Nursing School Cost and How to Pay For It
Becoming a nurse generally isn’t as expensive as becoming a doctor, but it still isn’t cheap.
The exact cost of nursing school will depend on the kind of schooling you choose but could range anywhere from $3,000 up to $100,000, according to NurseJournal.
If you’re wondering how much nursing school is and how to pay for it, here’s what you should know:
How much is nursing school?Additional costs of nursing schoolHow to pay for nursing school8 student loans for nursing schoolStudent loan forgiveness for nursesStudent loan repayment for nursesIs it worth it to go to nursing school?
How much is nursing school?
There are several types of education programs available for becoming a nurse. These programs will range in price depending on how advanced they are as well as whether you choose to attend an in-state or out-of-state school.
Here’s a look at the typical nursing school costs you can expect by program:
ProgramAverage costProgram lengthPractical Nursing Diploma$4,000 to $15,0001 yearAssociate Degree in Nursing$6,000 to $20,0002 to 3 yearsBachelor of Science in Nursing$40,000 to $100,0004 yearsMaster of Science in Nursing$35,000 to $70,0001 to 2 yearsDoctor of Nursing Practice$30,000 to $70,0002 to 3 years
Practical Nursing Diploma
Average cost: $4,000 to $15,000
One of the quickest ways to begin working as a nurse is to become a licensed practical nurse (LPN) or licensed vocational nurse (LVN).
These nurses work as assistants to physicians and registered nurses (RN) in various healthcare facilities, such as hospitals, long-term care facilities, and nursing homes.
To begin your career as an LPN or LVN, you’ll need to earn a Practical Nursing Diploma — these programs usually take one year to complete.
ssociate Degree in Nursing
Average cost: $6,000 to $20,000
If you choose to earn an Associate Degree in Nursing (ADN), you’ll be trained to work as an RN over the course of two years. RNs with associate degrees can work in hospitals, doctor’s offices, outpatient care centers, and various other healthcare facilities.
Keep in mind that with the recent push for nurses to obtain a bachelor’s degree, your career options could be limited by some employers if you pursue an ADN instead.
Bachelor of Science in Nursing
Average cost: $40,000 to $100,000
Another way to become an RN is by earning a Bachelor of Science in Nursing (BSN), which generally takes about four years.
Like an ADN, a BSN will train you in the skills you need to perform nursing care — however, you’ll also receive more extensive education in research, social sciences, leadership, and management as well as public and community health.
Generally, a BSN-prepared nurse will be better equipped to handle more complex procedures compared to an ADN-prepared nurse. Because of this, BSN nurses can earn $80,000 or more per year while ADN nurses earn an average salary of just over $74,000, according to NursingProcess.org.
Tip: Some hospitals and other healthcare facilities prefer nurses with BSNs as the additional education provides lower mortality rates for patients and fewer medical errors.
However, an ADN could still be a good place to start your nursing career. Many students choose to earn their ADN so they can begin working as a nurse before returning to school to pursue a BSN.
Master of Science in Nursing
Average cost: $35,000 to $70,000
Having a Master of Science in Nursing (MSN) can open more career doors for a nurse — for example, graduates could find employment as nurse practitioners, nurse researchers, nurse administrators, or nurse educators.
Most traditional MSN programs are designed for students who have already earned their BSN and take one to two years to finish. There are also three- to four-year bridge programs available for nurses who don’t have their BSN.
Doctor of Nursing Practice
Average cost: $30,000 to $70,000
You could also choose to continue your education through a Doctor of Nursing Practice (DNP) program. With a DNP program, you can focus on learning advanced skills or pursuing advanced research.
If you’ve already earned a master’s degree, a DNP program will generally take about two to three years to complete. There are also BSN-to-DNP bridge programs available, which usually take three to five years to finish.
Learn More: How to Use Student Loans for College Living Expenses
dditional costs of nursing school
In addition to tuition, there are also other costs to consider when it comes to paying for nursing school. Some of these expenses include:
Uniform and accessories: $20 to $90Textbooks: $1,000 to $3,000Nursing supplies: $300 to $500Health insurance: $1,000 to $4,000National Council Licensure Examination (NCLEX): $200NCLEX review courses: $25 to $400
Check Out: Tuition & Room and Board: On-Campus vs. Off-Campus Costs
How to pay for nursing school
While nursing school can be expensive, there are several options that could help you cover the cost. Here’s how to pay for nursing school:
1. Fill out the FAFSA
Your first step when it comes to paying for nursing school should be completing the Free Application for Federal Student Aid (FAFSA).
Your school will use your FAFSA results to determine what federal student loans and other federal financial aid you qualify for.
Tip: It’s a good idea to fill out the FAFSA as early as possible. You can submit the FAFSA for the 2021-2022 academic year starting Oct. 1, 2020, up until June 30, 2022.
Make sure not to miss the deadline so you don’t miss out on any federal financial aid you might qualify for.
2. Apply for scholarships and grants
Unlike student loans, college scholarships and grants don’t have to be repaid — which makes them a great way to pay for school.
There’s no limit to how many scholarships and grants you can get, so it’s wise to apply for as many as you can. You might also qualify for school-based scholarships based on your FAFSA results.
There are several organizations that offer scholarships and grants to nursing students, including:
Nonprofit organizationsLocal and national businesses (such as Johnson & Johnson)Professional nursing associations
You can also use sites like Fastweb and Scholarships.com to easily search and apply for scholarships.
3. Explore employer tuition assistance
Many employers provide tuition assistance programs to nurses — for example, Intermountain Healthcare will reimburse up to 100% of tuition costs (up to $5,250 per year) for eligible nurses earning BSNs.
If you’re already employed as a nurse, be sure to check with your employer to see if they offer any tuition assistance.
Tip: Even if your employer doesn’t have an official program, it doesn’t hurt to ask. They might be willing to help you with your education costs in return for the benefits of improving your current skill set.
4. Take out federal student loans
If you need to borrow for school, it’s usually best to start with federal student loans. This is largely because these loans come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
There are three main types of federal student loans available to nursing students:
Direct Subsidized Loans: These are available to undergraduate students with financial need. The government will cover the interest on these loans while you’re in school — so it’s often a good idea to take out subsidized loans first before turning to other types of loans.Direct Unsubsidized Loans: These are available to undergraduate, graduate, and professional students regardless of financial need. Unlike with subsidized loans, you’re responsible for all of the interest that accrues on unsubsidized loans.Direct PLUS Loans: There are two kinds of Direct PLUS Loan — Grad PLUS Loans for graduate students and Parent PLUS Loans for parents who want to cover their child’s education costs. PLUS Loans typically have higher interest rates than Direct Subsidized and Unsubsidized Loans. They also require a credit check.Keep in mind: Federal loans come with student loan limits based on the type of loan you get as well as what year you are in school.
5. Use private student loans to fill the gaps
After you’ve exhausted your scholarship, grant, and federal student loan options, private student loans can help fill any financial gaps left over.
Keep in mind that private loans don’t come with the protections of federal loans, which means they should be a last resort when it comes to borrowing for school.
However, private student loans do offer some benefits of their own, such as:
Higher loan limits: You might be able to borrow up to your school’s cost of attendance with private student loans.No application deadlines: Unlike with federal loans, you can apply for private student loans at any time while you’re enrolled in school.Tip: You’ll typically need good to excellent credit to qualify for private student loans — a good credit score is usually considered to be 700 or higher.
There are also some lenders that offer student loans for bad credit, but these loans tend to have higher interest rates compared to good credit loans.
If you’re struggling to get approved for a private student loan, consider applying with a creditworthy cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
Learn More: Private Student Loan Repayment Options
8 student loans for nursing school
If you decide to take out a private student loan for nursing school, be sure to consider as many lenders as possible. This way, you can find the right loan for your needs.
Here are Credible’s partner lenders that offer private student loans for nursing school:
LenderFixed Rates From (APR)
Variable Rates From (APR)Loan amountsLoan terms (years)
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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2.91%+
1.48%+$2,001 to $200,0007 to 20Fixed APR:
2.91%+Variable APR:
1.48%+Min. credit score:
540Loan amount:
$2,001 to $200,000 Loan terms (years):
5, 7, 10, 12, 15, 20Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
0.25% to 1.00% automatic payment discount, 1% cash back graduation rewardEligibility:
Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking programCustomer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsLoan servicer:
Launch Servicing, LLC
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
3.23%+1
1.03%+1$1,000 to $350,000 (depending on degree)5, 10, 15Fixed APR:
3.23%+1Variable APR:
1.03%+1Min. credit score:
720Loan amount:
$1,000 to $350,000Loan terms (years):
5, 10, 15Loan types:
Any private or federal student loanRepayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
Autopay, loyaltyEligibility:
Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)Customer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Firstmark Services
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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2.99%+2,3
0.99%+2,3$1,000 up to 100% of the school-certified cost of attendance5, 8, 10, 15Fixed APR:
2.99%+2,3Variable APR:
0.99%+2,3Min. credit score:
Does not discloseLoan amount:
$1,000 up to cost of attendanceLoan terms (years):
5, 8, 10, 15Repayment options:
Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 24 monthsLoan servicer:
College Ave Servicing LLC
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>3.75%+1.08%+$1,000 to $99,999 annually
($180,000 aggregate limit)7, 10, 15Fixed APR:
3.75%+Variable APR:
1.08%+Min. credit score:
Does not discloseLoan amount:
$1,000 to $99,999 annually>($180,000 aggregate limit)Loan terms (years):
7, 10, 15Repayment options:
Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disabilityFees:
NoneDiscounts:
AutopayEligibility:
Not available to residents of AZ, IA, or WICustomer service:
Phone, emailSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
American Education ServicesMin. income:
Does not disclose
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
3.0%+7
2.17%+7$1,000 to $200,0007, 10, 15Fixed APR:
3.0%+7Variable APR:
2.17%+7Min. credit score:
750Loan amount:
$1,000 to $200,000Loan terms (years):
7, 10, 15Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident and have a minimum income of $30,000.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 36 monthsLoan servicer:
Granite State Management & Resources (GSM&R)
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
3.83%+8
1.69%+8$1,001 up to 100% of school certified cost of attendance5, 10, 15Fixed APR:
3.83%+8Variable APR:
1.69%+8Min. credit score:
670Loan amount:
$1,001 up to cost of attendanceLoan terms (years):
5, 10, 15Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearanceFees:
Late feeDiscounts:
Autopay, reward for on-time graduationEligibility:
Must be an Indiana resident or a U.S. citizen attending an eligible Indiana schoolCustomer service:
Email, phone, chatSoft credit check:
YesCosigner release:
After 48 monthsLoan servicer:
American Education Services
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
3.75%+N/A$1,500 up to school’s certified cost of attendance less aid15Fixed APR:
3.75%+Variable APR:
N/AMin. credit score:
670Loan amount:
$1,500 up to cost of attendance less aidLoan terms (years):
10, 15Repayment options:
Full deferral, interest only, immediate repayment, academic deferral, forbearanceFees:
NoneDiscounts:
NoneEligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.Customer service:
Email, phoneSoft credit check:
YesCosigner release:
After 48 monthsLoan servicer:
American Education Services (AES)
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
3.5% – 12.6% APR9
1.13% – 11.23% APR9Up to 100% of the school-certified cost of attendance15Fixed APR:
3.5% – 12.6% APR9Variable APR:
1.13% – 11.23% APR9Min. credit score:
Does not discloseLoan amount:
$1,000 up to cost of attendanceLoan terms (years):
10 to 15Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disabilityFees:
Late feeDiscounts:
AutopayEligibility:
Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.Customer service:
Phone, chatSoft credit check:
YesCosigner release:
After 12 consecutive on-time paymentsLoan servicer:
Sallie MaeCompare private student loan rates without affecting
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Student loan forgiveness for nurses
There are several student loan forgiveness programs available to nurses with federal student loans. Some of these programs include:
Public Service Loan Forgiveness
If you work for a nonprofit or government organization, you might be eligible for Public Service Loan Forgiveness (PSLF). You can apply for PSLF after making qualifying payments for 10 years.
Perkins Loan Cancellation
If you have a federal Perkins Loan and work as a full-time nurse for an eligible employer, you might qualify to have up to 100% of your loan canceled after five consecutive years of service.
Income-driven repayment forgiveness
If you sign up for an income-driven repayment (IDR) plan, your payments will be based on your income — typically 10% to 20% of your discretionary income.
Additionally, you could have any remaining balance forgiven after 20 to 25 years, depending on the plan.
Check Out: Private Student Loan Forgiveness Alternatives
Student loan repayment for nurses
In addition to student loan forgiveness programs, there are also several loan repayment programs available to nurses, including:
National Health Service Corps Loan Repayment Program
Nurses who work at an NHSC-approved location in a Health Professional Shortage Area might be eligible for up to $50,000 in loan repayment assistance. In return, you must agree to at least two years of service.
Nurse Corps Loan Repayment Program
Qualifying nurses could have up to 85% of their student loans repaid through this program. In return, you must work full time at a Critical Shortage Facility or eligible nursing school for at least two years — you’ll receive 60% repayment over two years and could have another 25% repaid if you serve for a third year.
ctive Duty Health Professions Loan Repayment Program
Nurses who enlist and serve in the U.S Army Nurse Corps for at least three years could have up to $120,000 paid toward their qualifying student loans through this program.
Indian Health Service Loan Repayment Program
This program offers up to $40,000 in student loan repayment for Advanced Practice Nurses. In return, you must agree to work for two years in a health facility that serves American Indian and Alaska Native communities.
Disadvantaged Faculty Loan Repayment Program
Nurses who work as faculty members at eligible academic institutions could receive up to $40,000 in student loan repayment in return for a two-year service commitment.
To be eligible, these faculty members must also come from economically and environmentally disadvantaged backgrounds.
Tip: Many states also offer their own student loan repayment programs. You can find more information on your state’s website.
Learn More: College ROI: 6 Tools to Gauge the Return on Your Degree
Is it worth it to go to nursing school?
This depends on your individual goals. If a career in nursing will be fulfilling for you, then it might be worth it regardless of the expense.
Keep in mind: Nurses can earn $74,000 or more per year, which could make it easier to repay any student loans you end up with.
If you decide to take out a private student loan for nursing school, remember to consider as many lenders as you can to find the right loan for you.
Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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4 Steps to Becoming Finance Fit
Due to the COVID-19 pandemic, payments and interest accrual have been paused on federal student loans by the CARES Act through Jan. 31, 2022.
If you have federal student loans, this means you only have a short time until your payments resume — which is why it’s important to get your finances in shape so you’ll be prepared.
Are you ready to start making federal student loan payments again? Take the quiz below to find out — plus get the chance to win a $50 e-gift card*!
Find Out If You’re Financially Fit
NO PURCHASE NECESSARY TO ENTER OR WIN. The Financially Fit Survey Sweepstakes begins on Oct. 5, 2021 at 12:01 a.m. PT and ends on Oct. 19, 2021 at 11:59 p.m. PT. Open to legal residents of the 50 United States & D.C., who are at least 18 years of age at time of entry. One entry per user. Void where restricted or prohibited by law. See Official Rules for eligibility/ restrictions/ Entry Periods/ prize descriptions and complete details. Void where prohibited. Privacy Policy is located at https://www.credible.com/privacy.
Here are four ways to get financially fit before you start making federal student loan payments again:
Create a budgetRefinance high-interest debtPay down high-interest debtBuild an emergency fund
1. Create a budget
Creating a budget is a great way to track your monthly income and expenses. Additionally, you can see how federal student loan payments will fit into your current budget and make adjustments if necessary.
For example, if your payments will strain your budget, you can look into trimming expenses, such as canceling unused subscriptions.
To set up a budget, you’ll need to:
Calculate your monthly income. This might include traditional employment as well as other non-traditional sources, such as a side hustle.Calculate your monthly expenses. List out your essential expenses (such as rent and utilities) as well as your non-essential spending (such as entertainment or dining out).Subtract your expenses from your income. This amount is the extra room you have in your budget — as well as how much you can afford to pay on your student loans.Tip: Creating a budget can also help you plan for your short-term and long-term financial goals.
For instance, if you want to pay off your student loans in five years, you can check your budget to see how much you can afford to pay on your loans each month and then set a payoff date.
2. Refinance high-interest debt
If you have high-interest debt, you might be able to get a lower interest rate through refinancing. This could save you hundreds or even thousands of dollars on interest — freeing up money in your budget to put toward your student loans.
Or you could opt to extend your repayment term to reduce your monthly payments. Just keep in mind that this means you’ll pay more in interest over time.
Here are a few ways to refinance depending on the kind of debt you have:
Student loan refinancing
Student loan refinancing interest rates are hovering near record lows. If you have private student loans as well as good to excellent credit, you might be able to take advantage of these low rates by refinancing your student loans.
This could save you money on interest and even potentially help you pay off your loans faster.
Keep in mind: While you can refinance both federal and private loans, refinancing federal student loans will cost you access to federal benefits and protections — such as income-driven repayment plans and student loan forgiveness programs.
You’ll also no longer be eligible for the suspension of federal payments and interest accrual under the CARES Act.
If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Find out if refinancing is right for you
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Debt consolidation loan
A debt consolidation loan is a type of personal loan used to pay off various kinds of debt, such as credit cards or other loans. Consolidating your debt will leave you with just one loan and payment to manage, which could make it easier to budget for your student loan payments.
Keep in mind that personal loan interest rates have remained at record lows — so depending on your credit, you might qualify for a lower interest rate than what you’re currently paying.
Balance transfer card
Another way to consolidate credit card debt is with a balance transfer card. With this option, you can move your balance from one credit card to another.
Some balance transfer cards come with a 0% APR introductory offer. This means you could avoid paying interest if you can repay your balance before this period ends.
However, keep in mind that if you can’t pay off the card in time, you could be stuck with some hefty interest charges.
3. Pay down high-interest debt
If you have multiple debts and can’t refinance them for a lower interest rate, you might need to simply concentrate on paying them off as soon as possible.
Repaying some of your debt over the next few months and lessening this strain on your budget could also make it easier to manage federal student loan payments when they resume.
Here are a couple of strategies that might help you do this:
Debt avalanche method
With the debt avalanche method, you’ll focus on paying off your debt with the highest interest rate first. Here’s how it works:
Tip: While the debt avalanche method can be a good way to save money on interest over time, it can also take a while to see your savings.
If you’re more motivated by small wins, you might consider following the debt snowball method instead.
Debt snowball method
If you use the debt snowball method, you’ll start by paying off your smallest debt first. Here’s how it works:
Tip: The debt snowball method typically offers more immediate success, which could be helpful if you’re driven by small wins.
But if you’d rather save more money on interest and don’t mind waiting to see your results, the debt avalanche method might be a better option for you.
4. Build an emergency fund
Having an emergency fund can help you pay for unexpected costs and avoid racking up more debt.
In general, it’s a good idea to save enough in an emergency fund to cover three to six months’ worth of expenses — including student loan payments.
Here are a couple of savings options you might consider:
High-yield savings account: This type of savings account generally offers above-average interest rates. This means you could get a higher rate of return compared to regular savings accounts. Several high-yield savings accounts don’t require an initial deposit, which could be helpful for starting an emergency fund.Money market account: This is another savings option that typically provides a higher rate of return than regular savings accounts. Money market accounts often come with higher initial deposits and maintenance requirements compared to high-yield savings accounts, so could be a good option if you already have some money stashed away.Tip: To get started on your emergency fund, you might save as little as $5 or $10 per week.
As you get used to saving, you can gradually increase the amount you plan to save in your budget.
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if(nFinancially Fit Survey Sweepstakes
Official Sweepstakes Rules
Financially Fit Survey Sweepstakes
Official Sweepstakes Rules
NO PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN. MAKING A PURCHASE DOES NOT INCREASE YOUR CHANCES OF WINNING.
The following promotion is intended for participants in the fifty (50) United States and Washington D.C. only and shall be construed and evaluated according to the laws of the United States. Do not proceed in this promotion if you are not a legal U.S. resident residing in the fifty (50) United States or Washington D.C. Further eligibility restrictions are contained in the official rules below.
1. SWEEPSTAKES DESCRIPTION: The Financially Fit Survey Sweepstakes begins on Oct. 5, 2021 at 12:01 a.m. PT and ends on Oct. 19, 2021 at 11:59 p.m. PT.
The sponsor of this Sweepstakes is Credible Labs, Inc. (“Sponsor”). Sweepstakes void where prohibited or restricted by law. THIS SWEEPSTAKES IS IN NO WAY SPONSORED, ENDORSED, ADMINISTERED BY, OR ASSOCIATED WITH TWITTER OR INSTAGRAM.
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3. HOW TO ENTER: During the Entry Period, eligible Entrants may participate by completing the Financially Fit survey.
Online Entry:
Entrant must complete the following steps for Online Entry:
Visit https://hxfu0nh43pu.typeform.com/finance-quiz (the “WebsiteFollow the onscreen instructions to complete the survey.Affirmatively accept the Official Rules and click “Enter”.
Limit one (1) Submission per Entrant, per Entry Period. Any attempt by an Entrant to obtain more than the stated number of entries by using multiple/different identities, registrations, logins, and/or any other methods will void such Entrant’s Submission and that Entrant may be disqualified from the Sweepstakes.
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7. ARBITRATION PROVISION: By participating in this Sweepstakes, each Entrant agrees that any and all disputes the Entrant may have with, or claims Entrant may have against, the Released Parties relating to, arising out of or connected in any way with (i) the Sweepstakes, (ii) the awarding or redemption of any prize, and/or (iii) the determination of the scope or applicability of this agreement to arbitrate, will be resolved individually and exclusively by final and binding arbitration administered by the National Arbitration Forum (the “Forum”) and conducted before a sole arbitrator pursuant to the Code of Procedure established by the Forum. The arbitration shall be held at a location determined by the Forum pursuant to the Code of Procedure, or at such other location as may be mutually agreed upon by the Entrant and Sponsor. The arbitrator’s decision shall be controlled by the terms and conditions of these Official Rules and any of the other agreements referenced herein that the applicable Entrant may have entered into in connection with the Sweepstakes. There shall be no authority for any claims to be arbitrated on a class or representative basis; arbitration can decide only the Entrant’s and/or Sponsor’s individual claims and the arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated. The arbitrator shall not have the power to award special or punitive damages against the Entrant or Released Parties. For more information on the Forum and/or the Forum’s Code of Procedure, please visit their website at www.arb-forum.com. If any part of this Arbitration Provision is deemed to be invalid or otherwise unenforceable or illegal, the balance of this Arbitration Provision shall remain in effect and shall be construed in accordance with its terms as if the invalid or illegal provision were not contained herein.
8. PRIVACY POLICY: Any personal information supplied by you to Sponsor will be subject to Sponsor’s privacy policy posted at [URL] By entering the Sweepstakes, you grant Sponsor permission to share your social media handle, email address and any other personally identifiable information with the other Sweepstakes Entities for the purpose of Sweepstakes administration and prize fulfillment. Sponsor will not sell, rent, transfer or otherwise disclose your personal data to any third party other than as described herein or in accordance with Sponsor’s privacy policy.
9. SPONSOR: Credible Labs, Inc. 115 Sansome Street, Suite 600, San Francisco, CA 94104
The Sweepstakes is in no way sponsored, endorsed or administered by Instagram or Twitter. Instagram and Twitter are completely released of all liability by each Entrant in this Sweepstakes.
The post 4 Steps to Becoming Finance Fit appeared first on Credible.
Did you miss our previous article…
https://www.coloradomicrofinance.org/?p=149
Contingent vs. Pending: What’s the Difference?
When you’re looking at real estate listings, you might come across homes described as “pending” or “contingent” instead of “for sale” or “active.” If you’re wondering whether you should consider these listings in your home search, you’ll need to understand the difference between the two terms.
Here’s what contingent and pending mean in real estate, and whether you can place an offer on homes with one of these statuses:
What is the difference between pending and contingent?What does contingent mean in real estate?What does pending mean in real estate?Common contingency clausesCommon pending clausesCan you put an offer on a house that is contingent?Can you put an offer on a house that is pending?
What is the difference between pending and contingent?
The difference between pending and contingent lies in how many things still need to happen before the home sale can close. Both terms mean that the seller has already accepted an offer, however the difference lies in how far along the home is in the sale process:
Pending: A pending home indicates that all contingencies have been met by the prospective buyer.Contingent: A home listed as contingent still has certain contingencies open.
The seller of a pending or contingent home may or may not be open to receiving additional offers. It depends on how likely they think the transaction is to close.
Important: Since a pending home is closer to closing, you’re more likely to have your offer accepted on a contingent home than a pending home. Technically, either type of listing represents a home that hasn’t actually been sold yet, so it’s worth inquiring to the seller’s agent if it’s your dream home and you’re serious about buying it.
What does contingent mean in real estate?
Contingent means that certain conditions — aka contingencies — need to be met before the deal can close. A homebuyer will often include contingencies in their offer to make sure they can get their earnest money back if the home does not appraise high enough, their mortgage isn’t approved, or another specified condition can’t be met.
A contingent listing is less likely to end up sold than a pending listing because of these conditions. If the purchase contract contingencies can’t be met, then the buyer or seller can terminate the contract without penalty.
What does pending mean in real estate?
Pending means the home has not sold yet, but the deal is likely to go through. Either the contract did not have any contingencies, or all the contingencies have been met and the sale is being processed.
Tip: Some multiple listing services use the term “under agreement” instead of pending. Homes listed as pending are so likely to close that the National Association of Realtors uses the number of pending home sales to gauge how well the housing market is performing.
Common contingency clauses
Here are five common contingency clauses homebuyers and sellers often include in purchase agreements.
ppraisal contingency
An appraisal contingency allows you to back out of the deal if your lender determines that the home’s value is less than the purchase price.
For a home purchase, a professional home appraiser typically evaluates the home inside and out to determine its fair market value.
Financial contingency
A financing contingency, also called a mortgage contingency, allows you to exit the contract if you can’t secure a mortgage.
Ideally, you’ll get pre-approved for a mortgage before making an offer on a home. However, even with pre-approval, the lender may uncover additional information during underwriting, your financial situation may change for the worse, or mortgage rates may go up and make it harder for you to qualify.
In situations like these, you may be unable to secure a mortgage and, therefore, unable to buy the home.
With Credible, you can find prequalified rates and generate a streamlined pre-approval letter in a matter of minutes. Our online tools allow you to easily compare loan options from all of our partner lenders to find a mortgage that’s right for you.
Credible makes getting a mortgage easy
Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.Find Rates Now
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Inspection contingency
An inspection contingency involves you — the buyer — hiring a professional home inspector to look for major problems that could affect the home’s value, safety, or livability.
If the home inspection reveals significant issues, you and the seller can negotiate a solution to keep the deal intact. For example, the seller might make the necessary repairs or lower the purchase price by the estimated cost of the repairs so you can have the work performed after closing.
Contingency with a kick-out clause
A kick-out clause in a home purchase contract means the seller and buyer have agreed that the seller will continue accepting backup offers because the buyer’s offer is contingent upon the sale of their property.
A kick-out clause goes hand-in-hand with a sale contingency, described below. The listing might have a “48-hour kick-out clause” or “72-hour kick-out clause,” indicating how long the buyer currently under contract has to waive their sale contingency and provide proof of financing before the seller can accept a backup offer.
Title contingency
A title search is an important part of any real estate transaction. You’ll pay a title company to make sure the seller is the only one with any legal claim on the home.
A title contingency allows you to walk away if the title search reveals title defects that cannot be resolved. For example, if the home has a contractor’s lien from work the seller hasn’t paid for, a title contingency would require the seller to pay off that lien if they want to sell the home to you.
Sale contingency
A sale contingency allows you to exit the contract if you cannot sell your current home. Let’s say you are moving from New Orleans to Nashville and you only want to move your belongings once. But to get the money to buy a new place in Tennessee, you’ll need to first sell your current place in Louisiana.
You’d want to put a sale contingency in your purchase agreement for the Nashville home so you won’t lose your earnest money if your New Orleans home doesn’t sell within the time period stated in the purchase contract.
Tip: You can avoid having to use a sale contingency by getting a bridge loan.
Closing contingency
Let’s say you’ve found a buyer for your New Orleans home, but the deal isn’t final. A closing contingency, also called a settlement contingency, would allow you to get out of your Nashville contract without penalty if your buyer can’t close within a specified time.
Common pending clauses
If you see a home that’s listed as pending, it might come attached with one of these additional descriptions.
Pending – taking backups
“Pending – taking backups” means that the seller isn’t confident the deal with their current buyer will close. The buyer might be having trouble obtaining financing, for instance. Whatever the case may be, this status indicates the seller is willing and contractually able to accept backup offers should the current deal fall through.
Pending – short sale
This listing status describes a situation where the owner wants to sell but must get their mortgage lender’s approval first. That’s because in a short sale, the property’s market value is lower than the mortgage balance, and the lender will have to take a loss.
“Pending” in this case does not mean that the transaction is about to close. It means the seller has accepted an offer and is waiting for their lender to approve it. You’re more likely to see these types of listings during a recession or after a major housing market decline.
Good to know: Depending on which listing service you’re using to search for homes, you might also see a home in this situation listed as “contingent short sale.” And with some listing services, “pending short sale” does indeed mean that the seller is under contract with a buyer and the bank has approved the short sale.
Pending – more than 4 months
This is a self-explanatory status that means a property has been listed as pending for longer than four months. The property might still be under contract but experiencing delays, or it might have been sold and the listing status is incorrect. A public records search can determine whether the home was recently sold if the listing agent can’t be reached.
Can you put an offer on a house that is contingent?
It is sometimes possible to place an offer on a house that is contingent. One way sellers can indicate that they’re open to additional offers is to have their agent change the property’s listing status from “active” to “active under contract.” Active under contract means the seller has accepted an offer, but that offer has contingencies, and the seller may consider additional offers.
Ask your real estate agent to contact the seller’s agent for more information. Then, your agent can guide you through the process of making an offer on a contingent listing if it seems worthwhile.
Can you put an offer on a house that is pending?
You probably won’t be able to make an offer on a house that is pending because this status means the house has a scheduled closing date and everything is on track to close. Plus, the seller’s contract with their existing buyer may prohibit them from accepting additional offers.
If the seller is not accepting backup offers and it’s your dream home, you might want to contact the listing agent. You can always express your interest and ask them to get in touch with you if the home ends up back on the market.
The post Contingent vs. Pending: What’s the Difference? appeared first on Credible.
USDA vs FHA Loans: Which Loan is Better?
Mortgage loans from the United States Department of Agriculture (USDA) and Federal Housing Administration (FHA) are generally easier to qualify for than a conventional mortgage. This makes them good options for first-time homebuyers and low- to moderate-income borrowers.
While both of these loans are backed by government agencies, there are several key differences between the two that you’ll need to consider before applying for one. For instance, USDA loans require you to live in a rural setting and meet your area’s income limit.
Here’s a closer look at each loan program so you can decide which one best fits your needs:
USDA vs. FHA eligibilityUSDA vs. FHA vs. conventionalUSDA pros and consFHA pros and cons
USDA vs. FHA eligibility
The USDA and FHA both offer home loans for single-family residences.
For an FHA loan, you’ll apply for a 203(b) basic home mortgage loan to purchase your primary residence.
However, there are two USDA home loan programs to choose from and the eligibility standards are slightly different:
USDA Guaranteed Loan: For low- to moderate-income households that a private lender issues but the USDA backs. You won’t have a borrowing limit or property restrictions for this loan.USDA Direct Loan: For low- and very-low-income borrowers that need additional underwriting. The USDA funds the loan and it has stricter income and property qualifications. Also, the borrowing limit is $285,000 in most counties.
Here are the basic requirements you’ll need to meet for each loan:
USDA loansFHA loansMin. down payment0%3.5% (with a credit score of 580 or above)
10% (with a credit score between 500 and 579)Min. credit score640500Income limitsUp to 115% of median household incomeNoneDebt-to-income ratio (DTI)Up to 29% of monthly housing costs
Up to 41% of monthly debt paymentsUp to 31% of monthly housing costs
Up to 43% of monthly debt paymentsLoan limitsNone for Guaranteed Loans
Up to $285,000 for most Direct Loans$356,362 for single-family residences in most areasLocation requirementsUSDA-eligible rural areas onlyNoneQualifying property typesSingle-family primary residences onlyPrimary residences between 1 and 4 unitsMortgage repayment terms30-year fixed30-year fixed, 15-year fixed, and adjustable-rateUpfront fee1% guarantee fee1.75% upfront mortgage insurance premiumAnnual fee0.35% annual feeUp to 0.85% annual mortgage insurance premium
Also See: Conventional Loan Requirements
USDA home loans have stricter income limits than FHA loans and also require you to live in an eligible rural area. Your home address and annual household income determine your borrower eligibility for USDA loans.
FHA borrower requirements, on the other hand, are more lenient as you can have a lower credit score. Multi-unit properties are also eligible. However, you’ll need to make a down payment with an FHA loan.
USDA vs. FHA vs. conventional
Many homebuyers will use a USDA, FHA, or conventional mortgage to purchase their home. Here’s a closer look at how these three loan types differ.
USDA loans
These loans are only available to rural homebuyers with low or moderate incomes. The income limits vary by region but are relatively strict. USDA loans don’t require a down payment but you’ll need a minimum credit score of 640 and have to pay an upfront 1% guarantee fee plus an annual fee equal to 0.35% of your loan amount.
FHA loans
Of the government mortgage programs, you may have the easiest time qualifying for an FHA loan. You’ll only need a 3.5% down payment when your credit score is at least 580.
With that said, you’ll most likely pay mortgage insurance for the life of the loan unless you can put down at least 10%. Doing this allows you to waive your remaining payments after 11 years.
Conventional loans
Conventional mortgages have the strictest credit requirements but they also offer competitive rates and can end up being cheaper in the long run. For example, you can avoid private mortgage insurance with a minimum 20% down payment.
Credible doesn’t offer FHA or USDA loans, but we can help you find a great rate on a conventional loan. Simply enter some basic financial information, and you’ll see several prequalified rates in minutes. After that, you can explore your loan options and find one that best fits your budget.
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USDA pros and cons
USDA loans offer several advantages for borrowers, but you’ll need to consider some of the drawbacks as well.
USDA pros
Here are some of the best reasons to consider a USDA loan:
No minimum down payment: Conventional loans and FHA loans both demand some form of down payment, but USDA loans have no such requirement.May not need cash reserves: Lenders may not require cash reserves to secure financing. However, including your qualifying balances might make it easier to qualify.No set maximum purchase price: USDA loans don’t have a borrowing limit. Instead, your maximum loan amount depends on your repayment ability.Lower mortgage insurance fees: Your upfront USDA guarantee fee is 1% of the loan amount and the annual fee is 0.35%. Both rates are lower than the FHA mortgage insurance premiums. Seller can pay closing costs: The seller can contribute up to 6% of the sales prices. You can also receive unlimited gift funds to reduce your loan amount.
USDA cons
These are the main disadvantages of this loan program:
Good credit required: You’ll need a minimum 640 credit score to be eligible for this loan, similar to conventional lenders. FHA lenders may only require a score of 580 or less.Geographic restrictions: You must live in a rural area to qualify for USDA financing. Thankfully, the definition is flexible and many suburban and bedroom communities can be eligible if the population is below a certain amount.Maximum income limits: For a USDA Guaranteed Loan, your household income cannot exceed 115% of your county’s median household income (MHI). Households with an income 80% below the MHI will need to apply for a USDA Direct Loan. Direct Loans can have stricter property and application requirements but, like Guaranteed Loans, they don’t require a down payment.Lifetime guarantee fee: All USDA loans require an upfront and annual guarantee fee for the life of the loan. Unlike FHA and conventional loans, making a qualifying down payment won’t have any effect on whether or not you’ll pay mortgage insurance.Single-family homes only: Single-family homes are the only eligible property type. This includes townhouses and condos, as long as you use the unit for your primary residence. Investment properties are ineligible.
FHA pros and cons
FHA loans are a good option, especially if you have low credit or a lot of debt. But they come with their own set of drawbacks too.
FHA pros
Some of the best reasons to apply for an FHA home loan include:
Lenient credit requirements: You can generally qualify for maximum FHA financing with a credit score of 580 versus a 640 score for a USDA loan. You might also be eligible with a credit score between 500 and 579 if you can make a 10% down payment.Higher debt-to-income ratios: Your back-end DTI — that is, your total monthly debt obligations — can be as high as 45% for FHA loans, but only 41% for USDA loans.Potentially lower interest rates: FHA interest rates can be lower than rates for USDA loans because you have the option to choose shorter repayment terms, including a 15-year fixed interest rate. The USDA only offers 30-year fixed loans, which naturally have higher rates.Multi-family units can qualify: Properties with up to four units can qualify for financing with an FHA loan when one unit is your primary residence. For example, purchasing a duplex with an FHA loan is allowed as long as you live in one half of the property. Like USDA loans, however, second homes and investment properties are ineligible.
FHA cons
Higher down payment requirements: Depending on your credit score, you’ll need to make a 3.5% or 10% down payment. USDA loans require no down payment.Higher mortgage insurance premiums: Your upfront and annual mortgage insurance premiums are higher than the USDA guarantee fee and annual fee.Difficult to cancel mortgage insurance: You’ll pay an annual mortgage insurance premium for the life of the loan unless your down payment is at least 10% — in which case, you’ll only pay mortgage insurance for the first 11 years.Mortgage limits: The maximum loan amount in 2021 is $356,362 for most counties. You can qualify for a higher limit if you live in a high-cost area.
Keep Reading: FHA vs. Conventional Loans: Which One’s Right for You?
The post USDA vs FHA Loans: Which Loan is Better? appeared first on Credible.
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