these fees, you can use this benefit to pay for anyone’s application fees. It can be anyone you choose, including your spouse, children, siblings, parents and friends.

At what age are kids required to have their own Global Entry membership?

When returning from Cancun when my daughter was six months old, we learned the hard way that everyone needs Global Entry — even a baby.

Unlike TSA PreCheck, there’s no minimum age requirement. You must have a Global Entry membership to use the Global Entry security lanes.

My wife, son and I all had Global Entry, but our baby didn’t.

As we handed the customs agent our passports and interview slips, he asked for the baby’s documentation. I replied that she didn’t have an interview slip because she was so young. He said, “Sorry, but everyone needs Global Entry to use these lines.”

Fortunately, we plead ignorance, and the agent was sympathetic and let us through. However, we received a stern warning and were reminded that our baby needed a Global Entry membership.

When we returned home, I applied for that Global Entry membership. Then, we booked her interview appointment as soon as she was conditionally approved.

How to apply for Global Entry for kids

The Global Entry application for kids is the same as for adults. It starts by setting up an account and answering questions through the online application.

The application questions include identifying information, such as date of birth, home address and Social Security number. Additionally, you’ll need to provide information about recent travel, including listing the countries you’ve been to in the last five years.

When your application is complete, pay the application fee through the CBP website. This fee is nonrefundable (though, as discussed above, can be reimbursed by certain credit cards). The fee is charged to your debit or credit card whether you’re approved or not.

The CBP conducts a background search based on your child’s application. Once this process is completed, you’ll be conditionally approved and can book your child’s interview.

Booking an interview

Once your child has been conditionally approved, you can book their interview at an appointment location.

However, booking an interview for Global Entry can be a challenge. Many offices are understaffed, and appointment slots are in high demand. You may have to wait weeks or months for an appointment at your local interview office.

For example, there were no appointments available at the Nashville Enrollment Center for the next three months as I was writing this article.

One way around this is to drive or fly to another city that has more availability. When my wife first applied for Global Entry, we booked her appointment during a layover at New York-JFK. For my son, we drove about 90 minutes south to Huntsville, Alabama for his interview.

Enrollment on arrival

If you’re having trouble finding available appointment times, another option is to conduct an “Enrollment on Arrival.” These interviews are unscheduled and conducted at customs when you return from an international trip.

Simply go through the Global Entry line, walk up to an agent and let them know that you’d like to do an interview upon arrival.

We did this with my son a couple of years ago on a return flight from Cabo. Our Southwest Airlines flight had a stop in Phoenix. He answered a few questions from the customs agent, then he was fully approved. The entire process took just a few minutes.

What is the Global Entry interview like for children?

At your Global Entry enrollment interview, the agent asks numerous questions to verify your identity and the information on your application. Additionally, they’ll take your photo and fingerprints. However, the process is a little different for kids.

Depending on their age and comfort level, your child might be unable to respond to the interviewer’s questions. Parents or legal guardians are required to be present at the child’s Global Entry interview for this reason. Instead of the child answering the questions, the adult does so. Once again, the main goal of the interview is to confirm the data on the application.

At the conclusion of the interview, the interviewer takes a photo and fingerprints the child. However, the CBP does not fingerprint children under the age of four.

Global Entry for children recapped

Global Entry is an invaluable membership that saves time while traveling internationally. Unlike TSA PreCheck, you need Global Entry for kids of any age — even infants.

The program application and fees for children are the same as for adults. However, the interviews are often quicker, and your child may not need to be fingerprinted depending on age.

Frequently asked questions

How long does Global Entry last?

Global Entry membership is good for five years. With benefits lasting for multiple years, the average yearly cost is $20. Many credit cards also cover the cost, which makes it easier for travelers to benefit from this program.

Is Global Entry or TSA PreCheck better?

Global Entry and TSA PreCheck are two Trusted Traveler programs that can minimize your travel wait. TSA PreCheck provides access to special lanes at airport security for domestic travel. Global Entry members get access to TSA PreCheck and special kiosks that accelerate the U.S. customs process when returning from international travel.

At what age do you need Global Entry?

Global Entry is required for all international travelers, no matter how old you are. Whether you’re a senior citizen or a newborn, all travelers must have Global Entry to use the expedited customs lanes when returning from a foreign country.

Does a parent need to have Global Entry in order for the child to apply?

Children cannot apply for Global Entry on their own. They must have a parent or legal guardian’s permission to apply. However, the parent is not required to have Global Entry membership for the child to become a member.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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If you’re a resident of the Beehive State, you know how quickly Utah has grown and changed. According to the U.S. Census Bureau, Utah was the fastest-growing state from 2010 to 2020, reaching a population of 3.27 million people.

For families with children thinking about college, Utah has several well-known schools, including the University of Utah and Brigham Young University.

Whether you’re new to the state or have lived there all your life, you may be pleasantly surprised by the cost of higher education in Utah. And with the state’s financial aid programs, you may be able to reduce your expenses even more.

The cost of education in Utah

Despite its rapid growth, Utah is still a relatively small state in terms of population and has a smaller number of colleges and universities than states with similar populations such as Arkansas, Kansas and Iowa. There are 22 public and private non-profit institutions in the state that issue two- or four-year degrees.

Generally, the cost of attending a four-year college in Utah is significantly cheaper than it is in other states. Here’s the total average cost of attendance in 2020-21 — including tuition, fees and room and board — for different education options in the state:

  • Public four-year school: The average cost for in-state residents at Utah’s public four-year schools was $14,653, about 31% less than the national average of $21,337.

  • Private non-profit: The average cost of attendance at private four-year schools in Utah was $15,911, about 65% less than the national average of $46,313.

  • Community college (in-state): The average cost of attendance — not including room and board — at community colleges for Utah residents was $3,989, about 14% higher than the national average. 

Why are four-year schools, especially private colleges and universities, so inexpensive in Utah? Part of the reason is that the state offers several substantial financial aid programs that can make the cost more manageable, and the state’s higher ed funding hasn’t decreased as significantly over the years as it has in other places.

Another contributing factor is the state’s large Mormon population; 55% of the adults in Utah are members of The Church of Jesus Christ of Latter-day Saints. Some of the private schools in the state, such as Brigham Young University and Ensign College, are affiliated with the Mormon church, and charge members half the tuition rate that non-members pay.

Financial aid options in Utah

To be eligible for in-state tuition rates and state-based financial aid, you must be a qualifying resident living in the state for at least 12 months before registering as an in-state student. You can prove residency with one of the following items:

  • Attended a Utah high school for the past 12 months.

  • Utah voter registration dated before the college application date.

  • A driver’s license or identification card issued several months prior to the application date.

  • Vehicle registration prior to the application date.

  • Evidence of employment in the state prior to the application date.

  • Proof of payment of Utah state income taxes for the previous year.

  • A rental agreement showing the student’s name and Utah address for at least 12 months prior to their application date.

  • Utility bills showing the student’s name and Utah address for at least 12 months prior to their application date.

In Utah, undocumented students, including Deferred Action for Childhood Arrivals (DACA) students, are eligible for in-state tuition and state financial aid programs if they meet the other residency requirements. Students must also sign an affidavit stating that they will file an application to legalize their immigration status or be willing to file when they’re eligible.

🤓Nerdy Tip

Laws, requirements and financial aid programs can change. Visit the Utah System of Higher Education website or contact your college’s financial aid department for the most up-to-date details.

Utah does operate a number of programs that could make postsecondary education more affordable, including:

  • 529 plans. 

  • Scholarships.

  • Tuition waivers.

  • Other financial aid programs.

  • Student loan repayment assistance.

529 plans

Although Utah doesn’t offer a prepaid tuition plan, it does have a 529 option called my529. With a 529, you can open an account on behalf of a child and invest your contributions. The account grows tax-deferred and, if the withdrawals are used for qualifying education expenses, the withdrawals are also tax-free.

As an added benefit, Utah also allows residents to deduct a portion of their 529 contributions on their state income taxes as long as the account was set up before the beneficiary turned 19.

Utah’s my529 is attractive for those that live outside the state, too. Morningstar, an investment research company, issued Utah’s my529 a “gold distinction.” Utah’s my529 is one of just two 529 plans to earn this distinction in 2022, and it is the only plan that has held that distinction every year since Morningstar introduced its rating system in 2012. The gold rating highlights the quality of the plan’s investment options and low fees.

In-state tuition

Public schools are usually less expensive than private colleges. Nine schools are part of the Utah System of Higher Education (USHE):

  • Salt Lake Community College.

  • Snow College.

  • Southern Utah University.

  • University of Utah.

  • University of Utah Eastern.

  • Utah State University.

  • Utah Tech University.

  • Utah Valley University

  • Weber State University.

However, students who live in Utah could potentially attend school in another state and qualify for a lower tuition rate. Utah participates in tuition exchange programs through the Western Interstate Commission for Higher Education (WICHE). Through these programs, students can choose from over 160 participating schools in 15 member states plus U.S. Pacific Territories and Freely Associated States and pay no more than 150% of the resident tuition rate. The network is made up of the following places:

  • California.

  • New Mexico.

  • North Dakota.

  • South Dakota.

  • Washington.

  • U.S. Pacific Territories and Freely Associated States (Commonwealth of the Northern Mariana Islands, Guam, Republic of the Marshall Islands, Federated States of Micronesia, and Republic of Palau).

According to WICHE, the average annual savings per student was $11,294 for the 2022-23 academic year.

Utah grants

Grants are a valuable form of financial aid. They’re usually awarded based on the student’s financial need, and as long as the recipient meets the terms of the grant, the award doesn’t need to be repaid. Utah operates four grant programs:

Veterans Tuition Gap Program

The Veterans Tuition Gap Program award is a supplemental award that covers the remaining cost of tuition, fees and textbooks for military veterans who have exhausted federal benefits. To qualify, you must be a Utah resident, a military veteran and enrolled in the final year of your first bachelor’s degree program.

Only students attending one of the following schools can qualify: Salt Lake Community College, Snow College, Southern Utah University, University of Utah, Utah State University, Utah Tech University, Utah Valley University or Weber State University.

Adult Learner Grant Program

For those who didn’t earn a degree right after high school, the Adult Learner Grant is a potential aid option. It provides financial assistance to adults age 26 or older enrolled in online programs in designated areas of need.

The award can be used to cover the cost of attendance at participating public and private colleges. Eligibility is determined by the information included on the Free Application for Federal Student Aid (FAFSA).

Public Safety Officer Career Advancement Reimbursement and Grant Programs

Talent Development Award Program

Recent high school graduates and adults enrolled in eligible programs at participating schools may be eligible for the Talent Development Award Program. This program covers up to the cost of resident tuition, fees and books at select schools, including Salt Lake Community College, Southern Utah University, the University of Utah, Utah State University, Utah Tech University (formerly Dixie State), Utah Valley University and Weber State University.

Eligibility is based on the FAFSA, and the student must intend to work a qualifying job in Utah after graduation.

Utah scholarships

Scholarships, like grants, usually don’t have to be repaid. Some scholarships take students’ finances into consideration, but most scholarships are based on merit. In Utah, there are several scholarships available from the state:

Opportunity Scholarship

Utah’s Opportunity Scholarship encourages high school students to complete advanced courses in core subjects while in high school. Students can apply for the scholarship during their senior year of high school, and selected students can receive up to $1,000 per semester for up to four semesters. Students are chosen based on their grade point averages and their performance in advanced courses.

Utah Promise Scholarship

The Utah Promise Scholarship is based on financial need, and it’s for both recent high school graduates and adult learners. The scholarship covers up to the cost of attendance for up to two years at public schools and select private colleges, including: Brigham Young University (Provo), Ensign College, Western Governors University and Westminster College.

Utah Technical College Scholarship

The Utah Technical College Scholarship is for students enrolled in technical education certificate programs in high-demand areas at select schools. It can help cover the cost of tuition, fees and required textbooks for up to 12 months after a student graduates from high school.

T.H. Bell Education Scholarship

The T.H. Bell Education Scholarship is a program for high school graduates and adult learners at select public and private schools who plan to pursue careers in education. The scholarship can pay for the cost of resident tuition, fees and textbooks for up to four years.

To qualify, students must be enrolled in an approved teaching program or an approved program that prepares students to become speech-language pathologists or other licensed professionals providing services in public schools to students with disabilities.

Students can attend programs at the following schools: Brigham Young University, Rocky Mountain University of Health Professionals, Salt Lake Community College, Snow College, Southern Utah University, University of Utah, Utah State University, Utah Tech University (formerly Dixie State), Utah Valley University, Weber State University, Western Governors University and Westminster College.

Olene S. Walker Transition to Adult Living (TAL) Scholarship

The TAL Scholarship is for students transitioning out of Utah’s foster care system or the unaccompanied refugee minor program to earn a postsecondary degree or credential at a Utah public school. Eligible full-time students can receive up to $5,000 per year.

Tuition waivers in Utah

There is one tuition waiver program in Utah and it’s for National Guard members. If you are a member of Utah’s National Guard, you can qualify for a full tuition waiver at a state college or university for up to two semesters.

Other financial aid programs

Outside of the USHE system, the University of Utah has a valuable program for Native American students.

Utah State University Native American Student Scholarship

This scholarship program for Native American students covers all tuition and school-required fees at any of the 30 Utah State University locations. To qualify, students must be members of a federally recognized tribe in and around Utah and seek a technical certificate, associate or bachelor’s degree.

Student loan repayment programs in Utah

Based on data from the Federal Student Aid office, the average student loan balance per borrower in Utah was $31,861.93 as of 2022 — about 8% less than the national average of $34,577.34.

Even though Utah borrowers tend to owe less money, the state offers three student loan repayment programs that can help graduates accelerate their repayment.

Utah Behavioral Health Workforce Reinvestment Initiative

Behavioral health professionals can qualify for up to $50,000 in loan repayment assistance through the Utah Behavioral Health Workforce Reinvestment Initiative. Participants must serve for at least three years at a qualifying publicly funded site in Utah. Eligible professionals include psychiatrists, psychiatric pharmacists, psychologists, psychiatric/mental health nurse practitioners, clinical social workers, counselors, clinicians, therapists and certified peer specialists.

Rural Physician Loan Repayment Program

Under the guidelines of Utah’s Rural Physician Loan Repayment Program, physicians must enter into a two-year contract committing to working at a rural hospital. In exchange, they can receive up to $120,000 to repay their student loans. Providers must be in primary care, obstetrics and gynecology, general surgeons, orthopedic surgeons, pediatrics or internal medicine.

Veterinary Medicine Loan Repayment Program

How to apply for financial aid in Utah

To apply for Utah’s financial aid programs and institutional aid, follow these steps:

  1. Submit the FAFSA: Many award programs are based on your financial need, so submit the FAFSA as soon as you can after it opens, typically on Oct. 1. You can complete and submit the FAFSA online at FAFSA.gov. 

  2. Create a ‘Keys to Success’ account: Keys to Success is a college and career readiness tool backed by the state of Utah. It includes a website and mobile app that students and parents can use to find scholarships and internships and learn about different career paths. The platform can allow you to find state-based financial aid and awards from non-profit organizations and corporations. 

  3. Contact the financial aid office: Schools may have their own deadlines and application processes, so reach out to your college’s financial aid office for details on available awards and how to apply.

Source: nerdwallet.com

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The cruise industry is enormous, bringing in billions of dollars annually. This can be seen in the wide variety of cruise lines operating worldwide, including Royal Caribbean, Celebrity Cruises, Norwegian Cruise Line and even Disney.

Unlike with other types of travel, cruise ships’ luggage requirements are much more lenient.

Let’s look at cruise luggage policies, the items you can bring and how much luggage you can take on a cruise.

Cruise luggage rules

Are you an overpacker? Don’t worry; a lot of us are. While airlines may nickel and dime you for every pound or bag you pack, cruise lines are more relaxed. So, how many suitcases can you take on a cruise?

The policies for cruise luggage size and weight will vary depending on with whom you’re sailing.

For example, Royal Caribbean’s baggage policy is quite flexible: There is no restriction on the number of bags you can bring or the total weight allowance. However, its website recommends limiting your total quantity of luggage for comfort and convenience because you’ll have to haul it around.

The same can’t be said for Norwegian Cruise Line, which sets a limit on the weight and number of bags you can bring. On Norwegian, guests can bring two pieces of checked luggage weighing up to 48 pounds (22 kilograms) each. This limit is similar to the one often imposed by airlines for checked bags.

In short, how many bags you can take on a cruise will depend heavily on your cruise line. Some have no limits, while others restrict the number of bags and set weight limits.

Before packing, check with whichever cruise line you’re sailing to ensure you have the latest information.

What can you bring on a cruise?

Cruises are fairly liberal when it comes to items you’re allowed to bring. Almost everything you can think of — including personal-use aerosol items, hair dryers and snacks — is permitted.

There are restrictions on certain items, including weapons, perishable food and certain kinds of beverages. All bags usually go through an X-ray machine before you board to make sure there are no restricted items.

Can you bring alcohol on a cruise?

Cruise lines tend to be a bit tetchy when it comes to bringing your own alcohol on board.

Norwegian Cruise Line prohibits you from bringing any drinks on board. In contrast, Holland America allows passengers to bring wine and Champagne but charges a $20 corkage fee per bottle.

The Disney Cruise Line lets guests 21 and older bring two bottles of wine or six beers on board for no fee, with the ability to buy more at each port of call. This is a great way to avoid the upcharges of buying alcohol on the ship.

Can you bring liquids on a cruise?

Packing luggage for cruises can be freeing, especially if you’re used to flying with limited liquids.

Happily for travelers, liquids are generally allowed on cruises if they’re to be used for grooming. This includes full-sized bottles of shampoo, conditioner, body wash, gel, sunscreen and more.

You may also be allowed to bring some nonalcoholic beverages, though this policy will depend on your cruise line.

Do cruises check your bags?

You have choices when it comes to checking your bags on a cruise.

Usually, you can check your large luggage during boarding, and it will be delivered to your stateroom. However, that can take a few hours, so you’ll want to keep carry-on luggage that includes items such as a swimsuit and sunscreen with you.

You’ll also want to keep any important paperwork, electronics and medication in your carry-on bag rather than sending that off to be checked.

Having your luggage sent to your room is not required. If you’d rather keep it with you, that is an option.

However, your stateroom is generally unavailable for several hours after boarding, so you’ll need to carry your luggage around on the ship — and that can be highly inconvenient.

What do you do with your luggage when leaving?

Like with the boarding process, you can check your luggage or carry it with you during disembarkation.

On the final night of your cruise, you’ll be given luggage tags. You can then leave your bags outside your stateroom and have them delivered to the port for pickup in the morning.

If you choose this route, keep whatever you’ll need for the next morning in your carry-on because you won’t have access to your checked bags after they’re picked up.

🤓Nerdy Tip

Keeping your luggage with you when getting off the ship can be faster because you won’t need to wait to collect your bags after you disembark.

Cruise luggage rules recapped

By now, we’ve answered the question of how many bags you can bring on a cruise, but the short of it is this: Individual limits are set per cruise line, so you’ll want to do your research before you start packing.

This is true of the quantity and weight of your bags and the specific types of items you can bring on board.

As a general rule, it’s a good idea to bring no more than two bags to check as well as luggage to keep on hand. Other than that, most items are allowed on board, though you should always double-check for items such as alcohol and nonalcoholic beverages.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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It’s vacation time, and the whole family is packed and ready to enjoy some days off — including your four-legged (or feathered or scaly) family member.

Some hotels, including those within the Marriott brand, throw you a bone by letting you bring your pets on trips. Let’s take a look at the Marriott pet policy and how it compares to other hotel chains.

Marriott’s pet policy

Marriott has a pets welcome policy stating, “We recognize that your pets are a valued part of your family, which is why we offer our guests a selection of hotels that invite you to bring your domesticated pets along for your stay within our global portfolio of brands.”

There are more than 1,500 pet-friendly Marriott hotels in the U.S. that allow stays for dogs, cats, birds and fish.

🤓Nerdy Tip

Some international properties allow pets as well, but Marriott recommends visiting the hotel’s website or contacting directly for more information regarding pets in a Marriott hotel.

Nonrefundable pet cleaning fees ranging from $20 to $250 either per night or per stay may apply. Additionally, many properties impose pet weight limits ranging from 25 pounds to 70 pounds.

Depending on the property, animals might not be allowed at the spa, pool or restaurant areas. Be sure to contact the hotel you are staying at to learn more about its specific pet policy.

To avoid ending up in the doghouse instead of a hotel room, we recommend checking an individual hotel’s pet policy carefully before booking a stay.

Pet-friendly Marriott hotels

Marriott pet-friendly brands include but are not limited to:

  • AC Hotels.

  • Delta Hotels.

  • Element by Westin.

  • Le Méridien.

  • Residence Inn.

  • TownePlace Suites.

Overall — and frustratingly — the Marriott pet policy is rather inconsistent across its brands, let alone within a single hotel brand.

For example, various Four Points locations can have widely different pet policies, even though it’s the same brand.

  • Four Points by Sheraton Chicago-O’Hare Airport: Pets are not allowed.

  • Four Points by Sheraton Los Angeles International Airport: Dogs under 40 pounds welcome; $100 nonrefundable fee per stay.

  • Four Points by Sheraton Salt Lake City Airport: Only dogs under 70 pounds are welcome; $20 nonrefundable pet fee per night plus $50 nonrefundable pet fee per stay.

Marriott service animal policy

All Marriott hotels located in the U.S. allow service animals, per the Americans with Disabilities Act. The pet cleaning fee isn’t charged in this case, which allows you to fetch a great deal on a hotel stay with an animal.

If you have a service animal and are traveling outside of the United States, you’ll have to read each property’s terms carefully. On the “Overview” page of any Marriott hotel’s website, scroll to “Accessible Hotel Features” and look for the indication that service animals are welcome.

How to find a pet-friendly Marriott property

On the Marriott website, search for a destination and travel dates as you normally would. On the results page, select the “Pets welcome” filter, and your results will automatically narrow down to only properties that allow pets.

In the Marriott app, search for the destination and travel dates. Once the search results pop up, select filters and check the “Pets welcome” box.

Once you select a pet-friendly hotel and pick a room rate, select “Choose Room Features” and check the “Bringing a pet” box. You’ll also be able to view an individual hotel pet policy, which includes the number of pets allowed and the pet fees.

How staying with pets at Marriott hotels compares to other hotel chains

When it comes to pet-friendly hotels, Marriott is near the top with a rating of 4.5 out of 5 — tied with Hilton — according to a recent NerdWallet analysis.

More than 60% of Marriott hotels accept pets. However, the average pet fee at Marriott properties is just under $100 per stay, which is above the average pet fee across all hotel chains ($81.60).

Marriott pet policy, recapped

Oftentimes, the cost of boarding an animal will have you rolling over playing dead. The comfort of being able to bring your furry, scaly or feathered friend with you for a complete family trip can turn even a midrange hotel into a five-star feeling.

Thankfully, plenty of Marriott’s brands allow pets. But policies are unpredictable across the properties, so you’ll have to read the fine print at each hotel you’re considering.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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Why can’t we measure in polar bears?

If you’re putting in the effort of researching companies, deciphering ESG scores and choosing investments, you probably want to know what your dollars are actually doing.

I’ve long wished for an app that would tell you exactly how many polar bears you’re saving with X number of dollars in ESG investments. Unfortunately, ESG statistics and impact reports don’t deal in polar bears.

Measuring ESG’s output of good is tricky. “Good” is not necessarily a concept we all agree on. Plus, to show how a company is doing, ESG uses numerical scores that are not easily deciphered.

Here’s one example: A major energy drink manufacturer had an ESG score of 0. The company massively reduced the amount of forced labor in its supply chain thanks to shareholder interventions, says Andrew Behar, CEO of As You Sow, a nonprofit working to increase corporate environmental and social responsibility.

Reducing forced labor was overwhelmingly better for the brand, and the return on investment outweighed the cost of implementing new practices. Much of the focus of making this change was on improving the company’s ESG score (which went from 0 to 26 out of 100), but the result was a significant reduction in forced labor.

Greenwashing and ESG

How do you assign a number to positive impact? There are a few ways, such as pounds of carbon prevented from entering the atmosphere, or dollars donated to charity, but even those numbers can be misleading. Those misleading, or sometimes entirely false, claims are called greenwashing.

Many automated financial advisers, or robo-advisers, now offer impact portfolios. Those portfolios are typically made up of exchange-traded funds built along certain themes, such as investing in clean energy. A few say they donate to charities. But several of these funds haven’t donated a dollar.

ESG is a grading system that can be used to combat greenwashing by providing quantitative data. But since the term “ESG” isn’t regulated, that can cause even more confusion.

“We did a report where we noticed that there were 90 mutual funds with ESG in their name, and 60 of them got a D or an F on ESG from us,” says Behar. “So we did an analysis of their prospectuses. The bottom line is that the prospectus language is in no way correlated to the holdings, and no way correlated to the [fund] name.”

What are your impact dollars doing?

If you’re trying to figure out what the overall good output is from ESG, you may be searching for a long time. Those numbers don’t exist (at least not yet). What does exist are examples of individual companies slowly making change over time.

A single company decreasing the amount of forced labor in its supply chain due to ESG and shareholder advocacy is indisputably good — and that’s not the only example out there.

ESG guidelines, and the people who use them, have led to large-scale reductions in pesticide use, increased sustainability programs and increased diversity within company workforces.

Many of those companies also saw increases to their bottom lines alongside the ESG-inspired changes they made. So, yes, ESG does actually create serious, measurable good.

And while you may not be able to get a dollar-to-net-impact metric just yet, that doesn’t mean that ESG isn’t worth investing in. ESG innovations are popping up all the time that help everyday investors make better choices.

Some exchange-traded funds now have a feature that automatically removes companies that fall outside of the bounds of set ESG levels, says Alexandra Mihailescu Cichon, chief commercial officer of RepRisk, an ESG data science company.

Don’t lose hope

Amid what can feel like trickery and highly targeted marketing, what are well-intentioned investors to do? Keep the faith.

“I think we’re in a stage where we’re in a bit of a transition between the era of commitments and pledges,” Cichon says. “And now we’ve moved on to the next era, which is more about execution of all of these commitments. And then, as part of that execution, that is really about measuring that impact and seeing whether it actually effects the change.”

This era of change has come about because investors have demanded more from the companies they invest in. Despite the greenwashing and politics, the landscape and popularity of ESG investments have changed dramatically. Massive amounts of money have poured into sustainable investments over the last few years.

This, more than anything, has sent a clear message that investors are fed up with business practices that do more harm than good. And the outrage at the lack of transparency surrounding those practices reinforces that investors will continue to hold businesses accountable until they start seeing real change. And maybe even save some polar bears.

This article was written by NerdWallet and was originally published by The Associated Press.

Source: nerdwallet.com

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What is the 10-year Treasury yield?

The 10-year yield (ticker: US10Y) describes what 10-year U.S. Treasury notes will pay over 10 years if bought today. Also known as T-notes, Treasury notes are a low-risk fixed-income investment that pays a set rate of interest every six months.

Considered one of the lowest-risk investments on the U.S. market, 10-year Treasurys are a “risk-free” benchmark against which other investments and debt are compared. (Three-month Treasury bills are another.)

While no investment is ever completely risk-free, Treasury notes come close if held to maturity. As a result, some investors and analysts look to demand for T-notes as one way to assess investor confidence in the economy.

Treasury notes are one of four main types of U.S. government debt securities. The others are Treasury bills, Treasury bonds and Treasury Inflation-Protected Securities (TIPS). They vary in their duration, interest payments and yields.

Competitive bid

When a bidder specifies the conditions of the Treasury (such as rate and yield) that they’re willing to accept.

Non-competitive bid

When a bidder agrees to accept whatever conditions, such as rate and yield, are established at the auction.

The face value of a Treasury note, or what you pay to loan the government money.

Treasury bill

The shortest-term U.S. debt security, Treasury bills mature in less than a year. They’re also known as a zero-coupon bond. T-bills do not pay interest like other Treasurys, and instead are sold at a discount. The difference between the face value of the T-bill and its discount rate is the “interest earned.”

Treasury bond

A long-term U.S. debt security maturing in 20 or 30 years.

Treasury note

A type of U.S. debt security maturing in 2, 3, 5, 7 or 10 years.

Market ticker for the 10-year Treasury yield.

The interest rate the U.S. government pays on its debt, or how much you can earn from investing in a Treasury note.

Price vs. yield

Treasury prices and yields tend to move in opposite directions, and are affected by supply and demand and the health of the economy. The purchase price or face value of a Treasury note is what you pay to buy it. The T-note’s yield is the interest rate you earn for loaning the government money.

Treasury notes are sold at auction through a bidding process. The Treasury first accepts any noncompetitive bids, or bids from investors who accept the current T-note rate and yield. Then, the Treasury accepts the highest competitive bid.

If demand for Treasury notes is high, they may sell for more than their face value. If demand is low, on the other hand, Treasurys can sell for less than their face value.

The Treasury may raise the yield of newly issued 10-year notes if the price of existing 10-year notes starts to fall on secondary bond markets (because of market forces like inflation). If there’s high inflation, for example, the potentially higher yield of newly issued 10-year notes will make them more attractive than previously issued T-notes.

This effect is also known as interest rate risk and is most relevant for investors trying to sell T-notes on a secondary market. If held for their full duration, Treasury notes still pay their coupon payments and principal in full. But if a T-note-holder were to sell early, they may have to discount the price.

Longer-term investments tend to offer higher yields to offset any potential price impact from interest rate or other risks.

Why is the 10-year Treasury yield important?

As one of the lowest-risk investments on the market, the 10-year Treasury and its yield are important for several reasons. First, the 10-year Treasury is a baseline against which the risk of other investments is assessed.

Treasury rates also affect interest rates for other types of consumer debt, like real estate and mortgage loans. Consumers often compare the return they could earn on Treasurys to certificates of deposit, money market accounts, corporate bonds and even mortgage-backed securities. So when yields for 10-year T-notes go up, so too do rates for real estate and mortgage debt.

Finally, supply and demand for Treasurys fluctuate with the economic climate. When markets or world events turn tumultuous, investors tend to flock to Treasurys in search of a safe haven. When times are good, though, investors tend to seek out other investments that can provide a more favorable return.

Are 10-year Treasury notes a good investment?

Whether 10-year Treasurys are a good investment for you depends on your investment goal. If your goal is to let your money grow slowly and conservatively over time, Treasury notes are considered a low-risk investment if held to maturity since they’re backed by the U.S. government.

One of the main risks with Treasury notes is what’s known as “opportunity cost”: You could forgo potential profits by investing in T-notes instead of a security with a higher potential return.

What is the 10-year treasury yield today?

Here is today’s 10-year Treasury note yield, alongside other Treasury securities for reference.

Rates are sourced from Google Finance and may be delayed. Data is solely for informational purposes, not for trading.

How do you buy 10-year Treasury notes?

Treasury notes can be bought in increments of $100 directly from the U.S. government via TreasuryDirect, or through a bank or broker. T-notes can also be purchased bundled together in the form of a Treasury exchange-traded fund.

Do you pay tax on T-notes?

Investors pay federal income taxes but no state or local taxes on T-notes and other Treasurys.

Next Steps

Source: nerdwallet.com

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With a gentle wave of the wingtip to its hometown, Red Way lifted off from Nebraska’s Lincoln Airport for the first time on June 8, 2023.

The passengers on board were the first to fly a unique new airline that could serve as a model for other small regional airports: Red Way, operated by Global Crossing.

Despite the Red Way name, you’ll find “Global X” painted on the side of each aircraft and generic blue seats on board. So, what is Red Way? And how does Global Crossing play into this brand-new airline?

Here’s what you need to know about the newest airline taking to the skies.

Red Way or Global Crossing?

It’s both! Throughout the Red Way experience, you’ll see and hear the phrase “Red Way, operated by Global Crossing.”

Indeed, you won’t find any aircraft with “Red Way” paint on the side. That’s because of the unique arrangement that makes Red Way possible.

In short, the Lincoln Airport Authority is chartering flights from Global Crossing to launch the new airline called Red Way.

(Photo by JT Genter)

This complicated arrangement could cause some confusion when “Red Way” passengers see a Global X-labeled aircraft and only see Global X materials on board.

(Photo by JT Genter)

However, it’s a strategy that allows airport authorities to use expiring funding to create air service from the airport without negotiating long-term aircraft leases or hiring crew members.

That means you’ll be served by flight attendants sporting Global Crossing outfits instead of “Red Way” gear, too.

(Photo by JT Genter)

Red Way routes

On launch day, Red Way piloted flights to Orlando, Florida and Las Vegas. But that’s not all it has planned in the future. Red Way’s initial plans include routes to Atlanta, Dallas, Minneapolis, Austin, Texas and Nashville, Tennessee.

All seven routes are advertised on banners hanging from the gallery above the Red Way check-in desk at Lincoln Airport.

These seven new routes more than triple Lincoln Airport’s total air routes. Before Red Way launched, United Airlines was the only airline that regularly served the airport, with routes from Chicago, Denver and Houston.

Despite being in the middle of the country, Red Way isn’t planning to connect passengers through Lincoln to other destinations. For now, you can only book nonstop Red Way flights to or from Lincoln.

Red Way ticket options and bag policy

Red Way offers four ticketing options: Basic, Go Light, Go Plus and Go Extra. Here’s a breakdown of what each fare type offers and how they compare to other airlines.

Basic

Red Way “Basic” is similar to basic economy on other airlines, with a couple of positive exceptions. Red Way basic includes complimentary seat selection and allows changes for a $50 change fee, plus any fare difference.

However, you’ll need to pay $25 for a carry-on bag. Alternatively, you can check a bag, also for $25.

That’s a pretty appealing option. If you can snag one of Red Way’s $17 inaugural fares on select routes, you can travel to your destination with a full-size bag — whether carried on or checked — for just $42. And you won’t have to pay for seat selection.

Go Light

Red Way’s Go Light fares are similar to standard economy fares on legacy airlines. You can bring a full-size carry-on bag and get free standard seat selection — including aisle and window seats behind the emergency exit row.

Plus, you gain the ability to change your flight with no change fee, by simply paying any fare difference.

The only “light” part of this fare is that you don’t get to check a bag for free. However, paying $25 each way for a checked bag is cheaper than most domestic airlines.

(Photo by JT Genter)

Go Plus

Travelers don’t get much more with Go Plus fares than they do with Go Light fares. The only addition is a cheaper fee to add preferred boarding. You’ll still need to pay $25 to check a bag, and you’ll only get standard seat selection for free.

This fare type seems to serve as a “full fare” ticket for when a flight is almost full and you want the benefit of preferred boarding.

Go Extra

Go Extra is essentially Red Way’s business class fare. You’ll get free seat selection in one of the first few rows of the aircraft, priority boarding, a full-size carry-on bag and two free checked bags.

Plus, these fares are fully refundable as long as you cancel and request a refund at least three hours before scheduled departure.

Red Way aircraft and seat types

(Photo by JT Genter)

The inaugural Red Way flight was operated using a former Alaska Airlines (and Virgin America) Airbus A320 aircraft.

(Photo by JT Genter)

This aircraft is arranged with two different types of seats: three rows of business class seating at the front and economy seats for the remainder of the aircraft.

(Photo by JT Genter)

The first four rows of economy (rows 6-9 of this aircraft) offer at least 35 inches of seat pitch. However, you’ll generally have to pay a premium to select these seats. On one flight we priced out, you’ll need to pay $60 to select an aisle or window seat in this section.

(Photo by JT Genter)

Two emergency exit rows measured at 38 inches of pitch.

(Photo by JT Genter)

The remainder of the economy cabin offered between 31-32 inches of pitch. That’s slightly more legroom than you’ll find on many legacy U.S. carriers nowadays. On the inaugural flight, I overheard several casual travelers who noticed the difference.

Does Red Way have a loyalty program?

For now, Red Way isn’t launching a loyalty program. Also, as a public charter, Red Way flights aren’t sold through travel booking portals like Chase Ultimate Rewards® or AmEx Travel. That means you can’t earn or redeem points on Red Way flights — other than any credit card points earned on your airline purchases.

A Red Way representative told me that they haven’t ruled out starting a loyalty program at a later time. For now, they’re focused on getting the airline off the ground.

Other things to know about Red Way

  • Get TSA PreCheck: While Red Way isn’t a TSA PreCheck airline, Global Crossing Airlines is. If you’re a TSA PreCheck member, you can enter your Known Traveler Number at booking. Then, double-check your boarding pass at check-in to ensure it shows TSA PreCheck. If not, Red Way check-in agents should be able to reenter your number.

  • Free snacks and drinks: “Go Extra” business class passengers will receive a small meal on board, and even economy passengers will still get a small snack and a beverage. If you want something more substantial, you can bring other food and drink on board.

  • Power and Wi-Fi: In the pre-departure email, Red Way noted that “Wi-Fi and in-seat chargers are not available on the flight.” However, the aircraft used on the inaugural flight had both universal and USB power outlets, plus free Gogo-powered Wi-Fi. Not every Global Crossing aircraft has Wi-Fi, so make sure that you’re prepared to be offline and have enough of a charge to make it to your destination, just in case.

  • No pets allowed: Red Way only allows certified service animals. No pets are allowed in the cabin or in the cargo hold, and Red Way doesn’t accept emotional support animals on board.

Final thoughts on the new Red Way airline

After losing commercial air service during the pandemic and struggling to attract new service, Lincoln Airport decided to try something revolutionary: Funding a new hometown airline.

And Red Way is a big bet, adding scheduled charter flights to seven new destinations to complement the three existing routes on commercial airlines.

Red Way is operated by Global Crossing. Because of this unique arrangement, you’ll find Global X on everything from the side of the aircraft and safety cards to the check-in desk and flight attendant uniforms.

Since Global X operates an eclectic mix of aircraft, details like seat power and Wi-Fi availability may vary. However, with low fares, flyer-friendly policies and nonstop flights, Red Way is now the airline to fly between Lincoln and the destinations it serves.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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Massachusetts has the highest percentage of adults with a bachelor’s degree or higher in the country — outside of Washington, D.C. — and it’s home to elite schools like Boston College, Harvard University, Massachusetts Institute of Technology and Tufts University.

Massachusetts may have some of the most expensive colleges in the country. But the commonwealth offers more financial aid options than many other states, including valuable tuition waivers, grants and scholarships.

The cost of education in Massachusetts

The Massachusetts public higher education system consists of 15 community colleges, nine state universities and five University of Massachusetts campuses. Students can also attend more than 90 private schools within its borders.

Here’s how much you can expect to pay for a year of tuition, required fees and room and board as a full-time undergraduate student in Massachusetts, based on 2020-21 average rates as reported by the National Center for Education Statistics:

  • Public four-year school (in-state): $28,317, about $6,980 higher than the national average.

  • Private four-year school: $65,784, about $19,471 higher than the national average. 

  • Community college (in-state): $5,529, about $2,028 higher than the national average.

Financial aid options in Massachusetts

In Massachusetts, the cost of a public university for an in-state student is less than half the cost of attending a private school. But to qualify for the lower, in-state rate, you must be a qualifying resident.

To qualify for in-state rates in Massachusetts, you must live in the state for at least 12 months prior to enrollment. If you’re applying to a community college, you have to live in the state for six months before enrollment.

You may be asked for documentation or proof of residency. Eligible documents include:

  • Federal and state income tax returns.

  • Employment pay stubs.

  • A Massachusetts high school diploma.

Deferred Action for Childhood Arrivals (DACA) students can qualify for in-state tuition if they meet the residency requirements. However, they aren’t eligible for other state-based aid, such as grants or scholarships.

Undocumented students without DACA status aren’t eligible for in-state tuition or state-based aid.

Residents may be able to use one or more of the following state financial aid programs to offset the cost of education:

  • 529 plans.

  • Scholarships.

  • Tuition waivers.

  • Student loan repayment assistance.

529 plans

For families who want to help their children pay for school, a 529 plan can be an excellent tool.

Massachusetts has two options:

U.Fund College Investing Plan

U.Fund College Investing Plan is a 529 investment plan in Massachusetts run by Fidelity. It allows you to invest and potentially grow your contributions to pay for a child’s education. There is no minimum to get started, and contributions are deductible on your Massachusetts income tax return. You can deduct up to $1,000 each year if you’re single, or up to $2,000 if you’re married and file a joint return.

Massachusetts also operates the Baby Steps program for children born or adopted in the state. If you open a U.Fund College Investing Plan account within one year of your child’s birth or adoption, the state will deposit $50 into the 529 to jump-start your savings.

U.Plan Prepaid Tuition Program

U.Plan Prepaid Tuition Program is Massachusetts’s prepaid tuition plan. It allows you to buy college credits at today’s rates, and your child can redeem them at participating Massachusetts colleges and universities in the future.

This plan has another perk: if your child chooses a school that doesn’t participate in the U.Plan program, you can cash out the fund and receive all of the contributions plus interest based on the consumer price index. There are no federal or Massachusetts tax consequences to cashing out the account.

In-state tuition

Massachusetts has some top public colleges and universities, and they’re about half the cost of private schools. However, Massachusetts is also part of the New England Regional Student Program (RSP), which allows Massachusetts residents to enroll at out-of-state New England public colleges and universities at a discount.

More than 2,500 undergraduate and graduate programs are part of the network. Eligible institutions are in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.

Massachusetts grants

Grants, a form of gift aid, are typically issued based on financial need. Massachusetts offers seven state-operated grant programs.

Foster Child Grant Program

For current or former foster children, the Foster Child Grant Program provides up to $6,000 in annual grant funds. You must be between 18 and 25 at the start of study to qualify, and you can receive the award to attend a public or private school in Massachusetts for up to five consecutive years.

MASSGrant and MASSGrant Plus

The MASSGrant and MASSGrant Plus programs are for undergraduates with unmet financial need. Award amounts are based on the student’s household income but can cover the student’s remaining tuition and mandatory fees. However, these programs won’t pay for room and board. MASSGrant Plus may cover other expenses, such as textbooks or school-required fees.

Massachusetts Gilbert Matching Student Grant Program

The Massachusetts Gilbert Matching Student Grant Program provides funding to private schools to give grants to students. Eligible undergraduate students can receive from $200 to $2,500 per academic year, but the funds can only be used at participating private schools within the state.

Cash Grant Program

The Cash Grant Program is a complementary program to the Massachusetts Need-Based Tuition Waiver Program (see below). It provides students with grant money to pay for additional education-related expenses, such as mandatory school fees, at eligible public colleges and universities.

Part-Time Grant Program

Part-time students at public or private schools who are Massachusetts residents for at least one year prior to the start of study may qualify for the Part-Time Grant Program. Award amounts vary, but the minimum amount is $200.

Public Service Grant Program

For children or spouses of individuals killed or missing during their work as public duty servants in Massachusetts, the Public Service Grant Program covers up to the total cost of tuition at qualifying schools.

Paraprofessional Teacher Preparation Grant Program

Residents employed for at least two years as paraprofessionals in Massachusetts who wish to become certified teachers can take advantage of the Paraprofessionals Teacher Preparation Grant Program. It provides up to $7,500 per academic year for programs leading to a Massachusetts teaching certification.

Massachusetts scholarships

Massachusetts has several scholarships for students who display exceptional academic achievements or who have overcome significant personal obstacles. Depending on the award, eligible students can receive scholarships that cover up to 100% of the tuition cost. There are seven state-operated scholarship programs:

Agnes M. Lindsay Scholarship Program

The Agnes M. Lindsay Scholarship Program is for students attending public universities in Massachusetts. Students must have a demonstrated financial need and be a permanent resident of a rural area with fewer than 15,000 inhabitants. Award amounts vary by year.

Christian A. Herter Memorial Scholarship Program

Students who qualify for the Christian A. Herter Memorial Scholarship Program will receive an award that covers up to half of their calculated financial need at any university in the continental U.S. The scholarship is for Massachusetts residents who have overcome difficult personal circumstances, such as poverty, abuse or illness. Students must be nominated in the 10th or 11th grade by a school or qualified community agency or organization.

Early Childhood Educators Scholarship Program

To increase the number and quality of teachers and care providers, Massachusetts created the Early Childhood Educators Scholarship Program. Students pursuing degrees in early childhood education or related fields at select universities may be eligible for up to $4,500 per semester. Awardees must commit to working in an eligible program for at least one year.

Massachusetts High Demand Scholarship Program

The Massachusetts High Demand Scholarship Program is for students pursuing degrees in high-demand disciplines that will help address the state’s workforce needs. Eligible students attending a Massachusetts public university can receive up to $6,500 per year. Students can apply by completing a separate application through the MASSAid portal.

John and Abigail Adams Scholarship

The John and Abigail Adams Scholarship provides students with a credit that can pay for up to eight semesters of undergraduate education at a state college or university. The scholarship is awarded based on the student’s performance on the 10th grade Massachusetts Comprehensive Assessment System (MCAS) test.

One Family Scholarship Program

Low-income, head-of-household parents who are at risk of homelessness or who have experienced homelessness within the past year may be eligible for the One Family Scholarship Program. Award amounts vary, but it can cover tuition and living expenses for eligible students pursuing a degree at a Massachusetts school.

Paul Tsongas Scholarship

The Paul Tsongas Scholarship is awarded to students with high scores on the SAT or ACT and a GPA of 3.75 or higher. Eligible students can qualify for a waiver of mandatory tuition and fees at a state university.

Tuition waivers in Massachusetts

In addition to scholarships and grants, Massachusetts operates several tuition waiver programs. Depending on the program, you could qualify for a full or partial waiver of your tuition costs.

Career Advancement Program Tuition Waiver

Public school teachers within the first three years of teaching may be eligible for the Career Advancement Program Tuition Waiver. It waives the cost of one graduate-level course per year for up to three years.

Categorical Tuition Waiver

Veterans, Native Americans, senior citizens (over 60), members of the U.S. armed forces, and clients of the Massachusetts Rehabilitation Commission or the Commission for the Blind can qualify for the Categorical Tuition Waiver. It waives the full cost of tuition at public colleges and universities within the state.

Collaborative Teachers Tuition Waiver

The Collaborative Teachers Tuition Waiver encourages teachers to become mentors to full-time student teachers from public colleges and universities. The program waives the cost of one graduate-level course at a public school for each mentoring teacher.

Commonwealth Hurricane Katrina Emergency Tuition Waiver

Department of Children and Families (DCF) Foster Child Tuition Waiver and Fee Assistance Program

Graduate Tuition Waiver

To encourage students to enroll in graduate school, the state created the Graduate Tuition Waiver program. The waiver’s value varies by year, but it can be used for tuition at public schools like the University of Massachusetts.

High Technology Scholar/Intern Tuition Waiver

Incentive Program for Aspiring Teachers Tuition Waiver

MassTransfer Tuition Waiver Program

The MassTransfer Tuition Waiver Program is for students who earned an associate degree at a Massachusetts community college and are transferring to a participating public school. It waives the cost of tuition for up to two years.

Massachusetts Educational Financing Authority (MEFA) Prepaid Tuition Waiver Program

Need-Based Tuition Waiver Program

Commonwealth September 11, 2001 Tragedy Tuition Waiver

Children or spouses of those who died or went missing due to terrorism on Sept. 11, 2001, can qualify for this waiver, which covers up to 100% of tuition at a state school.

Stanley Z. Koplik Certificate of Mastery Tuition Waiver

UMass Exchange Tuition Waiver

The UMass Exchange Tuition Waiver allows University of Massachusetts students to attend partner institutions without a tuition charge. Eligibility varies by school.

Valedictorian Program Tuition Waiver

Students who were valedictorians of their Massachusetts high school may qualify for the Valedictorian Program Tuition Waiver. If eligible, the full cost of tuition at public schools is waived.

Washington Center Program Tuition Waiver

Through the Washington Center Program Tuition Waiver, students at Massachusetts public colleges and universities are placed in internships in government offices, communication organizations, law firms and professional associations. Students can also qualify for a waiver of mandatory school fees and receive a $2,000 housing scholarship.

State loan programs

Massachusetts Educational Financing Authority (MEFA)

MEFA was created by the Massachusetts state legislature to offer low-cost college financing to families. It issues student loans to college students nationwide, and it also offers student loan refinancing.

For undergraduate students, repayment terms are 10 or 15 years. All loans have a fixed interest rate starting at 4.89%, and there are no origination fees.

For graduate or professional students, the repayment term is 15 years. Rates are fixed and start at 5.74%.

Eligibility is based on your credit score, income and whether you have a co-signer.

Massachusetts No Interest Loan Program

While anyone can apply for a MEFA loan, the Massachusetts No Interest Loan Program is more limited. It is a state-funded loan program that issues loans with 0% interest and 10-year repayment terms. Eligible students can borrow from $1,000 to $4,000 per academic year, with a lifetime maximum of $20,000.

It’s only available to Massachusetts residents of at least one year who are U.S. citizens or permanent residents. Eligibility is based on financial need as determined by the Free Application for Federal Student Aid (FAFSA).

Other financial aid programs in Massachusetts

Students can also qualify for up to $250 each semester to pay for other expenses, such as transportation or textbooks.

Student loan repayment programs in Massachusetts

The average student loan balance per borrower in Massachusetts is $33,710, according to a NerdWallet analysis of 2022 Federal Student Aid Office data. If you are a Massachusetts resident with outstanding student loans, you may be eligible for help with your debt through the following state loan repayment program:

Massachusetts Loan Repayment Program for Health Professionals

Primary health care professionals, in areas including dental, medical and mental health, who commit to work for at least two years full time (or the part-time equivalent) in an eligible facility in a high-need area can qualify for up to $50,000 in student loan repayment assistance.

How to apply for financial aid in Massachusetts

To apply for Massachusetts financial aid programs, complete these steps:

  1. Submit the FAFSA. Many of the state’s programs are awarded based on your financial need. Your need is determined by the information you submit on the FAFSA, so submit it ahead of the May 1 state deadline for priority consideration. 

  2. Create a MASSAid account. You can create an account through the MASSAid portal.

  3. Complete a separate application. Some programs have their own applications. For example, the Christian A. Herter Memorial Scholarship Program has a separate application through MASSAid for nominators to fill out. Review the award requirements and fill out any necessary forms to apply. 

If you have questions about state-based aid or how to apply for different programs, contact Massachusetts’ Office of Student Financial Assistance (OSFA) at 617-391-6070 or by visiting the OSFA website.

Source: nerdwallet.com

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When it comes to loans, a balance generally refers to the amount you owe — but with credit cards, there can be several types: statement balance, current balance and negative balance, to name a few.

Current balance means the same thing as outstanding balance. Here’s what that means and why it matters when it comes time to pay your credit card bill.

What is an outstanding balance?

The outstanding balance on a credit card is the total amount owed at the time that you check your account. It is the total of purchases, cash advances, balance transfers, issuer fees and interest that have posted to the account.

Also known as the current balance, it is a living number that can change daily. If the outstanding balance is $500 when you log into the credit card’s app in the morning, but a $50 statement credit posts to the account midday, the outstanding balance you owe is $450 (even if the $50 credit is still showing as pending).

For the most up-to-date number of how much you owe the card issuer, check your outstanding balance.

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Create a NerdWallet account for insight on your credit score and personalized recommendations for the right card for you.

What’s the difference between outstanding balance and statement balance?

While the outstanding balance is the total amount you owe on the card, the statement balance indicates only how much you owe since the close of your last billing cycle, usually a period of around 30 days.

Your monthly credit card statement will typically list both your outstanding (aka current) balance and your statement balance. It’s possible for these two balances to be the same, but they may not be if you use your card — or make a payment toward it — after your statement closing date.

You can calculate your statement balance yourself:

  1. Add up all purchases, fees, balance transfers and cash advances from the billing period. Let’s say that total is $3,000.

  2. Add up all payments and statement credits from the billing period. Say that total is $1,000.

  3. Subtract the second amount from the first. The statement balance would be $2,000.

If no other transactions are made, then both your statement balance for that billing cycle and your outstanding balance are the same: $2,000.

However, if you make additional transactions after the closing date of that billing cycle, your statement balance remains $2,000, while your outstanding balance will include those additional transactions.

Should you pay the outstanding balance?

Paying the outstanding balance is an excellent option if you can afford to do so. By submitting a payment in the amount of your current balance, you’ll have completely paid off your credit card bill, thus avoiding interest charges.

Paying the outstanding balance also guarantees that your credit card’s balance resets to zero, which isn’t always the case when you pay the statement balance. Credit bureaus prefer accounts with a low utilization ratio, or the percentage of total available credit in use at one time. Experts advise keeping your utilization ratio below 30%. After paying the outstanding balance, your utilization ratio for that particular credit account will be exactly 0%.

However, you won’t owe any interest if you pay the full statement balance either. When you do that, a grace period goes into effect, allowing you to “float” any new charges you make until the due date for your next billing cycle.

Note, though, that some issuers don’t give grace periods, and they may temporarily revoke that perk for cardholders who don’t pay off their balances by the due date.

Source: nerdwallet.com

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Whether you’re jonesing for an epic Antarctic holiday or an extended weekend in the Bahamas, cruises can be a good way to let someone else take the reins for your vacation. But planning a cruise can be confusing, especially when there are several types of cruises, destinations and price points.

When planning a cruise, you’ll want to consider a variety factors, especially if you’re dealing with limited time or a tight budget.

Let’s look at how to plan a cruise, from your budget to booking, and what to expect along the way.

1. Establish a budget

The first step in planning a cruise is deciding how much money you want to spend. Costs for a cruise will vary based on a number of things, including:

  • Cruise line.

  • Destination.

  • Cruise length.

  • Room type.

  • Number of guests. 

  • Onboard spending. 

  • Offshore excursions.

If price is top-of-mind, consider a budget-friendly cruise line. These cruise lines tend to be less glamorous, and you’ll likely be paying for more optional add-ons, such as drink packages and excursions. But you’ll still find plenty of activities to keep you entertained, no matter who you’re cruising with.

You may find deals for as little as $40 per person per night, not including gratuities or any onboard spending. For example, we found a deal for a four-night cruise from Long Beach, Calif., to Ensenada, Mexico, for $169 per person on Carnival.

On the high end, you’re looking at costs as high as $90,000 per person — though these cruises tend to be much longer (nearly six months!) or feature exotic destinations and itineraries.

For example, a 168-night cruise on luxury cruise line Regent Seven Seas — with dozens of stops in ports around the globe — costs more than $97,000 per person.

Of course, your budget will likely fall somewhere in between these low- and high-end examples. The bottom line is that it’s important to plan for a cruise that fits your budget. With such a wide variety of options, odds are you’ll find a price point that’s comfortable for you.

2. Decide on cruise length

Once you’ve decided how much money you’re willing to spend, you’ll need to see how much vacation time you have available.

If you live far from a port, be sure to factor in the time it takes to get to and from the departure city. Add that to the length of the cruise, and that’s how many vacation days you’ll need.

To optimize your time off, you’ll probably want to try to leave from the closest port possible. If you’re on the East Coast, for example, leaving from Miami would require far less travel time than leaving from L.A.

If you’re taking a week-long vacation, a five-night cruise would give you the time to arrive in the port city the day before departure and then return home without feeling rushed.

3. Choose a destination

How can you plan for a cruise without giving some thought to the destination? The cruise industry is worth more than 7 billion dollars and includes routes all over the world.

If the number of destinations seems a little overwhelming, remember that you’ve already narrowed down your options by establishing your budget and cruise length.

Many search engines will allow you to look for cruises using these parameters — in addition to helpful filters like departure port and desired departure date.

Your cruise dates will likely affect your destination options. For example, if you want to depart in February, you likely won’t find any cruises going to Alaska. And booking a Caribbean cruise during hurricane season might result in a rerouted itinerary — or even a canceled cruise — if a hurricane forms in the Atlantic.

4. Compare cruise lines

Different cruise lines cater to different clientele. Some are geared toward those who want to travel in luxury, while others are designed for spring-breakers or families.

If you’re looking forward to a quiet getaway in the Caribbean but choose a Carnival cruise in the middle of April (i.e. prime college spring break time), you may not have much fun when the pool party gets going.

Do some research on the demographics each cruise line attracts. For a family-friendly cruise, sailing with Disney or Royal Caribbean might be a good choice. Those looking for a calm, adult-only atmosphere may want to choose an itinerary on Viking Cruises.

5. Book your cruise

There are several different ways to book a cruise, including reserving directly with the cruise line, using an online travel agency or even working with a travel agent.

Each method has its advantages. Booking through an online agency can save you money. Compared to booking directly through the cruise line, though, it may not be as easy to make changes or cancel your reservation if something comes up. If you book through a travel agent, you have the advantage of being able to arrange your cruise and airfare at the same time.

It’s a good idea to compare cruises across all available platforms, because pricing and special add-ons vary. Last-minute cruises can get you serious discounts, as can stacking cash-back opportunities with shopping portals such as Rakuten.

6. Complete your documentation

Once you’ve booked your cruise, you’ll need to submit some documentation, such as an ID, a health declaration, and a credit card to keep on file.

Most of the time, you can also choose to pre-book activities and excursions, though this may depend on the cruise line you’re sailing with.

You’ll want to find out if you need a passport or any visas for your cruise — this will depend on where your cruise is departing from and where it will stop. Be sure to verify this soon after booking your cruise, as obtaining or renewing a passport can take time.

Planning a cruise recapped

Cruises can be an exciting way to visit multiple destinations in a single trip.

When planning a cruise, you’ll want to decide how much you’re willing to spend, where you want to go and the amount of time you have available.

Aside from that, consider what types of cruises you’d like to go on and the people you want to be around. Once everything is taken care of, all that’s left to do is enjoy!

How to maximize your rewards

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Source: nerdwallet.com