It’s back to the drawing board, barring any dramatic reversal.
The so-called “Emergency Economic Stabilization Act of 2008” (EESA) failed to pass in the House, and will now need to be reworked to gain enough support to move forward.
There were a total of 205 Ayes and 228 Noes. The Democrats voted 140 for, 95 against. The Republicans voted 65 for, 133 against.
The news sent the Dow down 777.68 points, the largest single-day point loss in history.
Here’s a look at what the current bailout package looks like:
It would provide up to $700 billion to the Treasury to purchase soured mortgage assets, ideally allowing credit to flow more freely to those who need it most, small businesses and working families.
Treasury would receive $250 billion immediately, and be eligible to receive additional funds up to a total of $700 billion, assuming the President deemed it necessary.
The plan would also ensure that the Treasury report on the use and progress of the funds, and would establish an Oversight Board and a special inspector general to ensure the funds are handled properly.
The EESA would also establish a program allowing banks to insure their troubled assets.
Under the plan, the Treasury would be required to modify more troubled mortgages and direct other federal agencies to offer loan modifications they own or control.
It would also expand the eligibility of the HOPE for Homeowners program offered by HUD to help more at-risk borrowers refinance into FHA loans with more affordable terms.
At the same time, executives of banking institutions that take advantage of the bailout will have a more difficult time receiving large bonuses, as companies who take part will lose certain tax benefits and see limits on golden parachutes.
Finally, the legislation would require companies that sell off their bad assets to provide warrants so taxpayers benefit from any future growth participants experience.
Additionally, the President must submit legislation protecting taxpayers from any losses resulting from the program.
Going to college is a lot of work. Between studying for exams, cranking out term papers, and keeping up on homework, there is a lot to stay on top of. For student athletes, there is even more to juggle. Their chosen sport is basically a full-time job ― and a physically-demanding one at that.
The good news is that, according to recent research, college athletes tend to have higher graduation rates than their peers. However, to make it to your college graduation, you’ve got to keep your grades up and find the time to study, which can be especially challenging during your freshman year.
Read on to learn some simple and effective strategies that can help you balance your responsibilities in the classroom and on the court, field, or wherever you play.
Planning Your Class Schedule Accordingly
Often, coaches will outline clear timeframes for practice and training that student athletes need to plan their class schedules around. Additionally, games and competitions are usually scheduled far enough in advance for student athletes to know which days of the week they’ll be traveling most often.
Still, there may be some discretion in choosing class times. Keeping in mind when you prefer to eat, sleep, and study is key to creating a schedule that will help you perform as a student and athlete.
Although many student athletes maintain an active training schedule throughout the year, the official NCAA season (or the majority of it) for many sports occurs during either the fall or spring semester. You may want to take advantage of a more flexible off-season schedule by taking more academically demanding classes and those that would otherwise conflict with their practice schedule. 💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.
Keeping Your Eye on the Prize
Student athletes invest countless hours in their chosen sport. Yet, the vast majority will graduate and pursue a career outside athletics. On average, just 2% of college student athletes move up to professional leagues after NCAA competition.
Academics are an integral part of being a successful student athlete. Choosing a degree program you’re passionate about and that supports your career goals can help keep you motivated and on track to graduate.
Each team and college may maintain its own standards for GPA requirements to compete, but the NCAA sets minimum requirements too. Division I and Division II athletes are required to meet initial eligibility criteria set by the NCAA while Division III student-athletes are held to the standards set by the schools they attend.
Just skating by in terms of GPA may allow you to compete, but it could hurt your candidacy for internships and jobs after graduation.
Recommended: 12 Ways a College Athlete Can Make Money
Building Relationships With Your Professors and Classmates
This advice could apply to any college student, but student athletes in particular stand to benefit from getting to know their professors and classmates early on in the semester.
To varying degrees, college sports teams travel off-campus for games and competitions, which means student athletes might miss some in-person class time. Meeting with professors at the beginning of the semester can show a commitment to your studies and help hash out any scheduling conflicts for classes and exams.
Also, making friends with classmates can be beneficial for exchanging class notes to cover each other’s absences, as well as forming study groups.
Finding an Accountability Buddy
Student athletes know the importance of teamwork. In addition to pushing each other to greatness at practice and the gym, teammates can be a support system to help achieve your academic goals too. Forging a partnership or study group to hold each other accountable to these goals, on and off the court or field, is one such strategy.
For starters, who can better relate to your experience and challenges balancing athletics and academics than a teammate? Together, you and your accountability buddy can capitalize on downtime on the road to away games to tackle assignments or plan a study night before a big game to resist the urge to party.
It’s okay if your goals are different. The important thing is that you find an accountability buddy you feel comfortable with and who will help keep you on track.
Recommended: 5 Ways to Start Preparing For College
Prioritizing Health and Wellness
Both academics and sports can be demanding, and taking them on simultaneously requires serious stamina. Prioritizing physical and mental health by eating well, getting enough sleep, and finding ways to destress can help prevent burnout and stay sane. It’s okay to slip up every now and then, but creating a plan that you can stick to could make a difference in succeeding as a student athlete.
Recommended: What Is College Like?
It’s Okay to Ask for Help
Many college students deal with stress between exams and assignments. For college student athletes, the pressure to succeed athletically and academically can be a lot to handle.
There is no shame in asking for help, and the sooner the better. College tutors can assist with everything from proofreading essays to prepping for a chemistry test. Approaching professors early with any concerns could also help with extra credit opportunities or a chance to redo an assignment.
Recommended: The Ultimate Guide to Studying in College
What About Redshirting?
For Division I athletes, the NCAA regulation grants college student athletes a span of five years to compete in four years of athletic competition. For Division II and Division III students there is a 10-semester, or 15-quarter clock. This means that student athletes may take a year off from competing ― a practice known as redshirting ― as long as they continue taking coursework and meet other eligibility requirements.
Traditionally, redshirting is applied to allow students athletes more time to develop or recover from a significant injury. However, student athletes may be able to use redshirting to their advantage in terms of coursework.
Redshirting may allow students to take a more manageable course load by stretching their degree over ten semesters instead of eight. Alternatively, it can provide extra time to complete both a bachelor’s and graduate degree in one go.
Keep in mind that redshirting guidelines vary by division. For instance, Division I and II athletes are permitted to practice with their team during their redshirt season, whereas Division III athletes may not. 💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.
Paying for College
College is a big investment, but fortunately there are options for funding education. Financial aid, grants, work-study programs, and scholarships may be enough to pay for all or a portion of tuition and room and board.
Athletic Scholarships
There are some full-ride and partial athletic scholarships available to Division I and II student athletes. Athletics classified as headcount sports offer full ride scholarships to a certain number of athletes per team, whereas equivalency sports traditionally extend partial scholarships. Head count sports include the following:
For Men: • Division I basketball • Division I-A football
For Women: • Division I basketball • Division I tennis • Division I volleyball • Division I gymnastics
For equivalency sports, it’s up to the college and coaching staff to decide how to divide scholarship funds between student athletes.
Recommended: Finding Free Money for College
Student Loans
In the event that scholarships, grants, and financial aid are not enough to cover tuition and living expenses, student athletes can take out student loans to help them cover the difference.
Federal student loans may be subsidized, which means interest won’t start to accrue until six months after you graduate, or they may be unsubsidized, which means interest begins accruing right away. Either way, you don’t have to start making payments until six months after graduation. Federal loans come with a fixed interest rate set by the government and don’t require a credit check.
If those do not cover your costs, you may also consider private student loans.
Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. These loans do require a credit check and, generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment — that automatically come with federal student loans.
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.
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 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.
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.
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.
An $18.4 million mortgage-subsidy fund resulting from the 2022 Trident Mortgage redlining settlement is now open to eligible borrowers in three Eastern states.
After a combined state and federal investigation last year found Trident — one of the largest mortgage lenders in the Philadelphia area before it ceased originations in 2020 — had regularly engaged in practices to discourage minority borrowing, the now-defunct company agreed to establish the fund under conditions of the settlement. The fund will support Black borrowers and majority-minority neighborhoods in a region that includes parts of Pennsylvania, New Jersey and Delaware.
“This subsidy program will make a difference to many hundreds, possibly thousands, of families impacted by historic redlining practices in Philadelphia,” said Pennsylvania Attorney General Michelle Henry in a press release.
The fund, called Pathway to Prosperity, includes two different programs — HomeAssist and HomeAccess — which will provide as much as $10,000 in financial assistance per qualifying mortgage. The rollout comes after Trident conducted a study to determine the needs of majority-minority communities in the Philadelphia area. Trident is contracting with nonbank lender Prosperity Home Mortgage to administer the fund.
HomeAssist will provide funding for the purchase or refinance of a primary residence located in a qualifying census tract. HomeAccess, meanwhile, is aimed at assisting current residents living in eligible neighborhoods to purchase a primary residence located in any state Prosperity is licensed.
“For too long, companies have avoided offering mortgages in neighborhoods that are home to predominantly people of color, denying them equal access to mortgage credit. This is one small step toward correcting that injustice,” Henry said.
Per the settlement, Trident will also provide consumer financial education and engage in community development partnerships within affected communities. Prosperity will open offices in some minority neighborhoods as well.
Although no longer conducting business as a home lender, Trident had agreed to continue operations to implement terms of the settlement. Both Trident and Prosperity are mortgage subsidiaries of Berkshire Hathaway-owned HomeServices of America, a consortium of companies serving real estate interests.
Following a four-year investigation, Trident was fined a total of $24.4 million, which included a penalty of $4 million owed to the Consumer Financial Protection Bureau for various violations. Among the investigation’s findings were derogatory language, including racial slurs, used in emails between Trident staff, and marketing campaigns that excluded minority consumers. More than half the population of Philadelphia is Black or Hispanic.
Attorneys general of the three affected states participated in the investigation, along with the CFPB and the U.S. Justice Department. All voiced approval of Trident’s program.
“The launch of this important loan subsidy fund marks a critical step in our efforts to redress Trident Mortgage Co.’s mortgage redlining practices, and to begin the process of making whole the communities that have been harmed by generations of systemic housing discrimination,” said New Jersey Attorney General Matthew J. Platkin.
“It will take generations to truly repair that harm — but this subsidy program will make a real, tangible difference for hundreds of redlining’s victims,” added Delaware Attorney General Kathy Jennings.
Redlining, defined as a systematic practice of underserving or discriminating against predominantly Black, Hispanic or other ethnic neighborhoods, has been prohibited since the 1960s with the enactment of the Fair Housing Act. But violations continue decades later, with multiple financial institutions this year involved in redlining lawsuits.
This past spring, Pennsylvania-based Essa Bank and Trust was also fined $3 million for purported infractions in the Philadelphia area. And in January, City National Bank of Los Angeles resolved allegations against it by agreeing to pay more than $31 million, the largest redlining settlement in history. Allegations have similarly hit the likes of KeyBank and HSBC in 2023.
Are you frustrated by the small selection of homes in your price range on real estate sites? Do most fall short of the “must haves” that you need?
The vast majority of the listings you see come from multiple listing services run by local Realtors. Only members of the MLS can place their properties on it, and that means it’s not a complete listing. There are other sources of affordable homes for sale if you are willing to look.
Many of these properties are in “as is” condition and may require some elbow grease and the services of professional contractors to get them in shape. These are costs you should figure into the purchase price before making an offer.
As a general rule, the hotter and more competitive the local market, the fewer affordable homes you will find, either on or off the MLS. Here are some sources that will help you find more affordable homes to consider:
Fannie Mae’s HomePath Program.
Fannie Mae created this program to offer foreclosed homes directly to home buyers who wish to make the home their primary residence. If you wish to put 3%-20% down, you must have a 660 or greater credit score needed for a mortgage.
The program is limited to first-time buyers who have not owned a home in the past three years, and buyers are required to graduate from Fannie’s home buyer education course, which is online. After graduation, you are eligible for closing cost assistance worth up to 3 percent of the purchase price. If you wish to put more than 20% down, standard guidelines may allow a lower credit score.
Fannie’s “First Look” policy makes newly listed properties available to individual home buyers for a 20-day period before investors can buy them. For more information, go to https://www.homepath.com/
Freddie Mac’s HomeSteps Program.
Freddie’s program is very similar to Fannie’s, with a few exceptions. Freddie Mac also features a first look program to give home buyers an advantage over investors and a mandatory online homeownership education program, without the assistance on closing costs. Freddie’s program, however, is not limited to first-time buyers. For more information, go to https://www.homesteps.com/
For Sale By Owner (FSBO) Sites.
When home prices rise steadily, as they have been lately, more owners choose to sell their homes without the help of a real estate agent who charges a commission. Some will use an agent who simply lists their homes on the MLS for a flat fee. They can also list their properties on a site dedicated to FSBO properties.
Last year, the median FSBO home sold for $35,000 less than the median home represented by a real estate professional.[1] Note that if you buy a FSBO, and you are working with a real estate agent, you will be asked to pay his or her fee. In transactions involving a seller’s agent, the brokerages on each side of the transaction typically divide the commission paid by the seller.
Some of the better know FSBO sites are Owners.com, FSBO.com, ForSalebyOwners.com, Byownermls.com. Zillow also lists FSBOs.
Cash-for-Homes Sites.
Companies like HomeVestors, which has more than 600 franchises, buy homes quickly for cash and rehabilitate them to sell to investors or homeowners. They sell homes on local MLSs through real estate brokers. However, it could be worth a call to local cash-for-homes companies to see if they have any properties or to find out names of brokers they use.
Short Sales and Foreclosure Resource (SFR).
The National Association of Realtors certifies Realtors who specialize in selling foreclosures and short sales. To qualify, they must obtain specialized training. To find an SFR-certified Realtor in your market, search the web for that designation. Have your real estate agent contact SFR Realtors to find out what they are listing and properties they are preparing to list. Ask they to notify you in advance on new listings that you might be interested in.
The Next Steps
When you find a home you’re interested in, be ready to move fast with a pre-approval letter from your lender, the name of a good home inspector you trust who’s readily available, and an offer that is attractive as you are willing to make it.
Investors scour these markets using expensive databases of foreclosures to find properties they can flip or convert to rentals. You may find you have to increase the geography of your search to increase the odds you will find a property that will work for you.
[1] National Association of Realtors Profile of Home Buyers and Sellers, 2015.
Inside: Are you wondering is Spirit Airlines safe? While Spirit is a low cost option, are their safety measures up to par? This guide dives into their safety procedures and fleet.
When it comes to flying, safety is paramount.
Meet Spirit Airlines, your go-to American low-cost airline.
This leaves everyone wondering is Spirit Airlines safe.
In this post, we will shed light on a question that might have crossed your mind – Is Spirit Airlines safe?
Spirit Airlines, ranked among the world’s top 20 safest airlines, has been a familiar name in the US aviation industry.
Despite its popularity, misconceptions have led some to doubt its safety quotient due to its low-cost airline status.
Rest assured, in this guide, we will delve deep into Spirit Airlines’ safety records and measures, providing you with comprehensive insights on everything you need to know before choosing them for your journey.
Be it their passenger safety awareness initiatives, effective communication strategies, or impressive safety accreditations, we’re aiming to equip you with data-backed information to help you make an informed decision, allaying any concerns you might have about flying with Spirit Airlines.
Is Spirit Airlines Safe?
Yes, Spirit Airlines is generally safe. It’s just as reliable as any other major US airline, and it has never had a fatal accident since it was founded in 1980.
Spirit Airlines ensures rigorous training for its crew members and pilots to handle various situations efficiently.
Remember, while no airline can guarantee a 100% incident-free flight, Spirit Airlines maintains high safety standards.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Spirit Airlines Safety Record
Maintaining an exceptional safety record is vital to any airline, and Spirit Airlines is no exception. Their commitment to passenger safety is reflected in their pre-flight safety briefings, proactive lines of communication, and strategic safety initiatives. IATA’s assertion that ranking an airline’s safety based on customer reviews is flawed reinforces the credibility of Spirit Airlines.
We delve deep into the safety record of Spirit Airlines, shedding light on their dedication to passenger safety, and the successful strategies they have implemented. A key point here is the absence of significant safety incidents within the past decade.
1. Airline Safety Rating
Safety ratings reflect an airline’s safety record and compliance with aviation standards – they’re pretty crucial when choosing who to fly with.
For Spirit Airlines, the rating is impressively high!
Certification: Spirit holds an Air Operator Certificate from the FAA (source).
Safety record: Even though they’ve had a few emergency landings, Spirit has had no fatal accidents in its history (source).
Remember, though, safety isn’t the entire story. Where Spirit excels in safety, the experience is defined by customer satisfaction and services.
2. Safety of the Spirit Airlines Fleet
The Spirit Airlines fleet is composed completely of Airbus aircraft, with the Airbus A319, A320, and A321 among them.
Modern and reliable, the average age of the aircraft Spirit utilizes is merely six years old with their 200th plane just delivered. This relatively youthful fleet is one reason why Spirit is counted among the top 20 safest low cost airlines worldwide.
Additionally, Spirit Airlines is constantly investing in new technology to augment the safety and efficiency of its aircraft. This commitment to safety and innovation is proven through regular inspections, diligent maintenance, and strict adherence to the manufacturer-recommended service schedules.
3. Flight Safety Protocols
Spirit Airlines, a certified member of IATA, takes passenger safety quite seriously despite its low-cost status.
Here are some of the key safety protocols they follow:
The Spirit team is trained for various emergency situations, including necessary medical measures.
For urgent support, passengers can reach out to an agent using the free mobile app developed by Spirit Airlines. This assures on-the-go assistance.
In adherence to FAA rules, Spirit Airlines provides each passenger with a life vest stowed under the seat or between armrests.
Prior to each flight, passengers are made aware of vital safety instructions through pre-flight briefings such as proper usage of safety equipment and emergency actions.
In-flight safety cards are utilized as visual aids to facilitate a better understanding of these safety guidelines.
Spirit Airlines encourages passengers to report potential safety issues for a quick resolution.
Thus, flying with Spirit Airlines is indeed quite safe.
Note that Spirit Airlines operates under stringent rules set by leading regulatory bodies such as the International Civil Aviation Organization (ICAO) and the Federal Aviation Administration (FAA).
4. Safety Training of the Crew
When it comes to air travel, safety is king! One crucial aspect is the training of flight crews.
As such, Spirit has a rigorous training program for pilots and cabin crew. Their focus? Emergency procedures, handling tricky weather, and managing complex flight situations.
Let’s see how Spirit Airlines ensures its crew is well-prepared for any scenario:
Regular simulator training keeps the pilot’s skills sharp. Flying virtual skies means quicker, smarter decisions in the real world.
Spirit doesn’t just hire anyone. They’ve got strict criteria, ensuring only qualified, experienced folks join the team.
Continuous evaluations keep the crew’s performance top-notch. Spirit never stops improving its safety standards.
Onboard safety protocols. Crew members undergo safety classes, learning how to respond during emergencies.
Real-life simulated scenarios are part of the training. Fires, water landings, you name it. Spirit’s crew is ready for action!
That’s Spirit Airlines – keeping you secure, one flight at a time!
5. Pilot Qualifications
Pilot qualifications at Spirit Airlines are stringent to ensure safety and operational efficiency.
Each pilot is required to have a minimum total of 1500 hours in fixed-wing aircraft, however, they prefer 2500 hours. They must possess a current FAA First Class Medical Certificate, an unrestricted Airline Transport Pilot License, and an FCC Radio Telephone Operator Permit. This consolidates their hands-on expertise, their medical fitness for flight duties, and their understanding of complex flight communications.
This rigorous screening guarantees that passengers are in the hands of highly skilled professionals capable of managing various flight scenarios.
Also, the good news, they have increased their pilot pay, which attracts higher-quality candidates!
6. Emergency Landing Procedures
Emergency landing procedures are rigorously implemented and followed to ensure the safety and well-being of Spirit passengers.
In the event of an unforeseen complication or hazard, such as equipment failure, bird strikes, or detection of smoke or unknown odors on the aircraft, an emergency landing may be necessitated. Emergency landings can also happen due to severe weather turbulence that can potentially lead to risks during a flight.
Spirit Airlines has a commendable safety record, often resorting to these emergency landings as a safety measure to keep the passengers safe.
Despite having to make a few emergency landings over the past thirty years, it is noteworthy that Spirit has not faced any fatal accidents or crashes during this period.
7. Safety Checks of the Airplanes
Safety checks are the lifeline of any airline industry, making sure your travel from point A to B is as safe as can be.
When you’re traveling with Spirit Airlines, these safety measures are taken to a whole new level.
First and foremost, seasoned mechanics inspect the Spirit aircraft from top to bottom. They check every little component – inspecting engine performance to the seat pitch, ensuring everything functions as it is supposed to.
Moreover, they keep a keen eye on the boarding processes, ensuring the necessity and safety protocols are met to precision. These inspections are not just occasional but happen on-ground prior to every takeoff. This allows any issues spotted during preflight checks to be rectified before the plane leaves the ground.
No stone is left unturned when it comes to the training of Spirit’s staff. The staff undergoes intensive training sessions to equip them with the aptitude to handle unexpected in-flight situations promptly and efficiently. It’s the people behind the scenes who add to your safety during a flight after all.
Remember, when flying Spirit, your safety isn’t just a priority, it’s their mission.
My Experience Flying Spirit Airlines
Flying with Spirit Airlines may be a basic experience, but it’s honestly not all bad. It’s an unpretentious, no-frills airline that delivers exactly what you’re paying for–a cost-effective flight.
Personally, I don’t get why Spirit gets a bad rap because every flight I have taken with Spirit Airlines has always been a good experience.
The cleanliness and modern simplicity of the newly operated Airbus are clean, but the seats remind you of any lack of luxury. Punctuality was another impressive aspect, as both my flights arrived right on schedule, if not a bit earlier.
Many people complain about the absence of an in-flight entertainment system, but it doesn’t affect me as my kids and I were well-prepared with my personal entertainment on my phone and a book as a constant companion – one of my many travel essentials.
Most importantly, Spirit Airlines offers the advantage of budget travel, making it possible to explore more without a steep dent in the wallet.
Personally, I never pay for the extras like seat assignments and carry-on items, so being aware and planning ahead saves you from any surprises.
More often than not, I will purchase the Savers Club as the price to join lowers the airline ticket cost by more than the membership.
Also, I love that Spirit Airlines flies into the newer and much larger terminal at San Diego International Airport!
Pros And Cons of Flying Spirit Airlines
Looking for a cost-effective alternative for your air travel? Spirit Airlines might be the right choice.
Pros of Flying with Spirit Airlines:
Cons of Flying with Spirit Airlines:
– Budget-friendly fares – offers some of the lowest fares in the industry. – Booking is made easy through both Spirit.com and Spirit mobile app. – It owns one of the youngest, most fuel-efficient fleets in the U.S. – Has commendable safety ratings. – Offers the ability to choose your seat for a fee. – Spirit Airlines generally runs on time. In fact, sometimes you may find flights landing slightly early. – Plane hygiene is one area where Spirit does not compromise. They use mostly new Airbuses, ensuring clean and modern interiors. – Most travelers have spoken favorably about the ground and flight crews of Spirit Airlines. They seem to go above and beyond to make passengers comfortable.
– Extra charges apply for baggage. Remember, due to their low-cost model, Spirit encourages minimal luggage. – Upgrading your seat doesn’t offer any additional services. – No free meals or drinks are provided during the flight. You will need to purchase these. – Seats may be uncomfortable for some passengers. – Limited free flight cancellation or rescheduling options. – Lack of legroom could potentially hamper your comfort, especially if you’re tall or traveling long distances. – No inflight entertainment systems. – Overhead space may be limited, and you might have to pay extra for more significant carry-ons.
Finally, if budget is a priority, Spirit Airlines has you covered. The airline offers highly economical options for both domestic and international travel.
You may come across mixed customer reviews regarding Spirit’s customer service. Make sure you come with the right expectations for a budget airline.
Why is Spirit so cheap?
Why is Spirit Airlines so cheap, you ask? The answer lies in their unique business strategy.
Non-ticket revenue: They adopt a budget-friendly strategy by charging extra for add-ons like seat selection, carry-on bags, and in-flight food and beverages. According to their 2022 financial reports, over half of Spirit’s total revenue per passenger comes from these non-ticket avenues.
Streamlined fleet: Unlike other airlines operating different types of aircraft, Spirit keeps it simple with just one family of aircraft – the Airbus. This significantly cuts down on training and supply chain expenses.
Save on Baggage: You can easily skip checking a bag if you pack everything in your carry-on. Or invest in my favorite seven-pound luggage to save on checked baggage fees!
It’s this clever business model that helps Spirit offer those unbeatable low fares.
FAQ
Yes, it is safe to fly with Spirit Airlines. They have a solid safety record and have never had a fatal incident in their history.
They use modern, digitally enhanced aircraft which provide risk-free journeys.
Despite minor concerns, overall Spirit Airlines offers a safe and affordable travel option. Most people flying Spirit Airlines may not be concerned with how much cash can you fly with!
Both Spirit and Delta Airlines are reputed for their robust safety measures and procedures, each being FAA-certified and upholding the safety standards set by the Federal Aviation Administration.
Spirit ranks among the world’s top 20 safest airlines, while Delta, with its long-standing history of nearly 100 years, may be perceived as marginally safer due to its established stature.
However, it’s important to note that both airlines are committed to ensuring passenger safety and regularly maintain their fleets to guarantee this.
No, Spirit Airlines doesn’t have a bad safety record.
Spirit Airlines has never had a fatal accident in its history.
It was ranked as one of the safest low-cost airlines globally by JACDEC.
Conclusion: Is Spirit Airlines Safe?
In conclusion, your concerns about Spirit Airlines’ safety may be a bit exaggerated.
Spirit Airlines ranks among the top 20 low cost safest airlines.
Over the past decade, Spirit has demonstrated a strong safety record, showing its dedication to passenger safety.
Safety protocols and equipment are prioritized, with crew members undergoing rigorous training to handle diverse scenarios.
Spirit operates with newer aircraft, a move applauded by travel professionals as a cost-effective safety measure.
There have been some criticisms, like limited flight options and cancellations, which should be taken into account in travel planning.
Thus, while no airline can promise absolute safety, Spirit certainly takes measures to ensure passenger well-being.
Don’t forget to get your Amazon travel must haves before your flight!
About Spirit Airlines
Originally established in 1980, Spirit is based out of Miramar, Florida, making the world a little smaller with 60+ destinations across the U.S., Central America, South America, and the Caribbean.
They have established themselves as the low-cost, no-frills airline.
What can you expect when flying with Spirit?
It offers a “Free Spirit” frequent flyer program where you can rack up reward points and exchange them for perks like seat selection and baggage check-ins.
Different seating options to suit your comfort; you can pick Economy Class, Big Front Seats, or Exit Row Seats.
They got your in-flight hunger covered with a variety of snacks and drinks for purchase.
Always stay connected with their Wi-Fi services on specific aircraft.
When flying with Spirit, you can expect strict adherence to their baggage weight and size policies. It’s crucial to be familiar with these restrictions and pack accordingly to prevent any airport hassles.
Got a problem? Their customer support is just a call or email away, round the clock.
So, grab your ticket today and experience a journey filled with comfort, convenience, and cost-efficiency.
Know someone else that needs this, too? Then, please share!!
In a bid to perhaps stay relevant, though in the FHA’s own words, to continue “its commitment to fully evaluate borrowers who have experienced periods of financial difficulty due to extenuating circumstances,” borrowers may now be eligible for an FHA loan just one year after experiencing a short sale, foreclosure, or even a bankruptcy.
The news came via a new mortgagee letter (13-26) posted on HUD’s website Friday.
While it sounds completely irresponsible and crazy, especially seeing that we’re just a year or two out of the worst mortgage crisis in recent history, they do have some standards in place to ensure not just anyone can get a mortgage again.
Did You Experience an “Economic Event?”
In order to get approved for an FHA loan just one year after experiencing such a massive credit hit, you must prove it was due to an “Economic Event,” otherwise known as unemployment or a “severe” reduction in income.
Of course, by severe reduction they’re only talking about a minimum 20% reduction in household income for a period of at least six months.
The last time I checked, it’s pretty common for individuals to see their income fluctuate like that. And the FHA is even allowing those with seasonal or part-time employment to qualify under these new rules.
However, there are a few more checks and balances. The lender must analyze the borrower’s credit to determine that they were a sound borrower before the Economic Event took place, and that their credit only went downhill after the incident.
Additionally, borrowers must re-establish “Satisfactory Credit” for a minimum of 12 months prior to receiving their FHA loan.
In other words, your credit report should be clear of any late housing or installment payments during the past 12 months, or any major derogatory events on revolving lines of credit.
Additionally, a year must have passed since the date of the foreclosure, deed-in-lieu, short sale, or bankruptcy.
[Getting a mortgage after a short sale with no waiting period.]
Lastly, participants in this initiative must receive homeownership counseling or a combination of homeownership education and counseling.
The minimum requirement is a single hour of one-on-one counseling from a HUD-approved housing counseling agency, and they must address the cause of the Economic Event and steps taken to overcome and avoid reoccurrence.
It must be completed at least 30 days before submitting a loan application, but no more than six months prior. Counseling can be conducted in person, over the phone, or even online.
To sum it up, in order to qualify you must:
[checklist]
Prove the negative credit event was the result of a loss of employment or significant loss of income
Prove that you have recovered and re-established satisfactory credit
Apply at least 12 months after the negative event took place
Complete housing counseling to avoid similar missteps in the future
[/checklist]
The loan must also meet all other applicable FHA eligibility and policy criteria.
So all in all it appears to be a pretty darn accommodating new rule to help former homeowners qualify for a mortgage.
Interestingly, the FHA has seen its market share take a hit thanks to new rules aimed at shoring up its reserves, such as requiring mortgage insurance for the life of the loan and increasing annual insurance premiums.
But I suppose the FHA’s original mission is to serve the underserved, so it makes sense that they would be the ones to allow this type of loan program.
The rule change applies to FHA loans with case numbers assigned on or after August 15, 2013 through September 30, 2016. It works for purchase money mortgages in all FHA programs aside from Home Equity Conversion Mortgages (reverse mortgages).
If you’re interested to see if you qualify, find a lender that specializes in FHA loans so they can guide you through the process and increase your odds of approval. You’ll want to submit an airtight application to avoid any hiccups.
For many students, one of the most exciting parts of heading off to college is living on their own for the first time. That might mean moving into a freshman dorm or an on-campus apartment or finding an off-campus living space.
Which is better? The answer will depend on your personal preferences, what year you are in school, your budget, and where you go to college. Here’s a closer look at the pros and cons of living on campus vs living off campus.
Pros of Living On Campus
Many students dream of the day they’ll pack their bags and begin a new life at college. And, for many, a major part of that fantasy involves living on campus. The reason is that living in a freshman dorm with hoards of other students the same age can be a lot of fun.
Living on campus also comes with some other advantages. Generally, arranging on-campus housing is relatively easy, especially for freshmen who may be more likely to get a spot, or may be required to live on campus. Unlike apartment hunting, which can be time consuming and challenging, living on campus can be a more straightforward arrangement and there are generally additional resources provided for students in on-campus housing.
For example, there is generally an RA (Resident Advisor/Assistant) that can answer any questions and help resolve conflicts with roommates. Plus RA’s may run programming for the floor, or dorm, to encourage community and help students meet each other.
Typically, students living in on-campus housing can also purchase a meal plan, which means they don’t need to find time to grocery shop or cook meals when they should be cramming for finals.
Living on campus also means students are conveniently close to all of the resources provided by their school. This not only makes it easier and faster to get to your classes, but also to access on-campus dining, gyms, the health center, libraries, and student recreation centers. Attending on-campus events and getting to a professor’s office hours can also be easier when you’re living on campus. 💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.
Cons of Living On Campus
While very convenient and exciting in many ways, on campus housing has its downsides.
For one, dormitory living often involves small spaces and lack of privacy. You may need to share a bathroom with your entire hall. And you may end up living in close quarters with a roommate you don’t know or have much in common with. In addition, finding quiet time to focus on your studies can be a challenge in a dorm.
Another potential downside to living on campus is that you may not have access to a kitchen and will need to eat your meals according to the dining hall’s schedule.
Living on campus can also be more expensive than living off campus.
Recommended: 5 Ways to Start Preparing For College
Pros of Living Off Campus
While you may think that living on campus is the key to having a true college experience, there are actually some benefits associated with living off campus.
Some students may greatly appreciate having a bit of separation from their school life and their personal life, especially as they inch closer to graduation and they begin to plan their transition to the post-college era.
Another major benefit of living off campus is the potential to save some money on living expenses and to have some extra flexibility. Living off campus can be cheaper than living on campus, depending on factors like where the college is located and how close to campus the house is located. Living off campus may also allow you to spend less on food, since you will likely have access to a kitchen and full-size refrigerator.
Another potential advantage of off-campus housing is that you may be able to find a larger living space than you could get in a dorm. Plus, you may have a 12-month lease, which gives the option of staying on campus over the summer to study, get an internship, or find a summer job. (However, this could end up being a con if you are on the hook for a lease when you don’t actually need to be in town.)
Cons of Living Off Campus
While living off campus can provide more flexibility, it may involve having to commute to campus. In some cases, students may be able to find off campus housing within walking distance to school but often you will need to drive. This brings its own set of complications, such as traffic and parking (which on some campuses can be expensive and competitive). Owning and maintaining a car also adds to your college costs.
A commute may also make it less appealing to participate in on-campus events and take advantage of campus amenities like gyms, health centers, and libraries. Spending time with friends may also take more coordination than just walking down the hall.
When it comes to living in off-campus housing, many students may also not be prepared to take on the responsibilities of adult living. While each student’s living situation will vary depending on their specific housing arrangements, many can expect to cook more, clean more, and be more responsible for properly maintaining their off- campus housing. And if they’re having issues with their roommate, there is no RA to help them clear the air.
Keeping School Requirements In Mind
At the end of the day, there is no “best” choice for a college living arrangement. There are so many variables, including the school’s location, the student’s priorities and personality, and how much each option will cost.
One caveat is that some students may not have a choice about whether they live on campus or not. Some colleges and universities require their students to live on campus for a certain amount of years. This is a more common requirement for freshman students, as colleges want them to integrate into campus life and feel engaged and supported.
If you don’t want to live on campus, despite there being a requirement to do so, it’s worth seeing if the school allows students to petition to live off campus. Allowances are sometimes made for students whose families live nearby or who have health issues or specific dietary requirements that can’t be met easily through on-campus dining options.
On the other end of the spectrum, some colleges only guarantee housing on-campus for a certain number of years, resulting in students living off campus at one time or another.
Some colleges and universities provide online resources and other information for students who are interested in living off campus. These resources can help students find housing and make the transition to off campus housing a bit easier. 💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.
Financing College Life
Regardless of where you live, you’ll need to figure out how to pay for it. Some students may be able to use the financial aid they receive to help pay for their room and board.
Scholarships may have restrictions on how they can be used, and room and board or rent may or may not be eligible expenses. Review the details of specific scholarships to understand what costs they can help fiance. Student loans can generally be used to pay for tuition as well as living expenses and housing.
There are two types of student loans that you may be able to tap — private and federal student loans.
Federal student loans may be subsidized by the government, which means interest won’t start to accrue until six months after you graduate, or they may be unsubsidized, which means interest begins accruing right away. Either way, you don’t have to start making payments until six months after graduation. Federal loans come with a fixed interest rate set by the Congress annually, and don’t require a credit check.
If federal student loans do not fully cover your costs, you may also want to explore getting a private student loan. Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. These loans do require a credit check and, generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and Public Service Student Loan Forgiveness — that automatically come with federal student loans.
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 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.
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.
When you make the decision to continue your higher education beyond an undergraduate degree, you likely think about the payoff: Will the education, such as a Master’s degree in Business Administration (MBA), help you secure a well-paying job? Will you be able to quickly pay off your graduate loan?
If you’re wondering what you can do with an MBA, you’re not alone. While there are many different jobs for MBA graduates, the important thing is identifying which you’re interested in so you know you’ve got a promising career ahead of you on the other side of that MBA program.
What the MBA Prepares You For
Because an MBA exposes you to many different aspects of business, from finance to marketing to economics, it can help you qualify for a wide range of business-related MBA careers. Because you aren’t focused in a single niche, you can apply the leadership, accounting, and communication skills you have learned in your MBA program to your future career, no matter what industry it’s in.
Some prestigious MBA programs (that also come with a hefty price tag) may have an alumni network that can help you find a good job right after graduation. But even if you’ve opted for a more affordable MBA program, the simple fact of you possessing an MBA may be appealing to employers and could help you command a higher salary than you could have earned with just an undergraduate degree. 💡 Quick Tip: Private student loans offer fixed or variable interest rates. So you can get a loan that fits your budget.
The Current Job Market
Despite recent layoffs in a variety of industries, particularly in technology, there are still a lot of industries that are growing and even the ones doing the layoffs are still hiring MBAs. Finding a great job, however, may require using your networks to your best advantage. Human resource experts also advise MBA grads to highlight skills that are especially marketable today, including training in artificial intelligence, project management, business analytics, and supply chain management.
Recommended: Is Getting A Degree In Marketing Worth It?
The Best Jobs for MBA Grads
This leads us back to that question: What jobs can I get with an MBA?
The good news is, no matter what the economic climate and your particular skill set, there are typically many jobs for MBA graduates.
Jobs in Finance
If you aced your finance, statistics, and accounting courses, your future may lie in finance. For someone with an MBA, you’ve got several possibilities.
A financial advisor provides financial planning and advice for clients, and may specialize in certain niches, like estate planning or high net worth clients. Financial advisors may continue to pursue additional certifications or licenses. The median salary for financial advisors is approximately $94,170.
A financial analyst is attuned to the stock market and may make forecasts about the behavior or stocks and bonds for clients. The median salary for a financial analyst is around $81,730.
If you enjoy managing a business’ finances, becoming an accountant may be a good fit. You may be in charge of accounts receivable and payable, as well as filing taxes for a business. The median salary for an accountant is around $77,250.
If you have a little technical skill, a budget analyst might be a good fit. You’ll prepare financial reports, evaluate budgets, and help the business manage its finances. Median salary for a budget analyst falls around $79,940.
Recommended: 9 Top Online MBA Programs
Jobs in Marketing
If numbers aren’t your thing, but you love the idea of promoting a brand and connecting with its customers, a career in marketing could be up your alley.
A marketing manager is involved in overseeing marketing campaigns for a company. You may be involved in the strategy, and/or actual execution of tools like social media, content, and advertising. Median salary for marketing managers is around $135,030.
If you want to get more hands-on with digital marketing, consider applying to become a digital media strategist. This role taps into analytics and data to build marketing and ad campaigns to build relationships with customers. The average salary for a digital media strategist is approximately $62,947.
If you’re a born salesperson, being a sales manager may come naturally to you. They develop sales and promotions and oversee sales teams for a company. The median salary for sales managers is about $130,600.
Jobs in Management
If you’re highly organized and have leadership skills, a career in management might be a good fit, particularly if you also have technical skills.
Management consultants often work in technology fields, and help companies solve problems or facilitate transitions. The average salary for management consultants is around $99,655.
Or you could become an operations manager, who is in charge of making sure a company runs smoothly. This role could be involved in finance, supply chain, hiring, and overall strategy, and the median salary is roughly $97,970.
HR managers are also involved in the company’s operations, though from the human resources perspective. This role recruits, interviews, and hires employees, as well as onboards them and trains them. The average HR Manager salary is around $116,792.
If you like keeping projects running smoothly, you might make a great project manager. You’ll be involved in assigning tasks to team members, communicating with company leaders, and facilitating the success of a project. Average salaries fall around $87,129.
Another option is a product manager, who is involved in creating and marketing new products. The average salary for this role is $114,028.
Jobs in Technology
If your skill set lies in IT, there are several jobs to consider once you’ve graduated.
As IT manager, your role would be to manage and upkeep a business’ IT hardware and software, as well as build strategies and protocols for IT security. The median salary is around $159,010.
Business intelligence analysts assess business data and trends to find ways that a business can become more efficient and profitable. The average salary for a business intelligence analyst is around $87,267.
Recommended: Tips on How to Pay for MBA School
How to Stand Out from other MBAs
Now that you have a sense of your career options post-graduation, the question is how to get hired.
Start by networking. There likely are organizations in your community that cater to a general business audience, or even a specific niche, like IT professionals. Your university may have an organization to connect students with employers.
As you build relationships with people through these groups, you can put feelers out for potential jobs. Remember: Networking isn’t about what you can get out of it but rather what you can give. So contribute what you can and connect people when appropriate, and the favor may be returned.
Update your LinkedIn profile to reflect your education as well as any internships or organizations you have been involved with. It’s also a great place to search for jobs and connect with people who work at companies you’re interested in.
Finding a job will take time, so start early and have patience. Have a few versions of your cover letter that you can modify, and customize the letter you send specific to the job and company you’re applying with.
If you make it to the interview phase, send a handwritten thank you note to the person who interviewed you. This is not only polite, but might help you stand out, since few people send physical mail anymore.
After all your hard work, you will likely be rewarded with a career that allows you to utilize the knowledge you gleaned in your MBA program, and ideally offers a competitive salary that can help you repay any MBA loans you took out to finance your education. 💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.
The Takeaway
Getting your MBA can open doors for your career. MBA programs aim to teach students a broad range of skills that can help them thrive in a wide range of roles and industries, including tech, HR, marketing, and more.
MBA programs can be pricey. If federal aid, scholarships, and savings aren’t enough to fill the funding gap, private school loans could be one option to consider.
Private student loans are available through private lenders, including banks, credit unions, and online lenders. Loan limits vary from lender to lender, but you can often get up to the total cost of attendance, which gives you more borrowing power than with the federal government. Interest rates vary depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans.
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.
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 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.
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.
“Accelerate was designed to reduce barriers and incentivize agents to grow their organizations,” Michael Valdes, eXp’s chief growth officer, said in a statement “It enables them to focus on selling and growing their businesses while earning the maximum potential revenue share for tiers two and three for the first year. Our aligned compensation model, where agents are rewarded for both production and contributions to eXp’s growth, brings more value than ever before.”
This is the second change eXp has made to its revenue share program in recent months. In June, the brokerage announced that it was refining revenue share criteria, reducing the current FLQA tier 7 threshold from 40 to 30 FLQA. The firm also launched Boost, a program that eXp says financial incentivizes qualifying independent teams and brokerages to join eXp.
“In the lifespan of an agent, a critical component of long-term success is the ability to build for their retirement, so we launched Accelerate to help catalyze their potential earnings and create momentum in the first year and build for their future,” Sanford said in a statement. “We continue to be relentlessly focused on delivering a model that puts agents first. I couldn’t be more proud of what we have created, especially for those looking to build long-term wealth, with our revenue share and equity programs for agents, as well as a favorable cap and split model.”
eXp is among several brokerages to announce changes to revenue share programs. Earlier this week The Real Brokerage announced that any agent who has recruited at least five producing Real agents into their network will be bumped into the second tier of the firm’s revenue share program.
Keller Williams has also made changes to its revenue sharing program in recent weeks, announcing that it will cut the profit share distribution for vested “former” KW agents (agents who joined the company before April 1, 2020) who jumped ship to another brokerage from 100% to 5%. Previously, vested “former” agents benefited from a 100% profit share distribution even after their departure. However, former agents who return to the company within six months of the effective reduction date will have their profit share restored to 100%.
As part of its broader affordable housing initiatives, Wells Fargo will sponsor a homeownership program alongside the Asian Real Estate Association of America.
The Wells Fargo-AREAA alliance will focus specifically on sustainable homeownership for first-time homebuyers and low to moderate-income Asian American, Native Hawaiian and Pacific Islander (AANHPI) communities.
AREAA found in its annual report that 72% of White Americans own homes. Yet, there are several Asian subcategories where homeownership is 55% or less, including Native Hawaiian, Indonesian, Korean, Pakistani, Hmong, Sri Lankan, Burmese, Bangladeshi, and Nepalese.
Additionally, the initiative will also feature a housing affordability symposium as well as regional events across the U.S. for homebuyers.
“We are committed to being a part of the solution and breaking down the systemic barriers that make homeownership more difficult to attain,” said Valeria Esparza-Chavez, head of Home Lending, Asian Segment at Wells Fargo.
The partnership comes after the bank was hit by several scandals related to its lending practices.
The bank repeatedly misapplied loan payments, wrongfully foreclosed on homes, illegally repossessed vehicles and charged surprise overdraft fees, affecting 16 million customers’ accounts, according to the CFPB. Wells Fargo eventually agreed to pay $1.7 billion to settle multiple consent orders last December.
Additionally, Bloomberg reported in March 2022 that only 47% of Black homeowners who completed a refinance application with Wells Fargo in 2020 were approved, compared with 72% of white homeowners. (The bank denied any wrongdoing.)
Since then, Wells Fargo announced plans to invest an additional $100 million to advance racial equity through its $210 million special purpose credit program.
Earlier in April, the bank announced a 10-year partnership with Dallas megachurch affiliate T.D. Jakes Group to build “inclusive communities.”