[{"data":1,"prerenderedAt":8953},["Reactive",2],{"/":3},{"data":4,"headers":8925,"perPage":8951,"total":8952},{"stories":5,"cv":8922,"rels":8923,"links":8924},[6,849,1811,2407,3371,4339,5699,6692,7275],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":839,"full_slug":840,"sort_by_date":65,"position":841,"tag_list":842,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":844,"first_published_at":845,"release_id":65,"lang":846,"path":847,"alternates":848,"default_full_slug":65,"translated_slugs":65},"What is Buy Now, Pay Later?","2025-04-07T18:30:07.668Z","2025-12-26T13:45:01.530Z","2025-12-26T13:45:01.570Z",651798150,"eab77288-c488-4f12-933d-e7418a976d9d",{"seo":14,"_uid":20,"hero":21,"author":30,"category":31,"featured":28,"imageAlt":18,"component":32,"blogContents":33,"canonicalTag":836,"publishedDate":837,"_editable":838},{"_uid":15,"title":16,"plugin":17,"og_image":18,"og_title":18,"description":19,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"77316249-bb90-485a-9a34-facfdf611141","What is Buy Now, Pay Later? | Navient Marketplace","seo_metatags","","Buy Now, Pay Later allows you to defer payment over a certain time period. Here’s how to make an informed financial choice the next time you shop.","39f3568e-f888-4c3e-816f-3647f7efec59",[22],{"id":18,"_uid":23,"image":24,"intro":19,"classes":18,"_editable":25,"blogTitle":7,"component":26,"imageLink":27,"blendImage":28,"backgroundColor":29},"ee81b4ff-6c03-4123-98ae-73405dea4592","//a.storyblok.com/f/110029/1280x853/8e94adc89b/what-is-buy-now-pay-later.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798150\"}-->","NriBlogHero","/images/what-is-buy-now-pay-later.png",false,"#F6F2F7","natasha-khullar-relph","Finance 101","NriBlogPost",[34],{"_uid":35,"color":36,"richText":37,"_editable":834,"component":835},"67b1c1a7-fbb7-4c3c-a267-87dc959687fb","#444444",{"type":38,"content":39},"doc",[40,51,77,87,94,101,108,116,123,130,137,144,152,159,168,177,184,192,199,207,214,222,230,237,245,252,260,267,275,303,311,332,340,347,355,376,383,390,397,405,412,477,485,492,509,526,543,560,577,594,611,619,626,634,686,694,717,725,746,754,761,788,798,807,816,825],{"type":41,"content":42},"paragraph",[43],{"text":44,"type":45,"marks":46},"Given the rising cost of living, you may have begun to find some necessary purchases out of reach. To help alleviate that burden, Buy Now, Pay Later (BNPL) has emerged as a popular alternative to traditional payment methods. ","text",[47],{"type":48,"attrs":49},"textStyle",{"color":50},"#000000",{"type":41,"content":52},[53,58,72],{"text":54,"type":45,"marks":55},"In fact, as as many as ",[56],{"type":48,"attrs":57},{"color":50},{"text":59,"type":45,"marks":60},"42% of American consumers",[61,68,70],{"type":62,"attrs":63},"link",{"href":64,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/about-us/blog/should-you-buy-now-and-pay-later/",null,"_blank","url",{"type":48,"attrs":69},{"color":50},{"type":71},"underline",{"text":73,"type":45,"marks":74}," say they’ve used BNPL at least once. While BNPL offers flexibility and convenience, it’s important to understand the mechanisms, benefits, and potential drawbacks to this payment method. Here’s how to make an informed financial choice the next time you shop.",[75],{"type":48,"attrs":76},{"color":50},{"type":78,"attrs":79,"content":81},"heading",{"level":80},2,[82],{"text":83,"type":45,"marks":84},"What is Buy Now, Pay Later (BNPL)?",[85],{"type":48,"attrs":86},{"color":50},{"type":41,"content":88},[89],{"text":90,"type":45,"marks":91},"Buy Now, Pay Later (BNPL) is a payment method that allows consumers to defer payment over a certain time period. With BNPL, you can acquire a product or service immediately, then pay for it in a series of installments spread over several weeks or months. ",[92],{"type":48,"attrs":93},{"color":50},{"type":41,"content":95},[96],{"text":97,"type":45,"marks":98},"Often, these installments can be made interest-free. This approach offers flexibility and convenience in managing your finances while giving you immediate access to the things you need. ",[99],{"type":48,"attrs":100},{"color":50},{"type":41,"content":102},[103],{"text":104,"type":45,"marks":105},"Many retailers now offer BNPL options during checkout. Before you click that button, though, make sure you understand the terms, fees, and payment schedules, as these can change from vendor to vendor.",[106],{"type":48,"attrs":107},{"color":50},{"type":78,"attrs":109,"content":110},{"level":80},[111],{"text":112,"type":45,"marks":113},"How does Buy Now, Pay Later work?",[114],{"type":48,"attrs":115},{"color":50},{"type":41,"content":117},[118],{"text":119,"type":45,"marks":120},"The Buy Now, Pay Later (BNPL) process is fairly simple. Instead of paying the total cost upfront at checkout, you’ll enter your information into the retailer’s BNPL platform. ",[121],{"type":48,"attrs":122},{"color":50},{"type":41,"content":124},[125],{"text":126,"type":45,"marks":127},"Then, the platform will split your total payment into equal weekly, bi-weekly, or monthly payments, depending on the provider. You’ll pay the first installment when you make the purchase and the remaining installments over a predetermined time period. Some BNPL services may also offer extended plans for larger purchases. ",[128],{"type":48,"attrs":129},{"color":50},{"type":41,"content":131},[132],{"text":133,"type":45,"marks":134},"To use BNPL, you’ll typically need to sign up with a BNPL provider or partner at the point of sale. You may also need to create an account linked to your payment details. Approval is often quick and doesn’t require extensive credit checks, making it accessible to a wide range of shoppers. ",[135],{"type":48,"attrs":136},{"color":50},{"type":41,"content":138},[139],{"text":140,"type":45,"marks":141},"Few BNPL platforms charge interest. However, if you miss a payment, you could incur late fees and take a hit to your credit score. Whenever you choose to use BNPL, staying on top of your payments is absolutely critical.",[142],{"type":48,"attrs":143},{"color":50},{"type":78,"attrs":145,"content":146},{"level":80},[147],{"text":148,"type":45,"marks":149},"The pros and cons of Buy Now, Pay Later ",[150],{"type":48,"attrs":151},{"color":50},{"type":41,"content":153},[154],{"text":155,"type":45,"marks":156},"BNPL has recently gained traction as a convenient payment option, but it’s not without its drawbacks. Here are the key pros and cons of Buy Now, Pay Later. ",[157],{"type":48,"attrs":158},{"color":50},{"type":78,"attrs":160,"content":162},{"level":161},3,[163],{"text":164,"type":45,"marks":165},"Pros of BNPL",[166],{"type":48,"attrs":167},{"color":50},{"type":78,"attrs":169,"content":171},{"level":170},4,[172],{"text":173,"type":45,"marks":174},"Convenient and Flexible",[175],{"type":48,"attrs":176},{"color":50},{"type":41,"content":178},[179],{"text":180,"type":45,"marks":181},"The biggest advantage of BNPL is its convenience and flexibility. Customers can purchase products they want without worrying about upfront payment or high interest rates. With the option to pay in installments over time, Buy Now, Pay Later plans can make pricey purchases more manageable for people on a tight budget.",[182],{"type":48,"attrs":183},{"color":50},{"type":78,"attrs":185,"content":186},{"level":170},[187],{"text":188,"type":45,"marks":189},"No Interest or Hidden Fees",[190],{"type":48,"attrs":191},{"color":50},{"type":41,"content":193},[194],{"text":195,"type":45,"marks":196},"Another benefit of Buy Now, Pay Later loans is that they often come with 0% interest rates or hidden fees (though this varies based on provider). This makes it easier for shoppers to budget their expenses, knowing the exact amount they’ll pay without any extra charges.",[197],{"type":48,"attrs":198},{"color":50},{"type":78,"attrs":200,"content":201},{"level":170},[202],{"text":203,"type":45,"marks":204},"Boosts sales for merchants ",[205],{"type":48,"attrs":206},{"color":50},{"type":41,"content":208},[209],{"text":210,"type":45,"marks":211},"BNPL can also benefit merchants and businesses. Offering this payment option enables merchants to potentially boost sales and increase their customer base. Customers who may not have been able to make an upfront payment can now pay for the product in manageable installments.",[212],{"type":48,"attrs":213},{"color":50},{"type":78,"attrs":215,"content":216},{"level":161},[217],{"text":218,"type":45,"marks":219},"Cons of BNPL",[220],{"type":48,"attrs":221},{"color":50},{"type":78,"attrs":223,"content":224},{"level":170},[225],{"text":226,"type":45,"marks":227},"Risk of overspending",[228],{"type":48,"attrs":229},{"color":50},{"type":41,"content":231},[232],{"text":233,"type":45,"marks":234},"One of the biggest issues with BNPL is the risk of overspending. When you’re not paying for your purchases upfront, there’s a possibility of losing track of expenses and exceeding your budget. This could add stress and difficulty to your financial situation. ",[235],{"type":48,"attrs":236},{"color":50},{"type":78,"attrs":238,"content":239},{"level":170},[240],{"text":241,"type":45,"marks":242},"Potential for debt",[243],{"type":48,"attrs":244},{"color":50},{"type":41,"content":246},[247],{"text":248,"type":45,"marks":249},"The convenience of BNPL can be misleading and may lead to an accumulation of debt if you’re not careful. Failure to pay required installment payments on time could lead to late fees and penalties, and ultimately hurt your credit score.",[250],{"type":48,"attrs":251},{"color":50},{"type":78,"attrs":253,"content":254},{"level":170},[255],{"text":256,"type":45,"marks":257},"Approval criteria varies",[258],{"type":48,"attrs":259},{"color":50},{"type":41,"content":261},[262],{"text":263,"type":45,"marks":264},"Though you may be eligible even if you have bad credit, the BNPL provider could perform a soft credit check and choose not to allow you this payment option if you don’t meet their criteria. This is entirely dependent on the provider, so you may qualify in some cases but not in others. ",[265],{"type":48,"attrs":266},{"color":50},{"type":78,"attrs":268,"content":269},{"level":170},[270],{"text":271,"type":45,"marks":272},"Some BNPL companies charge high interest rates and fees",[273],{"type":48,"attrs":274},{"color":50},{"type":41,"content":276},[277,282,290,298],{"text":278,"type":45,"marks":279},"The popular “pay-in-four” model, which splits your purchase into four equal payments,",[280],{"type":48,"attrs":281},{"color":50},{"text":283,"type":45,"marks":284}," ",[285,288],{"type":62,"attrs":286},{"href":287,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://npr.org/2022/06/12/1104460692/who-actually-pays-with-buy-now-pay-later-companies-like-klarna-and-affirm",{"type":48,"attrs":289},{"color":50},{"text":291,"type":45,"marks":292},"doesn't usually charge interest or late fees",[293,295,297],{"type":62,"attrs":294},{"href":287,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":296},{"color":50},{"type":71},{"text":299,"type":45,"marks":300},". This is not always true of long-term BNPL plans. So it’s important to make sure you’re clear on your provider’s terms and conditions so you’re not stuck with a nasty surprise bill later. ",[301],{"type":48,"attrs":302},{"color":50},{"type":78,"attrs":304,"content":305},{"level":170},[306],{"text":307,"type":45,"marks":308},"Lack of consumer protections ",[309],{"type":48,"attrs":310},{"color":50},{"type":41,"content":312},[313,318,327],{"text":314,"type":45,"marks":315},"BNPL lenders often fall under different regulatory frameworks than credit card or loan providers. As a result, consumers may be less protected with some BNPL providers than others. A recent Consumer Financial Protection Bureau ",[316],{"type":48,"attrs":317},{"color":50},{"text":319,"type":45,"marks":320},"study on BNPL",[321,324,326],{"type":62,"attrs":322},{"href":323,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/about-us/newsroom/cfpb-study-details-the-rapid-growth-of-buy-now-pay-later-lending/",{"type":48,"attrs":325},{"color":50},{"type":71},{"text":328,"type":45,"marks":329}," also warns that BNPL users may have limited recourse in case of disputes or fraud.",[330],{"type":48,"attrs":331},{"color":50},{"type":78,"attrs":333,"content":334},{"level":170},[335],{"text":336,"type":45,"marks":337},"Complicated returns ",[338],{"type":48,"attrs":339},{"color":50},{"type":41,"content":341},[342],{"text":343,"type":45,"marks":344},"If you’ve made partial payments for an item through BNPL and wish to return it, the process isn’t always straightforward. Some merchants or BNPL services may issue refunds directly to your original payment method, whether that’s your bank account or credit card. Others might credit the refunded amount back to your BNPL account, potentially adjusting the subsequent installment payments or reducing the remaining balance owed. ",[345],{"type":48,"attrs":346},{"color":50},{"type":78,"attrs":348,"content":349},{"level":80},[350],{"text":351,"type":45,"marks":352},"Does Buy Now, Pay Later affect your credit score?",[353],{"type":48,"attrs":354},{"color":50},{"type":41,"content":356},[357,362,371],{"text":358,"type":45,"marks":359},"BNPL services typically don’t conduct ",[360],{"type":48,"attrs":361},{"color":50},{"text":363,"type":45,"marks":364},"hard credit checks",[365,368,370],{"type":62,"attrs":366},{"href":367,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/ask-cfpb/whats-a-credit-inquiry-en-1317/",{"type":48,"attrs":369},{"color":50},{"type":71},{"text":372,"type":45,"marks":373}," when you sign up or make purchases. Instead, they often rely on soft credit checks, which don’t affect your credit. ",[374],{"type":48,"attrs":375},{"color":50},{"type":41,"content":377},[378],{"text":379,"type":45,"marks":380},"However, some BPNL providers may choose to perform hard credit inquiries in specific cases, like granting higher credit limits or when switching you to a different payment plan. These hard inquiries could temporarily drop your credit score. ",[381],{"type":48,"attrs":382},{"color":50},{"type":41,"content":384},[385],{"text":386,"type":45,"marks":387},"In addition, most BNPL services will report late payments or defaults to credit bureaus. This negative reporting will show up on your credit report and could negatively affect your score. Conversely, timely payments might positively impact your credit score if the BNPL provider reports to credit bureaus. ",[388],{"type":48,"attrs":389},{"color":50},{"type":41,"content":391},[392],{"text":393,"type":45,"marks":394},"Be sure to review the terms and conditions of the BNPL service you use to understand if and how they report payment behavior to credit bureaus. This can help you gauge how BNPL usage might affect your credit score. ",[395],{"type":48,"attrs":396},{"color":50},{"type":78,"attrs":398,"content":399},{"level":80},[400],{"text":401,"type":45,"marks":402},"Should you use Buy Now, Pay Later?",[403],{"type":48,"attrs":404},{"color":50},{"type":41,"content":406},[407],{"text":408,"type":45,"marks":409},"To use BNPL responsibly, you’ll need a firm understanding of your current financial situation and a clear repayment strategy. Here are some things to consider.",[410],{"type":48,"attrs":411},{"color":50},{"type":413,"content":414},"bullet_list",[415,432,447,462],{"type":416,"content":417},"list_item",[418],{"type":41,"content":419},[420,427],{"text":421,"type":45,"marks":422},"Nonessential purchases: ",[423,425],{"type":424},"bold",{"type":48,"attrs":426},{"color":50},{"text":428,"type":45,"marks":429},"BNPL generally isn’t recommended for nonessential purchases. It’s usually wiser to budget carefully, save your money, and purchase the product when you can afford to pay for it upfront. ",[430],{"type":48,"attrs":431},{"color":50},{"type":416,"content":433},[434],{"type":41,"content":435},[436,442],{"text":437,"type":45,"marks":438},"Essential purchases:",[439,440],{"type":424},{"type":48,"attrs":441},{"color":50},{"text":443,"type":45,"marks":444}," BNPL can be helpful for essential purchases, like groceries, as long as you’re confident in your ability to make timely payments. With low interest rates, they can be a low-risk alternative to credit cards.",[445],{"type":48,"attrs":446},{"color":50},{"type":416,"content":448},[449],{"type":41,"content":450},[451,457],{"text":452,"type":45,"marks":453},"Interest and fees: ",[454,455],{"type":424},{"type":48,"attrs":456},{"color":50},{"text":458,"type":45,"marks":459},"BNPL services don’t often charge interest if payments are made on time. But delayed payments could leave you with fees or interest charges, impacting your overall expenses.",[460],{"type":48,"attrs":461},{"color":50},{"type":416,"content":463},[464],{"type":41,"content":465},[466,472],{"text":467,"type":45,"marks":468},"Credit score: ",[469,470],{"type":424},{"type":48,"attrs":471},{"color":50},{"text":473,"type":45,"marks":474},"BNPL can affect your credit score if you miss payments or default. If you’re concerned about credit impacts, consider alternative payment strategies. ",[475],{"type":48,"attrs":476},{"color":50},{"type":78,"attrs":478,"content":479},{"level":80},[480],{"text":481,"type":45,"marks":482},"Buy Now, Pay Later Apps",[483],{"type":48,"attrs":484},{"color":50},{"type":41,"content":486},[487],{"text":488,"type":45,"marks":489},"Several apps offer Buy Now, Pay Later services, allowing users to make purchases and split payments into manageable installments. Some of the popular BNPL apps include:",[490],{"type":48,"attrs":491},{"color":50},{"type":413,"content":493},[494],{"type":416,"content":495},[496],{"type":41,"content":497},[498,504],{"text":499,"type":45,"marks":500},"Afterpay:",[501,502],{"type":424},{"type":48,"attrs":503},{"color":50},{"text":505,"type":45,"marks":506}," Afterpay partners with stores like Old Navy and Gap, and provides shoppers with interest-free pay-in-four plans. It also offers six- and 12-month plans with an APR range of 0% to 35.99%. Afterpay charges no fees if payments are on time, but may charge up to $8 for payments made at least 10 days late.",[507],{"type":48,"attrs":508},{"color":50},{"type":413,"content":510},[511],{"type":416,"content":512},[513],{"type":41,"content":514},[515,521],{"text":516,"type":45,"marks":517},"Affirm:",[518,519],{"type":424},{"type":48,"attrs":520},{"color":50},{"text":522,"type":45,"marks":523}," This app can be used for online purchases from retailers like Amazon and Walmart. Affirm offers flexible payment plans with transparent interest rates and terms. It also offers a zero-interest pay-in-four plan. Monthly plans (of up to 60 months) can charge 0% to 36% APR. However, there are no late fees. ",[524],{"type":48,"attrs":525},{"color":50},{"type":413,"content":527},[528],{"type":416,"content":529},[530],{"type":41,"content":531},[532,538],{"text":533,"type":45,"marks":534},"Apple Pay Later: ",[535,536],{"type":424},{"type":48,"attrs":537},{"color":50},{"text":539,"type":45,"marks":540},"Pay Later can be used for purchases up to $1,000 online or in-app with zero interest or fees for the pay-in-four plan. You can connect this platform to a debit card and manage it via the Apple Wallet app.",[541],{"type":48,"attrs":542},{"color":50},{"type":413,"content":544},[545],{"type":416,"content":546},[547],{"type":41,"content":548},[549,555],{"text":550,"type":45,"marks":551},"Klarna: ",[552,553],{"type":424},{"type":48,"attrs":554},{"color":50},{"text":556,"type":45,"marks":557},"Available at both Sephora and Macy’s, Klarna provides a convenient interest-free pay-in-four plan. However, late payments beyond 10 days may result in a fee of up to $7. APR can range from 0% to 29.99%. ",[558],{"type":48,"attrs":559},{"color":50},{"type":413,"content":561},[562],{"type":416,"content":563},[564],{"type":41,"content":565},[566,572],{"text":567,"type":45,"marks":568},"Paypal: ",[569,570],{"type":424},{"type":48,"attrs":571},{"color":50},{"text":573,"type":45,"marks":574},"The pay-in-four option is interest-free, while the six, 12, and 24-month plans carry an APR ranging from 9.99% to 29.99%. There are no late fees applied. ",[575],{"type":48,"attrs":576},{"color":50},{"type":413,"content":578},[579],{"type":416,"content":580},[581],{"type":41,"content":582},[583,589],{"text":584,"type":45,"marks":585},"Sezzle: ",[586,587],{"type":424},{"type":48,"attrs":588},{"color":50},{"text":590,"type":45,"marks":591},"This app is compatible with multiple retailers, including Target. Their pay-in-four plan comes with zero interest and doesn’t entail late fees. However, failing to make a payment deactivates the account after 48 hours, necessitating a $10 reactivation fee. ",[592],{"type":48,"attrs":593},{"color":50},{"type":413,"content":595},[596],{"type":416,"content":597},[598],{"type":41,"content":599},[600,606],{"text":601,"type":45,"marks":602},"Zip: ",[603,604],{"type":424},{"type":48,"attrs":605},{"color":50},{"text":607,"type":45,"marks":608},"This app is accepted wherever Visa is. Zip charges a per-installment fee (typically $1) for pay-in-four plans. It also charges state-dependent late fees ($5, $7, or $10) for missed payments. ",[609],{"type":48,"attrs":610},{"color":50},{"type":78,"attrs":612,"content":613},{"level":80},[614],{"text":615,"type":45,"marks":616},"Alternatives to BNPL",[617],{"type":48,"attrs":618},{"color":50},{"type":41,"content":620},[621],{"text":622,"type":45,"marks":623},"If you’re struggling to make a purchase, BNPL is not your only financing option. Each of the following alternatives offer distinct advantages based on your financial needs.",[624],{"type":48,"attrs":625},{"color":50},{"type":78,"attrs":627,"content":628},{"level":161},[629],{"text":630,"type":45,"marks":631},"Credit cards",[632],{"type":48,"attrs":633},{"color":50},{"type":41,"content":635},[636,644,654,659,668,673,681],{"text":630,"type":45,"marks":637},[638,641,643],{"type":62,"attrs":639},{"href":640,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/how-to-choose-a-credit-card/",{"type":48,"attrs":642},{"color":50},{"type":71},{"text":645,"type":45,"marks":646},"1",[647,651,652],{"type":648,"attrs":649},"styled",{"class":650},"superscript",{"type":650},{"type":48,"attrs":653},{"color":50},{"text":655,"type":45,"marks":656}," can be beneficial for everyday purchases, emergencies, or larger expenses due to their widespread acceptance and convenience. They might be preferable over BNPL when you need a more extended repayment period, want to ",[657],{"type":48,"attrs":658},{"color":50},{"text":660,"type":45,"marks":661},"build credit history",[662,665,667],{"type":62,"attrs":663},{"href":664,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/how-many-credit-cards-should-i-have/",{"type":48,"attrs":666},{"color":50},{"type":71},{"text":669,"type":45,"marks":670},", or enjoy perks like cashback, rewards, or travel benefits",[671],{"type":48,"attrs":672},{"color":50},{"text":674,"type":45,"marks":675},"2",[676,678,679],{"type":648,"attrs":677},{"class":650},{"type":650},{"type":48,"attrs":680},{"color":50},{"text":682,"type":45,"marks":683},". ",[684],{"type":48,"attrs":685},{"color":50},{"type":78,"attrs":687,"content":688},{"level":161},[689],{"text":690,"type":45,"marks":691},"Personal loans",[692],{"type":48,"attrs":693},{"color":50},{"type":41,"content":695},[696,704,712],{"text":690,"type":45,"marks":697},[698,701,703],{"type":62,"attrs":699},{"href":700,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/what-is-a-personal-loan/",{"type":48,"attrs":702},{"color":50},{"type":71},{"text":705,"type":45,"marks":706},"3",[707,709,710],{"type":648,"attrs":708},{"class":650},{"type":650},{"type":48,"attrs":711},{"color":50},{"text":713,"type":45,"marks":714}," are ideal for significant expenses like home renovations, medical bills, or debt consolidation. Personal loans are a type of installment loan. They can provide you with a substantial, fixed amount of money and a structured, long-term repayment plan. ",[715],{"type":48,"attrs":716},{"color":50},{"type":78,"attrs":718,"content":719},{"level":161},[720],{"text":721,"type":45,"marks":722},"Secured loans",[723],{"type":48,"attrs":724},{"color":50},{"type":41,"content":726},[727,732,741],{"text":728,"type":45,"marks":729},"A ",[730],{"type":48,"attrs":731},{"color":50},{"text":733,"type":45,"marks":734},"secured loan",[735,738,740],{"type":62,"attrs":736},{"href":737,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/secured-vs-unsecured-loans/",{"type":48,"attrs":739},{"color":50},{"type":71},{"text":742,"type":45,"marks":743}," is a type of personal loan that’s backed by collateral like property or assets. Secured loans are useful for larger purchases, such as real estate or major investments. They might be preferred when you require a substantial amount of funding for a specific purpose and are willing to provide collateral to secure the loan. ",[744],{"type":48,"attrs":745},{"color":50},{"type":78,"attrs":747,"content":748},{"level":80},[749],{"text":750,"type":45,"marks":751},"Compare loans on Navient Marketplace",[752],{"type":48,"attrs":753},{"color":50},{"type":41,"content":755},[756],{"text":757,"type":45,"marks":758},"BNPL can be a good option to explore for short-term purchases that you can easily pay off in four to six installments. However, if you’re looking for a more substantial sum to make a big purchase, a personal loan might be the way to go. ",[759],{"type":48,"attrs":760},{"color":50},{"type":41,"content":762},[763,768,775,783],{"text":764,"type":45,"marks":765},"On Navienet Marketplace, you can use our free personal loan search tool to get swift access to cash at lower interest rates than credit cards or open lines of credit. Explore your options and find personalized loan rates by",[766],{"type":48,"attrs":767},{"color":50},{"text":283,"type":45,"marks":769},[770,773],{"type":62,"attrs":771},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/",{"type":48,"attrs":774},{"color":50},{"text":776,"type":45,"marks":777},"visiting our marketplace",[778,780,782],{"type":62,"attrs":779},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":781},{"color":50},{"type":71},{"text":784,"type":45,"marks":785},".",[786],{"type":48,"attrs":787},{"color":50},{"type":41,"content":789},[790],{"text":791,"type":45,"marks":792},"Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[793,796],{"type":648,"attrs":794},{"class":795},"footer-text",{"type":48,"attrs":797},{"color":50},{"type":41,"content":799},[800],{"text":801,"type":45,"marks":802},"1 Navient may receive compensation when you click on links associated with this Navient Marketplace. Navient is not being compensated for any application, quotation, or the purchase of any financial products.",[803,805],{"type":648,"attrs":804},{"class":795},{"type":48,"attrs":806},{"color":50},{"type":41,"content":808},[809],{"text":810,"type":45,"marks":811},"2 Navient has partnered with CardRatings for our credit card products. Navient and CardRatings may receive a commission from card issuers. Opinions. reviews, analyses & recommendations are Navient's alone, and have not been reviewed, endorsed or approved by any of these entities. ",[812,814],{"type":648,"attrs":813},{"class":795},{"type":48,"attrs":815},{"color":50},{"type":41,"content":817},[818],{"text":819,"type":45,"marks":820},"3 Navient customers are invited to consider personal loan offers through our partner MoneyLion. Navient has not shared your information with MoneyLion and is not involved in the personal loan application process in any manner.  All information is submitted directly to MoneyLion and any personal loan offers are made directly by participants in MoneyLion’s lending platform.  Engine by MoneyLion is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[821,823],{"type":648,"attrs":822},{"class":795},{"type":48,"attrs":824},{"color":50},{"type":41,"content":826},[827],{"text":828,"type":45,"marks":829},"Loan proceeds may not be used for postsecondary educational expenses, including refinancing federal or private student loans.",[830,832],{"type":648,"attrs":831},{"class":795},{"type":48,"attrs":833},{"color":50},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798150\"}-->","BlogText","https://www.marketplace.navient.com/blog/what-is-buy-now-pay-later/","January 4, 2024","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798150\"}-->","what-is-buy-now-pay-later","navient_marketplace/blog/what-is-buy-now-pay-later",-500,[],651751493,"6267a2b9-e935-4885-aedc-86fd254532a1","2024-01-04T08:57:00.000Z","default","/blog/what-is-buy-now-pay-later/",[],{"name":850,"created_at":851,"published_at":852,"updated_at":853,"id":854,"uuid":855,"content":856,"slug":1804,"full_slug":1805,"sort_by_date":65,"position":841,"tag_list":1806,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":1807,"first_published_at":1808,"release_id":65,"lang":846,"path":1809,"alternates":1810,"default_full_slug":65,"translated_slugs":65},"What To Know About Student Loan Payments Restarting","2025-04-07T18:30:05.973Z","2025-12-26T13:45:01.641Z","2025-12-26T13:45:01.719Z",651798148,"ac498460-2bb2-48e4-8392-b98a495dbd01",{"seo":857,"_uid":20,"hero":860,"author":30,"category":865,"featured":28,"imageAlt":18,"component":32,"blogContents":866,"canonicalTag":1801,"publishedDate":1802,"_editable":1803},{"_uid":15,"title":858,"plugin":17,"og_image":18,"og_title":18,"description":859,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"What To Know About Student Loan Payments Restarting | Navient Marketplace","Here are the top eight things you need to know about student loan payments restarting.",[861],{"id":18,"_uid":23,"image":862,"intro":859,"classes":18,"_editable":863,"blogTitle":850,"component":26,"imageLink":864,"blendImage":28,"backgroundColor":29},"//a.storyblok.com/f/110029/7680x5120/bd63cb6975/student-loan-payments-restarting.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798148\"}-->","/images/student-loan-payments-restarting.png","Student Loan Refinance",[867],{"_uid":35,"color":36,"richText":868,"_editable":1800,"component":835},{"type":38,"content":869},[870,903,910,918,939,946,953,961,968,975,1038,1046,1067,1115,1123,1144,1151,1158,1210,1218,1252,1259,1280,1342,1350,1357,1365,1386,1413,1421,1428,1435,1451,1459,1466,1474,1500,1507,1515,1551,1558,1566,1581,1588,1595,1622,1630,1645,1664,1671,1678,1685,1712,1720,1746,1754,1785],{"type":41,"content":871},[872,877,886,891,898],{"text":873,"type":45,"marks":874},"Due to recent legislation passed by Congress, ",[875],{"type":48,"attrs":876},{"color":50},{"text":878,"type":45,"marks":879},"more than 28 million Americans have resumed making payments",[880,883,885],{"type":62,"attrs":881},{"href":882,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.npr.org/2023/10/02/1202937029/pause-on-federal-student-loans-ends-millions-have-to-make-payments-again",{"type":48,"attrs":884},{"color":50},{"type":71},{"text":887,"type":45,"marks":888}," on their loans after a three-year pause",[889],{"type":48,"attrs":890},{"color":50},{"text":645,"type":45,"marks":892},[893,895,896],{"type":648,"attrs":894},{"class":650},{"type":650},{"type":48,"attrs":897},{"color":50},{"text":899,"type":45,"marks":900},". For many federal student loan borrowers, the resumed payments could come as a shock to the system. ",[901],{"type":48,"attrs":902},{"color":50},{"type":41,"content":904},[905],{"text":906,"type":45,"marks":907},"The good news is that the restart will be gradual, and there’s still plenty of time to prepare. Here are the top eight things you need to know about student loan payments restarting. ",[908],{"type":48,"attrs":909},{"color":50},{"type":78,"attrs":911,"content":912},{"level":80},[913],{"text":914,"type":45,"marks":915},"1. Your bills can be found in your student loan servicer account",[916],{"type":48,"attrs":917},{"color":50},{"type":41,"content":919},[920,925,934],{"text":921,"type":45,"marks":922},"You’ll receive an official notice when your student loan payments resume. However, your student loan bills should be visible either on your ",[923],{"type":48,"attrs":924},{"color":50},{"text":926,"type":45,"marks":927},"Federal Student Aid",[928,931,933],{"type":62,"attrs":929},{"href":930,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://studentaid.gov/",{"type":48,"attrs":932},{"color":50},{"type":71},{"text":935,"type":45,"marks":936}," account or your student loan servicer account. ",[937],{"type":48,"attrs":938},{"color":50},{"type":41,"content":940},[941],{"text":942,"type":45,"marks":943},"A student loan servicer is the company designated by the government to manage the administrative aspects of federal or private student loans. They handle the billing, repayment options, and customer service for borrowers, serving as the intermediary between the borrower and lender. ",[944],{"type":48,"attrs":945},{"color":50},{"type":41,"content":947},[948],{"text":949,"type":45,"marks":950},"If you’re not sure who your servicer is, don’t fret. You can typically locate your servicer’s name by logging into your federal student aid account, or by looking for past mail or email communications that your servicer has sent about your loan. ",[951],{"type":48,"attrs":952},{"color":50},{"type":78,"attrs":954,"content":955},{"level":80},[956],{"text":957,"type":45,"marks":958},"2. Your loan servicer may have changed",[959],{"type":48,"attrs":960},{"color":50},{"type":41,"content":962},[963],{"text":964,"type":45,"marks":965},"Often, the federal government transfers loans to new service providers when it terminates or swaps contracts with various financial partners. That’s happened for millions of borrowers since the pandemic. Before you restart your loan payments, contact your loan servicer to make sure your loans haven’t been changed over to a new provider.",[966],{"type":48,"attrs":967},{"color":50},{"type":41,"content":969},[970],{"text":971,"type":45,"marks":972},"Here’s how to contact your loan servicer:",[973],{"type":48,"attrs":974},{"color":50},{"type":413,"content":976},[977,986,1015],{"type":416,"content":978},[979],{"type":41,"content":980},[981],{"text":982,"type":45,"marks":983},"Check recent emails or letters from your previous servicer or the U.S. Department of Education, as they often provide details about the transfer. They often tend to list your servicer’s contact information.",[984],{"type":48,"attrs":985},{"color":50},{"type":416,"content":987},[988],{"type":41,"content":989},[990,995,1002,1010],{"text":991,"type":45,"marks":992},"Log into your student loan account on",[993],{"type":48,"attrs":994},{"color":50},{"text":283,"type":45,"marks":996},[997,1000],{"type":62,"attrs":998},{"href":999,"uuid":65,"anchor":65,"target":65,"linktype":67},"http://studentaid.gov",{"type":48,"attrs":1001},{"color":50},{"text":1003,"type":45,"marks":1004},"StudentAid.gov",[1005,1007,1009],{"type":62,"attrs":1006},{"href":882,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1008},{"color":50},{"type":71},{"text":1011,"type":45,"marks":1012}," to check your loan details and current servicer information.",[1013],{"type":48,"attrs":1014},{"color":50},{"type":416,"content":1016},[1017],{"type":41,"content":1018},[1019,1024,1033],{"text":1020,"type":45,"marks":1021},"Visit the ",[1022],{"type":48,"attrs":1023},{"color":50},{"text":1025,"type":45,"marks":1026},"National Student Loan Data System",[1027,1030,1032],{"type":62,"attrs":1028},{"href":1029,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://nsldsfap.ed.gov/login",{"type":48,"attrs":1031},{"color":50},{"type":71},{"text":1034,"type":45,"marks":1035}," (NSLDS) website. Here, you can access information about your federal student loans, including your loan servicer’s contact details. ",[1036],{"type":48,"attrs":1037},{"color":50},{"type":78,"attrs":1039,"content":1040},{"level":80},[1041],{"text":1042,"type":45,"marks":1043},"3. Interest has begun accruing again",[1044],{"type":48,"attrs":1045},{"color":50},{"type":41,"content":1047},[1048,1053,1062],{"text":1049,"type":45,"marks":1050},"During the student loan payment pause, interest charges did not accumulate on federal student loans. However, this accumulation, ",[1051],{"type":48,"attrs":1052},{"color":50},{"text":1054,"type":45,"marks":1055},"called “interest accrual,”",[1056,1059,1061],{"type":62,"attrs":1057},{"href":1058,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.experian.com/blogs/ask-experian/what-is-accrued-interest/",{"type":48,"attrs":1060},{"color":50},{"type":71},{"text":1063,"type":45,"marks":1064}," will restart this year. This resumption applies to most federal loans, but there may be exceptions. These include:",[1065],{"type":48,"attrs":1066},{"color":50},{"type":413,"content":1068},[1069,1092],{"type":416,"content":1070},[1071],{"type":41,"content":1072},[1073,1078,1087],{"text":1074,"type":45,"marks":1075},"The U.S. Department of Education has ",[1076],{"type":48,"attrs":1077},{"color":50},{"text":1079,"type":45,"marks":1080},"stopped capitalizing interest",[1081,1084,1086],{"type":62,"attrs":1082},{"href":1083,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.ed.gov/news/press-releases/education-department-releases-final-regulations-expand-and-improve-targeted-debt-relief-programs",{"type":48,"attrs":1085},{"color":50},{"type":71},{"text":1088,"type":45,"marks":1089}," on federally held Direct Loans. There are exceptions for borrowers exiting deferment or leaving specific income-driven student loan repayment plans.",[1090],{"type":48,"attrs":1091},{"color":50},{"type":416,"content":1093},[1094],{"type":41,"content":1095},[1096,1101,1110],{"text":1097,"type":45,"marks":1098},"Participants of the Biden administration’s new ",[1099],{"type":48,"attrs":1100},{"color":50},{"text":1102,"type":45,"marks":1103},"SAVE plan",[1104,1107,1109],{"type":62,"attrs":1105},{"href":1106,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://studentaid.gov/announcements-events/save-plan",{"type":48,"attrs":1108},{"color":50},{"type":71},{"text":1111,"type":45,"marks":1112}," won’t accrue interest beyond their obligatory payments. These plan participants can achieve total debt forgiveness in 10 years for balances under $12,000. That’s much faster than the standard 20-year period.",[1113],{"type":48,"attrs":1114},{"color":50},{"type":78,"attrs":1116,"content":1117},{"level":80},[1118],{"text":1119,"type":45,"marks":1120},"4. If you’re having trouble making payments, there are new hardship options ",[1121],{"type":48,"attrs":1122},{"color":50},{"type":41,"content":1124},[1125,1130,1139],{"text":1126,"type":45,"marks":1127},"The other good news is that federal student loan payments won’t resume right away. Instead, there’s ",[1128],{"type":48,"attrs":1129},{"color":50},{"text":1131,"type":45,"marks":1132},"an on-ramp period",[1133,1136,1138],{"type":62,"attrs":1134},{"href":1135,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://studentaid.gov/manage-loans/repayment/prepare-payments-restart",{"type":48,"attrs":1137},{"color":50},{"type":71},{"text":1140,"type":45,"marks":1141}," designed to help borrowers readjust to making monthly payments. ",[1142],{"type":48,"attrs":1143},{"color":50},{"type":41,"content":1145},[1146],{"text":1147,"type":45,"marks":1148},"The student loan on-ramp lets students delay their payments for another 12 months after the pause ends. During this period, missed payments won’t be reported to credit bureaus, and borrowers who take advantage of this delay won’t suffer damage to their credit scores. The on-ramp period program spans from October 1, 2023, to September 30, 2024. ",[1149],{"type":48,"attrs":1150},{"color":50},{"type":41,"content":1152},[1153],{"text":1154,"type":45,"marks":1155},"Do bear in mind, however, that interest will continue to accrue during the on-ramp period, which could increase the long-term cost of your loan. Consider the following when deciding whether to pay your student loans during the on-ramp: ",[1156],{"type":48,"attrs":1157},{"color":50},{"type":413,"content":1159},[1160,1169,1178,1187],{"type":416,"content":1161},[1162],{"type":41,"content":1163},[1164],{"text":1165,"type":45,"marks":1166},"Can you afford payments without straining your budget significantly?",[1167],{"type":48,"attrs":1168},{"color":50},{"type":416,"content":1170},[1171],{"type":41,"content":1172},[1173],{"text":1174,"type":45,"marks":1175},"How much will you save in interest if you continue to make monthly payments during the on-ramp?",[1176],{"type":48,"attrs":1177},{"color":50},{"type":416,"content":1179},[1180],{"type":41,"content":1181},[1182],{"text":1183,"type":45,"marks":1184},"Does your repayment plan align with forgiveness programs that require qualifying payments?",[1185],{"type":48,"attrs":1186},{"color":50},{"type":416,"content":1188},[1189],{"type":41,"content":1190},[1191,1196,1205],{"text":1192,"type":45,"marks":1193},"Do you want to ",[1194],{"type":48,"attrs":1195},{"color":50},{"text":1197,"type":45,"marks":1198},"pay off your loans faster",[1199,1202,1204],{"type":62,"attrs":1200},{"href":1201,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/should-i-pay-off-my-student-loans-early/",{"type":48,"attrs":1203},{"color":50},{"type":71},{"text":1206,"type":45,"marks":1207}," so you can focus on other financial goals, such as paying off credit cards, buying a house, or investing in further higher education?",[1208],{"type":48,"attrs":1209},{"color":50},{"type":78,"attrs":1211,"content":1212},{"level":161},[1213],{"text":1214,"type":45,"marks":1215},"The SAVE plan",[1216],{"type":48,"attrs":1217},{"color":50},{"type":41,"content":1219},[1220,1225,1234,1239,1247],{"text":1221,"type":45,"marks":1222},"Following the ",[1223],{"type":48,"attrs":1224},{"color":50},{"text":1226,"type":45,"marks":1227},"Supreme Court’s block",[1228,1231,1233],{"type":62,"attrs":1229},{"href":1230,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/student-loan-forgiveness-decision/",{"type":48,"attrs":1232},{"color":50},{"type":71},{"text":1235,"type":45,"marks":1236}," on student debt cancellation in June, the Department of Education introduced its new income-driven repayment plan, ",[1237],{"type":48,"attrs":1238},{"color":50},{"text":1240,"type":45,"marks":1241},"Saving on a Valuable Education (SAVE)",[1242,1244,1246],{"type":62,"attrs":1243},{"href":1106,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1245},{"color":50},{"type":71},{"text":1248,"type":45,"marks":1249},". This new program replaces the previous REPAYE plan. ",[1250],{"type":48,"attrs":1251},{"color":50},{"type":41,"content":1253},[1254],{"text":1255,"type":45,"marks":1256},"The SAVE plan offers a number of benefits. For example, individuals earning under $32,800 and families earning under $67,500 receive $0 monthly student loan bills.",[1257],{"type":48,"attrs":1258},{"color":50},{"type":41,"content":1260},[1261,1266,1275],{"text":1262,"type":45,"marks":1263},"As of November 8, approximately 5.5 million borrowers are enrolled in SAVE, with more than 2.9 million qualifying for $0 monthly payments. Here’s what makes SAVE different from ",[1264],{"type":48,"attrs":1265},{"color":50},{"text":1267,"type":45,"marks":1268},"other IDR programs",[1269,1272,1274],{"type":62,"attrs":1270},{"href":1271,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://studentaid.gov/manage-loans/repayment/plans/income-driven",{"type":48,"attrs":1273},{"color":50},{"type":71},{"text":1276,"type":45,"marks":1277},": ",[1278],{"type":48,"attrs":1279},{"color":50},{"type":413,"content":1281},[1282,1297,1312,1327],{"type":416,"content":1283},[1284],{"type":41,"content":1285},[1286,1292],{"text":1287,"type":45,"marks":1288},"Expanding access:",[1289,1290],{"type":424},{"type":48,"attrs":1291},{"color":50},{"text":1293,"type":45,"marks":1294}," This new plan alters the calculation for payments, now setting discretionary income at 225% of the federal poverty guideline. That makes more borrowers eligible.",[1295],{"type":48,"attrs":1296},{"color":50},{"type":416,"content":1298},[1299],{"type":41,"content":1300},[1301,1307],{"text":1302,"type":45,"marks":1303},"Halving the required payments: ",[1304,1305],{"type":424},{"type":48,"attrs":1306},{"color":50},{"text":1308,"type":45,"marks":1309},"Undergraduate borrowers on the SAVE plan pay just 5% of their discretionary income toward their student loan debt each month. Before, they had to pay at least 10%.",[1310],{"type":48,"attrs":1311},{"color":50},{"type":416,"content":1313},[1314],{"type":41,"content":1315},[1316,1322],{"text":1317,"type":45,"marks":1318},"Expediting forgiveness:",[1319,1320],{"type":424},{"type":48,"attrs":1321},{"color":50},{"text":1323,"type":45,"marks":1324}," Borrowers with principal loan balances under $12,000 can achieve forgiveness in just 10 years instead of the previous 20 to 25. Each additional $1,000 borrowed above this threshold extends the forgiveness timeline by one year.",[1325],{"type":48,"attrs":1326},{"color":50},{"type":416,"content":1328},[1329],{"type":41,"content":1330},[1331,1337],{"text":1332,"type":45,"marks":1333},"Canceling unpaid interest: ",[1334,1335],{"type":424},{"type":48,"attrs":1336},{"color":50},{"text":1338,"type":45,"marks":1339},"The government agrees to cover any unpaid monthly interest as long as the borrower maintains timely monthly payments. ",[1340],{"type":48,"attrs":1341},{"color":50},{"type":78,"attrs":1343,"content":1344},{"level":80},[1345],{"text":1346,"type":45,"marks":1347},"5. You may have to re-enroll in autopay",[1348],{"type":48,"attrs":1349},{"color":50},{"type":41,"content":1351},[1352],{"text":1353,"type":45,"marks":1354},"When payments restart, you’ll need to double-check that you’re still enrolled in autopay. Some servicers may have automatically removed individuals from the service when the payment pause began. You can usually resume automatic payments through your loan servicer’s website.",[1355],{"type":48,"attrs":1356},{"color":50},{"type":78,"attrs":1358,"content":1359},{"level":80},[1360],{"text":1361,"type":45,"marks":1362},"6. Your IDR information may need recertifying",[1363],{"type":48,"attrs":1364},{"color":50},{"type":41,"content":1366},[1367,1372,1381],{"text":1368,"type":45,"marks":1369},"If you were enrolled in an ",[1370],{"type":48,"attrs":1371},{"color":50},{"text":1373,"type":45,"marks":1374},"Income-Driven Repayment (IDR) plan",[1375,1378,1380],{"type":62,"attrs":1376},{"href":1377,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/what-is-income-based-student-loan-repayment/",{"type":48,"attrs":1379},{"color":50},{"type":71},{"text":1382,"type":45,"marks":1383},", you may be due for your annual recertification. This process recalculates your monthly payment amount based on your current income and any recent family changes. Recertification is mandatory each year. ",[1384],{"type":48,"attrs":1385},{"color":50},{"type":41,"content":1387},[1388,1393,1400,1408],{"text":1389,"type":45,"marks":1390},"If you were an IDR participant before the payment pause, your window for recertification extends six months after the pause ends (March 2024). If your income dropped or family size changed,",[1391],{"type":48,"attrs":1392},{"color":50},{"text":283,"type":45,"marks":1394},[1395,1398],{"type":62,"attrs":1396},{"href":1397,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://studentaid.gov/help-center/answers/article/recertify-my-income-driven-repayment-idr-plan",{"type":48,"attrs":1399},{"color":50},{"text":1401,"type":45,"marks":1402},"consider early recertification",[1403,1405,1407],{"type":62,"attrs":1404},{"href":1397,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1406},{"color":50},{"type":71},{"text":1409,"type":45,"marks":1410}," for reduced payments.",[1411],{"type":48,"attrs":1412},{"color":50},{"type":78,"attrs":1414,"content":1415},{"level":80},[1416],{"text":1417,"type":45,"marks":1418},"7. You may benefit from the one-time IDR adjustment",[1419],{"type":48,"attrs":1420},{"color":50},{"type":41,"content":1422},[1423],{"text":1424,"type":45,"marks":1425},"The one-time IDR adjustment is a program aimed at recalculating payments for eligible borrowers in Income-Driven Repayment Plans or who are pursuing the Public Service Loan Forgiveness program (PSLF). It reviews and adjusts payment counts, potentially accelerating loan forgiveness.",[1426],{"type":48,"attrs":1427},{"color":50},{"type":41,"content":1429},[1430],{"text":1431,"type":45,"marks":1432},"You’ll benefit from this adjustment if you’re currently on an IDR plan or were in the past. Additionally, those aiming for PSLF or who have Direct or Federal Family Education Loan (FFEL) program loans held by the U.S. Department of Education are included. ",[1433],{"type":48,"attrs":1434},{"color":50},{"type":41,"content":1436},[1437,1442],{"text":1438,"type":45,"marks":1439},"To find out if you’re eligible or will benefit, check if you’re enrolled in an IDR plan, pursuing PSLF, or have FFEL loans. Review notifications from the Education Department or your loan servicer for any updates regarding your payment counts, due dates, student loan forgiveness, or any adjustments made to your account. You won’t have to take action – the Department of Education ",[1440],{"type":48,"attrs":1441},{"color":50},{"text":1443,"type":45,"marks":1444},"should notify you if you qualify. ",[1445,1448,1450],{"type":62,"attrs":1446},{"href":1447,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://studentaid.gov/announcements-events/idr-account-adjustment",{"type":48,"attrs":1449},{"color":50},{"type":71},{"type":78,"attrs":1452,"content":1453},{"level":80},[1454],{"text":1455,"type":45,"marks":1456},"8. You may be eligible to lower or pause your payments ",[1457],{"type":48,"attrs":1458},{"color":50},{"type":41,"content":1460},[1461],{"text":1462,"type":45,"marks":1463},"President Joe Biden’s new SAVE plan and the student loan on-ramp aren’t the only ways to get student debt relief from student loan debt. Here are some other ways for you to lower your payments, pause them, and get out of debt sooner. ",[1464],{"type":48,"attrs":1465},{"color":50},{"type":78,"attrs":1467,"content":1468},{"level":161},[1469],{"text":1470,"type":45,"marks":1471},"Income-driven repayment",[1472],{"type":48,"attrs":1473},{"color":50},{"type":41,"content":1475},[1476,1481,1487,1495],{"text":1477,"type":45,"marks":1478},"The new SAVE plan is just one of",[1479],{"type":48,"attrs":1480},{"color":50},{"text":283,"type":45,"marks":1482},[1483,1485],{"type":62,"attrs":1484},{"href":1271,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1486},{"color":50},{"text":1488,"type":45,"marks":1489},"four income-driven repayment plans",[1490,1492,1494],{"type":62,"attrs":1491},{"href":1271,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1493},{"color":50},{"type":71},{"text":1496,"type":45,"marks":1497}," that cap your monthly bills at a percentage of your income. Depending on your family size, location, and income, you could be eligible to have your payments reduced to as low as $0 in some extreme circumstances. ",[1498],{"type":48,"attrs":1499},{"color":50},{"type":41,"content":1501},[1502],{"text":1503,"type":45,"marks":1504},"Keep in mind that as your family and income change, so will your eligibility for income-driven repayment, which is why it’s important to report these updates to the federal government regularly. ",[1505],{"type":48,"attrs":1506},{"color":50},{"type":78,"attrs":1508,"content":1509},{"level":161},[1510],{"text":1511,"type":45,"marks":1512},"Deferment or forbearance ",[1513],{"type":48,"attrs":1514},{"color":50},{"type":41,"content":1516},[1517,1526,1531,1538,1546],{"text":1518,"type":45,"marks":1519},"Deferment and forbearance",[1520,1523,1525],{"type":62,"attrs":1521},{"href":1522,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://studentaid.gov/help-center/answers/article/difference-between-deferment-and-forbearance",{"type":48,"attrs":1524},{"color":50},{"type":71},{"text":1527,"type":45,"marks":1528}," are both temporary payment pauses offered by the federal government for borrowers experiencing hardship. In forbearance, interest accrues on all types of direct loans, but in",[1529],{"type":48,"attrs":1530},{"color":50},{"text":283,"type":45,"marks":1532},[1533,1536],{"type":62,"attrs":1534},{"href":1535,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/student-loan-deferment/",{"type":48,"attrs":1537},{"color":50},{"text":1539,"type":45,"marks":1540},"deferment",[1541,1543,1545],{"type":62,"attrs":1542},{"href":1535,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1544},{"color":50},{"type":71},{"text":1547,"type":45,"marks":1548},", interest accrues on only some types of direct loans.",[1549],{"type":48,"attrs":1550},{"color":50},{"type":41,"content":1552},[1553],{"text":1554,"type":45,"marks":1555},"Deferment and forbearance aren’t long-term solutions, and should only be used in extreme circumstances since they’re likely to add more interest to your student loan debt in the long run. ",[1556],{"type":48,"attrs":1557},{"color":50},{"type":78,"attrs":1559,"content":1560},{"level":161},[1561],{"text":1562,"type":45,"marks":1563},"Student loan consolidation",[1564],{"type":48,"attrs":1565},{"color":50},{"type":41,"content":1567},[1568,1576],{"text":1562,"type":45,"marks":1569},[1570,1573,1575],{"type":62,"attrs":1571},{"href":1572,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/pros-and-cons-of-consolidating-student-loans/",{"type":48,"attrs":1574},{"color":50},{"type":71},{"text":1577,"type":45,"marks":1578}," is the process of combining multiple federal student loans into a single Direct Consolidation Loan from the U.S. Department of Education. ",[1579],{"type":48,"attrs":1580},{"color":50},{"type":41,"content":1582},[1583],{"text":1584,"type":45,"marks":1585},"Consolidation can simplify your monthly payments, making it easier to stay organized and less likely for you to miss payments because you can’t keep track of your bills. ",[1586],{"type":48,"attrs":1587},{"color":50},{"type":41,"content":1589},[1590],{"text":1591,"type":45,"marks":1592},"It can also lower your monthly payment when you choose to extend your repayment plan to 20 or 25 years, for example, because your payments will be spread out over a longer time period than the standard 10-year repayment plan for many federal student loans. Keep in mind that extending your repayment term will likely increase the amount of interest paid over the life of the loan.",[1593],{"type":48,"attrs":1594},{"color":50},{"type":41,"content":1596},[1597,1602,1609,1617],{"text":1598,"type":45,"marks":1599},"Student loan consolidation,",[1600],{"type":48,"attrs":1601},{"color":50},{"text":283,"type":45,"marks":1603},[1604,1607],{"type":62,"attrs":1605},{"href":1606,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/student-loan-consolidation-vs-refinancing/",{"type":48,"attrs":1608},{"color":50},{"text":1610,"type":45,"marks":1611},"unlike student loan refinancing",[1612,1614,1616],{"type":62,"attrs":1613},{"href":1606,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1615},{"color":50},{"type":71},{"text":1618,"type":45,"marks":1619}," (which is done with a private lender), allows you to maintain eligibility for federal benefits like forgiveness, forbearance, deferment, and income-driven repayment. However, you can only consolidate federal student loans. Private student loans can only be combined through student loan refinancing. ",[1620],{"type":48,"attrs":1621},{"color":50},{"type":78,"attrs":1623,"content":1624},{"level":161},[1625],{"text":1626,"type":45,"marks":1627},"Student loan refinancing",[1628],{"type":48,"attrs":1629},{"color":50},{"type":41,"content":1631},[1632,1640],{"text":1626,"type":45,"marks":1633},[1634,1637,1639],{"type":62,"attrs":1635},{"href":1636,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/what-is-student-loan-refinancing/",{"type":48,"attrs":1638},{"color":50},{"type":71},{"text":1641,"type":45,"marks":1642}," is the process of borrowing a loan from a private lender to pay off your old loans, either federal or private, or a combination of both. ",[1643],{"type":48,"attrs":1644},{"color":50},{"type":41,"content":1646},[1647,1652,1659],{"text":1648,"type":45,"marks":1649},"This new loan will have a new repayment term and interest rate, and if your financial situation (credit score, income, debt-to-income ratio) has improved since you took out your original loan, you may be eligible for a lower interest rate",[1650],{"type":48,"attrs":1651},{"color":50},{"text":674,"type":45,"marks":1653},[1654,1656,1657],{"type":648,"attrs":1655},{"class":650},{"type":650},{"type":48,"attrs":1658},{"color":50},{"text":1660,"type":45,"marks":1661}," than you had on your original loans. ",[1662],{"type":48,"attrs":1663},{"color":50},{"type":41,"content":1665},[1666],{"text":1667,"type":45,"marks":1668},"Student loan refinancing is the one way to get a lower interest rate on your loans. Federal student loan consolidation will result in a new interest rate, but it will simply be a weighted average of the interest rate on your current loans. ",[1669],{"type":48,"attrs":1670},{"color":50},{"type":41,"content":1672},[1673],{"text":1674,"type":45,"marks":1675},"When you pick your new repayment plan, you can also choose a longer term than your original loans, which can lower your monthly bill. Or you can choose a shorter repayment term and pay off your loans faster. ",[1676],{"type":48,"attrs":1677},{"color":50},{"type":41,"content":1679},[1680],{"text":1681,"type":45,"marks":1682},"Keep in mind that when you extend your repayment term, you’re likely to spend more on interest over the life of the loan, and when you shorten it, you’re likely to have higher monthly payments. ",[1683],{"type":48,"attrs":1684},{"color":50},{"type":41,"content":1686},[1687,1692,1699,1707],{"text":1688,"type":45,"marks":1689},"Still,",[1690],{"type":48,"attrs":1691},{"color":50},{"text":283,"type":45,"marks":1693},[1694,1697],{"type":62,"attrs":1695},{"href":1696,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://navirefi.com/blog/pros-and-cons-of-refinancing-student-loans/",{"type":48,"attrs":1698},{"color":50},{"text":1700,"type":45,"marks":1701},"these trade-offs may be worth it",[1702,1704,1706],{"type":62,"attrs":1703},{"href":1696,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1705},{"color":50},{"type":71},{"text":1708,"type":45,"marks":1709}," if you need some breathing room in your monthly budget, or you want to get out of student loan debt as fast as possible. ",[1710],{"type":48,"attrs":1711},{"color":50},{"type":78,"attrs":1713,"content":1714},{"level":80},[1715],{"text":1716,"type":45,"marks":1717},"Get a free rate check from NaviRefi",[1718],{"type":48,"attrs":1719},{"color":50},{"type":41,"content":1721},[1722,1727,1734,1742],{"text":1723,"type":45,"marks":1724},"One way to potentially save money and get a fresh start is through student loan refinancing. If you qualify, you could lower your interest rate or reduce your monthly payments. That could save you money in the long term and even accelerate your journey towards debt freedom. Ready to refinance your student loan debt? Check your new rate and monthly payment for free at",[1725],{"type":48,"attrs":1726},{"color":50},{"text":283,"type":45,"marks":1728},[1729,1732],{"type":62,"attrs":1730},{"href":1731,"uuid":65,"anchor":65,"target":65,"linktype":67},"http://navirefi.com",{"type":48,"attrs":1733},{"color":50},{"text":1735,"type":45,"marks":1736},"NaviRefi.com",[1737,1739,1741],{"type":62,"attrs":1738},{"href":882,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":1740},{"color":50},{"type":71},{"text":784,"type":45,"marks":1743},[1744],{"type":48,"attrs":1745},{"color":50},{"type":41,"content":1747},[1748],{"text":791,"type":45,"marks":1749},[1750,1752],{"type":648,"attrs":1751},{"class":795},{"type":48,"attrs":1753},{"color":50},{"type":41,"content":1755},[1756,1762,1769,1778],{"text":645,"type":45,"marks":1757},[1758,1760],{"type":648,"attrs":1759},{"class":650},{"type":48,"attrs":1761},{"color":50},{"text":1763,"type":45,"marks":1764},"As was announced by the U.S. Department of Education (ED), federal student loans have resumed accruing interest starting September 1, 2023, and federal student loan payments were reinstated starting in October. Please note that you may lose benefits associated with your underlying federal loans, such as federal Income-driven Repayment Plans (an example of which is the SAVE plan), Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options, if you refinance into a private loan. If you file for bankruptcy, you may still be required to pay back this loan. See ",[1765,1767],{"type":648,"attrs":1766},{"class":795},{"type":48,"attrs":1768},{"color":50},{"text":1770,"type":45,"marks":1771},"https://studentaid.gov",[1772,1774,1776],{"type":62,"attrs":1773},{"href":882,"uuid":65,"anchor":65,"target":65,"linktype":67},{"type":648,"attrs":1775},{"class":795},{"type":48,"attrs":1777},{"color":50},{"text":1779,"type":45,"marks":1780}," for more information.",[1781,1783],{"type":648,"attrs":1782},{"class":795},{"type":48,"attrs":1784},{"color":50},{"type":41,"content":1786},[1787,1793],{"text":674,"type":45,"marks":1788},[1789,1791],{"type":648,"attrs":1790},{"class":650},{"type":48,"attrs":1792},{"color":50},{"text":1794,"type":45,"marks":1795}," Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for the total cost of your refinanced loan.",[1796,1798],{"type":648,"attrs":1797},{"class":795},{"type":48,"attrs":1799},{"color":50},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798148\"}-->","https://www.marketplace.navient.com/blog/student-loan-payments-restarting/","January 25, 2024","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798148\"}-->","student-loan-payments-restarting","navient_marketplace/blog/student-loan-payments-restarting",[],"13fe3090-2e86-4455-9532-b9195523dba7","2024-01-25T08:57:00.000Z","/student-loan-payments-restarting",[],{"name":1812,"created_at":1813,"published_at":1814,"updated_at":1815,"id":1816,"uuid":1817,"content":1818,"slug":2401,"full_slug":2402,"sort_by_date":65,"position":841,"tag_list":2403,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":2404,"first_published_at":1808,"release_id":65,"lang":846,"path":2405,"alternates":2406,"default_full_slug":65,"translated_slugs":65},"15 Realistic Ways to Save Money on a Wedding","2025-04-07T18:30:04.159Z","2025-12-26T13:45:01.892Z","2025-12-26T13:45:01.966Z",651798147,"508900ea-adf7-4b0c-a73f-5f4e3f0ed065",{"seo":1819,"_uid":20,"hero":1822,"author":30,"category":1827,"featured":28,"imageAlt":18,"component":32,"blogContents":1828,"canonicalTag":2399,"publishedDate":1802,"_editable":2400},{"_uid":15,"title":1820,"plugin":17,"og_image":18,"og_title":18,"description":1821,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"15 Realistic Ways to Save Money on a Wedding | Navient Marketplace","There are a number of ways to throw a celebration that you can actually afford. Here’s how to save money on a wedding without compromising on the magic.",[1823],{"id":18,"_uid":23,"image":1824,"intro":1821,"classes":18,"_editable":1825,"blogTitle":1812,"component":26,"imageLink":1826,"blendImage":28,"backgroundColor":29},"//a.storyblok.com/f/110029/1280x853/4b9062046d/how-to-save-money-on-a-wedding.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798147\"}-->","/images/how-to-save-money-on-a-wedding.png","Personal Loans",[1829],{"_uid":35,"color":36,"richText":1830,"_editable":2398,"component":835},{"type":38,"content":1831},[1832,1841,1848,1855,1863,1884,1892,1913,1921,1928,1935,1942,1950,1957,1977,1985,1992,2000,2021,2028,2049,2057,2073,2080,2088,2095,2102,2110,2117,2125,2132,2140,2147,2155,2162,2169,2177,2204,2211,2219,2226,2234,2241,2248,2275,2283,2290,2298,2305,2312,2319,2327,2334,2367,2375,2390],{"type":41,"content":1833},[1834],{"text":1835,"type":45,"marks":1836},"Navient may receive compensation when you click on links associated with this Navient Marketplace. Navient is not being compensated for any application, quotation, or the purchase of any financial products.",[1837,1839],{"type":648,"attrs":1838},{"class":795},{"type":48,"attrs":1840},{"color":50},{"type":41,"content":1842},[1843],{"text":1844,"type":45,"marks":1845},"For many couples, getting married is one of the most joyous occasions of their lives — that is, until they look at the price tag. Once you add up the cost of engagement rings, flowers, photography, catering, and venues, total costs can quickly balloon into the six figures. ",[1846],{"type":48,"attrs":1847},{"color":50},{"type":41,"content":1849},[1850],{"text":1851,"type":45,"marks":1852},"Looking at that kind of an invoice can suck the joy out of the room pretty quickly. Fortunately, there are a number of ways to throw a beautiful and memorable celebration that you can actually afford. Here are some smart ways to save money on a wedding without compromising on the magic. ",[1853],{"type":48,"attrs":1854},{"color":50},{"type":78,"attrs":1856,"content":1857},{"level":80},[1858],{"text":1859,"type":45,"marks":1860},"15 ways to save money on a wedding",[1861],{"type":48,"attrs":1862},{"color":50},{"type":41,"content":1864},[1865,1870,1879],{"text":1866,"type":45,"marks":1867},"Celebrating your love is important, but you may not want to blow your savings on a one-day party, especially if you have other financial goals — such as ",[1868],{"type":48,"attrs":1869},{"color":50},{"text":1871,"type":45,"marks":1872},"paying off credit card debt",[1873,1876,1878],{"type":62,"attrs":1874},{"href":1875,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/how-to-pay-off-credit-card-debt-fast/",{"type":48,"attrs":1877},{"color":50},{"type":71},{"text":1880,"type":45,"marks":1881},", buying a home, or contributing to retirement. Here are some ways to save on your big day.",[1882],{"type":48,"attrs":1883},{"color":50},{"type":78,"attrs":1885,"content":1886},{"level":161},[1887],{"text":1888,"type":45,"marks":1889},"1. Get married close to home ",[1890],{"type":48,"attrs":1891},{"color":50},{"type":41,"content":1893},[1894,1899,1908],{"text":1895,"type":45,"marks":1896},"According to wedding resource The Knot, the ",[1897],{"type":48,"attrs":1898},{"color":50},{"text":1900,"type":45,"marks":1901},"average cost of a wedding in 2022",[1902,1905,1907],{"type":62,"attrs":1903},{"href":1904,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.theknot.com/content/wedding-data-insights/real-weddings-study",{"type":48,"attrs":1906},{"color":50},{"type":71},{"text":1909,"type":45,"marks":1910}," was $30,000, and about 20% of couples opted for destination weddings. A ceremony in Cabo might sound dreamy, but getting married far from home isn’t always practical. Getting married close to home can save you a significant amount in transportation costs. ",[1911],{"type":48,"attrs":1912},{"color":50},{"type":78,"attrs":1914,"content":1915},{"level":161},[1916],{"text":1917,"type":45,"marks":1918},"2. Choose an off-peak wedding season or day of the week",[1919],{"type":48,"attrs":1920},{"color":50},{"type":41,"content":1922},[1923],{"text":1924,"type":45,"marks":1925},"Getting married outside of peak wedding season (May to October) can significantly trim expenses. During these off-peak seasons, many vendors offer reduced prices on venues, services, and accommodations. ",[1926],{"type":48,"attrs":1927},{"color":50},{"type":41,"content":1929},[1930],{"text":1931,"type":45,"marks":1932},"You can also save money by choosing a less-popular day. Weekends tend to be the most popular wedding days. If possible, consider a weekday wedding or a brunch wedding, as venues often offer lower rates outside evenings and weekends. ",[1933],{"type":48,"attrs":1934},{"color":50},{"type":41,"content":1936},[1937],{"text":1938,"type":45,"marks":1939},"Also consider buying items like decorations or attire off-season, that is, outside the May to October window. You’ll be able to get more discounts during the winter months, for example, when wedding planning isn’t in full force. ",[1940],{"type":48,"attrs":1941},{"color":50},{"type":78,"attrs":1943,"content":1944},{"level":161},[1945],{"text":1946,"type":45,"marks":1947},"3. Borrow or rent instead of buying",[1948],{"type":48,"attrs":1949},{"color":50},{"type":41,"content":1951},[1952],{"text":1953,"type":45,"marks":1954},"It can be tempting to buy a brand-new wedding dress or decor for your special day, but many big-ticket items — including wedding gowns and bridesmaids’ dresses — can be rented at a fraction of the cost. ",[1955],{"type":48,"attrs":1956},{"color":50},{"type":41,"content":1958},[1959,1964,1973],{"text":1960,"type":45,"marks":1961},"Centerpieces, linens, and even specialty items such as arches or lighting are available for short-term rentals. You can also rent sound systems and photo booths for a reasonable price. Renting can allow you to enjoy your dream wedding without purchasing items you may never use again. And if you want to save even more money, ",[1962],{"type":48,"attrs":1963},{"color":50},{"text":1965,"type":45,"marks":1966},"consider borrowing instead",[1967,1970,1972],{"type":62,"attrs":1968},{"href":1969,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.wisebread.com/5-big-ticket-wedding-items-you-should-borrow-instead-of-buy",{"type":48,"attrs":1971},{"color":50},{"type":71},{"text":682,"type":45,"marks":1974},[1975],{"type":48,"attrs":1976},{"color":50},{"type":78,"attrs":1978,"content":1979},{"level":161},[1980],{"text":1981,"type":45,"marks":1982},"4. Choose a non-traditional cake",[1983],{"type":48,"attrs":1984},{"color":50},{"type":41,"content":1986},[1987],{"text":1988,"type":45,"marks":1989},"A traditional wedding cake can cost hundreds of dollars. Before you say yes to that triple-tiered confection, ask yourself whether you could do something different. Many couples these days opt for a sheet cake or a small ceremonial cake, and then provide cupcakes, donuts, or other pastries for their guests. ",[1990],{"type":48,"attrs":1991},{"color":50},{"type":78,"attrs":1993,"content":1994},{"level":161},[1995],{"text":1996,"type":45,"marks":1997},"5. Negotiate prices",[1998],{"type":48,"attrs":1999},{"color":50},{"type":41,"content":2001},[2002,2007,2016],{"text":2003,"type":45,"marks":2004},"When it comes to managing wedding expenses, don’t shy away from ",[2005],{"type":48,"attrs":2006},{"color":50},{"text":2008,"type":45,"marks":2009},"negotiating prices",[2010,2013,2015],{"type":62,"attrs":2011},{"href":2012,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.brides.com/planners-share-how-negotiate-with-venue-5295732",{"type":48,"attrs":2014},{"color":50},{"type":71},{"text":2017,"type":45,"marks":2018}," or asking vendors if they offer discounts for early bookings or package deals. Many vendors, such as venues, caterers, videographers, and wedding photographers, allow you to bundle services for a discounted rate. ",[2019],{"type":48,"attrs":2020},{"color":50},{"type":41,"content":2022},[2023],{"text":2024,"type":45,"marks":2025},"Some of the more comprehensive packages could include venue rental, catering, decor, and more, all rolled into one cost-effective deal. By opting for these bundled offerings, you not only streamline the planning process, but also benefit from potential savings compared to booking each service individually.",[2026],{"type":48,"attrs":2027},{"color":50},{"type":41,"content":2029},[2030,2035,2044],{"text":2031,"type":45,"marks":2032},"Also remember: the ",[2033],{"type":48,"attrs":2034},{"color":50},{"text":2036,"type":45,"marks":2037},"earlier you book your venue",[2038,2041,2043],{"type":62,"attrs":2039},{"href":2040,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.firehousekc.com/blog/how-far-in-advance-to-book-wedding-venue#:~:text=Booking%20your%20dream%20wedding%20venue,venue%2015%20months%20in%20advance.",{"type":48,"attrs":2042},{"color":50},{"type":71},{"text":2045,"type":45,"marks":2046},", caterer, and photographer, the cheaper their services are likely to be. Typically, early bookings start around 12 to 18 months before the wedding date. ",[2047],{"type":48,"attrs":2048},{"color":50},{"type":78,"attrs":2050,"content":2051},{"level":161},[2052],{"text":2053,"type":45,"marks":2054},"6. Create a wedding website",[2055],{"type":48,"attrs":2056},{"color":50},{"type":41,"content":2058},[2059,2068],{"text":2060,"type":45,"marks":2061},"Crafting a wedding website",[2062,2065,2067],{"type":62,"attrs":2063},{"href":2064,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.hitched.co.uk/wedding-planning/organising-and-planning/how-to-create-a-wedding-website/",{"type":48,"attrs":2066},{"color":50},{"type":71},{"text":2069,"type":45,"marks":2070}," isn’t just a modern touch—it’s also a savvy way to cut costs on invitation inserts. Instead of including multiple cards or extra details in your invitations, direct wedding guests to your website for additional information. ",[2071],{"type":48,"attrs":2072},{"color":50},{"type":41,"content":2074},[2075],{"text":2076,"type":45,"marks":2077},"On the site, share details like venue directions, accommodation suggestions, and the schedule of events. Include an RSVP section where guests can confirm attendance. Personalize the site to reflect your wedding theme and style, and you’ll not only save on paper and printing expenses but also offer guests a convenient source for all essential wedding details. ",[2078],{"type":48,"attrs":2079},{"color":50},{"type":78,"attrs":2081,"content":2082},{"level":161},[2083],{"text":2084,"type":45,"marks":2085},"7. Repurpose elements of your wedding",[2086],{"type":48,"attrs":2087},{"color":50},{"type":41,"content":2089},[2090],{"text":2091,"type":45,"marks":2092},"With a little clever wedding planning, many accessories can do double duty. Consider using your wedding ceremony chairs at the rehearsal and reception to avoid renting separate seating. Likewise, you can repurpose ceremony flowers as table centerpieces later. You can also rework decorations or signage from the ceremony for the reception area. ",[2093],{"type":48,"attrs":2094},{"color":50},{"type":41,"content":2096},[2097],{"text":2098,"type":45,"marks":2099},"By repurposing these elements creatively, you not only cut down on rental and floral arrangement expenses but also add cohesion and continuity to the aesthetic of your wedding.",[2100],{"type":48,"attrs":2101},{"color":50},{"type":78,"attrs":2103,"content":2104},{"level":161},[2105],{"text":2106,"type":45,"marks":2107},"8. Subscribe to email lists early and wait for discounts",[2108],{"type":48,"attrs":2109},{"color":50},{"type":41,"content":2111},[2112],{"text":2113,"type":45,"marks":2114},"Many wedding vendors send out email newsletters announcing sales and special offers. To improve your odds of getting one, subscribe to vendors’ email lists months (if not years) ahead of your wedding day. Then, wait for exclusive deals, promotions, or early-bird discounts before making any purchases. Many vendors also offer their subscribers introductory discounts or seasonal sales on various wedding essentials. ",[2115],{"type":48,"attrs":2116},{"color":50},{"type":78,"attrs":2118,"content":2119},{"level":161},[2120],{"text":2121,"type":45,"marks":2122},"9. Host your wedding and reception in the same venue",[2123],{"type":48,"attrs":2124},{"color":50},{"type":41,"content":2126},[2127],{"text":2128,"type":45,"marks":2129},"By hosting both the ceremony and reception at one venue, you eliminate the need for additional transportation to move your guests or wedding party between locations. This cuts down on costs associated with renting multiple venues, hiring transportation services, or arranging guest shuttles. Furthermore, when your venue plays double duty, it simplifies logistics, reduces travel time, and ensures a seamless transition from ceremony to celebration. ",[2130],{"type":48,"attrs":2131},{"color":50},{"type":78,"attrs":2133,"content":2134},{"level":161},[2135],{"text":2136,"type":45,"marks":2137},"10. Opt for buffet or food stations",[2138],{"type":48,"attrs":2139},{"color":50},{"type":41,"content":2141},[2142],{"text":2143,"type":45,"marks":2144},"Buffets give guests more menu options and more choices in portion size, often at a lower per-person cost. They can also feel less stuffy and provide guests with a more relaxed dining experience. With food stations, guests can choose their preferred dishes and don’t require wait staff to take orders and serve plated meals. That translates to serious savings on staffing coats. ",[2145],{"type":48,"attrs":2146},{"color":50},{"type":78,"attrs":2148,"content":2149},{"level":161},[2150],{"text":2151,"type":45,"marks":2152},"11. Bring your own alcohol ",[2153],{"type":48,"attrs":2154},{"color":50},{"type":41,"content":2156},[2157],{"text":2158,"type":45,"marks":2159},"Many venues charge hefty markups on drinks sold on-site. While many venues require guests to purchase alcohol through them, some let couples bring in their own alcohol. That provision can give you greater control over your guests’ beverage choices and help you reduce costs. ",[2160],{"type":48,"attrs":2161},{"color":50},{"type":41,"content":2163},[2164],{"text":2165,"type":45,"marks":2166},"Just be sure to check the venue’s policies, corkage fees, and any licensing requirements beforehand to ensure compliance and a smooth setup. If bringing your own alcohol isn’t possible, consider limiting the open bar to a certain time period. ",[2167],{"type":48,"attrs":2168},{"color":50},{"type":78,"attrs":2170,"content":2171},{"level":161},[2172],{"text":2173,"type":45,"marks":2174},"12. Opt for a less traditional venue",[2175],{"type":48,"attrs":2176},{"color":50},{"type":41,"content":2178},[2179,2184,2191,2199],{"text":2180,"type":45,"marks":2181},"Rather than booking a popular wedding venue, consider alternative options like a public park, beach, backyard, or barn.",[2182],{"type":48,"attrs":2183},{"color":50},{"text":283,"type":45,"marks":2185},[2186,2189],{"type":62,"attrs":2187},{"href":2188,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.reddit.com/r/weddingplanning/comments/5pu2ea/comment/dctyov2/",{"type":48,"attrs":2190},{"color":50},{"text":2192,"type":45,"marks":2193},"One Reddit user",[2194,2196,2198],{"type":62,"attrs":2195},{"href":2188,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":2197},{"color":50},{"type":71},{"text":2200,"type":45,"marks":2201}," mentioned getting married in a lighthouse. These non-traditional venues are often surprisingly affordable and can still offer a beautiful and unique setting for a traditional wedding. ",[2202],{"type":48,"attrs":2203},{"color":50},{"type":41,"content":2205},[2206],{"text":2207,"type":45,"marks":2208},"If you go this route, just make sure you know what’s included in each venue. A park may be cheaper, but one of the reasons is because all the decorations, tables, chairs, etc. are your responsibility. ",[2209],{"type":48,"attrs":2210},{"color":50},{"type":78,"attrs":2212,"content":2213},{"level":161},[2214],{"text":2215,"type":45,"marks":2216},"12. Prioritize essential vendors",[2217],{"type":48,"attrs":2218},{"color":50},{"type":41,"content":2220},[2221],{"text":2222,"type":45,"marks":2223},"Which vendors are most important to you? Can you forgo a band for a DJ? A DJ for a curated playlist so you can afford a better photographer (or multiple)? Determine your priorities and allocate a larger portion of your budget to the things that matter most on your big day. ",[2224],{"type":48,"attrs":2225},{"color":50},{"type":78,"attrs":2227,"content":2228},{"level":161},[2229],{"text":2230,"type":45,"marks":2231},"13. Dial down the decor",[2232],{"type":48,"attrs":2233},{"color":50},{"type":41,"content":2235},[2236],{"text":2237,"type":45,"marks":2238},"Instead of hiring a professional florist or decorator, consider doing the décor yourself. You can save a lot of money by buying wedding flowers and décor materials in bulk and creating your own centerpieces, bridesmaids’ bouquets, boutonnieres, or other decorations. There are plenty of DIY wedding decoration tutorials that can guide you on how to create stunning décor on a budget. Plus, the DIY option eliminates the need for a wedding planner. ",[2239],{"type":48,"attrs":2240},{"color":50},{"type":41,"content":2242},[2243],{"text":2244,"type":45,"marks":2245},"Opt for in-season flowers or choose greenery and foliage as a more budget-friendly alternative to expensive blooms. Consider DIY flower arrangements or use non-floral elements like candles or lanterns to cut costs. ",[2246],{"type":48,"attrs":2247},{"color":50},{"type":41,"content":2249},[2250,2255,2262,2270],{"text":2251,"type":45,"marks":2252},"Or,",[2253],{"type":48,"attrs":2254},{"color":50},{"text":283,"type":45,"marks":2256},[2257,2260],{"type":62,"attrs":2258},{"href":2259,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.reddit.com/r/weddingplanning/comments/5pu2ea/comment/dcu3bdf/",{"type":48,"attrs":2261},{"color":50},{"text":2263,"type":45,"marks":2264},"as one couple did",[2265,2267,2269],{"type":62,"attrs":2266},{"href":2259,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":2268},{"color":50},{"type":71},{"text":2271,"type":45,"marks":2272},", consider dialing down the decorations altogether: They shared: “I see all these posts about DIYing tons of flowers, backdrops, centerpieces, organizing uplighting, favors, cake table decor, gift table decor, what to put down the aisle, what to put on the chairs, etc etc. We're just not doing any of it. We're happy with the basic linens and plain chairs because when was the last time you went to a wedding and thought ‘This is nice but this chair really needed an organza sash?” Well said.",[2273],{"type":48,"attrs":2274},{"color":50},{"type":78,"attrs":2276,"content":2277},{"level":161},[2278],{"text":2279,"type":45,"marks":2280},"14. Make the wedding intimate",[2281],{"type":48,"attrs":2282},{"color":50},{"type":41,"content":2284},[2285],{"text":2286,"type":45,"marks":2287},"If it’s possible, consider limiting your number of guests to close loved ones. Of all these saving tips, this is probably the most effective way to save money. And that’s because nearly everything hinges on the guest list. By inviting only close family members and friends and having a small bridal party and groomsmen, you can reduce catering costs, venue size requirements, and even save on wedding invitations and favors.",[2288],{"type":48,"attrs":2289},{"color":50},{"type":78,"attrs":2291,"content":2292},{"level":161},[2293],{"text":2294,"type":45,"marks":2295},"15. Skip the extras",[2296],{"type":48,"attrs":2297},{"color":50},{"type":41,"content":2299},[2300],{"text":2301,"type":45,"marks":2302},"Look at your bottom-line wedding expenses and try to identify any non-essentials that may inflate your budget, like wedding favors, wait staff, passed apps, elaborate transportation, or extravagant decor. ",[2303],{"type":48,"attrs":2304},{"color":50},{"type":41,"content":2306},[2307],{"text":2308,"type":45,"marks":2309},"Do you really need personalized napkins? A party bus to take you from the church to the reception? Envelope liner and thick card stock for the invitations? ",[2310],{"type":48,"attrs":2311},{"color":50},{"type":41,"content":2313},[2314],{"text":2315,"type":45,"marks":2316},"Make a list of your wedding costs from highest to lowest. Are there some high up on the list that really won’t make much of an impact on your special day? These are the extras that should be cut first. ",[2317],{"type":48,"attrs":2318},{"color":50},{"type":78,"attrs":2320,"content":2321},{"level":80},[2322],{"text":2323,"type":45,"marks":2324},"Shop wedding loans on Navient Marketplace ",[2325],{"type":48,"attrs":2326},{"color":50},{"type":41,"content":2328},[2329],{"text":2330,"type":45,"marks":2331},"There are a number of ways to throw a memorable celebration without blowing your wedding budget. That said, while these strategies and hacks can help you save money, it’s still important to make sure your special day feels, well, special. ",[2332],{"type":48,"attrs":2333},{"color":50},{"type":41,"content":2335},[2336,2341,2350,2355,2362],{"text":2337,"type":45,"marks":2338},"If you need a little more financial support to make that happen, consider exploring wedding loans on ",[2339],{"type":48,"attrs":2340},{"color":50},{"text":2342,"type":45,"marks":2343},"Navient Marketplace",[2344,2347,2349],{"type":62,"attrs":2345},{"href":2346,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com",{"type":48,"attrs":2348},{"color":50},{"type":71},{"text":2351,"type":45,"marks":2352},". A personal loan",[2353],{"type":48,"attrs":2354},{"color":50},{"text":645,"type":45,"marks":2356},[2357,2359,2360],{"type":648,"attrs":2358},{"class":650},{"type":650},{"type":48,"attrs":2361},{"color":50},{"text":2363,"type":45,"marks":2364}," with flexible terms and a low interest rate could help you enhance your celebrations without compromising your vision—or your financial goals. ",[2365],{"type":48,"attrs":2366},{"color":50},{"type":41,"content":2368},[2369],{"text":791,"type":45,"marks":2370},[2371,2373],{"type":648,"attrs":2372},{"class":795},{"type":48,"attrs":2374},{"color":50},{"type":41,"content":2376},[2377,2383],{"text":645,"type":45,"marks":2378},[2379,2381],{"type":648,"attrs":2380},{"class":650},{"type":48,"attrs":2382},{"color":50},{"text":2384,"type":45,"marks":2385}," Navient customers are invited to consider personal loan offers through our partner MoneyLion. Navient has not shared your information with MoneyLion and is not involved in the personal loan application process in any manner.  All information is submitted directly to MoneyLion and any personal loan offers are made directly by participants in MoneyLion’s lending platform.  Engine by MoneyLion is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[2386,2388],{"type":648,"attrs":2387},{"class":795},{"type":48,"attrs":2389},{"color":50},{"type":41,"content":2391},[2392],{"text":828,"type":45,"marks":2393},[2394,2396],{"type":648,"attrs":2395},{"class":795},{"type":48,"attrs":2397},{"color":50},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798147\"}-->","https://www.marketplace.navient.com/blog/how-to-save-money-on-a-wedding/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798147\"}-->","how-to-save-money-on-a-wedding","navient_marketplace/blog/how-to-save-money-on-a-wedding",[],"74acb761-215d-453d-9385-ea533f86ae4c","/how-to-save-money-on-a-wedding",[],{"name":2408,"created_at":2409,"published_at":2410,"updated_at":2411,"id":2412,"uuid":2413,"content":2414,"slug":3366,"full_slug":3367,"sort_by_date":65,"position":841,"tag_list":3368,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":3369,"first_published_at":1808,"release_id":65,"lang":846,"path":65,"alternates":3370,"default_full_slug":65,"translated_slugs":65},"8 Ways to Improve Credit Score ASAP","2025-04-07T18:30:02.322Z","2025-12-26T13:45:02.306Z","2025-12-26T13:45:02.389Z",651798145,"240d24c4-4990-4696-9f34-c3abcdf06f2e",{"seo":2415,"_uid":20,"hero":2418,"author":30,"category":31,"featured":28,"imageAlt":18,"component":32,"blogContents":2423,"canonicalTag":3364,"publishedDate":1802,"_editable":3365},{"_uid":15,"title":2416,"plugin":17,"og_image":18,"og_title":18,"description":2417,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"8 Ways to Improve Credit Score ASAP | Navient Marketplace","A low credit score can mean low odds of loan approval or higher interest rates. Here are 8 tested strategies to improve your credit score fast.",[2419],{"id":18,"_uid":23,"image":2420,"intro":2417,"classes":18,"_editable":2421,"blogTitle":2408,"component":26,"imageLink":2422,"blendImage":28,"backgroundColor":29},"//a.storyblok.com/f/110029/1600x1066/08633c1d9f/how-to-improve-credit-score.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798145\"}-->","/images/how-to-improve-credit-score.webp",[2424],{"_uid":35,"color":36,"richText":2425,"_editable":3363,"component":835},{"type":38,"content":2426},[2427,2435,2442,2450,2470,2477,2484,2492,2499,2506,2513,2520,2527,2535,2542,2549,2556,2564,2585,2592,2600,2607,2614,2696,2703,2711,2732,2752,2759,2766,2774,2781,2794,2807,2820,2827,2835,2842,2863,2870,2878,2885,2893,2900,2947,2955,2962,2979,3010,3027,3044,3075,3083,3090,3254,3262,3269,3318,3326,3340,3348],{"type":41,"content":2428},[2429],{"text":1835,"type":45,"marks":2430},[2431,2433],{"type":648,"attrs":2432},{"class":795},{"type":48,"attrs":2434},{"color":50},{"type":41,"content":2436},[2437],{"text":2438,"type":45,"marks":2439},"Maintaining a good credit score is central to achieving financial well-being. A higher credit score not only makes it easier to get approved loans and credit cards, but also leads to lower interest rates and favorable terms. If you’re trying to figure out how to improve your credit score quickly, here are some proven strategies to consider. ",[2440],{"type":48,"attrs":2441},{"color":50},{"type":78,"attrs":2443,"content":2444},{"level":80},[2445],{"text":2446,"type":45,"marks":2447},"Review and dispute errors in your credit report",[2448],{"type":48,"attrs":2449},{"color":50},{"type":41,"content":2451},[2452,2457,2466],{"text":2453,"type":45,"marks":2454},"Start by pulling a copy of your credit report from all three major credit bureaus (Equifax, Experian, and TransUnion). You can also obtain a free credit report and credit score from ",[2455],{"type":48,"attrs":2456},{"color":50},{"text":2458,"type":45,"marks":2459},"AnnualCreditReport.com",[2460,2463,2465],{"type":62,"attrs":2461},{"href":2462,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.annualcreditreport.com/index.action",{"type":48,"attrs":2464},{"color":50},{"type":71},{"text":682,"type":45,"marks":2467},[2468],{"type":48,"attrs":2469},{"color":50},{"type":41,"content":2471},[2472],{"text":2473,"type":45,"marks":2474},"Carefully review your own credit report for any inaccuracies like incorrect personal information, fraudulent credit card accounts, identity theft, or late payments that were incorrectly reported. ",[2475],{"type":48,"attrs":2476},{"color":50},{"type":41,"content":2478},[2479],{"text":2480,"type":45,"marks":2481},"Dispute these errors by contacting credit bureaus through a written letter or an online dispute form. Their timely removal can result in a significant and speedy improvement in your credit score.",[2482],{"type":48,"attrs":2483},{"color":50},{"type":78,"attrs":2485,"content":2486},{"level":80},[2487],{"text":2488,"type":45,"marks":2489},"Pay your bills on time ",[2490],{"type":48,"attrs":2491},{"color":50},{"type":41,"content":2493},[2494],{"text":2495,"type":45,"marks":2496},"One of the biggest factors impacting your credit score is your payment history, which is why it’s crucial to always make payments on time and in full. ",[2497],{"type":48,"attrs":2498},{"color":50},{"type":41,"content":2500},[2501],{"text":2502,"type":45,"marks":2503},"To lenders and credit bureaus, when you miss a payment or submit it late, you’re showing a lack of responsibility in managing credit obligations. This can signal financial instability and lead to a decrease in your credit score.",[2504],{"type":48,"attrs":2505},{"color":50},{"type":41,"content":2507},[2508],{"text":2509,"type":45,"marks":2510},"Late payments don’t typically appear on your credit report until they are 30 days past due or delinquent –– but once they’re reported, they can remain on your credit report for up to seven years. ",[2511],{"type":48,"attrs":2512},{"color":50},{"type":41,"content":2514},[2515],{"text":2516,"type":45,"marks":2517},"The severity of the impact that late payments have on your credit score depends on several factors, including the timeliness and frequency of late payments. Multiple late payments and a pattern of delinquency can result in a more significant negative impact on your credit score.",[2518],{"type":48,"attrs":2519},{"color":50},{"type":41,"content":2521},[2522],{"text":2523,"type":45,"marks":2524},"To minimize the negative impact of late payments on your credit score, it’s important to make timely payments and avoid missing due dates. Setting up automatic payments or reminders can help ensure that you stay on track with your monthly payments.",[2525],{"type":48,"attrs":2526},{"color":50},{"type":78,"attrs":2528,"content":2529},{"level":80},[2530],{"text":2531,"type":45,"marks":2532},"Reduce credit utilization ratio",[2533],{"type":48,"attrs":2534},{"color":50},{"type":41,"content":2536},[2537],{"text":2538,"type":45,"marks":2539},"Another major contributor to your credit score ranges, credit utilization ratio (CUR) refers to the percentage of your available credit that you’re currently using. For example, if you’re using $2,000 every month of your available $10,000 credit limit, your credit utilization ratio is 20%. ",[2540],{"type":48,"attrs":2541},{"color":50},{"type":41,"content":2543},[2544],{"text":2545,"type":45,"marks":2546},"High credit utilization can negatively impact your credit score. Aim to keep your credit utilization below 30% of your total credit limit. Any higher, and this could demonstrate to credit bureaus that you’re spending above your means. Ideally, lenders are looking for you to use your line of credit without leaning on it too much. ",[2547],{"type":48,"attrs":2548},{"color":50},{"type":41,"content":2550},[2551],{"text":2552,"type":45,"marks":2553},"If your current credit utilization ratio is higher, consider paying down your debts aggressively and using your debit card for your monthly purchases. Lowering it will demonstrate responsible credit management and positively impact your credit score.",[2554],{"type":48,"attrs":2555},{"color":50},{"type":78,"attrs":2557,"content":2558},{"level":80},[2559],{"text":2560,"type":45,"marks":2561},"Request a credit limit increase",[2562],{"type":48,"attrs":2563},{"color":50},{"type":41,"content":2565},[2566,2571,2580],{"text":2567,"type":45,"marks":2568},"When you request a credit limit increase, you’re essentially asking your credit card issuer to raise the maximum amount you can borrow on your card. This increased credit limit provides a larger buffer between your outstanding balances and your total available credit. The result is a lower ",[2569],{"type":48,"attrs":2570},{"color":50},{"text":2572,"type":45,"marks":2573},"credit utilization ratio",[2574,2577,2579],{"type":62,"attrs":2575},{"href":2576,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://corporatefinanceinstitute.com/resources/commercial-lending/credit-utilization-ratio/",{"type":48,"attrs":2578},{"color":50},{"type":71},{"text":2581,"type":45,"marks":2582},".  ",[2583],{"type":48,"attrs":2584},{"color":50},{"type":41,"content":2586},[2587],{"text":2588,"type":45,"marks":2589},"You’re more likely to be considered for a credit limit increase if you’ve consistently demonstrated responsible credit behavior, such as making timely payments. To apply for a credit limit increase, you may need to provide your current income, employment status, and other relevant financial details. ",[2590],{"type":48,"attrs":2591},{"color":50},{"type":78,"attrs":2593,"content":2594},{"level":80},[2595],{"text":2596,"type":45,"marks":2597},"Diversify your credit mix",[2598],{"type":48,"attrs":2599},{"color":50},{"type":41,"content":2601},[2602],{"text":2603,"type":45,"marks":2604},"Credit mix refers to the variety of credit types that an individual has access to, such as credit card debt, mortgages, installment loans, and student loans. A diverse credit mix is important because it provides a more comprehensive view of an individual’s ability to manage different types of credit. Lenders and credit scoring models view a well-rounded credit mix as a sign of responsible credit behavior. ",[2605],{"type":48,"attrs":2606},{"color":50},{"type":41,"content":2608},[2609],{"text":2610,"type":45,"marks":2611},"To diversify your credit mix, consider these options: ",[2612],{"type":48,"attrs":2613},{"color":50},{"type":413,"content":2615},[2616,2644,2673],{"type":416,"content":2617},[2618],{"type":41,"content":2619},[2620,2626,2631,2639],{"text":2621,"type":45,"marks":2622},"Credit builder loans:",[2623,2624],{"type":424},{"type":48,"attrs":2625},{"color":50},{"text":2627,"type":45,"marks":2628}," These loans are designed to help individuals establish a credit profile for the first time. They can also help with credit repair. To get a ",[2629],{"type":48,"attrs":2630},{"color":50},{"text":2632,"type":45,"marks":2633},"credit builder loan",[2634,2637],{"type":62,"attrs":2635},{"href":2636,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.moneylion.com/network/navient/credit-builders/explore/",{"type":48,"attrs":2638},{"color":50},{"text":2640,"type":45,"marks":2641},", you’ll first make a deposit, which the lender will keep in a secure bank account. As you repay the loan, the lender will report your positive payment history to the credit bureaus, contributing to your credit history and overall mix. Then, at the end of the term, you will receive the loan balance.",[2642],{"type":48,"attrs":2643},{"color":50},{"type":416,"content":2645},[2646],{"type":41,"content":2647},[2648,2654,2659,2668],{"text":2649,"type":45,"marks":2650},"Personal loans:",[2651,2652],{"type":424},{"type":48,"attrs":2653},{"color":50},{"text":2655,"type":45,"marks":2656}," This type of installment loan is popular for debt consolidation, paying for home improvements, or covering unexpected expenses. Including a ",[2657],{"type":48,"attrs":2658},{"color":50},{"text":2660,"type":45,"marks":2661},"personal loan",[2662,2665,2667],{"type":62,"attrs":2663},{"href":2664,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/how-to-get-a-personal-loan-with-bad-credit/",{"type":48,"attrs":2666},{"color":50},{"type":71},{"text":2669,"type":45,"marks":2670}," in your credit mix demonstrates your ability to manage and repay unsecured installment debt. ",[2671],{"type":48,"attrs":2672},{"color":50},{"type":416,"content":2674},[2675],{"type":41,"content":2676},[2677,2683,2691],{"text":2678,"type":45,"marks":2679},"Secured credit cards: ",[2680,2681],{"type":424},{"type":48,"attrs":2682},{"color":50},{"text":2684,"type":45,"marks":2685},"Secured credit cards",[2686,2688,2690],{"type":62,"attrs":2687},{"href":737,"uuid":65,"anchor":65,"target":65,"linktype":67},{"type":48,"attrs":2689},{"color":50},{"type":71},{"text":2692,"type":45,"marks":2693}," require a security deposit. Your credit limit is typically capped at the amount of your deposit. Responsibly using a secured credit card and making on-time payments can help you establish a positive credit history. Unlike loans, secured credit cards are a type of revolving credit, adding diversity to your credit mix. ",[2694],{"type":48,"attrs":2695},{"color":50},{"type":41,"content":2697},[2698],{"text":2699,"type":45,"marks":2700},"While diversifying your credit mix is beneficial, it’s essential to do so responsibly. Opening multiple credit accounts within a short timeframe — or using the extra accounts as a justification to take on more debt — can have negative impacts on your credit score. ",[2701],{"type":48,"attrs":2702},{"color":50},{"type":78,"attrs":2704,"content":2705},{"level":80},[2706],{"text":2707,"type":45,"marks":2708},"Be cautious about opening new accounts",[2709],{"type":48,"attrs":2710},{"color":50},{"type":41,"content":2712},[2713,2718,2727],{"text":2714,"type":45,"marks":2715},"When you apply for new credit, the lender typically pulls your credit file, conducting what’s called a “",[2716],{"type":48,"attrs":2717},{"color":50},{"text":2719,"type":45,"marks":2720},"hard inquiry",[2721,2724,2726],{"type":62,"attrs":2722},{"href":2723,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://time.com/personal-finance/article/what-is-a-hard-inquiry/",{"type":48,"attrs":2725},{"color":50},{"type":71},{"text":2728,"type":45,"marks":2729},"”. Each hard inquiry can lead to a slight decrease in your credit score. ",[2730],{"type":48,"attrs":2731},{"color":50},{"type":41,"content":2733},[2734,2739,2747],{"text":2735,"type":45,"marks":2736},"While the impact is usually small, multiple inquiries can add up, potentially resulting in a more significant decrease. This is particularly relevant when you’re actively seeking new credit, such as ",[2737],{"type":48,"attrs":2738},{"color":50},{"text":2740,"type":45,"marks":2741},"applying for credit cards",[2742,2744,2746],{"type":62,"attrs":2743},{"href":640,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":2745},{"color":50},{"type":71},{"text":2748,"type":45,"marks":2749},", loans, or mortgages. ",[2750],{"type":48,"attrs":2751},{"color":50},{"type":41,"content":2753},[2754],{"text":2755,"type":45,"marks":2756},"Lenders and credit score models, including VantageScore and FICO Score, interpret a flurry of new credit applications as a sign of risky financial behavior. Opening multiple new lines of credit in a short timeframe may suggest financial instability or the potential for taking on more debt than you can manage. ",[2757],{"type":48,"attrs":2758},{"color":50},{"type":41,"content":2760},[2761],{"text":2762,"type":45,"marks":2763},"Hard inquiries typically stay on your credit report for about two years. However, their influence on your score is most significant in the first few months. ",[2764],{"type":48,"attrs":2765},{"color":50},{"type":78,"attrs":2767,"content":2768},{"level":80},[2769],{"text":2770,"type":45,"marks":2771},"Become an authorized user",[2772],{"type":48,"attrs":2773},{"color":50},{"type":41,"content":2775},[2776],{"text":2777,"type":45,"marks":2778},"If you have a trusted family member or friend with a long-standing, positive credit history, ask them to include you as an authorized user on their credit card. Becoming an authorized user means you can use the credit card as if it were your own, and also piggyback off the account holder’s credit history. Here are some ways it can improve your credit score: ",[2779],{"type":48,"attrs":2780},{"color":50},{"type":41,"content":2782},[2783,2789],{"text":2784,"type":45,"marks":2785},"1. Building positive payment history",[2786,2787],{"type":424},{"type":48,"attrs":2788},{"color":50},{"text":2790,"type":45,"marks":2791},": If the primary cardholder has a history of making timely payments and maintaining a low credit utilization ratio, that positive payment history can be reflected on your credit report. This can help boost your credit score and demonstrate your creditworthiness.",[2792],{"type":48,"attrs":2793},{"color":50},{"type":41,"content":2795},[2796,2802],{"text":2797,"type":45,"marks":2798},"2. Establishing credit history:",[2799,2800],{"type":424},{"type":48,"attrs":2801},{"color":50},{"text":2803,"type":45,"marks":2804}," If you're new to credit or have a limited credit history, being added as an authorized user can help you establish a credit history. The primary cardholder's credit account, with its positive payment history, can provide a foundation for your credit profile.",[2805],{"type":48,"attrs":2806},{"color":50},{"type":41,"content":2808},[2809,2815],{"text":2810,"type":45,"marks":2811},"3. Increasing your available credit:",[2812,2813],{"type":424},{"type":48,"attrs":2814},{"color":50},{"text":2816,"type":45,"marks":2817}," Being an authorized user can also increase your available credit. The credit limit on the primary cardholder's account will be factored into your credit utilization ratio depending on the credit model. A lower credit utilization ratio, which is the amount of credit you're using compared to your total available credit, is generally better for your credit score. ",[2818],{"type":48,"attrs":2819},{"color":50},{"type":41,"content":2821},[2822],{"text":2823,"type":45,"marks":2824},"It's important to note that the impact of being an authorized user on your credit score can vary. It depends on factors such as the credit card company's policies, how long you've been an authorized user, and the overall health of the primary cardholder's credit account. Additionally, not all credit scoring models may consider authorized user accounts in the same way, so the impact on your credit score may vary across different scoring models. ",[2825],{"type":48,"attrs":2826},{"color":50},{"type":78,"attrs":2828,"content":2829},{"level":80},[2830],{"text":2831,"type":45,"marks":2832},"Address debt in collections",[2833],{"type":48,"attrs":2834},{"color":50},{"type":41,"content":2836},[2837],{"text":2838,"type":45,"marks":2839},"When a debt goes to collections, it means the original creditor has given up on collecting the payment and has enlisted the services of a third-party debt collector to do so for them. Addressing any debt you have in collections is a proactive step toward improving your credit score and financial standing. ",[2840],{"type":48,"attrs":2841},{"color":50},{"type":41,"content":2843},[2844,2849,2858],{"text":2845,"type":45,"marks":2846},"First, obtain detailed information about any debts that are currently in collections. Contact the debt collector to ",[2847],{"type":48,"attrs":2848},{"color":50},{"text":2850,"type":45,"marks":2851},"negotiate a settlement",[2852,2855,2857],{"type":62,"attrs":2853},{"href":2854,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-negotiate-a-settlement-with-a-debt-collector-en-1447/",{"type":48,"attrs":2856},{"color":50},{"type":71},{"text":2859,"type":45,"marks":2860},". Many collectors are willing to agree to a reduced payment amount if it means they can get at least some of their investment back. Document any agreements in writing before making payments. ",[2861],{"type":48,"attrs":2862},{"color":50},{"type":41,"content":2864},[2865],{"text":2866,"type":45,"marks":2867},"After settling the debt, check your credit report to make sure the account is either removed or marked as paid. Keeping an eye on your report is essential to confirm that the negative information is accurately reflected. ",[2868],{"type":48,"attrs":2869},{"color":50},{"type":78,"attrs":2871,"content":2872},{"level":80},[2873],{"text":2874,"type":45,"marks":2875},"Frequently Asked Questions",[2876],{"type":48,"attrs":2877},{"color":50},{"type":41,"content":2879},[2880],{"text":2881,"type":45,"marks":2882},"Building credit can be a tricky process. Here are some answers to commonly asked questions about it. ",[2883],{"type":48,"attrs":2884},{"color":50},{"type":78,"attrs":2886,"content":2887},{"level":161},[2888],{"text":2889,"type":45,"marks":2890},"How quickly can you improve your credit score?",[2891],{"type":48,"attrs":2892},{"color":50},{"type":41,"content":2894},[2895],{"text":2896,"type":45,"marks":2897},"While there’s no instant credit-score fix, you can make significant improvements to your score by working diligently over time. ",[2898],{"type":48,"attrs":2899},{"color":50},{"type":413,"content":2901},[2902,2917,2932],{"type":416,"content":2903},[2904],{"type":41,"content":2905},[2906,2912],{"text":2907,"type":45,"marks":2908},"Short-term improvements:",[2909,2910],{"type":424},{"type":48,"attrs":2911},{"color":50},{"text":2913,"type":45,"marks":2914}," Some tasks can improve your score in just a few weeks to a few months. These include disputing errors on your credit report, negotiating with collections companies, and paying off small balances to reduce your overall debt-to-income ratio. ",[2915],{"type":48,"attrs":2916},{"color":50},{"type":416,"content":2918},[2919],{"type":41,"content":2920},[2921,2927],{"text":2922,"type":45,"marks":2923},"Mid-term improvements:",[2924,2925],{"type":424},{"type":48,"attrs":2926},{"color":50},{"text":2928,"type":45,"marks":2929}," You can improve your score over the course of several months by more seriously reducing credit card balances and maintaining consistent on-time payments, which will result in an improved payment history.",[2930],{"type":48,"attrs":2931},{"color":50},{"type":416,"content":2933},[2934],{"type":41,"content":2935},[2936,2942],{"text":2937,"type":45,"marks":2938},"Long-term improvements: ",[2939,2940],{"type":424},{"type":48,"attrs":2941},{"color":50},{"text":2943,"type":45,"marks":2944},"To improve your score within a year to several years, pay off your bigger debts, wait for negative information to age off your credit score, and allow the length of your credit history to grow. ",[2945],{"type":48,"attrs":2946},{"color":50},{"type":78,"attrs":2948,"content":2949},{"level":161},[2950],{"text":2951,"type":45,"marks":2952},"How is credit score calculated?",[2953],{"type":48,"attrs":2954},{"color":50},{"type":41,"content":2956},[2957],{"text":2958,"type":45,"marks":2959},"Credit scores are calculated using complex algorithms designed to analyze an individual’s credit history. While the exact formulas used by credit scoring models are proprietary, here’s what we know about the key elements. As an example, here’s how FICO’s credit score calculations work:",[2960],{"type":48,"attrs":2961},{"color":50},{"type":413,"content":2963},[2964],{"type":416,"content":2965},[2966],{"type":41,"content":2967},[2968,2974],{"text":2969,"type":45,"marks":2970},"Payment history (35%): ",[2971,2972],{"type":424},{"type":48,"attrs":2973},{"color":50},{"text":2975,"type":45,"marks":2976},"The most significant factor is your payment history. This is a measure of how consistently you’ve paid your bills on time. Late payments, missed payments, defaults, bankruptcies, and other negative payment behaviors can significantly impact your score.",[2977],{"type":48,"attrs":2978},{"color":50},{"type":413,"content":2980},[2981],{"type":416,"content":2982},[2983],{"type":41,"content":2984},[2985,2991,2996,3005],{"text":2986,"type":45,"marks":2987},"Credit utilization (30%): ",[2988,2989],{"type":424},{"type":48,"attrs":2990},{"color":50},{"text":2992,"type":45,"marks":2993},"Your credit utilization rate measures the ratio of your credit card balances to your maximum credit limits. Lenders see lower utilization rates as positive, which is why you should try to ",[2994],{"type":48,"attrs":2995},{"color":50},{"text":2997,"type":45,"marks":2998},"keep this ratio below 30%",[2999,3002,3004],{"type":62,"attrs":3000},{"href":3001,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://time.com/personal-finance/article/credit-utilization-ratio/",{"type":48,"attrs":3003},{"color":50},{"type":71},{"text":3006,"type":45,"marks":3007}," when you can.",[3008],{"type":48,"attrs":3009},{"color":50},{"type":413,"content":3011},[3012],{"type":416,"content":3013},[3014],{"type":41,"content":3015},[3016,3022],{"text":3017,"type":45,"marks":3018},"Length of credit history (15%): ",[3019,3020],{"type":424},{"type":48,"attrs":3021},{"color":50},{"text":3023,"type":45,"marks":3024},"This is a measure of how long your credit accounts have been active. It considers both the average age of your accounts and the age of your oldest account. The longer your credit history, the stronger this portion of your score. ",[3025],{"type":48,"attrs":3026},{"color":50},{"type":413,"content":3028},[3029],{"type":416,"content":3030},[3031],{"type":41,"content":3032},[3033,3039],{"text":3034,"type":45,"marks":3035},"Credit mix (10%): ",[3036,3037],{"type":424},{"type":48,"attrs":3038},{"color":50},{"text":3040,"type":45,"marks":3041},"Credit scoring models assess the variety of credit accounts you have, including credit cards, installment loans, mortgages, and other types of credit. ",[3042],{"type":48,"attrs":3043},{"color":50},{"type":413,"content":3045},[3046],{"type":416,"content":3047},[3048],{"type":41,"content":3049},[3050,3056,3061,3070],{"text":3051,"type":45,"marks":3052},"New credit (10%): ",[3053,3054],{"type":424},{"type":48,"attrs":3055},{"color":50},{"text":3057,"type":45,"marks":3058},"Credit inquiries and newly opened credit accounts fall under this category. Opening multiple accounts in a short period can negatively affect your credit score. However, certain types of inquiries, like those related to ",[3059],{"type":48,"attrs":3060},{"color":50},{"text":3062,"type":45,"marks":3063},"rate shopping",[3064,3067,3069],{"type":62,"attrs":3065},{"href":3066,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.badcredit.org/how-to/how-rate-shopping-affects-your-credit-scores/",{"type":48,"attrs":3068},{"color":50},{"type":71},{"text":3071,"type":45,"marks":3072}," for a mortgage or auto loan, are treated differently. ",[3073],{"type":48,"attrs":3074},{"color":50},{"type":78,"attrs":3076,"content":3077},{"level":161},[3078],{"text":3079,"type":45,"marks":3080},"How can I build credit if I have bad or no credit?",[3081],{"type":48,"attrs":3082},{"color":50},{"type":41,"content":3084},[3085],{"text":3086,"type":45,"marks":3087},"Building credit when you have bad credit or no credit history can be challenging, but it’s possible with these strategic steps. ",[3088],{"type":48,"attrs":3089},{"color":50},{"type":413,"content":3091},[3092,3107,3122,3137,3160,3175,3190,3219],{"type":416,"content":3093},[3094],{"type":41,"content":3095},[3096,3102],{"text":3097,"type":45,"marks":3098},"Get a secured credit card: ",[3099,3100],{"type":424},{"type":48,"attrs":3101},{"color":50},{"text":3103,"type":45,"marks":3104},"These require a cash deposit. Responsible use establishes a positive credit history.",[3105],{"type":48,"attrs":3106},{"color":50},{"type":416,"content":3108},[3109],{"type":41,"content":3110},[3111,3117],{"text":3112,"type":45,"marks":3113},"Become an authorized user: ",[3114,3115],{"type":424},{"type":48,"attrs":3116},{"color":50},{"text":3118,"type":45,"marks":3119},"Ask someone with good credit if you can be an authorized user on their credit card account. Their positive history may reflect on your credit report. ",[3120],{"type":48,"attrs":3121},{"color":50},{"type":416,"content":3123},[3124],{"type":41,"content":3125},[3126,3132],{"text":3127,"type":45,"marks":3128},"Apply for a retail store credit card: ",[3129,3130],{"type":424},{"type":48,"attrs":3131},{"color":50},{"text":3133,"type":45,"marks":3134},"Obtain a new credit card with lenient approval terms. Make small purchases and pay the balance in full each month. ",[3135],{"type":48,"attrs":3136},{"color":50},{"type":416,"content":3138},[3139],{"type":41,"content":3140},[3141,3149,3155],{"text":3142,"type":45,"marks":3143},"Take out a credit builder loan",[3144,3146,3147],{"type":62,"attrs":3145},{"href":2636,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":424},{"type":48,"attrs":3148},{"color":50},{"text":3150,"type":45,"marks":3151},": ",[3152,3153],{"type":424},{"type":48,"attrs":3154},{"color":50},{"text":3156,"type":45,"marks":3157},"These secured loans require an initial deposit, but lenders start reporting your responsible repayment behavior to credit bureaus right away. ",[3158],{"type":48,"attrs":3159},{"color":50},{"type":416,"content":3161},[3162],{"type":41,"content":3163},[3164,3170],{"text":3165,"type":45,"marks":3166},"Sign up for rent reporting services: ",[3167,3168],{"type":424},{"type":48,"attrs":3169},{"color":50},{"text":3171,"type":45,"marks":3172},"Some services report rent payments to credit bureaus, helping you build credit. ",[3173],{"type":48,"attrs":3174},{"color":50},{"type":416,"content":3176},[3177],{"type":41,"content":3178},[3179,3185],{"text":3180,"type":45,"marks":3181},"Get a student credit card:",[3182,3183],{"type":424},{"type":48,"attrs":3184},{"color":50},{"text":3186,"type":45,"marks":3187}," These are one of the best credit card options for students, as they come with student-specific perks and manageable credit limits.",[3188],{"type":48,"attrs":3189},{"color":50},{"type":416,"content":3191},[3192],{"type":41,"content":3193},[3194,3200,3205,3214],{"text":3195,"type":45,"marks":3196},"Use a credit-boosting service: ",[3197,3198],{"type":424},{"type":48,"attrs":3199},{"color":50},{"text":3201,"type":45,"marks":3202},"Services like ",[3203],{"type":48,"attrs":3204},{"color":50},{"text":3206,"type":45,"marks":3207},"Experian Boost",[3208,3211,3213],{"type":62,"attrs":3209},{"href":3210,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.experian.com/consumer-products/score-boost.html?pc=sem_exp_google&cc=sem_exp_google_ad_1651407997_65972645920_379826966571_kwd-585063777506_e___k_Cj0KCQiAtaOtBhCwARIsAN_x-3JxBdllvyaXTtM6vhzDyr_SSZYf5X0qHzA6elCWxliFGNZ6eCd8ctYaAkAhEALw_wcB_k_&ref=brand&awsearchcpc=1&gad_source=1&gclid=Cj0KCQiAtaOtBhCwARIsAN_x-3JxBdllvyaXTtM6vhzDyr_SSZYf5X0qHzA6elCWxliFGNZ6eCd8ctYaAkAhEALw_wcB",{"type":48,"attrs":3212},{"color":50},{"type":71},{"text":3215,"type":45,"marks":3216}," will broaden the scope of payments credit bureaus consider when calculating your score. These could include regular bills or subscription services as well as credit card and loan payments.",[3217],{"type":48,"attrs":3218},{"color":50},{"type":416,"content":3220},[3221],{"type":41,"content":3222},[3223,3229,3234,3243,3248],{"text":3224,"type":45,"marks":3225},"Sign up for credit monitoring:",[3226,3227],{"type":424},{"type":48,"attrs":3228},{"color":50},{"text":3230,"type":45,"marks":3231}," Borrowers can sign up for ",[3232],{"type":48,"attrs":3233},{"color":50},{"text":3235,"type":45,"marks":3236},"credit monitoring services",[3237,3240,3242],{"type":62,"attrs":3238},{"href":3239,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-monitoring-service-en-1365/",{"type":48,"attrs":3241},{"color":50},{"type":71},{"text":3244,"type":45,"marks":3245},", which send out alerts whenever credit accounts are updated. This can help you keep better track of your credit over time.",[3246],{"type":48,"attrs":3247},{"color":50},{"text":3249,"type":45,"marks":3250}," ",[3251,3252],{"type":424},{"type":48,"attrs":3253},{"color":50},{"type":78,"attrs":3255,"content":3256},{"level":80},[3257],{"text":3258,"type":45,"marks":3259},"Get financial products customized to your needs",[3260],{"type":48,"attrs":3261},{"color":50},{"type":41,"content":3263},[3264],{"text":3265,"type":45,"marks":3266},"An excellent credit score can help you get approved for new lines of credit, qualify for better interest rates, and get closer to your personal finance goals. Some of the best ways to improve your score include lowering your credit utilization ratio or adding to your credit mix. ",[3267],{"type":48,"attrs":3268},{"color":50},{"type":41,"content":3270},[3271,3276,3283,3288,3295,3300,3306,3314],{"text":3272,"type":45,"marks":3273},"If you’re looking to take out a new loan or apply for a new credit card with a higher credit limit, consider shopping through Navient Marketplace. With Navient Marketplace, you can compare lenders",[3274],{"type":48,"attrs":3275},{"color":50},{"text":645,"type":45,"marks":3277},[3278,3280,3281],{"type":648,"attrs":3279},{"class":650},{"type":650},{"type":48,"attrs":3282},{"color":50},{"text":3284,"type":45,"marks":3285}," and credit card issuers",[3286],{"type":48,"attrs":3287},{"color":50},{"text":674,"type":45,"marks":3289},[3290,3292,3293],{"type":648,"attrs":3291},{"class":650},{"type":650},{"type":48,"attrs":3294},{"color":50},{"text":3296,"type":45,"marks":3297}," for free all in one place. Just enter a few details about yourself and",[3298],{"type":48,"attrs":3299},{"color":50},{"text":283,"type":45,"marks":3301},[3302,3304],{"type":62,"attrs":3303},{"href":772,"uuid":65,"anchor":65,"target":65,"linktype":67},{"type":48,"attrs":3305},{"color":50},{"text":3307,"type":45,"marks":3308},"get personalized results from lenders in seconds.",[3309,3311,3313],{"type":62,"attrs":3310},{"href":772,"uuid":65,"anchor":65,"target":65,"linktype":67},{"type":48,"attrs":3312},{"color":50},{"type":71},{"text":784,"type":45,"marks":3315},[3316],{"type":48,"attrs":3317},{"color":50},{"type":41,"content":3319},[3320],{"text":791,"type":45,"marks":3321},[3322,3324],{"type":648,"attrs":3323},{"class":795},{"type":48,"attrs":3325},{"color":50},{"type":41,"content":3327},[3328,3334],{"text":645,"type":45,"marks":3329},[3330,3332],{"type":648,"attrs":3331},{"class":650},{"type":48,"attrs":3333},{"color":50},{"text":2384,"type":45,"marks":3335},[3336,3338],{"type":648,"attrs":3337},{"class":795},{"type":48,"attrs":3339},{"color":50},{"type":41,"content":3341},[3342],{"text":828,"type":45,"marks":3343},[3344,3346],{"type":648,"attrs":3345},{"class":795},{"type":48,"attrs":3347},{"color":50},{"type":41,"content":3349},[3350,3356],{"text":674,"type":45,"marks":3351},[3352,3354],{"type":648,"attrs":3353},{"class":650},{"type":48,"attrs":3355},{"color":50},{"text":3357,"type":45,"marks":3358}," Navient has partnered with CardRatings for our credit card products. Navient and CardRatings may receive a commission from card issuers. Opinions. reviews, analyses & recommendations are Navient's alone, and have not been reviewed, endorsed or approved by any of these entities. ",[3359,3361],{"type":648,"attrs":3360},{"class":795},{"type":48,"attrs":3362},{"color":50},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798145\"}-->","https://www.marketplace.navient.com/blog/how-to-improve-credit-score/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798145\"}-->","how-to-improve-credit-score","navient_marketplace/blog/how-to-improve-credit-score",[],"a6f3c215-4f67-4646-92ec-c00c09579ae6",[],{"name":3372,"created_at":3373,"published_at":3374,"updated_at":3375,"id":3376,"uuid":3377,"content":3378,"slug":4333,"full_slug":4334,"sort_by_date":65,"position":841,"tag_list":4335,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":4336,"first_published_at":1808,"release_id":65,"lang":846,"path":4337,"alternates":4338,"default_full_slug":65,"translated_slugs":65},"9 Ways to Lower Debt-to-Income Ratio Fast","2025-04-07T18:30:00.642Z","2025-12-26T13:45:02.436Z","2025-12-26T13:45:02.470Z",651798144,"7380346d-c2f9-4ac6-89a3-c5300bf585a8",{"seo":3379,"_uid":20,"hero":3382,"author":30,"category":31,"featured":28,"imageAlt":18,"component":32,"blogContents":3388,"canonicalTag":4331,"publishedDate":1802,"_editable":4332},{"_uid":15,"title":3380,"plugin":17,"og_image":18,"og_title":18,"description":3381,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"9 Ways to Lower Debt-to-Income Ratio Fast | Navient Marketplace","Debt-to-income ratio (DTI) affects everything from credit score to loan approval. Here’s how to improve yours to get the best rates possible.",[3383],{"id":18,"_uid":23,"image":3384,"intro":3381,"classes":18,"_editable":3385,"blogTitle":3386,"component":26,"imageLink":3387,"blendImage":28,"backgroundColor":29},"//a.storyblok.com/f/110029/1600x1066/423b00f45a/how-to-lower-debt-to-income-ratio.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798144\"}-->","9 Ways to Lower Your Debt-to-Income Ratio Fast","/images/how-to-lower-debt-to-income-ratio.webp",[3389],{"_uid":35,"color":36,"richText":3390,"_editable":4330,"component":835},{"type":38,"content":3391},[3392,3400,3407,3414,3421,3429,3436,3444,3451,3459,3466,3473,3492,3500,3507,3539,3559,3567,3574,3582,3589,3597,3638,3645,3674,3681,3737,3744,3791,3798,3805,3831,3861,3887,3895,3915,3922,3939,3956,3963,3980,3997,4004,4011,4019,4026,4047,4054,4062,4069,4076,4084,4103,4121,4128,4135,4143,4150,4157,4165,4172,4179,4187,4194,4214,4221,4228,4235,4270,4278,4293,4307,4322],{"type":41,"content":3393},[3394],{"text":1835,"type":45,"marks":3395},[3396,3398],{"type":648,"attrs":3397},{"class":795},{"type":48,"attrs":3399},{"color":50},{"type":41,"content":3401},[3402],{"text":3403,"type":45,"marks":3404},"Your debt-to-income ratio is an important measure of your financial health — and one that can determine whether or not you qualify for new credit cards or loans. It tells lenders whether you can handle debt responsibly. ",[3405],{"type":48,"attrs":3406},{"color":50},{"type":41,"content":3408},[3409],{"text":3410,"type":45,"marks":3411},"It’s also an important component of your credit score. The lower your debt-to-income (DTI) ratio, the better your score. So, if you’re looking to refinance or apply for additional loans, you’ll need to check your DTI ratio first. ",[3412],{"type":48,"attrs":3413},{"color":50},{"type":41,"content":3415},[3416],{"text":3417,"type":45,"marks":3418},"Here’s what you need to know about debt-to-income ratio – what it is, where to find it, and how to lower it fast. ",[3419],{"type":48,"attrs":3420},{"color":50},{"type":78,"attrs":3422,"content":3423},{"level":80},[3424],{"text":3425,"type":45,"marks":3426},"What is debt-to-income ratio (DTI)?",[3427],{"type":48,"attrs":3428},{"color":50},{"type":41,"content":3430},[3431],{"text":3432,"type":45,"marks":3433},"Your debt-to-income ratio is a financial metric that measures the percentage of your monthly income that goes towards paying debts. It’s calculated by dividing your total monthly debt payments by your gross monthly income and then multiplying the result by 100. For example, if your monthly income is $5,000 and your monthly debt payments amount to $1500, your debt-to-income ratio is 30% (1,500/5,000). ",[3434],{"type":48,"attrs":3435},{"color":50},{"type":78,"attrs":3437,"content":3438},{"level":80},[3439],{"text":3440,"type":45,"marks":3441},"Why is DTI important?",[3442],{"type":48,"attrs":3443},{"color":50},{"type":41,"content":3445},[3446],{"text":3447,"type":45,"marks":3448},"Debt-to-income ratio is important because it gives lenders an idea of your ability to manage debt and make monthly payments on time. A high debt-to-income ratio indicates that a significant portion of your income is already allocated towards debt obligations. This can limit your financial flexibility, affect your ability to qualify for new loans or credit, and impact your overall financial stability.",[3449],{"type":48,"attrs":3450},{"color":50},{"type":78,"attrs":3452,"content":3453},{"level":80},[3454],{"text":3455,"type":45,"marks":3456},"What’s a good debt-to-income ratio?",[3457],{"type":48,"attrs":3458},{"color":50},{"type":41,"content":3460},[3461],{"text":3462,"type":45,"marks":3463},"A high DTI suggests that you may be strapped for cash. If you’re using a high proportion of your income to pay off creditors, you won’t look like a good candidate for new credit. ",[3464],{"type":48,"attrs":3465},{"color":50},{"type":41,"content":3467},[3468],{"text":3469,"type":45,"marks":3470},"In contrast, a low DTI makes you appear more creditworthy to lenders. That’s because a lower DTI ratio suggests that you have more disposable income available after meeting your debt obligations. It means you likely have the funds required to take on new lines of credit. ",[3471],{"type":48,"attrs":3472},{"color":50},{"type":41,"content":3474},[3475,3480,3487],{"text":3476,"type":45,"marks":3477},"Achieving a lower DTI can also positively impact your ",[3478],{"type":48,"attrs":3479},{"color":50},{"text":2572,"type":45,"marks":3481},[3482,3484,3486],{"type":62,"attrs":3483},{"href":2576,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":3485},{"color":50},{"type":71},{"text":3488,"type":45,"marks":3489},", another important financial metric. That’s because paying off debts will reduce the proportion of debt you have compared to your total available credit. A good debt-to-income ratio is typically considered to be below 36%.",[3490],{"type":48,"attrs":3491},{"color":50},{"type":78,"attrs":3493,"content":3494},{"level":161},[3495],{"text":3496,"type":45,"marks":3497},"Front-end versus back-end DTI",[3498],{"type":48,"attrs":3499},{"color":50},{"type":41,"content":3501},[3502],{"text":3503,"type":45,"marks":3504},"Front-end DTI and back-end DTI ratios are two components used to assess your financial health and borrowing capacity. ",[3505],{"type":48,"attrs":3506},{"color":50},{"type":413,"content":3508},[3509,3524],{"type":416,"content":3510},[3511],{"type":41,"content":3512},[3513,3519],{"text":3514,"type":45,"marks":3515},"The front-end ratio",[3516,3517],{"type":424},{"type":48,"attrs":3518},{"color":50},{"text":3520,"type":45,"marks":3521}," (also known as the housing ratio) focuses specifically on housing-related expenses. It includes the percentage of your income allocated to rent or monthly mortgage payments, property taxes, homeowners insurance, and, if applicable, homeowners association (HOA) fees.",[3522],{"type":48,"attrs":3523},{"color":50},{"type":416,"content":3525},[3526],{"type":41,"content":3527},[3528,3534],{"text":3529,"type":45,"marks":3530},"Back-end DTI ",[3531,3532],{"type":424},{"type":48,"attrs":3533},{"color":50},{"text":3535,"type":45,"marks":3536},"(also known as total DTI), on the other hand, considers all monthly debt obligations, including housing-related expenses like mortgage loans and rent payments. Car loans or auto loans, credit card balances, student loans, and any other outstanding debts are considered part of back-end DTI ",[3537],{"type":48,"attrs":3538},{"color":50},{"type":41,"content":3540},[3541,3546,3555],{"text":3542,"type":45,"marks":3543},"Lenders often use both front-end and back-end ratios when evaluating borrowers’ credit history. Many mortgage lenders look for a back-end DTI that’s 28% or lower for conventional home loans and 43% or lower for ",[3544],{"type":48,"attrs":3545},{"color":50},{"text":3547,"type":45,"marks":3548},"FHA loans",[3549,3552,3554],{"type":62,"attrs":3550},{"href":3551,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.hud.gov/buying/loans",{"type":48,"attrs":3553},{"color":50},{"type":71},{"text":784,"type":45,"marks":3556},[3557],{"type":48,"attrs":3558},{"color":50},{"type":78,"attrs":3560,"content":3561},{"level":80},[3562],{"text":3563,"type":45,"marks":3564},"How to lower your debt-to-income ratio",[3565],{"type":48,"attrs":3566},{"color":50},{"type":41,"content":3568},[3569],{"text":3570,"type":45,"marks":3571},"Here are some practical approaches to reduce your DTI ratio and improve your credit score.",[3572],{"type":48,"attrs":3573},{"color":50},{"type":78,"attrs":3575,"content":3576},{"level":161},[3577],{"text":3578,"type":45,"marks":3579},"1. Evaluate your debt",[3580],{"type":48,"attrs":3581},{"color":50},{"type":41,"content":3583},[3584],{"text":3585,"type":45,"marks":3586},"First, take a closer look at the total amount of debt you have. Then, for each debt, write down the interest rate, minimum payment, type of loan, and how much you still owe. This way, you have a solid baseline to start from. ",[3587],{"type":48,"attrs":3588},{"color":50},{"type":78,"attrs":3590,"content":3591},{"level":161},[3592],{"text":3593,"type":45,"marks":3594},"2. Try a budgeting model",[3595],{"type":48,"attrs":3596},{"color":50},{"type":41,"content":3598},[3599,3604,3613,3618,3627,3633],{"text":3600,"type":45,"marks":3601},"The goal of ",[3602],{"type":48,"attrs":3603},{"color":50},{"text":3605,"type":45,"marks":3606},"budgeting",[3607,3610,3612],{"type":62,"attrs":3608},{"href":3609,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/how-to-budget-when-youre-broke/",{"type":48,"attrs":3611},{"color":50},{"type":71},{"text":3614,"type":45,"marks":3615}," is not to restrict, but to empower. It’s about directing your money consciously toward your ",[3616],{"type":48,"attrs":3617},{"color":50},{"text":3619,"type":45,"marks":3620},"personal finance",[3621,3624,3626],{"type":62,"attrs":3622},{"href":3623,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/what-is-personal-finance/",{"type":48,"attrs":3625},{"color":50},{"type":71},{"text":645,"type":45,"marks":3628},[3629,3631],{"type":648,"attrs":3630},{"class":650},{"type":48,"attrs":3632},{"color":50},{"text":3634,"type":45,"marks":3635}," goals, whether that’s tackling debt, building savings, or putting together the down payment for a house. ",[3636],{"type":48,"attrs":3637},{"color":50},{"type":41,"content":3639},[3640],{"text":3641,"type":45,"marks":3642},"Start by writing down your regular sources of income, like… ",[3643],{"type":48,"attrs":3644},{"color":50},{"type":413,"content":3646},[3647,3656,3665],{"type":416,"content":3648},[3649],{"type":41,"content":3650},[3651],{"text":3652,"type":45,"marks":3653},"salary",[3654],{"type":48,"attrs":3655},{"color":50},{"type":416,"content":3657},[3658],{"type":41,"content":3659},[3660],{"text":3661,"type":45,"marks":3662},"passive income",[3663],{"type":48,"attrs":3664},{"color":50},{"type":416,"content":3666},[3667],{"type":41,"content":3668},[3669],{"text":3670,"type":45,"marks":3671},"side hustles",[3672],{"type":48,"attrs":3673},{"color":50},{"type":41,"content":3675},[3676],{"text":3677,"type":45,"marks":3678},"Then, list your fixed monthly expenses, like… ",[3679],{"type":48,"attrs":3680},{"color":50},{"type":413,"content":3682},[3683,3692,3701,3710,3719,3728],{"type":416,"content":3684},[3685],{"type":41,"content":3686},[3687],{"text":3688,"type":45,"marks":3689},"rent or mortgage payment",[3690],{"type":48,"attrs":3691},{"color":50},{"type":416,"content":3693},[3694],{"type":41,"content":3695},[3696],{"text":3697,"type":45,"marks":3698},"utilities",[3699],{"type":48,"attrs":3700},{"color":50},{"type":416,"content":3702},[3703],{"type":41,"content":3704},[3705],{"text":3706,"type":45,"marks":3707},"groceries",[3708],{"type":48,"attrs":3709},{"color":50},{"type":416,"content":3711},[3712],{"type":41,"content":3713},[3714],{"text":3715,"type":45,"marks":3716},"alimony",[3717],{"type":48,"attrs":3718},{"color":50},{"type":416,"content":3720},[3721],{"type":41,"content":3722},[3723],{"text":3724,"type":45,"marks":3725},"child support",[3726],{"type":48,"attrs":3727},{"color":50},{"type":416,"content":3729},[3730],{"type":41,"content":3731},[3732],{"text":3733,"type":45,"marks":3734},"transportation expenses ",[3735],{"type":48,"attrs":3736},{"color":50},{"type":41,"content":3738},[3739],{"text":3740,"type":45,"marks":3741},"Finally, add in variable expenses like… ",[3742],{"type":48,"attrs":3743},{"color":50},{"type":413,"content":3745},[3746,3755,3764,3773,3782],{"type":416,"content":3747},[3748],{"type":41,"content":3749},[3750],{"text":3751,"type":45,"marks":3752},"dining out",[3753],{"type":48,"attrs":3754},{"color":50},{"type":416,"content":3756},[3757],{"type":41,"content":3758},[3759],{"text":3760,"type":45,"marks":3761},"rideshares  ",[3762],{"type":48,"attrs":3763},{"color":50},{"type":416,"content":3765},[3766],{"type":41,"content":3767},[3768],{"text":3769,"type":45,"marks":3770},"streaming platforms ",[3771],{"type":48,"attrs":3772},{"color":50},{"type":416,"content":3774},[3775],{"type":41,"content":3776},[3777],{"text":3778,"type":45,"marks":3779},"subscription box services  ",[3780],{"type":48,"attrs":3781},{"color":50},{"type":416,"content":3783},[3784],{"type":41,"content":3785},[3786],{"text":3787,"type":45,"marks":3788},"paid apps",[3789],{"type":48,"attrs":3790},{"color":50},{"type":41,"content":3792},[3793],{"text":3794,"type":45,"marks":3795},"Next, turn a spotlight on where your money is going. Are there areas where you can trim expenses? Maybe it’s finding a cheaper phone plan, brewing your coffee at home, or cutting subscriptions. These steps can free up cash, which you can redirect toward debt repayment. ",[3796],{"type":48,"attrs":3797},{"color":50},{"type":41,"content":3799},[3800],{"text":3801,"type":45,"marks":3802},"Remember there is no one-size-fits-all approach to budgeting, so it’s worth exploring different models to see what works for you. Some popular budgeting methods include:",[3803],{"type":48,"attrs":3804},{"color":50},{"type":413,"content":3806},[3807],{"type":416,"content":3808},[3809],{"type":41,"content":3810},[3811,3817,3826],{"text":3812,"type":45,"marks":3813},"50/30/20: ",[3814,3815],{"type":424},{"type":48,"attrs":3816},{"color":50},{"text":3818,"type":45,"marks":3819},"This model",[3820,3823,3825],{"type":62,"attrs":3821},{"href":3822,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.khanacademy.org/college-careers-more/financial-literacy/xa6995ea67a8e9fdd:budgeting-and-saving/xa6995ea67a8e9fdd:budgeting/v/budgeting-and-the-503020-rule",{"type":48,"attrs":3824},{"color":50},{"type":71},{"text":3827,"type":45,"marks":3828}," suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. ",[3829],{"type":48,"attrs":3830},{"color":50},{"type":413,"content":3832},[3833],{"type":416,"content":3834},[3835],{"type":41,"content":3836},[3837,3843,3847,3856],{"text":3838,"type":45,"marks":3839},"Zero-based budgeting:",[3840,3841],{"type":424},{"type":48,"attrs":3842},{"color":50},{"text":283,"type":45,"marks":3844},[3845],{"type":48,"attrs":3846},{"color":50},{"text":3848,"type":45,"marks":3849},"Zero-based budgeting",[3850,3853,3855],{"type":62,"attrs":3851},{"href":3852,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.ramseysolutions.com/budgeting/how-to-make-a-zero-based-budget",{"type":48,"attrs":3854},{"color":50},{"type":71},{"text":3857,"type":45,"marks":3858}," assigns every dollar a specific purpose. Allocate your income to various categories, ensuring that your budget balances to zero. ",[3859],{"type":48,"attrs":3860},{"color":50},{"type":413,"content":3862},[3863],{"type":416,"content":3864},[3865],{"type":41,"content":3866},[3867,3873,3882],{"text":3868,"type":45,"marks":3869},"The envelope system: ",[3870,3871],{"type":424},{"type":48,"attrs":3872},{"color":50},{"text":3874,"type":45,"marks":3875},"This system",[3876,3879,3881],{"type":62,"attrs":3877},{"href":3878,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.debt.org/advice/dave-ramseys-envelope-system-explained/",{"type":48,"attrs":3880},{"color":50},{"type":71},{"text":3883,"type":45,"marks":3884}," involves designating spending categories and using physical envelopes to manage cash flow. This approach can be effective for those who prefer a tangible way to track their spending. ",[3885],{"type":48,"attrs":3886},{"color":50},{"type":78,"attrs":3888,"content":3889},{"level":161},[3890],{"text":3891,"type":45,"marks":3892},"3. Prioritize debt payments",[3893],{"type":48,"attrs":3894},{"color":50},{"type":41,"content":3896},[3897,3902,3910],{"text":3898,"type":45,"marks":3899},"If you want to lower your debt-to-income ratio, the most obvious way to start is by ",[3900],{"type":48,"attrs":3901},{"color":50},{"text":3903,"type":45,"marks":3904},"paying off your debt",[3905,3907,3909],{"type":62,"attrs":3906},{"href":1875,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":3908},{"color":50},{"type":71},{"text":3911,"type":45,"marks":3912},". Now that you’ve looked over your budget and found ways to cut expenses, consider which debt to allocate that extra income to. ",[3913],{"type":48,"attrs":3914},{"color":50},{"type":41,"content":3916},[3917],{"text":3918,"type":45,"marks":3919},"Two popular debt repayment strategies are the snowball method and the avalanche method. Both methods focus on making minimum payments on all your debts except for one, which you put all your extra income toward to pay off as quickly as possible. ",[3920],{"type":48,"attrs":3921},{"color":50},{"type":413,"content":3923},[3924],{"type":416,"content":3925},[3926],{"type":41,"content":3927},[3928,3934],{"text":3929,"type":45,"marks":3930},"With the snowball method,",[3931,3932],{"type":424},{"type":48,"attrs":3933},{"color":50},{"text":3935,"type":45,"marks":3936}," you pay off the smallest debt first and move up the ladder to the next smallest, then the next, and the next, until all your debt is gone. The snowball method does not take into account interest rate –– just the balance of each debt. ",[3937],{"type":48,"attrs":3938},{"color":50},{"type":413,"content":3940},[3941],{"type":416,"content":3942},[3943],{"type":41,"content":3944},[3945,3951],{"text":3946,"type":45,"marks":3947},"With the debt avalanche method",[3948,3949],{"type":424},{"type":48,"attrs":3950},{"color":50},{"text":3952,"type":45,"marks":3953},", you focus on paying off the debt with the highest interest rate first. Once that’s paid off, you move to the next highest interest rate, then the next, and the next, until all your debts are paid off. The debt avalanche method focuses only on interest rate, not balance. ",[3954],{"type":48,"attrs":3955},{"color":50},{"type":41,"content":3957},[3958],{"text":3959,"type":45,"marks":3960},"The method you choose is very much dependent the type of person you are: ",[3961],{"type":48,"attrs":3962},{"color":50},{"type":413,"content":3964},[3965],{"type":416,"content":3966},[3967],{"type":41,"content":3968},[3969,3975],{"text":3970,"type":45,"marks":3971},"The avalanche method",[3972,3973],{"type":424},{"type":48,"attrs":3974},{"color":50},{"text":3976,"type":45,"marks":3977}," is ideal for self-motivated people who want to save the most money possible, since this method will result in paying off the highest-interest debt which will cost more in the long run. ",[3978],{"type":48,"attrs":3979},{"color":50},{"type":413,"content":3981},[3982],{"type":416,"content":3983},[3984],{"type":41,"content":3985},[3986,3992],{"text":3987,"type":45,"marks":3988},"The debt snowball method",[3989,3990],{"type":424},{"type":48,"attrs":3991},{"color":50},{"text":3993,"type":45,"marks":3994}," is valuable for people who prefer the psychological benefit of quick wins. If you’re able to pay off a small credit card debt, for example, it can give you the motivation you need to move on to say, a car loan or a personal loan payment, and continue until all your debts are paid off. ",[3995],{"type":48,"attrs":3996},{"color":50},{"type":41,"content":3998},[3999],{"text":4000,"type":45,"marks":4001},"The debt avalanche method will save you the most money, but it can also be very difficult to stick with (if your loan with the largest interest rate has a large balance, it could be years before you pay off your first debt). ",[4002],{"type":48,"attrs":4003},{"color":50},{"type":41,"content":4005},[4006],{"text":4007,"type":45,"marks":4008},"The debt snowball method, on the other hand, won’t save you as much money on interest in the long run, but it’s much easier to stick to because of its emphasis on psychological quick wins. ",[4009],{"type":48,"attrs":4010},{"color":50},{"type":78,"attrs":4012,"content":4013},{"level":161},[4014],{"text":4015,"type":45,"marks":4016},"4. Boost your income",[4017],{"type":48,"attrs":4018},{"color":50},{"type":41,"content":4020},[4021],{"text":4022,"type":45,"marks":4023},"It’s great to request a promotion or secure a new job. However, that’s not always possible. Consider taking on a side gig, renting out equipment you already own, or selling crafts on Etsy. ",[4024],{"type":48,"attrs":4025},{"color":50},{"type":41,"content":4027},[4028,4033,4042],{"text":4029,"type":45,"marks":4030},"Remember that the income considered for DTI is typically ",[4031],{"type":48,"attrs":4032},{"color":50},{"text":4034,"type":45,"marks":4035},"gross income, not net income",[4036,4039,4041],{"type":62,"attrs":4037},{"href":4038,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.experian.com/blogs/ask-experian/gross-vs-net-income/",{"type":48,"attrs":4040},{"color":50},{"type":71},{"text":4043,"type":45,"marks":4044},". Making withdrawals from investment accounts may provide a temporary income boost — and in turn, a possible credit score boost. ",[4045],{"type":48,"attrs":4046},{"color":50},{"type":41,"content":4048},[4049],{"text":4050,"type":45,"marks":4051},"Additionally, taking fewer deductions on your taxes might increase your gross income, positively influencing your DTI ratio. However, these can be tricky decisions to make. Ensure they align with your overall financial well-being and goals before moving forward. ",[4052],{"type":48,"attrs":4053},{"color":50},{"type":78,"attrs":4055,"content":4056},{"level":161},[4057],{"text":4058,"type":45,"marks":4059},"5.Negotiate with creditors",[4060],{"type":48,"attrs":4061},{"color":50},{"type":41,"content":4063},[4064],{"text":4065,"type":45,"marks":4066},"Many creditors are willing to negotiate interest rates or lower payments if you’re struggling to pay your debts. This approach is particularly effective for medical bills, as healthcare providers often recognize how challenging unexpected medical expenses can be.",[4067],{"type":48,"attrs":4068},{"color":50},{"type":41,"content":4070},[4071],{"text":4072,"type":45,"marks":4073},"If you’re facing financial hardship, call your creditor and be transparent about your situation. Sharing your specific circumstances may lead to more personalized solutions. ",[4074],{"type":48,"attrs":4075},{"color":50},{"type":78,"attrs":4077,"content":4078},{"level":161},[4079],{"text":4080,"type":45,"marks":4081},"6. Consider refinancing ",[4082],{"type":48,"attrs":4083},{"color":50},{"type":41,"content":4085},[4086,4091,4098],{"text":4087,"type":45,"marks":4088},"If you have multiple high-interest debts, consider refinancing",[4089],{"type":48,"attrs":4090},{"color":50},{"text":645,"type":45,"marks":4092},[4093,4095,4096],{"type":648,"attrs":4094},{"class":650},{"type":650},{"type":48,"attrs":4097},{"color":50},{"text":4099,"type":45,"marks":4100},". With refinancing, a lender pays off your loans and issues you a single new loan in their place. ",[4101],{"type":48,"attrs":4102},{"color":50},{"type":41,"content":4104},[4105,4110,4117],{"text":4106,"type":45,"marks":4107},"This new loan will have a new interest rate, new terms, etc, and if you’re in a better financial situation than you were when you took out your original loans, you may be eligible for a lower interest rate, which could lower your monthly payment and/or save you a significant amount in interest over the life of the loan",[4108],{"type":48,"attrs":4109},{"color":50},{"text":674,"type":45,"marks":4111},[4112,4114,4115],{"type":648,"attrs":4113},{"class":650},{"type":650},{"type":48,"attrs":4116},{"color":50},{"text":682,"type":45,"marks":4118},[4119],{"type":48,"attrs":4120},{"color":50},{"type":41,"content":4122},[4123],{"text":4124,"type":45,"marks":4125},"When you refinance, you’ll also have the option to negotiate new terms, like a longer repayment term, which can lower your monthly payment and in turn your DTI.",[4126],{"type":48,"attrs":4127},{"color":50},{"type":41,"content":4129},[4130],{"text":4131,"type":45,"marks":4132},"Keep in mind, if you extend your repayment term, you will most likely spend more in interest over the life of the loan. However, this may be worth it to you if it lowers your DTI to a range that improves your eligibility for the line of credit you’re seeking. ",[4133],{"type":48,"attrs":4134},{"color":50},{"type":78,"attrs":4136,"content":4137},{"level":161},[4138],{"text":4139,"type":45,"marks":4140},"7. Avoid taking on new debt",[4141],{"type":48,"attrs":4142},{"color":50},{"type":41,"content":4144},[4145],{"text":4146,"type":45,"marks":4147},"Successfully paying off current debt can sometimes create a false sense of financial freedom. It’s important to view this achievement as a milestone in your journey rather than an invitation to revert to old spending habits. Maintaining discipline is key. ",[4148],{"type":48,"attrs":4149},{"color":50},{"type":41,"content":4151},[4152],{"text":4153,"type":45,"marks":4154},"Recognize potential triggers or temptations that might lead you to incur new debt. Whether it’s the allure of a sale, peer pressure, or the desire for instant gratification, understanding these factors empowers you to make mindful decisions and resist unnecessary spending. ",[4155],{"type":48,"attrs":4156},{"color":50},{"type":78,"attrs":4158,"content":4159},{"level":161},[4160],{"text":4161,"type":45,"marks":4162},"8. Build an emergency fund",[4163],{"type":48,"attrs":4164},{"color":50},{"type":41,"content":4166},[4167],{"text":4168,"type":45,"marks":4169},"An emergency fund provides a financial safety net. It’s a cushion against unexpected expenses that might otherwise push you toward relying on credit cards or loans. An emergency fund can help you weather unforeseen challenges without accumulating additional debt. ",[4170],{"type":48,"attrs":4171},{"color":50},{"type":41,"content":4173},[4174],{"text":4175,"type":45,"marks":4176},"Financial experts often recommend saving three to six months’ worth of living expenses as your emergency fund. This can provide a solid foundation to cover essential costs in case of job loss, medical emergencies, or other unexpected events. Adjustments may be necessary based on factors such as income stability, the nature of your expenses, and personal risk tolerance. ",[4177],{"type":48,"attrs":4178},{"color":50},{"type":78,"attrs":4180,"content":4181},{"level":161},[4182],{"text":4183,"type":45,"marks":4184},"9. Use windfalls wisely",[4185],{"type":48,"attrs":4186},{"color":50},{"type":41,"content":4188},[4189],{"text":4190,"type":45,"marks":4191},"Windfalls refer to unexpected or sudden financial gains that come your way. These can include bonuses, tax refunds, family inheritance, work-related incentives, or even lottery winnings. ",[4192],{"type":48,"attrs":4193},{"color":50},{"type":41,"content":4195},[4196,4201,4210],{"text":4197,"type":45,"marks":4198},"When you receive a windfall, resist the temptation to splurge on non-essential items. Instead, use the cash to reduce existing debts. This could involve paying down your mortgage, making additional credit card payments, or settling outstanding ",[4199],{"type":48,"attrs":4200},{"color":50},{"text":4202,"type":45,"marks":4203},"personal loans",[4204,4207,4209],{"type":62,"attrs":4205},{"href":4206,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/pros-and-cons-of-personal-loans/",{"type":48,"attrs":4208},{"color":50},{"type":71},{"text":682,"type":45,"marks":4211},[4212],{"type":48,"attrs":4213},{"color":50},{"type":78,"attrs":4215,"content":4216},{"level":80},[4217],{"text":3258,"type":45,"marks":4218},[4219],{"type":48,"attrs":4220},{"color":50},{"type":41,"content":4222},[4223],{"text":4224,"type":45,"marks":4225},"A higher DTI is a sign of financial instability. A lower DTI ratio, on the other hand, generally signals a healthy credit report. Low DTI is critical for qualifying for new credit cards and loans. ",[4226],{"type":48,"attrs":4227},{"color":50},{"type":41,"content":4229},[4230],{"text":4231,"type":45,"marks":4232},"Fortunately, different lenders assess DTI differently. If you’re looking to refinance, take out a new personal loan, or secure a balance transfer or debt consolidation loan, be sure to compare lender requirements before you apply. ",[4233],{"type":48,"attrs":4234},{"color":50},{"type":41,"content":4236},[4237,4242,4247,4252,4258,4266],{"text":4238,"type":45,"marks":4239},"One of the best ways to do that is through an online marketplace like Navient Marketplace. Navient Marketplace lets you compare dozens of lenders",[4240],{"type":48,"attrs":4241},{"color":50},{"text":705,"type":45,"marks":4243},[4244,4245],{"type":650},{"type":48,"attrs":4246},{"color":50},{"text":4248,"type":45,"marks":4249}," for free, all in one place. Just enter a few details about yourself and",[4250],{"type":48,"attrs":4251},{"color":50},{"text":283,"type":45,"marks":4253},[4254,4256],{"type":62,"attrs":4255},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":4257},{"color":50},{"text":4259,"type":45,"marks":4260},"get personalized results in seconds",[4261,4263,4265],{"type":62,"attrs":4262},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":4264},{"color":50},{"type":71},{"text":682,"type":45,"marks":4267},[4268],{"type":48,"attrs":4269},{"color":50},{"type":41,"content":4271},[4272],{"text":791,"type":45,"marks":4273},[4274,4276],{"type":648,"attrs":4275},{"class":795},{"type":48,"attrs":4277},{"color":50},{"type":41,"content":4279},[4280,4286],{"text":645,"type":45,"marks":4281},[4282,4284],{"type":648,"attrs":4283},{"class":650},{"type":48,"attrs":4285},{"color":50},{"text":4287,"type":45,"marks":4288}," You may lose benefits associated with your underlying federal and/or private loans if you refinance such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options. If you file for bankruptcy, you may still be required to pay back this loan.",[4289,4291],{"type":648,"attrs":4290},{"class":795},{"type":48,"attrs":4292},{"color":50},{"type":41,"content":4294},[4295,4301],{"text":674,"type":45,"marks":4296},[4297,4299],{"type":648,"attrs":4298},{"class":650},{"type":48,"attrs":4300},{"color":50},{"text":1794,"type":45,"marks":4302},[4303,4305],{"type":648,"attrs":4304},{"class":795},{"type":48,"attrs":4306},{"color":50},{"type":41,"content":4308},[4309,4315],{"text":705,"type":45,"marks":4310},[4311,4313],{"type":648,"attrs":4312},{"class":650},{"type":48,"attrs":4314},{"color":50},{"text":4316,"type":45,"marks":4317}," Navient customers are invited to consider personal loan offers through our partner MoneyLion. Navient has not shared your information with MoneyLion and is not involved in the personal loan application process in any manner.  All information is submitted directly to MoneyLion and any personal loan offers are made directly by participants in MoneyLion’s lending platform. Engine by MoneyLion is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[4318,4320],{"type":648,"attrs":4319},{"class":795},{"type":48,"attrs":4321},{"color":50},{"type":41,"content":4323},[4324],{"text":828,"type":45,"marks":4325},[4326,4328],{"type":648,"attrs":4327},{"class":795},{"type":48,"attrs":4329},{"color":50},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798144\"}-->","https://www.marketplace.navient.com/blog/how-to-lower-debt-to-income-ratio/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798144\"}-->","how-to-lower-debt-to-income-ratio","navient_marketplace/blog/how-to-lower-debt-to-income-ratio",[],"9ba191e6-11dd-4835-9fc7-929bbadcdef3","/how-to-lower-debt-to-income-ratio",[],{"name":4340,"created_at":4341,"published_at":4342,"updated_at":4343,"id":4344,"uuid":4345,"content":4346,"slug":5694,"full_slug":5695,"sort_by_date":65,"position":841,"tag_list":5696,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":5697,"first_published_at":1808,"release_id":65,"lang":846,"path":65,"alternates":5698,"default_full_slug":65,"translated_slugs":65},"9 Home Improvement Ideas to Increase the Value of Your Property","2025-04-07T18:29:58.764Z","2025-12-26T13:45:02.711Z","2025-12-26T13:45:02.750Z",651798143,"b9cd2f35-9559-4b23-a026-7448eff9d974",{"seo":4347,"_uid":20,"hero":4350,"author":30,"category":1827,"featured":28,"imageAlt":18,"component":32,"blogContents":4355,"canonicalTag":5691,"publishedDate":5692,"_editable":5693},{"_uid":15,"title":4348,"plugin":17,"og_image":18,"og_title":18,"description":4349,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"9 Home Improvement Ideas to Increase the Value of Your Property | Navient Marketplace","Considering home improvements? Here are 9 that will boost functionality, appearance, and overall value.",[4351],{"id":18,"_uid":23,"image":4352,"intro":4349,"classes":18,"_editable":4353,"blogTitle":4340,"component":26,"imageLink":4354,"blendImage":28,"backgroundColor":29},"//a.storyblok.com/f/110029/5472x3648/5c9e69f190/home-improvement-ideas-to-increase-value.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798143\"}-->","/images/home-improvement-ideas-to-increase-value.webp",[4356],{"_uid":35,"color":36,"richText":4357,"_editable":5690,"component":835},{"type":38,"content":4358},[4359,4367,4375,4382,4389,4396,4404,4411,4585,4592,4600,4607,4624,4641,4658,4675,4683,4690,4707,4724,4741,4758,4775,4783,4804,4835,4852,4869,4886,4917,4925,4932,4949,4966,4983,5000,5007,5015,5036,5053,5070,5087,5104,5121,5128,5136,5143,5160,5191,5208,5225,5242,5249,5257,5264,5281,5298,5329,5346,5363,5371,5378,5395,5412,5429,5446,5454,5461,5491,5521,5552,5588,5605,5613,5620,5645,5653,5668,5676],{"type":41,"content":4360},[4361],{"text":1835,"type":45,"marks":4362},[4363,4365],{"type":648,"attrs":4364},{"class":795},{"type":48,"attrs":4366},{"color":50},{"type":78,"attrs":4368,"content":4370},{"level":4369},1,[4371],{"text":4340,"type":45,"marks":4372},[4373],{"type":48,"attrs":4374},{"color":50},{"type":41,"content":4376},[4377],{"text":4378,"type":45,"marks":4379},"Exploring ways to boost your property’s value through strategic home renovations is a wise move. ",[4380],{"type":48,"attrs":4381},{"color":50},{"type":41,"content":4383},[4384],{"text":4385,"type":45,"marks":4386},"Why invest in these upgrades? It’s not just about the potential profits and return on investment when selling. A well-cared-for home decreases your maintenance costs and increases your overall financial security. ",[4387],{"type":48,"attrs":4388},{"color":50},{"type":41,"content":4390},[4391],{"text":4392,"type":45,"marks":4393},"Plus, there’s the immediate benefit of enjoying a more comfortable and aesthetically pleasing living space. Here are some practical home improvement ideas to increase the value of your property that will pay off both now and in the long term. ",[4394],{"type":48,"attrs":4395},{"color":50},{"type":78,"attrs":4397,"content":4398},{"level":80},[4399],{"text":4400,"type":45,"marks":4401},"1. Kitchen remodel",[4402],{"type":48,"attrs":4403},{"color":50},{"type":41,"content":4405},[4406],{"text":4407,"type":45,"marks":4408},"The kitchen is often considered the heart of the home, and it’s consistently a focal point for potential buyers. Breathe new life into your kitchen and increase its appeal by: ",[4409],{"type":48,"attrs":4410},{"color":50},{"type":413,"content":4412},[4413,4442,4485,4514,4546,4570],{"type":416,"content":4414},[4415],{"type":41,"content":4416},[4417,4423,4428,4437],{"text":4418,"type":45,"marks":4419},"Upgrade to high-quality countertops",[4420,4421],{"type":424},{"type":48,"attrs":4422},{"color":50},{"text":4424,"type":45,"marks":4425},": Investing in",[4426],{"type":48,"attrs":4427},{"color":50},{"text":4429,"type":45,"marks":4430}," durable and visually appealing countertops",[4431,4434,4436],{"type":62,"attrs":4432},{"href":4433,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.bobvila.com/articles/best-countertop-material/",{"type":48,"attrs":4435},{"color":50},{"type":71},{"text":4438,"type":45,"marks":4439},", such as granite, quartz, or marble, can instantly elevate the look and feel of your kitchen. These materials are not only aesthetically pleasing but also durable and long-lasting, making them attractive to potential buyers.",[4440],{"type":48,"attrs":4441},{"color":50},{"type":416,"content":4443},[4444],{"type":41,"content":4445},[4446,4452,4457,4466,4471,4480],{"text":4447,"type":45,"marks":4448},"Modernize cabinets: ",[4449,4450],{"type":424},{"type":48,"attrs":4451},{"color":50},{"text":4453,"type":45,"marks":4454},"Consider",[4455],{"type":48,"attrs":4456},{"color":50},{"text":4458,"type":45,"marks":4459}," refacing or replacing outdated cabinets",[4460,4463,4465],{"type":62,"attrs":4461},{"href":4462,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.thisoldhouse.com/kitchens/21017763/10-ways-to-update-kitchen-cabinets",{"type":48,"attrs":4464},{"color":50},{"type":71},{"text":4467,"type":45,"marks":4468}," with modern, stylish options. Opt for quality materials and refinishes that complement the overall design of your kitchen. Additionally, installing features like",[4469],{"type":48,"attrs":4470},{"color":50},{"text":4472,"type":45,"marks":4473}," soft-close hinges",[4474,4477,4479],{"type":62,"attrs":4475},{"href":4476,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.cabinetdoors.com/blog/the-difference-between-softclose-and-selfclose-hinges/",{"type":48,"attrs":4478},{"color":50},{"type":71},{"text":4481,"type":45,"marks":4482}," and organizers can enhance functionality and appeal to buyers.",[4483],{"type":48,"attrs":4484},{"color":50},{"type":416,"content":4486},[4487],{"type":41,"content":4488},[4489,4495,4500,4509],{"text":4490,"type":45,"marks":4491},"Update appliances: ",[4492,4493],{"type":424},{"type":48,"attrs":4494},{"color":50},{"text":4496,"type":45,"marks":4497},"Upgrading to energy-efficient, stainless steel appliances can not only improve the aesthetics of your kitchen but also attract eco-conscious buyers. Choose appliances with modern features and finishes",[4498],{"type":48,"attrs":4499},{"color":50},{"text":4501,"type":45,"marks":4502}," that align with current trends",[4503,4506,4508],{"type":62,"attrs":4504},{"href":4505,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.marthastewart.com/8331810/outdated-kitchen-appliance-trends",{"type":48,"attrs":4507},{"color":50},{"type":71},{"text":4510,"type":45,"marks":4511}," and enhance the overall appeal of the space.",[4512],{"type":48,"attrs":4513},{"color":50},{"type":416,"content":4515},[4516],{"type":41,"content":4517},[4518,4524,4533,4541],{"text":4519,"type":45,"marks":4520},"Enhance lighting:",[4521,4522],{"type":424},{"type":48,"attrs":4523},{"color":50},{"text":283,"type":45,"marks":4525},[4526,4529,4530,4532],{"type":62,"attrs":4527},{"href":4528,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.mcclurgteam.com/blog/design-ideas-8-types-of-kitchen-light-fixtures",{"type":424},{"type":48,"attrs":4531},{"color":50},{"type":71},{"text":4534,"type":45,"marks":4535},"Adequate lighting in the kitchen",[4536,4538,4540],{"type":62,"attrs":4537},{"href":4528,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":4539},{"color":50},{"type":71},{"text":4542,"type":45,"marks":4543}," is essential, both for functionality and aesthetics. Consider installing task lighting under cabinets, pendant lights over islands or breakfast bars, and recessed lighting for overall illumination. Adding dimmer switches can provide flexibility and create ambiance.",[4544],{"type":48,"attrs":4545},{"color":50},{"type":416,"content":4547},[4548],{"type":41,"content":4549},[4550,4556,4565],{"text":4551,"type":45,"marks":4552},"Install a stylish backsplash:",[4553,4554],{"type":424},{"type":48,"attrs":4555},{"color":50},{"text":4557,"type":45,"marks":4558}," A visually appealing backsplash",[4559,4562,4564],{"type":62,"attrs":4560},{"href":4561,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://tilestonesource.com/stone-source-academy/7-designer-tips-to-choosing-a-backsplash-kitchen-wall-tile/",{"type":48,"attrs":4563},{"color":50},{"type":71},{"text":4566,"type":45,"marks":4567}," can add personality and charm to your kitchen while also protecting the walls from splashes and spills. Choose a durable and easy-to-clean material, like subway tile, glass mosaic, or natural stone, in a design that complements your kitchen's style. This is a minor kitchen remodel or DIY project, but can be a massive selling point. You can find ideas for how to do this on realtors’ websites and remodeling magazines. ",[4568],{"type":48,"attrs":4569},{"color":50},{"type":416,"content":4571},[4572],{"type":41,"content":4573},[4574,4580],{"text":4575,"type":45,"marks":4576},"Update fixtures and hardware:",[4577,4578],{"type":424},{"type":48,"attrs":4579},{"color":50},{"text":4581,"type":45,"marks":4582}," Replace outdated faucets, sinks, and cabinet hardware with modern, stylish options that complement the overall design of your kitchen. Pay attention to finishes and choose cohesive hardware throughout the space for a polished look.",[4583],{"type":48,"attrs":4584},{"color":50},{"type":41,"content":4586},[4587],{"text":4588,"type":45,"marks":4589},"Aim for a balance between functionality, aesthetics, and quality to get the most value when you resell, in order to easily recoup your investment.",[4590],{"type":48,"attrs":4591},{"color":50},{"type":78,"attrs":4593,"content":4594},{"level":80},[4595],{"text":4596,"type":45,"marks":4597},"2. Bathroom remodel",[4598],{"type":48,"attrs":4599},{"color":50},{"type":41,"content":4601},[4602],{"text":4603,"type":45,"marks":4604},"Similar to the kitchen, bathrooms play a pivotal role in shaping a home's value and appeal. A well-designed bathroom with modern amenities can add value to your property. Here are some bathroom remodels that can have a big impact and add the most resale value to your home:",[4605],{"type":48,"attrs":4606},{"color":50},{"type":413,"content":4608},[4609],{"type":416,"content":4610},[4611],{"type":41,"content":4612},[4613,4619],{"text":4614,"type":45,"marks":4615},"Modernize fixtures: ",[4616,4617],{"type":424},{"type":48,"attrs":4618},{"color":50},{"text":4620,"type":45,"marks":4621},"Upgrading fixtures like faucets, sinks, showerheads, and toilets can instantly refresh the look and feel of your bathroom. Choose stylish and high-quality fixtures that complement the overall design and provide improved functionality. Features like water-saving faucets and low-flow toilets are also attractive to eco-conscious buyers.",[4622],{"type":48,"attrs":4623},{"color":50},{"type":413,"content":4625},[4626],{"type":416,"content":4627},[4628],{"type":41,"content":4629},[4630,4636],{"text":4631,"type":45,"marks":4632},"Update tile work",[4633,4634],{"type":424},{"type":48,"attrs":4635},{"color":50},{"text":4637,"type":45,"marks":4638},": Refreshing or replacing tile work in the bathroom can have a dramatic impact on its appearance. Consider updating the flooring, shower surround, or backsplash with modern and durable tile options such as porcelain, ceramic, or natural stone. Choose colors and patterns that complement the overall design and style of the bathroom.",[4639],{"type":48,"attrs":4640},{"color":50},{"type":413,"content":4642},[4643],{"type":416,"content":4644},[4645],{"type":41,"content":4646},[4647,4653],{"text":4648,"type":45,"marks":4649},"Upgrade shower or tub",[4650,4651],{"type":424},{"type":48,"attrs":4652},{"color":50},{"text":4654,"type":45,"marks":4655},": Upgrading the shower or bathtub can significantly improve the functionality of your bathroom. Some popular upgrades include walk-in showers with features like a rainfall showerhead, handheld shower wand, and built-in seating. Alternatively, if space allows, consider adding a freestanding bathtub or a jetted tub for added luxury.",[4656],{"type":48,"attrs":4657},{"color":50},{"type":413,"content":4659},[4660],{"type":416,"content":4661},[4662],{"type":41,"content":4663},[4664,4670],{"text":4665,"type":45,"marks":4666},"Enhance ventilation:",[4667,4668],{"type":424},{"type":48,"attrs":4669},{"color":50},{"text":4671,"type":45,"marks":4672}," An upgrade to your bathroom ventilation might sound boring, but it’s crucial to prevent mold, mildew, and moisture damage. Consider upgrading the ventilation system with a quiet and efficient exhaust fan or installing a humidity sensor that automatically activates the fan when moisture levels rise. Improved ventilation can help maintain a healthy indoor environment and preserve the integrity of your bathroom.",[4673],{"type":48,"attrs":4674},{"color":50},{"type":78,"attrs":4676,"content":4677},{"level":80},[4678],{"text":4679,"type":45,"marks":4680},"3. Curb appeal upgrades ",[4681],{"type":48,"attrs":4682},{"color":50},{"type":41,"content":4684},[4685],{"text":4686,"type":45,"marks":4687},"A kitchen and bathroom remodel might wow potential homebuyers, but it’s the curb appeal upgrades that get them in the door. First impressions matter, and the exterior of your home sets the tone for potential buyers. Here are a few ways to boost your curb appeal: ",[4688],{"type":48,"attrs":4689},{"color":50},{"type":413,"content":4691},[4692],{"type":416,"content":4693},[4694],{"type":41,"content":4695},[4696,4702],{"text":4697,"type":45,"marks":4698},"Landscape",[4699,4700],{"type":424},{"type":48,"attrs":4701},{"color":50},{"text":4703,"type":45,"marks":4704},": Planting colorful flowers, shrubs, and trees can add dimension and interest to your yard. Consider adding mulch, edging, and decorative rocks to create defined borders and pathways. ",[4705],{"type":48,"attrs":4706},{"color":50},{"type":413,"content":4708},[4709],{"type":416,"content":4710},[4711],{"type":41,"content":4712},[4713,4719],{"text":4714,"type":45,"marks":4715},"Repaint the exterior:",[4716,4717],{"type":424},{"type":48,"attrs":4718},{"color":50},{"text":4720,"type":45,"marks":4721}," Freshening up the paint can significantly improve the appearance of your home’s exterior. Choose a neutral color scheme that complements the architectural style of your home and blends well with the surrounding landscape. Pay attention to details: trim, shutters, and doors, and consider adding accents or contrasting colors to highlight architectural features.",[4722],{"type":48,"attrs":4723},{"color":50},{"type":413,"content":4725},[4726],{"type":416,"content":4727},[4728],{"type":41,"content":4729},[4730,4736],{"text":4731,"type":45,"marks":4732},"Upgrade your front door",[4733,4734],{"type":424},{"type":48,"attrs":4735},{"color":50},{"text":4737,"type":45,"marks":4738},": The entry door is a focal point of your home's exterior, and even a small update like a fresh coat of paint can do big things for its appearance. If you want to take it a step further, consider upgrading to higher-quality materials like wood, fiberglass, or steel, and consider adding decorative features such as sidelights, transoms, or decorative glass inserts. Also consider a garage door replacement. ",[4739],{"type":48,"attrs":4740},{"color":50},{"type":413,"content":4742},[4743],{"type":416,"content":4744},[4745],{"type":41,"content":4746},[4747,4753],{"text":4748,"type":45,"marks":4749},"Outdoor Lighting:",[4750,4751],{"type":424},{"type":48,"attrs":4752},{"color":50},{"text":4754,"type":45,"marks":4755}," Adding outdoor light fixtures can enhance both the beauty and safety of your home's exterior. Install pathway lighting along walkways, accent lights to highlight landscaping features, and porch lights to illuminate the entryway. For added security and convenience, you also might consider installing motion sensor lights.",[4756],{"type":48,"attrs":4757},{"color":50},{"type":413,"content":4759},[4760],{"type":416,"content":4761},[4762],{"type":41,"content":4763},[4764,4770],{"text":4765,"type":45,"marks":4766},"Driveway and walkway upgrades:",[4767,4768],{"type":424},{"type":48,"attrs":4769},{"color":50},{"text":4771,"type":45,"marks":4772}," Repairing or replacing your driveway and walkways can improve the overall appearance and functionality of your real estate property. Consider options like stamped concrete, pavers, or natural stone for a durable and visually appealing surface. Ensure proper drainage to prevent water pooling and erosion, and consider adding edging or borders for a polished look.",[4773],{"type":48,"attrs":4774},{"color":50},{"type":78,"attrs":4776,"content":4777},{"level":80},[4778],{"text":4779,"type":45,"marks":4780},"4. Energy-efficient upgrades",[4781],{"type":48,"attrs":4782},{"color":50},{"type":41,"content":4784},[4785,4790,4799],{"text":4786,"type":45,"marks":4787},"Embracing energy-efficient upgrades not only aligns with contemporary ",[4788],{"type":48,"attrs":4789},{"color":50},{"text":4791,"type":45,"marks":4792},"environmental consciousness",[4793,4796,4798],{"type":62,"attrs":4794},{"href":4795,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.energy.gov/energysaver/why-energy-efficiency-upgrades",{"type":48,"attrs":4797},{"color":50},{"type":71},{"text":4800,"type":45,"marks":4801}," but also significantly enhances the overall appeal and functionality of your home. Homebuyers, increasingly mindful of sustainability, often prioritize properties with energy-efficient features. Some key areas to consider when incorporating energy efficiency into your home include: ",[4802],{"type":48,"attrs":4803},{"color":50},{"type":413,"content":4805},[4806],{"type":416,"content":4807},[4808],{"type":41,"content":4809},[4810,4816,4821,4830],{"text":4811,"type":45,"marks":4812},"Energy-efficient windows: ",[4813,4814],{"type":424},{"type":48,"attrs":4815},{"color":50},{"text":4817,"type":45,"marks":4818},"Upgrading to ",[4819],{"type":48,"attrs":4820},{"color":50},{"text":4822,"type":45,"marks":4823},"new windows",[4824,4827,4829],{"type":62,"attrs":4825},{"href":4826,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.energy.gov/energysaver/update-or-replace-windows",{"type":48,"attrs":4828},{"color":50},{"type":71},{"text":4831,"type":45,"marks":4832}," not only enhances insulation but also helps regulate indoor temperatures. This can result in lower heating and cooling costs while providing improved comfort and noise reduction. ",[4833],{"type":48,"attrs":4834},{"color":50},{"type":413,"content":4836},[4837],{"type":416,"content":4838},[4839],{"type":41,"content":4840},[4841,4847],{"text":4842,"type":45,"marks":4843},"Programmable thermostat installation:",[4844,4845],{"type":424},{"type":48,"attrs":4846},{"color":50},{"text":4848,"type":45,"marks":4849}," Installing a programmable thermostat allows for precise control over your home’s temperature, optimizing energy usage. This thoughtful addition not only contributes to cost savings but also reflects a commitment to modern, eco-friendly living. ",[4850],{"type":48,"attrs":4851},{"color":50},{"type":413,"content":4853},[4854],{"type":416,"content":4855},[4856],{"type":41,"content":4857},[4858,4864],{"text":4859,"type":45,"marks":4860},"Enhanced insulation: ",[4861,4862],{"type":424},{"type":48,"attrs":4863},{"color":50},{"text":4865,"type":45,"marks":4866},"Adequate insulation is a fundamental aspect of energy efficiency. Adding insulation to walls, attics, and crawl spaces helps maintain a consistent indoor temperature, reducing the reliance on heating and cooling systems and ultimately lowering energy consumption. ",[4867],{"type":48,"attrs":4868},{"color":50},{"type":413,"content":4870},[4871],{"type":416,"content":4872},[4873],{"type":41,"content":4874},[4875,4881],{"text":4876,"type":45,"marks":4877},"Roof maintenance: ",[4878,4879],{"type":424},{"type":48,"attrs":4880},{"color":50},{"text":4882,"type":45,"marks":4883},"Regular roof maintenance is crucial for preserving energy efficiency. Ensuring your roof is in good condition prevents energy loss and potential water damage, contributing to a sustainable and resilient home. ",[4884],{"type":48,"attrs":4885},{"color":50},{"type":413,"content":4887},[4888],{"type":416,"content":4889},[4890],{"type":41,"content":4891},[4892,4898,4903,4912],{"text":4893,"type":45,"marks":4894},"Investing in energy-efficient appliances: ",[4895,4896],{"type":424},{"type":48,"attrs":4897},{"color":50},{"text":4899,"type":45,"marks":4900},"Upgrading to energy-efficient appliances, such as ",[4901],{"type":48,"attrs":4902},{"color":50},{"text":4904,"type":45,"marks":4905},"ENERGY STAR-rated products",[4906,4909,4911],{"type":62,"attrs":4907},{"href":4908,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.energystar.gov/",{"type":48,"attrs":4910},{"color":50},{"type":71},{"text":4913,"type":45,"marks":4914},", not only reduces your utility costs but also appeals to eco-conscious homebuyers. These appliances are designed to consume less energy without compromising performance, making them an attractive investment for both financial and environmental reasons. ",[4915],{"type":48,"attrs":4916},{"color":50},{"type":78,"attrs":4918,"content":4919},{"level":80},[4920],{"text":4921,"type":45,"marks":4922},"5. Finished basement or attic conversion",[4923],{"type":48,"attrs":4924},{"color":50},{"type":41,"content":4926},[4927],{"text":4928,"type":45,"marks":4929},"Unused basements or attics are versatile spaces that can be reimagined and repurposed to cater to various needs and preferences, contributing not only to the functionality of your living space but also enhancing its market appeal. Consider the following possibilities when contemplating the conversion of your basement or attic: ",[4930],{"type":48,"attrs":4931},{"color":50},{"type":413,"content":4933},[4934],{"type":416,"content":4935},[4936],{"type":41,"content":4937},[4938,4944],{"text":4939,"type":45,"marks":4940},"Home office: ",[4941,4942],{"type":424},{"type":48,"attrs":4943},{"color":50},{"text":4945,"type":45,"marks":4946},"Transforming your basement or attic into a dedicated home office provides a secluded and focused workspace. With the rise of remote work, a thoughtfully designed home office can add significant value to your property by catering to the demands of a contemporary lifestyle. ",[4947],{"type":48,"attrs":4948},{"color":50},{"type":413,"content":4950},[4951],{"type":416,"content":4952},[4953],{"type":41,"content":4954},[4955,4961],{"text":4956,"type":45,"marks":4957},"Guest suite: ",[4958,4959],{"type":424},{"type":48,"attrs":4960},{"color":50},{"text":4962,"type":45,"marks":4963},"Converting the space into a comfortable guest suite offers a welcoming retreat for visitors. Equipping it with a private bathroom and cozy amenities not only provides convenience for guests but also adds a touch of luxury to your home, increasing its overall desirability.",[4964],{"type":48,"attrs":4965},{"color":50},{"type":413,"content":4967},[4968],{"type":416,"content":4969},[4970],{"type":41,"content":4971},[4972,4978],{"text":4973,"type":45,"marks":4974},"Entertainment room: ",[4975,4976],{"type":424},{"type":48,"attrs":4977},{"color":50},{"text":4979,"type":45,"marks":4980},"Whether it’s a home theater, gaming room, or a multifunctional space for family gatherings, this conversion adds an element of entertainment and relaxation to your home, allowing for a designated space to unwind and enjoy leisure activities. ",[4981],{"type":48,"attrs":4982},{"color":50},{"type":413,"content":4984},[4985],{"type":416,"content":4986},[4987],{"type":41,"content":4988},[4989,4995],{"text":4990,"type":45,"marks":4991},"Fitness area: ",[4992,4993],{"type":424},{"type":48,"attrs":4994},{"color":50},{"text":4996,"type":45,"marks":4997},"Whether it’s a home gym, yoga studio, or workout space, converting your basement or attic into a fitness haven not only enhances your lifestyles but also appeals to health-conscious buyers. ",[4998],{"type":48,"attrs":4999},{"color":50},{"type":41,"content":5001},[5002],{"text":5003,"type":45,"marks":5004},"Each of these conversion options contributes to the adaptability and allure of your home, catering to a diverse range of preferences and lifestyles. You not only expand your living area but also increase home value, making it a more enticing and functional space for both current and future residents. ",[5005],{"type":48,"attrs":5006},{"color":50},{"type":78,"attrs":5008,"content":5009},{"level":80},[5010],{"text":5011,"type":45,"marks":5012},"6. Deck or patio addition",[5013],{"type":48,"attrs":5014},{"color":50},{"type":41,"content":5016},[5017,5022,5031],{"text":5018,"type":45,"marks":5019},"The addition of a deck, patio, or outdoor kitchen goes beyond mere aesthetics, promising an ",[5020],{"type":48,"attrs":5021},{"color":50},{"text":5023,"type":45,"marks":5024},"extension of your living space",[5025,5028,5030],{"type":62,"attrs":5026},{"href":5027,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.bhg.com/home-improvement/exteriors/curb-appeal/outdoor-updates-that-add-home-value/",{"type":48,"attrs":5029},{"color":50},{"type":71},{"text":5032,"type":45,"marks":5033}," and a heightened appreciation of your property. When considering such an enhancement, several key options come into play:",[5034],{"type":48,"attrs":5035},{"color":50},{"type":413,"content":5037},[5038],{"type":416,"content":5039},[5040],{"type":41,"content":5041},[5042,5048],{"text":5043,"type":45,"marks":5044},"Expanding living space: ",[5045,5046],{"type":424},{"type":48,"attrs":5047},{"color":50},{"text":5049,"type":45,"marks":5050},"A well-designed deck, patio, or outdoor kitchen provides a seamless transition between indoor and outdoor living. This expansion of living space becomes a versatile canvas for various activities, from leisurely family gatherings to alfresco dining and entertaining. ",[5051],{"type":48,"attrs":5052},{"color":50},{"type":413,"content":5054},[5055],{"type":416,"content":5056},[5057],{"type":41,"content":5058},[5059,5065],{"text":5060,"type":45,"marks":5061},"Durable materials: ",[5062,5063],{"type":424},{"type":48,"attrs":5064},{"color":50},{"text":5066,"type":45,"marks":5067},"Opting for durable materials is paramount in ensuring the longevity and resilience of your outdoor addition. Materials such as composite decking or natural stone for patios not only withstand the elements but also require minimal maintenance, preserving the aesthetic appeal of your outdoor space over time. ",[5068],{"type":48,"attrs":5069},{"color":50},{"type":413,"content":5071},[5072],{"type":416,"content":5073},[5074],{"type":41,"content":5075},[5076,5082],{"text":5077,"type":45,"marks":5078},"Landscaping integration: ",[5079,5080],{"type":424},{"type":48,"attrs":5081},{"color":50},{"text":5083,"type":45,"marks":5084},"Incorporating landscaping elements is a good way to merge your outdoor living space with the natural surroundings. Strategically placed plants, trees, or even a well-designed garden can enhance the ambiance, providing a sense of tranquility and connection to nature. ",[5085],{"type":48,"attrs":5086},{"color":50},{"type":413,"content":5088},[5089],{"type":416,"content":5090},[5091],{"type":41,"content":5092},[5093,5099],{"text":5094,"type":45,"marks":5095},"Built-in features: ",[5096,5097],{"type":424},{"type":48,"attrs":5098},{"color":50},{"text":5100,"type":45,"marks":5101},"Consider incorporating built-in features like seating areas, fire pits, or outdoor kitchens to elevate the functionality and visual appeal of your outdoor space. These elements add convenience and create a cohesive and well-designed environment for relaxation and entertainment. ",[5102],{"type":48,"attrs":5103},{"color":50},{"type":413,"content":5105},[5106],{"type":416,"content":5107},[5108],{"type":41,"content":5109},[5110,5116],{"text":5111,"type":45,"marks":5112},"Outdoor kitchen considerations:",[5113,5114],{"type":424},{"type":48,"attrs":5115},{"color":50},{"text":5117,"type":45,"marks":5118}," If an outdoor kitchen is part of your vision, think about practical elements such as durable countertops, weather-resistant appliances, and adequate storage. This addition can redefine your outdoor experience, turning it into a culinary haven for gatherings and celebrations.",[5119],{"type":48,"attrs":5120},{"color":50},{"type":41,"content":5122},[5123],{"text":5124,"type":45,"marks":5125},"In essence, the addition of a deck, patio, or outdoor kitchen is an investment that seamlessly blends aesthetics and functionality. As an integral part of your home, this outdoor oasis becomes a focal point for relaxation, entertainment, and the appreciation of natural surroundings. It’s important to note that swimming pools can be high-end investments that don’t necessarily add much to the average cost per square footage. ",[5126],{"type":48,"attrs":5127},{"color":50},{"type":78,"attrs":5129,"content":5130},{"level":80},[5131],{"text":5132,"type":45,"marks":5133},"7. Smart home technology integration",[5134],{"type":48,"attrs":5135},{"color":50},{"type":41,"content":5137},[5138],{"text":5139,"type":45,"marks":5140},"Integrating smart home technology into your living space goes beyond mere convenience; it revolutionizes the way you interact with and experience your home. The incorporation of intelligent devices not only enhances comfort but also contributes to a more efficient, secure, and personalized living environment. When contemplating the integration of smart home technology, consider the following key aspects: ",[5141],{"type":48,"attrs":5142},{"color":50},{"type":413,"content":5144},[5145],{"type":416,"content":5146},[5147],{"type":41,"content":5148},[5149,5155],{"text":5150,"type":45,"marks":5151},"Convenience and comfort: ",[5152,5153],{"type":424},{"type":48,"attrs":5154},{"color":50},{"text":5156,"type":45,"marks":5157},"Smart home technology significantly elevates the convenience and comfort levels within your residence. With the ability to control various aspects of your home through a centralized system or mobile app, you gain unprecedented control over your environment, from adjusting the thermostat to setting the mood with smart lighting. ",[5158],{"type":48,"attrs":5159},{"color":50},{"type":413,"content":5161},[5162],{"type":416,"content":5163},[5164],{"type":41,"content":5165},[5166,5172,5177,5186],{"text":5167,"type":45,"marks":5168},"Smart thermostats: ",[5169,5170],{"type":424},{"type":48,"attrs":5171},{"color":50},{"text":5173,"type":45,"marks":5174},"Installing a smart thermostat offers precise control over your home’s heating and cooling systems. These devices learn your preferences over time, ",[5175],{"type":48,"attrs":5176},{"color":50},{"text":5178,"type":45,"marks":5179},"optimizing energy usage",[5180,5183,5185],{"type":62,"attrs":5181},{"href":5182,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerreports.org/appliances/thermostats/are-smart-thermostats-worth-it-a7822875275/",{"type":48,"attrs":5184},{"color":50},{"type":71},{"text":5187,"type":45,"marks":5188}," and providing a comfortable living space while reducing utility costs. ",[5189],{"type":48,"attrs":5190},{"color":50},{"type":413,"content":5192},[5193],{"type":416,"content":5194},[5195],{"type":41,"content":5196},[5197,5203],{"text":5198,"type":45,"marks":5199},"Security systems:",[5200,5201],{"type":424},{"type":48,"attrs":5202},{"color":50},{"text":5204,"type":45,"marks":5205}," Smart security systems often include features such as motion detectors, doorbell cameras, and remote monitoring, providing real-time insights into the security of your property, even when you’re away.",[5206],{"type":48,"attrs":5207},{"color":50},{"type":413,"content":5209},[5210],{"type":416,"content":5211},[5212],{"type":41,"content":5213},[5214,5220],{"text":5215,"type":45,"marks":5216},"Lighting controls: ",[5217,5218],{"type":424},{"type":48,"attrs":5219},{"color":50},{"text":5221,"type":45,"marks":5222},"Implementing smart lighting controls allows you to customize and automate your home’s lighting scheme. From adjusting the brightness to setting specific lighting scenes for different occasions, smart lighting adds both ambiance and energy efficiency. ",[5223],{"type":48,"attrs":5224},{"color":50},{"type":413,"content":5226},[5227],{"type":416,"content":5228},[5229],{"type":41,"content":5230},[5231,5237],{"text":5232,"type":45,"marks":5233},"Home automation features: ",[5234,5235],{"type":424},{"type":48,"attrs":5236},{"color":50},{"text":5238,"type":45,"marks":5239},"Explore the possibilities of home automation, which can include integrating smart devices like smart locks, smart blinds, and smart appliances. Automation features enable you to synchronize various aspects of your home, streamlining routines and creating a more responsive and intelligent living space. ",[5240],{"type":48,"attrs":5241},{"color":50},{"type":41,"content":5243},[5244],{"text":5245,"type":45,"marks":5246},"The adaptability and customization offered by these systems cater to a spectrum of preferences, transforming your residence into a modern, connected haven that aligns with the demands of contemporary living. ",[5247],{"type":48,"attrs":5248},{"color":50},{"type":78,"attrs":5250,"content":5251},{"level":80},[5252],{"text":5253,"type":45,"marks":5254},"8. Flooring upgrades ",[5255],{"type":48,"attrs":5256},{"color":50},{"type":41,"content":5258},[5259],{"text":5260,"type":45,"marks":5261},"Upgrading your flooring can not only enhance the aesthetic appeal of your home, but also significantly impact its value. The choice of flooring materials plays a crucial role in this endeavor, and the decision can be influenced by various factors, including the specific needs of each room and the potential energy benefits associated with certain materials. ",[5262],{"type":48,"attrs":5263},{"color":50},{"type":413,"content":5265},[5266],{"type":416,"content":5267},[5268],{"type":41,"content":5269},[5270,5276],{"text":5271,"type":45,"marks":5272},"Materials matter: ",[5273,5274],{"type":424},{"type":48,"attrs":5275},{"color":50},{"text":5277,"type":45,"marks":5278},"When contemplating flooring upgrades, consider materials that strike a balance between durability, aesthetics, and functionality. Hardwood flooring, for example, adds a timeless and elegant touch to living spaces, while laminate or vinyl options offer cost-effective solutions with a wide range of styles. Tile, on the other hand, provides durability and is an excellent choice for high-traffic areas, especially kitchens and bathrooms. ",[5279],{"type":48,"attrs":5280},{"color":50},{"type":413,"content":5282},[5283],{"type":416,"content":5284},[5285],{"type":41,"content":5286},[5287,5293],{"text":5288,"type":45,"marks":5289},"Energy efficiency: ",[5290,5291],{"type":424},{"type":48,"attrs":5292},{"color":50},{"text":5294,"type":45,"marks":5295},"While not traditionally associated with energy efficiency, certain flooring materials can contribute to a home’s overall thermal performance. Carpets and rugs, for instance, provide additional insulation, helping to retain warmth and reduce energy consumption during colder months. Additionally, materials like cork and bamboo possess natural insulating properties, providing a comfortable and energy-efficient flooring solution.",[5296],{"type":48,"attrs":5297},{"color":50},{"type":413,"content":5299},[5300],{"type":416,"content":5301},[5302],{"type":41,"content":5303},[5304,5310,5315,5324],{"text":5305,"type":45,"marks":5306},"Underfloor heating options: ",[5307,5308],{"type":424},{"type":48,"attrs":5309},{"color":50},{"text":5311,"type":45,"marks":5312},"For an innovative approach to energy efficiency, consider underfloor heating systems. When combined with materials like ceramic tile or engineered wood, underfloor heating not only adds a touch of luxury, but also ",[5313],{"type":48,"attrs":5314},{"color":50},{"text":5316,"type":45,"marks":5317},"enhances the overall energy efficiency",[5318,5321,5323],{"type":62,"attrs":5319},{"href":5320,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.energy.gov/energysaver/radiant-heating#:~:text=When%20radiant%20heating%20is%20located,because%20it%20eliminates%20duct%20losses.",{"type":48,"attrs":5322},{"color":50},{"type":71},{"text":5325,"type":45,"marks":5326}," of your home, providing even and consistent warmth. ",[5327],{"type":48,"attrs":5328},{"color":50},{"type":413,"content":5330},[5331],{"type":416,"content":5332},[5333],{"type":41,"content":5334},[5335,5341],{"text":5336,"type":45,"marks":5337},"Sustainable choices: ",[5338,5339],{"type":424},{"type":48,"attrs":5340},{"color":50},{"text":5342,"type":45,"marks":5343},"Opting for sustainable and eco-friendly flooring materials can also appeal to eco-conscious homebuyers. Materials such as bamboo, cork, and reclaimed wood are renewable resources that contribute to a greener living environment. ",[5344],{"type":48,"attrs":5345},{"color":50},{"type":413,"content":5347},[5348],{"type":416,"content":5349},[5350],{"type":41,"content":5351},[5352,5358],{"text":5353,"type":45,"marks":5354},"Room-specific considerations:",[5355,5356],{"type":424},{"type":48,"attrs":5357},{"color":50},{"text":5359,"type":45,"marks":5360}," Tailoring your flooring choices to the specific needs of each room is essential. For instance, moisture-resistant materials like tile or vinyl work well in bathrooms and kitchens, while plush carpets may be an excellent choice for living rooms and bedrooms, providing comfort and sound insulation. ",[5361],{"type":48,"attrs":5362},{"color":50},{"type":78,"attrs":5364,"content":5365},{"level":80},[5366],{"text":5367,"type":45,"marks":5368},"9. Upgrading home systems",[5369],{"type":48,"attrs":5370},{"color":50},{"type":41,"content":5372},[5373],{"text":5374,"type":45,"marks":5375},"Upgrading essential home systems, such as HVAC (Heating, Ventilation, and Air Conditioning), plumbing, and electrical components, is a proactive approach to maintaining the seamless functionality of your residence. These critical systems are the backbone of a comfortable and efficient living space, and investing in their upgrade not only ensures their reliability but also results in several benefits for homeowners:",[5376],{"type":48,"attrs":5377},{"color":50},{"type":413,"content":5379},[5380],{"type":416,"content":5381},[5382],{"type":41,"content":5383},[5384,5390],{"text":5385,"type":45,"marks":5386},"Efficiency and performance improvement: ",[5387,5388],{"type":424},{"type":48,"attrs":5389},{"color":50},{"text":5391,"type":45,"marks":5392},"Upgrading HVAC systems, plumbing, and electrical infrastructure often involves incorporating advanced technologies and more energy-efficient components. This results in improved performance, reduced energy consumption, and lower utility costs over time. ",[5393],{"type":48,"attrs":5394},{"color":50},{"type":413,"content":5396},[5397],{"type":416,"content":5398},[5399],{"type":41,"content":5400},[5401,5407],{"text":5402,"type":45,"marks":5403},"Enhanced safety standards: ",[5404,5405],{"type":424},{"type":48,"attrs":5406},{"color":50},{"text":5408,"type":45,"marks":5409},"Outdated or malfunctioning home systems can pose safety risks. Upgrading these systems ensures that they meet current safety standards and adhere to modern building codes, providing peace of mind for homeowners.",[5410],{"type":48,"attrs":5411},{"color":50},{"type":413,"content":5413},[5414],{"type":416,"content":5415},[5416],{"type":41,"content":5417},[5418,5424],{"text":5419,"type":45,"marks":5420},"Long-term cost savings: ",[5421,5422],{"type":424},{"type":48,"attrs":5423},{"color":50},{"text":5425,"type":45,"marks":5426},"While there is an initial investment in upgrading home systems, the long-term cost savings can be substantial. Modern systems are designed to be more energy-efficient, resulting in lower utility bills and reduced maintenance costs over the years. ",[5427],{"type":48,"attrs":5428},{"color":50},{"type":413,"content":5430},[5431],{"type":416,"content":5432},[5433],{"type":41,"content":5434},[5435,5441],{"text":5436,"type":45,"marks":5437},"Preventative maintenance:",[5438,5439],{"type":424},{"type":48,"attrs":5440},{"color":50},{"text":5442,"type":45,"marks":5443}," Regular upgrades and replacements serve as a form of preventative maintenance, addressing potential issues before they escalate into costly repairs. This proactive approach ensures the longevity and reliability of essential home systems. ",[5444],{"type":48,"attrs":5445},{"color":50},{"type":78,"attrs":5447,"content":5448},{"level":80},[5449],{"text":5450,"type":45,"marks":5451},"How to pay for home remodeling projects",[5452],{"type":48,"attrs":5453},{"color":50},{"type":41,"content":5455},[5456],{"text":5457,"type":45,"marks":5458},"If you don’t already have the funds for a home improvement, securing them can involve some research. Here are some sources commonly used for renovations. Which you choose will depend on your personal financial situation. ",[5459],{"type":48,"attrs":5460},{"color":50},{"type":413,"content":5462},[5463],{"type":416,"content":5464},[5465],{"type":41,"content":5466},[5467,5473,5478,5486],{"text":5468,"type":45,"marks":5469},"Cash savings",[5470,5471],{"type":424},{"type":48,"attrs":5472},{"color":50},{"text":5474,"type":45,"marks":5475},": Paying for home improvements with cash is often the most cost-effective option because it avoids interest charges and ",[5476],{"type":48,"attrs":5477},{"color":50},{"text":5479,"type":45,"marks":5480},"debt accumulation",[5481,5483,5485],{"type":62,"attrs":5482},{"href":1875,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":5484},{"color":50},{"type":71},{"text":5487,"type":45,"marks":5488},". If you have sufficient savings or an emergency fund set aside, using cash to fund your projects can help you avoid taking on additional debt and maintain financial flexibility.",[5489],{"type":48,"attrs":5490},{"color":50},{"type":413,"content":5492},[5493],{"type":416,"content":5494},[5495],{"type":41,"content":5496},[5497,5503,5507,5516],{"text":5498,"type":45,"marks":5499},"Home Equity Loans or Lines of Credit:",[5500,5501],{"type":424},{"type":48,"attrs":5502},{"color":50},{"text":283,"type":45,"marks":5504},[5505],{"type":48,"attrs":5506},{"color":50},{"text":5508,"type":45,"marks":5509},"Home equity loans and home equity lines of credit (HELOCs) ",[5510,5513,5515],{"type":62,"attrs":5511},{"href":5512,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/how-does-a-heloc-work/",{"type":48,"attrs":5514},{"color":50},{"type":71},{"text":5517,"type":45,"marks":5518},"allow homeowners to borrow against the equity in their home to fund home improvement projects. These loans typically offer lower interest rates compared to personal loans or credit cards, and the interest may be tax-deductible in some cases. Keep in mind that using your home as collateral means you risk foreclosure if you fail to repay the loan.",[5519],{"type":48,"attrs":5520},{"color":50},{"type":413,"content":5522},[5523],{"type":416,"content":5524},[5525],{"type":41,"content":5526},[5527,5533,5541,5547],{"text":5528,"type":45,"marks":5529},"Personal loans: ",[5530,5531],{"type":424},{"type":48,"attrs":5532},{"color":50},{"text":690,"type":45,"marks":5534},[5535,5538,5540],{"type":62,"attrs":5536},{"href":5537,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/how-do-personal-loans-work/",{"type":48,"attrs":5539},{"color":50},{"type":71},{"text":645,"type":45,"marks":5542},[5543,5545],{"type":648,"attrs":5544},{"class":650},{"type":48,"attrs":5546},{"color":50},{"text":5548,"type":45,"marks":5549}," are unsecured loans that can be used to finance home improvement projects. They typically have fixed interest rates and repayment terms, making them a predictable option for budgeting purposes. Personal loans may have higher interest rates compared to home equity loans or HELOCs, but they do not require collateral. Typically, these are better for smaller home improvement projects. ",[5550],{"type":48,"attrs":5551},{"color":50},{"type":413,"content":5553},[5554],{"type":416,"content":5555},[5556],{"type":41,"content":5557},[5558,5564,5569,5577,5583],{"text":5559,"type":45,"marks":5560},"Credit cards:",[5561,5562],{"type":424},{"type":48,"attrs":5563},{"color":50},{"text":5565,"type":45,"marks":5566}," Using ",[5567],{"type":48,"attrs":5568},{"color":50},{"text":5570,"type":45,"marks":5571},"credit cards",[5572,5574,5576],{"type":62,"attrs":5573},{"href":640,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":5575},{"color":50},{"type":71},{"text":674,"type":45,"marks":5578},[5579,5581],{"type":648,"attrs":5580},{"class":650},{"type":48,"attrs":5582},{"color":50},{"text":5584,"type":45,"marks":5585}," to finance home improvement projects can provide convenience and flexibility, but it can also be dangerous. It’s important to be cautious of high interest rates and fees. Consider using a credit card with a low introductory APR or a rewards program to maximize benefits. Paying off the balance in full each month can help avoid accumulating interest charges. These are only recommended for very small home improvement projects, as debt can accumulate quickly. ",[5586],{"type":48,"attrs":5587},{"color":50},{"type":413,"content":5589},[5590],{"type":416,"content":5591},[5592],{"type":41,"content":5593},[5594,5600],{"text":5595,"type":45,"marks":5596},"Refinancing",[5597,5598],{"type":424},{"type":48,"attrs":5599},{"color":50},{"text":5601,"type":45,"marks":5602},": Refinancing your mortgage to take advantage of lower interest rates or to access equity can provide funds for home improvement projects. Cash-out refinancing allows you to borrow more than your current mortgage balance and use the excess funds for renovations. Keep in mind that refinancing typically involves closing costs and may extend the repayment period of your mortgage.",[5603],{"type":48,"attrs":5604},{"color":50},{"type":78,"attrs":5606,"content":5607},{"level":80},[5608],{"text":5609,"type":45,"marks":5610},"Get funding for your next home improvement project",[5611],{"type":48,"attrs":5612},{"color":50},{"type":41,"content":5614},[5615],{"text":5616,"type":45,"marks":5617},"Examining home improvement ideas is crucial for enhancing the aesthetic appeal, functionality, and overall market desirability of your home. This strategic approach not only improves your current living experience, but also serves as a wise investment for potential future sales or financial flexibility. ",[5618],{"type":48,"attrs":5619},{"color":50},{"type":41,"content":5621},[5622,5627,5633,5641],{"text":5623,"type":45,"marks":5624},"If you’re exploring funding options to upgrade your home, give Navient Marketplace a try. Our platform effortlessly links you with lenders, providing customized offers that match your financial needs and credit profile. Just enter a few details about yourself and",[5625],{"type":48,"attrs":5626},{"color":50},{"text":283,"type":45,"marks":5628},[5629,5631],{"type":62,"attrs":5630},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":5632},{"color":50},{"text":5634,"type":45,"marks":5635},"get personalized results within minutes",[5636,5638,5640],{"type":62,"attrs":5637},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":5639},{"color":50},{"type":71},{"text":784,"type":45,"marks":5642},[5643],{"type":48,"attrs":5644},{"color":50},{"type":41,"content":5646},[5647],{"text":791,"type":45,"marks":5648},[5649,5651],{"type":648,"attrs":5650},{"class":795},{"type":48,"attrs":5652},{"color":50},{"type":41,"content":5654},[5655,5661],{"text":645,"type":45,"marks":5656},[5657,5659],{"type":648,"attrs":5658},{"class":650},{"type":48,"attrs":5660},{"color":50},{"text":5662,"type":45,"marks":5663}," Navient customers are invited to consider personal loan offers through our partner Fiona. Navient has not shared your information with Fiona and is not involved in the personal loan application process in any manner.  All information is submitted directly to Fiona and any personal loan offers are made directly by participants in Fiona’s lending platform, powered by Even Financial.  Even Financial, Inc. is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[5664,5666],{"type":648,"attrs":5665},{"class":795},{"type":48,"attrs":5667},{"color":50},{"type":41,"content":5669},[5670],{"text":828,"type":45,"marks":5671},[5672,5674],{"type":648,"attrs":5673},{"class":795},{"type":48,"attrs":5675},{"color":50},{"type":41,"content":5677},[5678,5684],{"text":674,"type":45,"marks":5679},[5680,5682],{"type":648,"attrs":5681},{"class":650},{"type":48,"attrs":5683},{"color":50},{"text":3357,"type":45,"marks":5685},[5686,5688],{"type":648,"attrs":5687},{"class":795},{"type":48,"attrs":5689},{"color":50},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798143\"}-->","https://www.marketplace.navient.com/blog/home-improvement-ideas-to-increase-value/","March 8, 2024","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798143\"}-->","home-improvement-ideas-to-increase-value","navient_marketplace/blog/home-improvement-ideas-to-increase-value",[],"53839e37-93a6-46c8-8d92-633ef548db5b",[],{"name":5700,"created_at":5701,"published_at":5702,"updated_at":5703,"id":5704,"uuid":5705,"content":5706,"slug":6686,"full_slug":6687,"sort_by_date":65,"position":841,"tag_list":6688,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":6689,"first_published_at":6690,"release_id":65,"lang":846,"path":65,"alternates":6691,"default_full_slug":65,"translated_slugs":65},"The 9 Best Ways to Use Your Tax Refund","2025-04-07T18:29:56.839Z","2025-12-26T13:45:11.167Z","2025-12-26T13:45:11.199Z",651798142,"6a0b0a6f-a3e0-4c49-9a76-528ab36e8bf2",{"seo":5707,"_uid":20,"hero":5710,"author":30,"category":31,"featured":28,"imageAlt":18,"component":32,"blogContents":5715,"canonicalTag":6684,"publishedDate":5692,"_editable":6685},{"_uid":15,"title":5708,"plugin":17,"og_image":18,"og_title":18,"description":5709,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"The 9 Best Ways to Use Your Tax Refund | Navient Marketplace","Want to make the most of your tax refund this year? Here are 9 great ways (including ones that can make you money) to put it to use.",[5711],{"id":18,"_uid":23,"image":5712,"intro":5709,"classes":18,"_editable":5713,"blogTitle":5700,"component":26,"imageLink":5714,"blendImage":28,"backgroundColor":29},"//a.storyblok.com/f/110029/5568x3712/a61f8a40cc/best-way-to-use-tax-refund.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798142\"}-->","/images/best-way-to-use-tax-refund.webp",[5716],{"_uid":35,"color":36,"richText":5717,"_editable":6683,"component":835},{"type":38,"content":5718},[5719,5728,5735,5743,5765,5772,5792,5826,5847,5866,5874,5881,5888,5895,5979,5987,6022,6043,6050,6058,6065,6072,6089,6106,6123,6140,6157,6174,6182,6210,6217,6234,6251,6268,6285,6302,6319,6336,6353,6370,6387,6404,6411,6419,6426,6433,6441,6462,6479,6496,6513,6530,6547,6564,6572,6579,6586,6593,6601,6608,6616,6623,6648,6657,6666,6675],{"type":41,"content":5720},[5721],{"text":1835,"type":45,"marks":5722},[5723,5725],{"type":648,"attrs":5724},{"class":795},{"type":48,"attrs":5726},{"color":5727},"rgb(0, 0, 0)",{"type":41,"content":5729},[5730],{"text":5731,"type":45,"marks":5732},"If you’ve found yourself with a little extra cash courtesy of a tax refund, congratulations on the financial boost! Now, before you turn your living room into a gaming hub or book the next flight to Mexico, let’s talk about some smart and satisfying ways to put that refund to good use. From treating yourself to a guilt-free splurge to making those dollars work for you, we’ve got the lowdown on the nine best ways to ride the tax refund wave. ",[5733],{"type":48,"attrs":5734},{"color":5727},{"type":78,"attrs":5736,"content":5737},{"level":80},[5738],{"text":5739,"type":45,"marks":5740},"1. Pay down debt  ",[5741],{"type":48,"attrs":5742},{"color":5727},{"type":41,"content":5744},[5745,5750,5760],{"text":5746,"type":45,"marks":5747},"Last year, the IRS disbursed over $345 billion in tax refunds, and the ",[5748],{"type":48,"attrs":5749},{"color":5727},{"text":5751,"type":45,"marks":5752},"average refund was $2,753",[5753,5756,5759],{"type":62,"attrs":5754},{"href":5755,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://time.com/personal-finance/article/average-tax-refund/",{"type":48,"attrs":5757},{"color":5758},"rgb(17, 85, 204)",{"type":71},{"text":5761,"type":45,"marks":5762},". That’s not a small amount! ",[5763],{"type":48,"attrs":5764},{"color":5727},{"type":41,"content":5766},[5767],{"text":5768,"type":45,"marks":5769},"When it comes to using this windfall wisely, one of the most effective strategies is to pay down existing debt. This financial move not only provides immediate relief but also sets the stage for a more secure financial future. ",[5770],{"type":48,"attrs":5771},{"color":5727},{"type":41,"content":5773},[5774,5779,5787],{"text":5775,"type":45,"marks":5776},"Begin by taking stock of all your outstanding debts, including credit cards, loans, and any other liabilities. Next, categorize these debts based on interest rates, outstanding balances, and repayment terms. When it comes to ",[5777],{"type":48,"attrs":5778},{"color":5727},{"text":5780,"type":45,"marks":5781},"paying off debt",[5782,5784,5786],{"type":62,"attrs":5783},{"href":1875,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":5785},{"color":5758},{"type":71},{"text":5788,"type":45,"marks":5789},", you have two repayment strategies to choose from: ",[5790],{"type":48,"attrs":5791},{"color":5727},{"type":5793,"attrs":5794,"content":5795},"ordered_list",{"order":4369},[5796,5811],{"type":416,"content":5797},[5798],{"type":41,"content":5799},[5800,5806],{"text":5801,"type":45,"marks":5802},"The Avalanche Method: ",[5803,5804],{"type":424},{"type":48,"attrs":5805},{"color":5727},{"text":5807,"type":45,"marks":5808},"The Avalanche Method focuses on paying off debts with the highest interest rates, such as credit card debt, first. It involves making minimum payments on all debts while allocating extra funds to the debt with the highest interest rate. Once the highest-interest debt is fully paid, the strategy continues with the next highest-interest debt. This approach minimizes the total interest paid over time. ",[5809],{"type":48,"attrs":5810},{"color":5727},{"type":416,"content":5812},[5813],{"type":41,"content":5814},[5815,5821],{"text":5816,"type":45,"marks":5817},"The Snowball Method: ",[5818,5819],{"type":424},{"type":48,"attrs":5820},{"color":5727},{"text":5822,"type":45,"marks":5823},"The Snowball Method, on the other hand, prioritizes paying off the smallest debts first. It involves making minimum payments on all the debts while directing any extra funds to the smallest debt. Once the smallest debt is paid off, the freed-up funds are then applied to the next smallest debt, creating a snowball effect. This method is more focused on the psychological boost of quick wins by eliminating smaller debts early in the process. ",[5824],{"type":48,"attrs":5825},{"color":5727},{"type":41,"content":5827},[5828,5833,5842],{"text":5829,"type":45,"marks":5830},"You can use your federal income tax refund to make significant ",[5831],{"type":48,"attrs":5832},{"color":5727},{"text":5834,"type":45,"marks":5835},"lump sum payments toward targeted debts",[5836,5839,5841],{"type":62,"attrs":5837},{"href":5838,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/which-debt-should-i-pay-off-first/",{"type":48,"attrs":5840},{"color":5758},{"type":71},{"text":5843,"type":45,"marks":5844},". By doing so, you’re reducing your interest expenses over the life of the loan. ",[5845],{"type":48,"attrs":5846},{"color":5727},{"type":41,"content":5848},[5849,5854,5861],{"text":5850,"type":45,"marks":5851},"This results in increased monthly cash flow, providing you with the flexibility to allocate resources towards savings, investments, or other ",[5852],{"type":48,"attrs":5853},{"color":5727},{"text":3619,"type":45,"marks":5855},[5856,5858,5860],{"type":62,"attrs":5857},{"href":3623,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":5859},{"color":5758},{"type":71},{"text":5862,"type":45,"marks":5863}," goals. ",[5864],{"type":48,"attrs":5865},{"color":5727},{"type":78,"attrs":5867,"content":5868},{"level":80},[5869],{"text":5870,"type":45,"marks":5871},"2. Build or boost an emergency fund",[5872],{"type":48,"attrs":5873},{"color":5727},{"type":41,"content":5875},[5876],{"text":5877,"type":45,"marks":5878},"In most tax preparation software, you can opt for a direct deposit of your tax refund. All you’ll need is the account number and routing number. ",[5879],{"type":48,"attrs":5880},{"color":5727},{"type":41,"content":5882},[5883],{"text":5884,"type":45,"marks":5885},"Then, you can transfer this money to an account of your choice. Building or beefing up your emergency savings is a smart money move, and using your federal tax refund can set you on the right path for handling unexpected financial bumps. ",[5886],{"type":48,"attrs":5887},{"color":5727},{"type":41,"content":5889},[5890],{"text":5891,"type":45,"marks":5892},"Consider your emergency fund as a financial safeguard against surprises like medical bills, car troubles, or unexpected job changes. It’s your cushion, saving you from turning to high-interest credit cards in emergencies. Here’s a closer look at how to make the most of your refund check for your emergency fund:",[5893],{"type":48,"attrs":5894},{"color":5727},{"type":5793,"attrs":5896,"content":5897},{"order":4369},[5898,5913,5949,5964],{"type":416,"content":5899},[5900],{"type":41,"content":5901},[5902,5908],{"text":5903,"type":45,"marks":5904},"Figure out your fund size: ",[5905,5906],{"type":424},{"type":48,"attrs":5907},{"color":5727},{"text":5909,"type":45,"marks":5910},"Calculate your monthly living costs, considering job stability, health, and family needs. Experts often suggest aiming for three to six months’ worth of expenses.",[5911],{"type":48,"attrs":5912},{"color":5727},{"type":416,"content":5914},[5915],{"type":41,"content":5916},[5917,5923,5928,5937,5944],{"text":5918,"type":45,"marks":5919},"Start or beef up your fund:",[5920,5921],{"type":424},{"type":48,"attrs":5922},{"color":5727},{"text":5924,"type":45,"marks":5925}," If you don’t have an emergency fund, use a chunk of your tax refund to kickstart one. Open a dedicated ",[5926],{"type":48,"attrs":5927},{"color":5727},{"text":5929,"type":45,"marks":5930},"high-yield savings account",[5931,5934,5936],{"type":62,"attrs":5932},{"href":5933,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/are-high-yield-savings-accounts-worth-it/",{"type":48,"attrs":5935},{"color":5758},{"type":71},{"text":645,"type":45,"marks":5938},[5939,5941,5942],{"type":648,"attrs":5940},{"class":650},{"type":650},{"type":48,"attrs":5943},{"color":18},{"text":5945,"type":45,"marks":5946}," just for emergencies. If you already have one, use your tax refund to fill in any gaps from unexpected expenses.",[5947],{"type":48,"attrs":5948},{"color":5727},{"type":416,"content":5950},[5951],{"type":41,"content":5952},[5953,5959],{"text":5954,"type":45,"marks":5955},"Prioritize accessibility:",[5956,5957],{"type":424},{"type":48,"attrs":5958},{"color":5727},{"text":5960,"type":45,"marks":5961}," Pick a savings account or tool that allows quick access to your money. While interest rates matter, focus on how easily you can get to your funds when needed. Some savings account may accrue more interest, but will they allow you immediate access to funds when an emergency strikes?",[5962],{"type":48,"attrs":5963},{"color":5727},{"type":416,"content":5965},[5966],{"type":41,"content":5967},[5968,5974],{"text":5969,"type":45,"marks":5970},"Automate contributions:",[5971,5972],{"type":424},{"type":48,"attrs":5973},{"color":5727},{"text":5975,"type":45,"marks":5976}," Make saving a habit by setting up automatic transfers or direct deposits from your checking account to your emergency fund bank account, so you’re not tempted to make withdrawals. Consistent contributions help build a reliable safety net. ",[5977],{"type":48,"attrs":5978},{"color":5727},{"type":78,"attrs":5980,"content":5981},{"level":80},[5982],{"text":5983,"type":45,"marks":5984},"3. Save for retirement ",[5985],{"type":48,"attrs":5986},{"color":5727},{"type":41,"content":5988},[5989,5994,6003,6008,6017],{"text":5990,"type":45,"marks":5991},"By steering your refund toward retirement savings, you’re making a smart investment in your financial future, paving the way for a comfy and fulfilling retirement. Make the most of tax-advantaged retirement accounts like ",[5992],{"type":48,"attrs":5993},{"color":5727},{"text":5995,"type":45,"marks":5996},"401(k)s",[5997,6000,6002],{"type":62,"attrs":5998},{"href":5999,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.irs.gov/retirement-plans/401k-plans",{"type":48,"attrs":6001},{"color":5758},{"type":71},{"text":6004,"type":45,"marks":6005},", ",[6006],{"type":48,"attrs":6007},{"color":5727},{"text":6009,"type":45,"marks":6010},"IRAs, or Roth IRAs",[6011,6014,6016],{"type":62,"attrs":6012},{"href":6013,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras",{"type":48,"attrs":6015},{"color":5758},{"type":71},{"text":6018,"type":45,"marks":6019},". Depending on the account, your contributions can be tax deductible or grow tax-free. ",[6020],{"type":48,"attrs":6021},{"color":5727},{"type":41,"content":6023},[6024,6029,6038],{"text":6025,"type":45,"marks":6026},"If you’re 50 or older, leverage ",[6027],{"type":48,"attrs":6028},{"color":5727},{"text":6030,"type":45,"marks":6031},"catch-up contributions",[6032,6035,6037],{"type":62,"attrs":6033},{"href":6034,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions",{"type":48,"attrs":6036},{"color":5758},{"type":71},{"text":6039,"type":45,"marks":6040}," allowed by retirement accounts. This lets you put in extra money beyond the usual limits, helping you catch up on building your retirement savings. Additionally, use retirement calculators to estimate your ideal savings amount. This can help guide you on how to allocate your tax refund for the most impact. ",[6041],{"type":48,"attrs":6042},{"color":5727},{"type":41,"content":6044},[6045],{"text":6046,"type":45,"marks":6047},"Finally, consider getting advice from a financial expert or tax preparer to tailor your retirement savings plan to your unique situation. Expert guidance can optimize your investment strategy and address specific savings goals or concerns. ",[6048],{"type":48,"attrs":6049},{"color":5727},{"type":78,"attrs":6051,"content":6052},{"level":80},[6053],{"text":6054,"type":45,"marks":6055},"4. Invest in education or professional development",[6056],{"type":48,"attrs":6057},{"color":5727},{"type":41,"content":6059},[6060],{"text":6061,"type":45,"marks":6062},"By investing your tax refund in education or professional development, you not only level up your knowledge and skills, but also set the stage for better career opportunities, earning potential, and overall job satisfaction. ",[6063],{"type":48,"attrs":6064},{"color":5727},{"type":41,"content":6066},[6067],{"text":6068,"type":45,"marks":6069},"This strategic investment in yourself can pave the way for a more fulfilling and successful professional journey. Plus, some of these may be deductible expenses when you file your federal tax return next year, especially if you’re self-employed. Some ways to do this include: ",[6070],{"type":48,"attrs":6071},{"color":5727},{"type":413,"content":6073},[6074],{"type":416,"content":6075},[6076],{"type":41,"content":6077},[6078,6084],{"text":6079,"type":45,"marks":6080},"Take courses or workshops: ",[6081,6082],{"type":424},{"type":48,"attrs":6083},{"color":5727},{"text":6085,"type":45,"marks":6086},"Enroll in courses, workshops, or seminars using your tax refund. Online platforms offer tons of options for conveniently boosting your knowledge and skills. ",[6087],{"type":48,"attrs":6088},{"color":5727},{"type":413,"content":6090},[6091],{"type":416,"content":6092},[6093],{"type":41,"content":6094},[6095,6101],{"text":6096,"type":45,"marks":6097},"Get certified: ",[6098,6099],{"type":424},{"type":48,"attrs":6100},{"color":5727},{"text":6102,"type":45,"marks":6103},"Consider investing in recognized certification programs. They not only boost your professional credibility but also open doors to exciting opportunities. ",[6104],{"type":48,"attrs":6105},{"color":5727},{"type":413,"content":6107},[6108],{"type":416,"content":6109},[6110],{"type":41,"content":6111},[6112,6118],{"text":6113,"type":45,"marks":6114},"Brush up on language or soft skills: ",[6115,6116],{"type":424},{"type":48,"attrs":6117},{"color":5727},{"text":6119,"type":45,"marks":6120},"Improve your language skills or work on soft skills like communication, leadership, and time management. These are versatile skills that amp up your effectiveness in various professional settings. ",[6121],{"type":48,"attrs":6122},{"color":5727},{"type":413,"content":6124},[6125],{"type":416,"content":6126},[6127],{"type":41,"content":6128},[6129,6135],{"text":6130,"type":45,"marks":6131},"Tech and digital skills: ",[6132,6133],{"type":424},{"type":48,"attrs":6134},{"color":5727},{"text":6136,"type":45,"marks":6137},"Stay in the loop with technological advancements by taking courses that build up your digital skills. This is especially crucial in today’s tech-driven work environments. ",[6138],{"type":48,"attrs":6139},{"color":5727},{"type":413,"content":6141},[6142],{"type":416,"content":6143},[6144],{"type":41,"content":6145},[6146,6152],{"text":6147,"type":45,"marks":6148},"Go to networking events: ",[6149,6150],{"type":424},{"type":48,"attrs":6151},{"color":5727},{"text":6153,"type":45,"marks":6154},"Use part of your tax refund to attend conferences, workshops, or networking events. These not only provide insights, but also help you make connections and stay updated on industry trends. ",[6155],{"type":48,"attrs":6156},{"color":5727},{"type":413,"content":6158},[6159],{"type":416,"content":6160},[6161],{"type":41,"content":6162},[6163,6169],{"text":6164,"type":45,"marks":6165},"Build a personal library: ",[6166,6167],{"type":424},{"type":48,"attrs":6168},{"color":5727},{"text":6170,"type":45,"marks":6171},"Invest in books, journals, or online subscriptions that align with your professional interests. A carefully curated collection can be a handy reference and a source of continuous learning. ",[6172],{"type":48,"attrs":6173},{"color":5727},{"type":78,"attrs":6175,"content":6176},{"level":80},[6177],{"text":6178,"type":45,"marks":6179},"5. Make home improvements",[6180],{"type":48,"attrs":6181},{"color":5727},{"type":41,"content":6183},[6184,6189,6198,6205],{"text":6185,"type":45,"marks":6186},"By strategically using your tax refund ",[6187],{"type":48,"attrs":6188},{"color":5727},{"text":6190,"type":45,"marks":6191},"for home improvements",[6192,6195,6197],{"type":62,"attrs":6193},{"href":6194,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://marketplace.navient.com/blog/home-equity-loan-vs-line-of-credit/",{"type":48,"attrs":6196},{"color":5758},{"type":71},{"text":674,"type":45,"marks":6199},[6200,6202,6203],{"type":648,"attrs":6201},{"class":650},{"type":650},{"type":48,"attrs":6204},{"color":18},{"text":6206,"type":45,"marks":6207},", you can not only create a more comfortable and aesthetically pleasing living environment, but also make a sound investment in the long-term value of your property. ",[6208],{"type":48,"attrs":6209},{"color":5727},{"type":41,"content":6211},[6212],{"text":6213,"type":45,"marks":6214},"Conduct a thorough assessment of your home to identify areas that require maintenance, repair or upgrades, prioritizing projects based on urgency and long-term benefits. These could include:",[6215],{"type":48,"attrs":6216},{"color":5727},{"type":413,"content":6218},[6219],{"type":416,"content":6220},[6221],{"type":41,"content":6222},[6223,6229],{"text":6224,"type":45,"marks":6225},"Energy efficiency upgrades: ",[6226,6227],{"type":424},{"type":48,"attrs":6228},{"color":5727},{"text":6230,"type":45,"marks":6231},"Think about energy-efficient upgrades like programmable thermostats or new windows. Not only do they cut down on bills, but they also make your home more eco-friendly. ",[6232],{"type":48,"attrs":6233},{"color":5727},{"type":413,"content":6235},[6236],{"type":416,"content":6237},[6238],{"type":41,"content":6239},[6240,6246],{"text":6241,"type":45,"marks":6242},"Kitchen renovations: ",[6243,6244],{"type":424},{"type":48,"attrs":6245},{"color":5727},{"text":6247,"type":45,"marks":6248},"Give your kitchen some love by upgrading appliances or changing up the layout. A kitchen facelift isn’t just practical; it adds a touch of style. ",[6249],{"type":48,"attrs":6250},{"color":5727},{"type":413,"content":6252},[6253],{"type":416,"content":6254},[6255],{"type":41,"content":6256},[6257,6263],{"text":6258,"type":45,"marks":6259},"Bathroom remodeling: ",[6260,6261],{"type":424},{"type":48,"attrs":6262},{"color":5727},{"text":6264,"type":45,"marks":6265},"Amp up your bathrooms with new fixtures or a refreshed look. A modern bathroom adds value and makes daily life a bit more luxurious. ",[6266],{"type":48,"attrs":6267},{"color":5727},{"type":413,"content":6269},[6270],{"type":416,"content":6271},[6272],{"type":41,"content":6273},[6274,6280],{"text":6275,"type":45,"marks":6276},"Landscaping and outdoor spaces:",[6277,6278],{"type":424},{"type":48,"attrs":6279},{"color":5727},{"text":6281,"type":45,"marks":6282}," Spruce up your outdoor spaces with landscaping or patio upgrades. Maybe throw in a barbecue area for some extra fun. It’s all about boosting curb appeal and creating family spaces. ",[6283],{"type":48,"attrs":6284},{"color":5727},{"type":413,"content":6286},[6287],{"type":416,"content":6288},[6289],{"type":41,"content":6290},[6291,6297],{"text":6292,"type":45,"marks":6293},"Painting and refreshing: ",[6294,6295],{"type":424},{"type":48,"attrs":6296},{"color":5727},{"text":6298,"type":45,"marks":6299},"A fresh coat of paint can work wonders inside and out. Budget for all paint, trim updates, or a facelift for the exterior. It’s an easy and affordable way to give your home a new look. ",[6300],{"type":48,"attrs":6301},{"color":5727},{"type":413,"content":6303},[6304],{"type":416,"content":6305},[6306],{"type":41,"content":6307},[6308,6314],{"text":6309,"type":45,"marks":6310},"Roof repairs or replacement: ",[6311,6312],{"type":424},{"type":48,"attrs":6313},{"color":5727},{"text":6315,"type":45,"marks":6316},"Take care of your roof with repairs or a replacement. Fixing leaks and shingles not only extends your home’s life but also prevents potential water damage. ",[6317],{"type":48,"attrs":6318},{"color":5727},{"type":413,"content":6320},[6321],{"type":416,"content":6322},[6323],{"type":41,"content":6324},[6325,6331],{"text":6326,"type":45,"marks":6327},"Smart home upgrades:",[6328,6329],{"type":424},{"type":48,"attrs":6330},{"color":5727},{"text":6332,"type":45,"marks":6333}," Dive into smart home tech for added security and convenience. Smart thermostats, security systems, or automated lighting can instantly make your home more comfortable. ",[6334],{"type":48,"attrs":6335},{"color":5727},{"type":413,"content":6337},[6338],{"type":416,"content":6339},[6340],{"type":41,"content":6341},[6342,6348],{"text":6343,"type":45,"marks":6344},"Flooring upgrades: ",[6345,6346],{"type":424},{"type":48,"attrs":6347},{"color":5727},{"text":6349,"type":45,"marks":6350},"Swap out worn-out flooring with something fresh. Whether it’s hardwood, laminate, or tile, new floors can transform your home’s look and feel. ",[6351],{"type":48,"attrs":6352},{"color":5727},{"type":413,"content":6354},[6355],{"type":416,"content":6356},[6357],{"type":41,"content":6358},[6359,6365],{"text":6360,"type":45,"marks":6361},"Basement or attic conversions: ",[6362,6363],{"type":424},{"type":48,"attrs":6364},{"color":5727},{"text":6366,"type":45,"marks":6367},"Make the most of under-used areas like the basement or attic. Convert them into a home office, guest room, or a cool entertainment spot. ",[6368],{"type":48,"attrs":6369},{"color":5727},{"type":413,"content":6371},[6372],{"type":416,"content":6373},[6374],{"type":41,"content":6375},[6376,6382],{"text":6377,"type":45,"marks":6378},"Upgrading home systems: ",[6379,6380],{"type":424},{"type":48,"attrs":6381},{"color":5727},{"text":6383,"type":45,"marks":6384},"Upgrade essential home systems like HVAC, plumbing, or electrical to keep your spaces working like it should. ",[6385],{"type":48,"attrs":6386},{"color":5727},{"type":413,"content":6388},[6389],{"type":416,"content":6390},[6391],{"type":41,"content":6392},[6393,6399],{"text":6394,"type":45,"marks":6395},"DIY projects: ",[6396,6397],{"type":424},{"type":48,"attrs":6398},{"color":5727},{"text":6400,"type":45,"marks":6401},"Feeling crafty? Try some DIY projects that match your skills and interests. Custom shelving, furniture refinishing, or unique decor can add a personal touch to your home. ",[6402],{"type":48,"attrs":6403},{"color":5727},{"type":41,"content":6405},[6406],{"text":6407,"type":45,"marks":6408},"For more complex projects or renovations, consider consulting with professionals such as contractors or interior designers. Their expertise can ensure that the investment yields optimal results and adds lasting value to your home. ",[6409],{"type":48,"attrs":6410},{"color":5727},{"type":78,"attrs":6412,"content":6413},{"level":80},[6414],{"text":6415,"type":45,"marks":6416},"6. Save for future goals",[6417],{"type":48,"attrs":6418},{"color":5727},{"type":41,"content":6420},[6421],{"text":6422,"type":45,"marks":6423},"If you decide to use your tax refund to save for future goals, make sure to differentiate between short-term and long-term objectives. Categorizing financial goals by time horizon allows for a tailored savings strategy. ",[6424],{"type":48,"attrs":6425},{"color":5727},{"type":41,"content":6427},[6428],{"text":6429,"type":45,"marks":6430},"Short-term goals, like a vacation or home renovation, may require liquid savings, while long-term goals, such as retirement or a home purchase, may involve strategic investments for growth. This strategic approach fosters discipline, motivation, and long-term financial security, facilitating the alignment of your financial resources with your unique aspirations. ",[6431],{"type":48,"attrs":6432},{"color":5727},{"type":78,"attrs":6434,"content":6435},{"level":80},[6436],{"text":6437,"type":45,"marks":6438},"7. Contribute to a college fund",[6439],{"type":48,"attrs":6440},{"color":5727},{"type":41,"content":6442},[6443,6448,6457],{"text":6444,"type":45,"marks":6445},"Putting your tax refund into a college savings fund for your children is a wise step toward early savings. Consistent contributions can accumulate into a substantial fund, offering financial support for their higher education and potentially reducing their reliance on student loans. College funds, specifically ",[6446],{"type":48,"attrs":6447},{"color":5727},{"text":6449,"type":45,"marks":6450},"529 plans",[6451,6454,6456],{"type":62,"attrs":6452},{"href":6453,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan",{"type":48,"attrs":6455},{"color":5758},{"type":71},{"text":6458,"type":45,"marks":6459},", provide flexibility in covering various eligible expenses, including tuition, books, room and board. The specific advantages of a 529 plan include:",[6460],{"type":48,"attrs":6461},{"color":5727},{"type":413,"content":6463},[6464],{"type":416,"content":6465},[6466],{"type":41,"content":6467},[6468,6474],{"text":6469,"type":45,"marks":6470},"Tax-free growth: ",[6471,6472],{"type":424},{"type":48,"attrs":6473},{"color":5727},{"text":6475,"type":45,"marks":6476},"Gains within the account grow tax free, offering a powerful financial benefit over time. ",[6477],{"type":48,"attrs":6478},{"color":5727},{"type":413,"content":6480},[6481],{"type":416,"content":6482},[6483],{"type":41,"content":6484},[6485,6491],{"text":6486,"type":45,"marks":6487},"Tax deductions for contributions: ",[6488,6489],{"type":424},{"type":48,"attrs":6490},{"color":5727},{"text":6492,"type":45,"marks":6493},"While federal deductions are not applicable, some states provide tax deductions or credits for contributions to in-state 529 plans.",[6494],{"type":48,"attrs":6495},{"color":5727},{"type":413,"content":6497},[6498],{"type":416,"content":6499},[6500],{"type":41,"content":6501},[6502,6508],{"text":6503,"type":45,"marks":6504},"High contribution limits: ",[6505,6506],{"type":424},{"type":48,"attrs":6507},{"color":5727},{"text":6509,"type":45,"marks":6510},"529 plans allow substantial contributions, making them advantageous for families aiming to fully fund their children’s education. ",[6511],{"type":48,"attrs":6512},{"color":5727},{"type":413,"content":6514},[6515],{"type":416,"content":6516},[6517],{"type":41,"content":6518},[6519,6525],{"text":6520,"type":45,"marks":6521},"Flexibility in beneficiary designation: ",[6522,6523],{"type":424},{"type":48,"attrs":6524},{"color":5727},{"text":6526,"type":45,"marks":6527},"If educational plans change, you can switch the beneficiary to another family member without penalties. ",[6528],{"type":48,"attrs":6529},{"color":5727},{"type":413,"content":6531},[6532],{"type":416,"content":6533},[6534],{"type":41,"content":6535},[6536,6542],{"text":6537,"type":45,"marks":6538},"No income restrictions: ",[6539,6540],{"type":424},{"type":48,"attrs":6541},{"color":5727},{"text":6543,"type":45,"marks":6544},"Accessible to families across various taxable income levels, as there are no income restrictions. ",[6545],{"type":48,"attrs":6546},{"color":5727},{"type":413,"content":6548},[6549],{"type":416,"content":6550},[6551],{"type":41,"content":6552},[6553,6559],{"text":6554,"type":45,"marks":6555},"Ease of management: ",[6556,6557],{"type":424},{"type":48,"attrs":6558},{"color":5727},{"text":6560,"type":45,"marks":6561},"529 plans are relatively straightforward to manage, with professional fund managers handling investment decisions. ",[6562],{"type":48,"attrs":6563},{"color":5727},{"type":78,"attrs":6565,"content":6566},{"level":80},[6567],{"text":6568,"type":45,"marks":6569},"8. Donate to charitable causes",[6570],{"type":48,"attrs":6571},{"color":5727},{"type":41,"content":6573},[6574],{"text":6575,"type":45,"marks":6576},"Donating a part of your tax refund to charity is a meaningful way to use your financial resources positively. Identify causes aligned with your value – whether in education, healthcare, or environmental conservation –  and ensure they are legitimate nonprofits with tax-exempt status. ",[6577],{"type":48,"attrs":6578},{"color":5727},{"type":41,"content":6580},[6581],{"text":6582,"type":45,"marks":6583},"Next, strategically approach giving by allocating a portion of your tax refund for one-time donations, exploring monthly giving programs, checking for employer matching gift programs, or contributing to a donor-advised fund for flexibility. ",[6584],{"type":48,"attrs":6585},{"color":5727},{"type":41,"content":6587},[6588],{"text":6589,"type":45,"marks":6590},"The IRS states that charitable donations can lead to federal tax deductions for American taxpayers if you follow specific guidelines. Deductions are generally based on the fair market value of the donation, subject to adjusted gross income limits. Non-cash items and some volunteer expenses may also qualify. For high-value items, a qualified appraisal may be necessary. ",[6591],{"type":48,"attrs":6592},{"color":5727},{"type":78,"attrs":6594,"content":6595},{"level":80},[6596],{"text":6597,"type":45,"marks":6598},"9. Treat yourself, but mindfully",[6599],{"type":48,"attrs":6600},{"color":5727},{"type":41,"content":6602},[6603],{"text":6604,"type":45,"marks":6605},"Finally, celebrate your hard work by setting aside a small portion of your tax refund for personal enjoyment. Choose a reward that aligns with your interests or passions. Keep it in check, though, with clear spending limits, ensuring you prioritize essential expenses and savings. By avoiding impulse buys and investing in experiences that contribute to personal growth, you create a harmonious balance between responsible financial choices and self care. ",[6606],{"type":48,"attrs":6607},{"color":5727},{"type":78,"attrs":6609,"content":6610},{"level":80},[6611],{"text":6612,"type":45,"marks":6613},"Get financial products customized to your needs ",[6614],{"type":48,"attrs":6615},{"color":5727},{"type":41,"content":6617},[6618],{"text":6619,"type":45,"marks":6620},"Using your tax refund wisely is crucial for optimizing your financial well-being, as strategic allocation towards debt reduction, savings, investments, and essential expenditures contributes to long-term financial stability and personal fulfillment.",[6621],{"type":48,"attrs":6622},{"color":5727},{"type":41,"content":6624},[6625,6630,6636,6644],{"text":6626,"type":45,"marks":6627},"If you’re looking to refinance your debt or pay it off faster, Navient lets you compare lenders for free all in one place. Just enter a few details about yourself and",[6628],{"type":48,"attrs":6629},{"color":5727},{"text":283,"type":45,"marks":6631},[6632,6634],{"type":62,"attrs":6633},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":6635},{"color":5727},{"text":6637,"type":45,"marks":6638},"get personalized results within seconds",[6639,6641,6643],{"type":62,"attrs":6640},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":6642},{"color":5758},{"type":71},{"text":784,"type":45,"marks":6645},[6646],{"type":48,"attrs":6647},{"color":5727},{"type":41,"content":6649},[6650],{"text":791,"type":45,"marks":6651},[6652,6654],{"type":648,"attrs":6653},{"class":795},{"type":48,"attrs":6655},{"color":6656},"rgb(68, 68, 68)",{"type":41,"content":6658},[6659],{"text":6660,"type":45,"marks":6661},"1 Navient customers are invited to consider savings offers through our partner MoneyLion. Navient has not shared your information with MoneyLion.  Savings offers are made by participants in MoneyLion’s savings platform, powered by Even Financial.  Even Financial, Inc. is the technology platform powering financial services online.",[6662,6664],{"type":648,"attrs":6663},{"class":795},{"type":48,"attrs":6665},{"color":6656},{"type":41,"content":6667},[6668],{"text":6669,"type":45,"marks":6670},"2 Navient customers are invited to consider personal loan offers through our partner MoneyLion. Navient has not shared your information with MoneyLion and is not involved in the personal loan application process in any manner.  All information is submitted directly to MoneyLion and any personal loan offers are made directly by participants in MoneyLion’s lending platform.  Engine by MoneyLion is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[6671,6673],{"type":648,"attrs":6672},{"class":795},{"type":48,"attrs":6674},{"color":6656},{"type":41,"content":6676},[6677],{"text":828,"type":45,"marks":6678},[6679,6681],{"type":648,"attrs":6680},{"class":795},{"type":48,"attrs":6682},{"color":6656},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798142\"}-->","https://www.marketplace.navient.com/blog/best-way-to-use-tax-refund/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798142\"}-->","best-way-to-use-tax-refund","navient_marketplace/blog/best-way-to-use-tax-refund",[],"cfa5efbb-7fbe-4e8d-986e-71f0cfb3013b","2024-03-08T08:57:00.000Z",[],{"name":6693,"created_at":6694,"published_at":6695,"updated_at":6696,"id":6697,"uuid":6698,"content":6699,"slug":7267,"full_slug":7268,"sort_by_date":65,"position":7269,"tag_list":7270,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":7271,"first_published_at":7272,"release_id":65,"lang":846,"path":7273,"alternates":7274,"default_full_slug":65,"translated_slugs":65},"How to Ask Someone to Cosign a Personal Loan","2025-04-07T18:30:40.199Z","2026-04-01T16:46:49.478Z","2026-04-01T16:46:49.497Z",651798171,"44b1f693-73fd-4163-bd69-ff62aafd8b4d",{"seo":6700,"_uid":6703,"hero":6704,"author":6711,"category":1827,"featured":28,"imageAlt":18,"component":32,"blogContents":6712,"canonicalTag":7264,"publishedDate":7265,"_editable":7266},{"_uid":6701,"title":6693,"plugin":17,"og_image":18,"og_title":18,"description":6702,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"0467bfe8-b659-46a2-8fef-63565d18c79e","Having a cosigner can help you get a lower interest rate and better loan terms. Here’s how to have the conversation.\n","d91154f9-9ecc-44c5-890b-35a1d510220e",[6705],{"id":18,"_uid":6706,"image":6707,"intro":6708,"classes":18,"_editable":6709,"blogTitle":6693,"component":26,"imageLink":6710,"blendImage":28,"backgroundColor":29},"5faafd7f-291f-47c6-a91e-6de5ce44f5cb","//a.storyblok.com/f/110029/1020x678/7a64795b29/how-to-ask-someone-to-cosign-a-personal-loan.png","Having a cosigner can help you get a lower interest rate and better loan terms. Here’s how to have the conversation.","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"5faafd7f-291f-47c6-a91e-6de5ce44f5cb\", \"id\": \"651798171\"}-->","/images/how-to-ask-someone-to-cosign-a-personal-loan.png","grace-guido",[6713],{"_uid":6714,"color":36,"richText":6715,"_editable":7263,"component":835},"d38fe98a-274f-4440-a601-d08e92fddf31",{"type":38,"content":6716},[6717,6728,6762,6782,6791,6812,6820,6828,6837,6853,6862,7071,7080,7092,7113,7121,7133,7141,7153,7161,7173,7194,7202,7211,7234,7243,7253],{"type":41,"attrs":6718,"content":6719},{"textAlign":65},[6720],{"text":1835,"type":45,"marks":6721},[6722,6724,6726],{"type":48,"attrs":6723},{"color":5727},{"type":6725},"italic",{"type":648,"attrs":6727},{"class":795},{"type":41,"attrs":6729,"content":6730},{"textAlign":65},[6731,6736,6745,6750,6757],{"text":6732,"type":45,"marks":6733},"Do you need a ",[6734],{"type":48,"attrs":6735},{"color":5727},{"text":6737,"type":45,"marks":6738},"cosigner",[6739,6742,6744],{"type":62,"attrs":6740},{"href":6741,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-cosigner-student-loan-en-565/",{"type":48,"attrs":6743},{"color":5758},{"type":71},{"text":6746,"type":45,"marks":6747}," to qualify for a ",[6748],{"type":48,"attrs":6749},{"color":5727},{"text":2660,"type":45,"marks":6751},[6752,6754,6756],{"type":62,"attrs":6753},{"href":700,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":6755},{"color":5758},{"type":71},{"text":6758,"type":45,"marks":6759},", or will a cosigner significantly improve your loan terms? If so, you should consider who might cosign your loan and how you should ask them. ",[6760],{"type":48,"attrs":6761},{"color":5727},{"type":41,"attrs":6763,"content":6764},{"textAlign":65},[6765,6770,6777],{"text":6766,"type":45,"marks":6767},"It is important to be prepared for this conversation to show your potential cosigner that you are responsible and capable of repaying the loan. ",[6768],{"type":48,"attrs":6769},{"color":5727},{"text":2342,"type":45,"marks":6771},[6772,6774,6776],{"type":62,"attrs":6773},{"href":772,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":6775},{"color":5758},{"type":71},{"text":6778,"type":45,"marks":6779}," is here to help you learn how to ask a cosigner to share this financial responsibility. ",[6780],{"type":48,"attrs":6781},{"color":5727},{"type":78,"attrs":6783,"content":6784},{"level":80,"textAlign":65},[6785],{"text":6786,"type":45,"marks":6787},"Choose Your Cosigner Wisely",[6788,6790],{"type":48,"attrs":6789},{"color":5727},{"type":424},{"type":41,"attrs":6792,"content":6793},{"textAlign":65},[6794,6799,6807],{"text":6795,"type":45,"marks":6796},"A cosigner is agreeing to ",[6797],{"type":48,"attrs":6798},{"color":5727},{"text":6800,"type":45,"marks":6801},"legal responsibility for your loan",[6802,6804,6806],{"type":62,"attrs":6803},{"href":6741,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":6805},{"color":5758},{"type":71},{"text":6808,"type":45,"marks":6809}," and its repayment obligations. Therefore, it is important to choose someone that you trust. Cosigners are typically close friends or a family member. ",[6810],{"type":48,"attrs":6811},{"color":5727},{"type":41,"attrs":6813,"content":6814},{"textAlign":65},[6815],{"text":6816,"type":45,"marks":6817},"The cosigner should be financially stable and have a good credit history. A cosigner with excellent credit can increase your chances of being approved and securing favorable loan terms. It will also mean that if you are unable to make your payments for any reason, the cosigner will likely be able to. ",[6818],{"type":48,"attrs":6819},{"color":5727},{"type":41,"attrs":6821,"content":6822},{"textAlign":65},[6823],{"text":6824,"type":45,"marks":6825},"It is also important to choose someone you can be open and honest with. If something comes up and you have trouble making payments, it will be important to tell your cosigner right away. Having a cosigner that you have good communication with will make the entire process smoother. ",[6826],{"type":48,"attrs":6827},{"color":5727},{"type":78,"attrs":6829,"content":6830},{"level":80,"textAlign":65},[6831],{"text":6832,"type":45,"marks":6833},"Advantages of Having a Cosigner",[6834,6836],{"type":48,"attrs":6835},{"color":5727},{"type":424},{"type":41,"attrs":6838,"content":6839},{"textAlign":65},[6840,6848],{"text":6841,"type":45,"marks":6842},"There are several advantages",[6843,6845,6847],{"type":62,"attrs":6844},{"href":6741,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":6846},{"color":5758},{"type":71},{"text":6849,"type":45,"marks":6850}," to having a cosigner. Loan lenders are more willing to approve the loan application of a borrower with strong credit over an individual with bad credit. They are also more likely to give better repayment terms and lower interest rates based on the cosigner's creditworthiness. Having a cosigner on your loan can be convenient to you as a borrower if you have little credit history or poor credit. ",[6851],{"type":48,"attrs":6852},{"color":5727},{"type":78,"attrs":6854,"content":6855},{"level":80,"textAlign":65},[6856],{"text":6857,"type":45,"marks":6858},"How to Ask Someone to be a Cosigner:",[6859,6861],{"type":48,"attrs":6860},{"color":5727},{"type":424},{"type":5793,"attrs":6863,"content":6864},{"order":4369},[6865,6884,6924,6991,7040],{"type":416,"content":6866},[6867,6876],{"type":41,"attrs":6868,"content":6869},{"textAlign":65},[6870],{"text":6871,"type":45,"marks":6872},"Tell them why you’re taking the loan out",[6873,6875],{"type":48,"attrs":6874},{"color":5727},{"type":424},{"type":41,"attrs":6877,"content":6878},{"textAlign":65},[6879],{"text":6880,"type":45,"marks":6881},"Make it clear to your cosigner why you need the personal loan. Whether you are purchasing a car or consolidating your debt, explain your personal and financial goals. A cosigner is more likely to agree to help you if they understand your reasoning and agree that the loan will be beneficial for you. ",[6882],{"type":48,"attrs":6883},{"color":5727},{"type":416,"content":6885},[6886,6895,6916],{"type":41,"attrs":6887,"content":6888},{"textAlign":65},[6889],{"text":6890,"type":45,"marks":6891},"Explain how a cosigner can help your application and loan terms",[6892,6894],{"type":48,"attrs":6893},{"color":5727},{"type":424},{"type":41,"attrs":6896,"content":6897},{"textAlign":65},[6898,6903,6911],{"text":6899,"type":45,"marks":6900},"Let your cosigner know the positive impact that cosigning could have. Explain that you will have a ",[6901],{"type":48,"attrs":6902},{"color":5727},{"text":6904,"type":45,"marks":6905},"greater likelihood of being approved",[6906,6908,6910],{"type":62,"attrs":6907},{"href":6741,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":6909},{"color":5758},{"type":71},{"text":6912,"type":45,"marks":6913}," and more favorable loan terms. ",[6914],{"type":48,"attrs":6915},{"color":5727},{"type":41,"attrs":6917,"content":6918},{"textAlign":65},[6919],{"text":6920,"type":45,"marks":6921},"This loan is also an opportunity for you to build your credit and prove your creditworthiness. Your cosigner is helping you with more than they may realize. ",[6922],{"type":48,"attrs":6923},{"color":5727},{"type":416,"content":6925},[6926,6939,6947,6955],{"type":41,"attrs":6927,"content":6928},{"textAlign":65},[6929,6935],{"text":6930,"type":45,"marks":6931},"Make sure they understand their responsibility as a cosigner",[6932,6934],{"type":48,"attrs":6933},{"color":5727},{"type":424},{"text":3249,"type":45,"marks":6936},[6937],{"type":48,"attrs":6938},{"color":5727},{"type":41,"attrs":6940,"content":6941},{"textAlign":65},[6942],{"text":6943,"type":45,"marks":6944},"Cosigning a loan is a huge responsibility. It is important for you to understand your responsibilities as the primary borrower, and it is equally important for the cosigner to understand their responsibilities as well. ",[6945],{"type":48,"attrs":6946},{"color":5727},{"type":41,"attrs":6948,"content":6949},{"textAlign":65},[6950],{"text":6951,"type":45,"marks":6952},"Agreeing to cosign a loan means your cosigner has a legal obligation to the loan repayment. They are jointly accepting responsibility and will be held accountable for any missed or late payments. If the loan defaults or has missed payments, it can hurt both your credit and your cosigner's credit. ",[6953],{"type":48,"attrs":6954},{"color":5727},{"type":41,"attrs":6956,"content":6957},{"textAlign":65},[6958,6963,6972,6977,6986],{"text":6959,"type":45,"marks":6960},"Make sure that your cosigner knows what responsibilities come with cosigning on your loan. ",[6961],{"type":48,"attrs":6962},{"color":5727},{"text":6964,"type":45,"marks":6965},"Share resources",[6966,6969,6971],{"type":62,"attrs":6967},{"href":6968,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/paying-for-college/repay-student-debt/student-loan-cosigners/",{"type":48,"attrs":6970},{"color":5758},{"type":71},{"text":6973,"type":45,"marks":6974}," that help them understand ",[6975],{"type":48,"attrs":6976},{"color":5727},{"text":6978,"type":45,"marks":6979},"what cosigning entails",[6980,6983,6985],{"type":62,"attrs":6981},{"href":6982,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://consumer.ftc.gov/articles/cosigning-loan-faqs",{"type":48,"attrs":6984},{"color":5758},{"type":71},{"text":6987,"type":45,"marks":6988}," and how they can be prepared to assist you as well as protect their own credit. ",[6989],{"type":48,"attrs":6990},{"color":5727},{"type":416,"content":6992},[6993,7002,7024,7032],{"type":41,"attrs":6994,"content":6995},{"textAlign":65},[6996],{"text":6997,"type":45,"marks":6998},"Discuss your plans to repay the loan",[6999,7001],{"type":48,"attrs":7000},{"color":5727},{"type":424},{"type":41,"attrs":7003,"content":7004},{"textAlign":65},[7005,7010,7019],{"text":7006,"type":45,"marks":7007},"When you are talking with your cosigner, come prepared with ",[7008],{"type":48,"attrs":7009},{"color":5727},{"text":7011,"type":45,"marks":7012},"a copy of your credit report",[7013,7016,7018],{"type":62,"attrs":7014},{"href":7015,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-copy-of-my-credit-reports-en-5/",{"type":48,"attrs":7017},{"color":5758},{"type":71},{"text":7020,"type":45,"marks":7021}," and information on your income. Share your budgeting strategies and other steps you have taken to ensure you can make monthly payments. This will show your cosigner you are taking this responsibility seriously. ",[7022],{"type":48,"attrs":7023},{"color":5727},{"type":41,"attrs":7025,"content":7026},{"textAlign":65},[7027],{"text":7028,"type":45,"marks":7029},"Discuss your specific plan for repaying the loan. Are you going to make the payment every month? Or would your cosigner rather pay it and be repaid to ensure on-time payments? Your repayment plan will vary depending on what you and your cosigner are most comfortable with. ",[7030],{"type":48,"attrs":7031},{"color":5727},{"type":41,"attrs":7033,"content":7034},{"textAlign":65},[7035],{"text":7036,"type":45,"marks":7037},"Regardless of how you decide to repay the loan, make sure you and your cosigner have agreed on it before the loan is taken out. ",[7038],{"type":48,"attrs":7039},{"color":5727},{"type":416,"content":7041},[7042,7055,7063],{"type":41,"attrs":7043,"content":7044},{"textAlign":65},[7045,7051],{"text":7046,"type":45,"marks":7047},"Agree on what you’ll do if you can’t repay the loan",[7048,7050],{"type":48,"attrs":7049},{"color":5727},{"type":424},{"text":3249,"type":45,"marks":7052},[7053],{"type":48,"attrs":7054},{"color":5727},{"type":41,"attrs":7056,"content":7057},{"textAlign":65},[7058],{"text":7059,"type":45,"marks":7060},"Consider and discuss what will happen in the event you are unable to make a payment. Or, if you will be unable to repay the entire loan. ",[7061],{"type":48,"attrs":7062},{"color":5727},{"type":41,"attrs":7064,"content":7065},{"textAlign":65},[7066],{"text":7067,"type":45,"marks":7068},"While no one plans on being unable to make loan payments, you should be prepared just in case. Discussing every possibility will give your cosigner transparency upfront and prevent conflict and misunderstanding. ",[7069],{"type":48,"attrs":7070},{"color":5727},{"type":78,"attrs":7072,"content":7073},{"level":80,"textAlign":65},[7074],{"text":7075,"type":45,"marks":7076},"Things to Remember During Your Conversation:",[7077,7079],{"type":48,"attrs":7078},{"color":5727},{"type":424},{"type":413,"content":7081},[7082],{"type":416,"content":7083},[7084],{"type":41,"attrs":7085,"content":7086},{"textAlign":65},[7087],{"text":7088,"type":45,"marks":7089},"Be honest and upfront with your cosigner",[7090],{"type":48,"attrs":7091},{"color":5727},{"type":41,"attrs":7093,"content":7094},{"textAlign":65},[7095,7100,7108],{"text":7096,"type":45,"marks":7097},"Cosigning is an enormous responsibility with potential impacts to your cosigner's credit score. They should be aware of all the ",[7098],{"type":48,"attrs":7099},{"color":5727},{"text":7101,"type":45,"marks":7102},"risks and responsibilities",[7103,7105,7107],{"type":62,"attrs":7104},{"href":6982,"uuid":65,"anchor":65,"target":66,"linktype":67},{"type":48,"attrs":7106},{"color":5758},{"type":71},{"text":7109,"type":45,"marks":7110}," associated with cosigning. Do not hide anything from your cosigner or diminish the role they will have in the loan. ",[7111],{"type":48,"attrs":7112},{"color":5727},{"type":41,"attrs":7114,"content":7115},{"textAlign":65},[7116],{"text":7117,"type":45,"marks":7118},"Be honest and upfront about your financial situation and reasons for taking out a personal loan. The individual will be much more likely to cosign if they trust you.",[7119],{"type":48,"attrs":7120},{"color":5727},{"type":413,"content":7122},[7123],{"type":416,"content":7124},[7125],{"type":41,"attrs":7126,"content":7127},{"textAlign":65},[7128],{"text":7129,"type":45,"marks":7130},"Be willing to negotiate",[7131],{"type":48,"attrs":7132},{"color":5727},{"type":41,"attrs":7134,"content":7135},{"textAlign":65},[7136],{"text":7137,"type":45,"marks":7138},"The cosigner is helping you out by taking on this loan. Be willing to negotiate repayment plans and other details. Cosigning places an equal responsibility on you and your cosigner, so the cosigner deserves input. ",[7139],{"type":48,"attrs":7140},{"color":5727},{"type":413,"content":7142},[7143],{"type":416,"content":7144},[7145],{"type":41,"attrs":7146,"content":7147},{"textAlign":65},[7148],{"text":7149,"type":45,"marks":7150},"If they say yes, show your gratitude",[7151],{"type":48,"attrs":7152},{"color":5727},{"type":41,"attrs":7154,"content":7155},{"textAlign":65},[7156],{"text":7157,"type":45,"marks":7158},"If your cosigner agrees, let them know that you are thankful. Throughout the life of the loan, show the cosigner you are a responsible borrower and follow through on your plan to pay for the loan. This will not only demonstrate your gratitude, but help your credit history as well. ",[7159],{"type":48,"attrs":7160},{"color":5727},{"type":413,"content":7162},[7163],{"type":416,"content":7164},[7165],{"type":41,"attrs":7166,"content":7167},{"textAlign":65},[7168],{"text":7169,"type":45,"marks":7170},"If they say no, accept it gracefully ",[7171],{"type":48,"attrs":7172},{"color":5727},{"type":41,"attrs":7174,"content":7175},{"textAlign":65},[7176,7181,7190],{"text":7177,"type":45,"marks":7178},"Although you were hoping they would accept, thank the cosigner for their time. They may have reasons for declining, such as planning to take out a personal loan of their own or the impact it would have on their ",[7179],{"type":48,"attrs":7180},{"color":5727},{"text":7182,"type":45,"marks":7183},"debt-to-income ratio",[7184,7187,7189],{"type":62,"attrs":7185},{"href":7186,"uuid":65,"anchor":65,"target":66,"linktype":67},"https://www.investopedia.com/terms/d/dti.asp",{"type":48,"attrs":7188},{"color":5758},{"type":71},{"text":682,"type":45,"marks":7191},[7192],{"type":48,"attrs":7193},{"color":5727},{"type":41,"attrs":7195,"content":7196},{"textAlign":65},[7197],{"text":7198,"type":45,"marks":7199},"Respect the individual's decision to decline and consider other trusted friends or family who may be willing to help you out.",[7200],{"type":48,"attrs":7201},{"color":5727},{"type":78,"attrs":7203,"content":7204},{"level":80,"textAlign":65},[7205],{"text":7206,"type":45,"marks":7207},"Apply for a Personal Loan with a Cosigner",[7208,7210],{"type":48,"attrs":7209},{"color":5727},{"type":424},{"type":41,"attrs":7212,"content":7213},{"textAlign":65},[7214,7219,7229],{"text":7215,"type":45,"marks":7216},"Now that you know all about how to find a cosigner, you can take out your personal loan! ",[7217],{"type":48,"attrs":7218},{"color":5727},{"text":7220,"type":45,"marks":7221},"Apply for a personal loan",[7222,7226,7228],{"type":62,"attrs":7223},{"href":7224,"uuid":65,"anchor":65,"target":7225,"linktype":67},"https://www.earnest.com/personal-loans?utm_medium=organic&utm_source=navient_marketplace&utm_campaign=PL_rc_pro_genpop_20260331","_self",{"type":48,"attrs":7227},{"color":5758},{"type":71},{"text":7230,"type":45,"marks":7231}," with Navient Marketplace today. ",[7232],{"type":48,"attrs":7233},{"color":5727},{"type":41,"attrs":7235,"content":7236},{"textAlign":65},[7237],{"text":791,"type":45,"marks":7238},[7239,7241],{"type":48,"attrs":7240},{"color":5727},{"type":648,"attrs":7242},{"class":795},{"type":41,"attrs":7244,"content":7245},{"textAlign":65},[7246],{"text":7247,"type":45,"marks":7248},"Navient customers are invited to consider personal loan offers through our partner MoneyLion. Navient has not shared your information with MoneyLion and is not involved in the personal loan application process in any manner. All information is submitted directly to MoneyLion and any personal loan offers are made directly by participants in MoneyLion’s lending platform. Engine by MoneyLion is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[7249,7251],{"type":48,"attrs":7250},{"color":5727},{"type":648,"attrs":7252},{"class":795},{"type":41,"attrs":7254,"content":7255},{"textAlign":65},[7256],{"text":7257,"type":45,"marks":7258}," Loan proceeds may not be used for postsecondary educational expenses, including refinancing federal or private student loans.",[7259,7261],{"type":48,"attrs":7260},{"color":5727},{"type":648,"attrs":7262},{"class":795},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"d38fe98a-274f-4440-a601-d08e92fddf31\", \"id\": \"651798171\"}-->","https://www.marketplace.navient.com/blog/how-to-ask-someone-to-cosign-a-personal-loan/","Published: 8/28/2023","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"d91154f9-9ecc-44c5-890b-35a1d510220e\", \"id\": \"651798171\"}-->","how-to-ask-someone-to-cosign-a-personal-loan","navient_marketplace/blog/how-to-ask-someone-to-cosign-a-personal-loan",-460,[],"25f3f66f-35c1-4e02-9eae-9bec91a56cbe","2023-09-26T16:44:37.643Z","blog/how-to-ask-someone-to-cosign-a-personal-loan",[],{"name":7276,"created_at":7277,"published_at":7278,"updated_at":7279,"id":7280,"uuid":7281,"content":7282,"slug":8915,"full_slug":8916,"sort_by_date":65,"position":8917,"tag_list":8918,"is_startpage":28,"parent_id":843,"meta_data":65,"group_id":8919,"first_published_at":8920,"release_id":65,"lang":846,"path":65,"alternates":8921,"default_full_slug":65,"translated_slugs":65},"Secured vs. Unsecured Loans: Key Differences, Pros & Cons","2025-04-07T18:30:42.060Z","2026-04-01T17:00:16.055Z","2026-04-01T17:00:16.100Z",651798172,"c7d83bf4-ecf7-425f-9b98-8a58d7b734bd",{"seo":7283,"_uid":7286,"body":7287,"author":30,"category":1827,"featured":28,"component":8912,"canonicalTag":8913,"_editable":8914},{"_uid":7284,"title":7276,"plugin":17,"og_image":18,"og_title":18,"description":7285,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"867aef9d-7485-4668-b506-32f93a18c1bd","The main difference is whether you need to put up collateral. They also have different interest rates and terms. Read more to make an informed decision.","e545f5fe-7635-4a75-bdb6-02c861160023",[7288,7314,8887],{"id":7289,"_uid":7290,"image":7291,"intro":7285,"author":7292,"classes":7293,"category":18,"featured":28,"blogTitle":7276,"component":7310,"imageLink":7311,"blendImage":28,"authorRoute":30,"publishedDate":7312,"backgroundColor":29,"_editable":7313},"blog-hero","be8a2b18-d2c6-4505-973b-7f17cf437ed1","//a.storyblok.com/f/110029/624x468/86305d2e4f/tou_house_with_keys.png","Natasha Khullar Relph",[7294],{"_uid":7295,"component":7296,"titleColor":7297,"dateClasses":7298,"titleClasses":7299,"authorClasses":7300,"subtitleColor":7301,"titleMaxWidth":7302,"subtitleClasses":7303,"dateMobileClasses":7304,"titleMobileClasses":7305,"authorMobileClasses":7306,"featuredMobileClasses":7307,"subtitleMobileClasses":7308,"_editable":7309},"159ea1ac-2f78-4612-9d77-9d9a8c054ca3","BlogHeroStyle","#470A68","text-subtitle-2 mt-7 accent--text text--darken-2","text-h4 mt-6 font-weight-bold blog-info-section","text-size-sub-1 mt-7 accent--text text--darken-4","#75478E","600","text-h6 mt-n6 blog-post-subtitle","text-size-caption mt-4 accent--text text--darken-2","text-size-button-3 font-weight-bold","text-size-sub-1 mt-4 accent--text text--darken-4","text-size-sub-1 accent--text","text-size-sub-1 mt-n9 pt-5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"159ea1ac-2f78-4612-9d77-9d9a8c054ca3\", \"id\": \"651798172\"}-->","BlogHero","/images/tou_house_with_keys.png","Updated: July 17, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"be8a2b18-d2c6-4505-973b-7f17cf437ed1\", \"id\": \"651798172\"}-->",{"_uid":7315,"bloks":7316,"classes":8883,"component":8884,"mobileClasses":18,"containerContent":8885,"_editable":8886},"ecffcfae-58da-439e-8d30-febcc7c50469",[7317],{"_uid":7318,"bloks":7319,"classes":18,"justify":8830,"component":8881,"mobileClasses":18,"_editable":8882},"c88d88d3-69eb-4468-81cc-60b6c55bb2b2",[7320,8833],{"lg":7321,"md":7321,"sm":7322,"_uid":7323,"cols":7322,"bloks":7324,"alignSelf":8830,"component":8831,"_editable":8832},"7","12","972e983d-23ec-4a8e-8c70-fae61f37f6e6",[7325],{"_uid":7326,"color":36,"classes":7327,"content":18,"richText":7328,"component":8823,"mobileClasses":8824,"enableRichText":8825,"richTextMobile":8826,"_editable":8829},"c401c60c-4fe6-4ba5-8767-f0f0fd9cea3f","blog-post-text blog-post-headers",{"type":38,"content":7329},[7330,7336,7381,7397,7408,7442,7489,7496,7537,7547,7561,7752,7761,7771,7780,7894,7903,7972,7980,8052,8061,8078,8228,8236,8246,8255,8333,8342,8457,8473,8483,8493,8560,8569,8618,8628,8638,8757,8761,8799,8807,8815],{"type":41,"content":7331},[7332],{"text":1835,"type":45,"marks":7333},[7334],{"type":48,"attrs":7335},{"color":18},{"type":41,"content":7337},[7338,7340,7346,7347,7352,7354,7359,7361,7366,7368,7373,7375,7379],{"text":7339,"type":45},"There are two main ",{"text":7341,"type":45,"marks":7342},"types of loans",[7343],{"type":48,"attrs":7344},{"color":7345},"black",{"text":3150,"type":45},{"text":7348,"type":45,"marks":7349},"secured loans",[7350],{"type":48,"attrs":7351},{"color":7345},{"text":7353,"type":45}," and ",{"text":7355,"type":45,"marks":7356},"unsecured loans",[7357],{"type":48,"attrs":7358},{"color":7345},{"text":7360,"type":45},". The key difference is whether or not you’re required to put up collateral. Each ",{"text":7362,"type":45,"marks":7363},"type of loan",[7364],{"type":48,"attrs":7365},{"color":7345},{"text":7367,"type":45}," also comes with different interest rates and terms, which means an ",{"text":7369,"type":45,"marks":7370},"unsecured loan",[7371],{"type":48,"attrs":7372},{"color":7345},{"text":7374,"type":45}," will be a better fit for some borrowers, while a ",{"text":733,"type":45,"marks":7376},[7377],{"type":48,"attrs":7378},{"color":7345},{"text":7380,"type":45}," might better serve others.",{"type":41,"content":7382},[7383,7385,7389,7391,7396],{"text":7384,"type":45},"So how can you decide whether you’re better off with a secured vs. ",{"text":7369,"type":45,"marks":7386},[7387],{"type":48,"attrs":7388},{"color":7345},{"text":7390,"type":45},"? We put together this guide to help you make an informed ",{"text":7392,"type":45,"marks":7393},"financial decision",[7394],{"type":48,"attrs":7395},{"color":7345},{"text":784,"type":45},{"type":78,"attrs":7398,"content":7399},{"level":80},[7400,7402,7406],{"text":7401,"type":45},"What’s the difference between secured and ",{"text":7355,"type":45,"marks":7403},[7404],{"type":48,"attrs":7405},{"color":7345},{"text":7407,"type":45},"?",{"type":41,"content":7409},[7410,7414,7416,7421,7423,7427,7429,7433,7435,7440],{"text":721,"type":45,"marks":7411},[7412],{"type":48,"attrs":7413},{"color":7345},{"text":7415,"type":45}," require a borrower to provide collateral, such as a house or car, which the ",{"text":7417,"type":45,"marks":7418},"lender",[7419],{"type":48,"attrs":7420},{"color":7345},{"text":7422,"type":45}," can claim if the borrower defaults on the loan. With an ",{"text":7369,"type":45,"marks":7424},[7425],{"type":48,"attrs":7426},{"color":7345},{"text":7428,"type":45},", however, you won’t have to put up an asset as collateral. Instead, the ",{"text":7417,"type":45,"marks":7430},[7431],{"type":48,"attrs":7432},{"color":7345},{"text":7434,"type":45}," looks at your ",{"text":7436,"type":45,"marks":7437},"credit history",[7438],{"type":48,"attrs":7439},{"color":7345},{"text":7441,"type":45}," to determine whether or not you’re good for your debt.",{"type":41,"content":7443},[7444,7446,7450,7452,7456,7458,7463,7464,7469,7471,7475,7477,7481,7483,7487],{"text":7445,"type":45},"Collateral provides the ",{"text":7417,"type":45,"marks":7447},[7448],{"type":48,"attrs":7449},{"color":7345},{"text":7451,"type":45}," a guarantee that they’ll get at least some of their money back if the borrower fails to repay the loan. For that reason, ",{"text":7348,"type":45,"marks":7453},[7454],{"type":48,"attrs":7455},{"color":7345},{"text":7457,"type":45}," typically come with ",{"text":7459,"type":45,"marks":7460},"lower interest rates",[7461],{"type":48,"attrs":7462},{"color":7345},{"text":7353,"type":45},{"text":7465,"type":45,"marks":7466},"higher borrowing limits",[7467],{"type":48,"attrs":7468},{"color":7345},{"text":7470,"type":45}," than ",{"text":7355,"type":45,"marks":7472},[7473],{"type":48,"attrs":7474},{"color":7345},{"text":7476,"type":45},". They may also be easier to obtain. However, ",{"text":7348,"type":45,"marks":7478},[7479],{"type":48,"attrs":7480},{"color":7345},{"text":7482,"type":45}," often have more usage restrictions than ",{"text":7355,"type":45,"marks":7484},[7485],{"type":48,"attrs":7486},{"color":7345},{"text":7488,"type":45}," as well.",{"type":78,"attrs":7490,"content":7491},{"level":80},[7492],{"text":721,"type":45,"marks":7493},[7494],{"type":48,"attrs":7495},{"color":7345},{"type":41,"content":7497},[7498,7502,7504,7508,7510,7514,7515,7519,7521,7525,7527,7535],{"text":721,"type":45,"marks":7499},[7500],{"type":48,"attrs":7501},{"color":7345},{"text":7503,"type":45}," are loans that require collateral. Usually, the ",{"text":7417,"type":45,"marks":7505},[7506],{"type":48,"attrs":7507},{"color":7345},{"text":7509,"type":45}," will let you borrow up to the value of the collateral, which means secured loans often offer ",{"text":7465,"type":45,"marks":7511},[7512],{"type":48,"attrs":7513},{"color":7345},{"text":7470,"type":45},{"text":7355,"type":45,"marks":7516},[7517],{"type":48,"attrs":7518},{"color":7345},{"text":7520,"type":45},". For that reason, ",{"text":7348,"type":45,"marks":7522},[7523],{"type":48,"attrs":7524},{"color":7345},{"text":7526,"type":45}," are popular for making larger purchases, such as buying a home or a vehicle. In these cases, the purchased home or vehicle usually becomes the collateral. However, borrowers can also offer up other assets, such as a business or a ",{"text":7528,"type":45,"marks":7529},"savings bank account",[7530,7533],{"type":62,"attrs":7531},{"href":7532,"uuid":65,"anchor":65,"target":65,"linktype":67},"https://marketplace.navient.com/blog/best-high-yield-savings-account/",{"type":48,"attrs":7534},{"color":5758},{"text":7536,"type":45},", to secure some types of loans.",{"type":78,"attrs":7538,"content":7539},{"level":161},[7540,7545],{"text":7541,"type":45,"marks":7542},"Secured loan",[7543],{"type":48,"attrs":7544},{"color":18},{"text":7546,"type":45}," examples",{"type":41,"content":7548},[7549,7551,7556,7557],{"text":7550,"type":45},"Secured loans are everywhere. Here are a few of the most ",{"text":7552,"type":45,"marks":7553},"common types",[7554],{"type":48,"attrs":7555},{"color":7345},{"text":784,"type":45},{"text":3249,"type":45,"marks":7558},[7559],{"type":48,"attrs":7560},{"color":18},{"type":413,"content":7562},[7563,7580,7608,7640,7688,7712,7722],{"type":416,"content":7564},[7565],{"type":41,"content":7566},[7567,7571,7573,7578],{"text":7568,"type":45,"marks":7569},"Mortgage loans: ",[7570],{"type":424},{"text":7572,"type":45},"These are loans used to finance the purchase of a property. The property serves as collateral until all the ",{"text":7574,"type":45,"marks":7575},"mortgage payments",[7576],{"type":48,"attrs":7577},{"color":7345},{"text":7579,"type":45}," have been made.",{"type":416,"content":7581},[7582],{"type":41,"content":7583},[7584,7590,7593,7595,7600,7602,7606],{"text":7585,"type":45,"marks":7586},"Auto loans",[7587,7588],{"type":424},{"type":48,"attrs":7589},{"color":7345},{"text":3150,"type":45,"marks":7591},[7592],{"type":424},{"text":7594,"type":45},"Secured ",{"text":7596,"type":45,"marks":7597},"car loans",[7598],{"type":48,"attrs":7599},{"color":7345},{"text":7601,"type":45}," are used to finance the purchase of a vehicle. If the borrower defaults, the ",{"text":7417,"type":45,"marks":7603},[7604],{"type":48,"attrs":7605},{"color":7345},{"text":7607,"type":45}," has the right to claim the vehicle.",{"type":416,"content":7609},[7610],{"type":41,"content":7611},[7612,7618,7621,7623,7628,7630,7638],{"text":7613,"type":45,"marks":7614},"Secured personal loans",[7615,7616],{"type":424},{"type":48,"attrs":7617},{"color":7345},{"text":3150,"type":45,"marks":7619},[7620],{"type":424},{"text":7622,"type":45},"These loans can be used for almost any purpose. Collateral could be a personal ",{"text":7624,"type":45,"marks":7625},"savings account",[7626],{"type":48,"attrs":7627},{"color":7345},{"text":7629,"type":45},", a ",{"text":7631,"type":45,"marks":7632},"certificate of deposit (CD)",[7633,7636],{"type":62,"attrs":7634},{"href":7635,"uuid":65,"anchor":65,"target":65,"linktype":67},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-certificate-of-deposit-cd-en-917/",{"type":48,"attrs":7637},{"color":5758},{"text":7639,"type":45},", or any other valuable asset.",{"type":416,"content":7641},[7642],{"type":41,"content":7643},[7644,7650,7654,7659,7661,7666,7668,7673,7675,7679,7681,7686],{"text":7645,"type":45,"marks":7646},"Home equity loans",[7647,7648],{"type":424},{"type":48,"attrs":7649},{"color":7345},{"text":7651,"type":45,"marks":7652},":",[7653],{"type":424},{"text":7655,"type":45,"marks":7656},"  ",[7657],{"type":48,"attrs":7658},{"color":18},{"text":7660,"type":45},"These loans allow homeowners to borrow against the equity they have built in a residential property, using the property as collateral. A ",{"text":7662,"type":45,"marks":7663},"Home Equity Line of Credit",[7664],{"type":48,"attrs":7665},{"color":7345},{"text":7667,"type":45}," (",{"text":7669,"type":45,"marks":7670},"HELOC",[7671],{"type":48,"attrs":7672},{"color":7345},{"text":7674,"type":45},") works similarly, though a ",{"text":7669,"type":45,"marks":7676},[7677],{"type":48,"attrs":7678},{"color":7345},{"text":7680,"type":45}," is a revolving ",{"text":7682,"type":45,"marks":7683},"line of credit",[7684],{"type":48,"attrs":7685},{"color":7345},{"text":7687,"type":45}," rather than a single lump sum loan.",{"type":416,"content":7689},[7690],{"type":41,"content":7691},[7692,7695,7701,7704,7706,7711],{"text":7594,"type":45,"marks":7693},[7694],{"type":424},{"text":7696,"type":45,"marks":7697},"business loans",[7698,7699],{"type":424},{"type":48,"attrs":7700},{"color":7345},{"text":3150,"type":45,"marks":7702},[7703],{"type":424},{"text":7705,"type":45},"Collateral such as commercial real estate, equipment, or inventory can be used to secure a ",{"text":7707,"type":45,"marks":7708},"business loan",[7709],{"type":48,"attrs":7710},{"color":7345},{"text":784,"type":45},{"type":416,"content":7713},[7714],{"type":41,"content":7715},[7716,7720],{"text":7717,"type":45,"marks":7718},"Pawn shop loans: ",[7719],{"type":424},{"text":7721,"type":45},"Valuable items such as jewelry, antiques, or electronic items can be brought to a pawn shop in exchange for cash. If the loan is not repaid, the pawn shop keeps the item.",{"type":416,"content":7723},[7724],{"type":41,"content":7725},[7726,7731,7734,7739,7741,7745,7747,7751],{"text":2684,"type":45,"marks":7727},[7728,7729],{"type":424},{"type":48,"attrs":7730},{"color":7345},{"text":3150,"type":45,"marks":7732},[7733],{"type":424},{"text":7735,"type":45,"marks":7736},"Though not loans, credit cards",[7737],{"type":48,"attrs":7738},{"color":7345},{"text":7740,"type":45}," can also be a source of secured debt. ",{"text":2684,"type":45,"marks":7742},[7743],{"type":48,"attrs":7744},{"color":7345},{"text":7746,"type":45}," require a security deposit and are a popular way for borrowers to build up their ",{"text":7436,"type":45,"marks":7748},[7749],{"type":48,"attrs":7750},{"color":7345},{"text":784,"type":45},{"type":78,"attrs":7753,"content":7754},{"level":161},[7755,7757],{"text":7756,"type":45},"Pros and cons of ",{"text":7348,"type":45,"marks":7758},[7759],{"type":48,"attrs":7760},{"color":18},{"type":41,"content":7762},[7763,7765,7769],{"text":7764,"type":45},"Before you take out a ",{"text":733,"type":45,"marks":7766},[7767],{"type":48,"attrs":7768},{"color":7345},{"text":7770,"type":45},", you’ll want to consider the advantages and disadvantages.",{"type":78,"attrs":7772,"content":7773},{"level":170},[7774,7776],{"text":7775,"type":45},"Pros of ",{"text":7348,"type":45,"marks":7777},[7778],{"type":48,"attrs":7779},{"color":18},{"type":413,"content":7781},[7782,7816,7842,7863],{"type":416,"content":7783},[7784],{"type":41,"content":7785},[7786,7790,7792,7797,7799,7803,7805,7809,7811,7815],{"text":7787,"type":45,"marks":7788},"Low interest rates:",[7789],{"type":424},{"text":7791,"type":45}," Because collateral provides a level of reassurance, ",{"text":7793,"type":45,"marks":7794},"lenders",[7795],{"type":48,"attrs":7796},{"color":7345},{"text":7798,"type":45}," are often able to offer ",{"text":7459,"type":45,"marks":7800},[7801],{"type":48,"attrs":7802},{"color":7345},{"text":7804,"type":45}," on ",{"text":7348,"type":45,"marks":7806},[7807],{"type":48,"attrs":7808},{"color":7345},{"text":7810,"type":45}," than they would with ",{"text":7355,"type":45,"marks":7812},[7813],{"type":48,"attrs":7814},{"color":7345},{"text":784,"type":45},{"type":416,"content":7817},[7818],{"type":41,"content":7819},[7820,7826,7829,7831,7836,7838],{"text":7821,"type":45,"marks":7822},"Higher borrowing limits",[7823,7824],{"type":424},{"type":48,"attrs":7825},{"color":7345},{"text":7651,"type":45,"marks":7827},[7828],{"type":424},{"text":7830,"type":45}," Often, the maximum ",{"text":7832,"type":45,"marks":7833},"loan amount",[7834],{"type":48,"attrs":7835},{"color":7345},{"text":7837,"type":45}," on a secured loan is equal to the value of the collateral. If that’s a house or car, the limit will be quite high.",{"text":3249,"type":45,"marks":7839},[7840],{"type":48,"attrs":7841},{"color":18},{"type":416,"content":7843},[7844],{"type":41,"content":7845},[7846,7850,7851,7855,7857,7862],{"text":7847,"type":45,"marks":7848},"Easier approval:",[7849],{"type":424},{"text":283,"type":45},{"text":721,"type":45,"marks":7852},[7853],{"type":48,"attrs":7854},{"color":7345},{"text":7856,"type":45}," often have more lenient eligibility requirements, making them more attainable for borrowers with low ",{"text":7858,"type":45,"marks":7859},"credit scores",[7860],{"type":48,"attrs":7861},{"color":7345},{"text":784,"type":45},{"type":416,"content":7864},[7865],{"type":41,"content":7866},[7867,7871,7877,7880,7881,7885,7887,7892],{"text":7868,"type":45,"marks":7869},"Longer ",[7870],{"type":424},{"text":7872,"type":45,"marks":7873},"repayment terms",[7874,7875],{"type":424},{"type":48,"attrs":7876},{"color":7345},{"text":7651,"type":45,"marks":7878},[7879],{"type":424},{"text":283,"type":45},{"text":721,"type":45,"marks":7882},[7883],{"type":48,"attrs":7884},{"color":7345},{"text":7886,"type":45}," may come with longer ",{"text":7888,"type":45,"marks":7889},"repayment",[7890],{"type":48,"attrs":7891},{"color":7345},{"text":7893,"type":45}," periods. That lets borrowers spread out their payments over a longer period of time.",{"type":78,"attrs":7895,"content":7896},{"level":170},[7897,7899],{"text":7898,"type":45},"Cons of ",{"text":7348,"type":45,"marks":7900},[7901],{"type":48,"attrs":7902},{"color":18},{"type":413,"content":7904},[7905,7921,7950],{"type":416,"content":7906},[7907],{"type":41,"content":7908},[7909,7913,7915,7919],{"text":7910,"type":45,"marks":7911},"Risk of collateral loss:",[7912],{"type":424},{"text":7914,"type":45}," If you default on your loan, the ",{"text":7417,"type":45,"marks":7916},[7917],{"type":48,"attrs":7918},{"color":7345},{"text":7920,"type":45}," could seize your asset, leaving you without a house, car, or other essential item.",{"type":416,"content":7922},[7923],{"type":41,"content":7924},[7925,7929,7935,7938,7942,7944,7948],{"text":7926,"type":45,"marks":7927},"Lengthy ",[7928],{"type":424},{"text":7930,"type":45,"marks":7931},"application process",[7932,7933],{"type":424},{"type":48,"attrs":7934},{"color":7345},{"text":3150,"type":45,"marks":7936},[7937],{"type":424},{"text":721,"type":45,"marks":7939},[7940],{"type":48,"attrs":7941},{"color":7345},{"text":7943,"type":45}," may take longer to receive since the ",{"text":7417,"type":45,"marks":7945},[7946],{"type":48,"attrs":7947},{"color":7345},{"text":7949,"type":45}," will need time to assess the value of the collateral before issuing the loan.",{"type":416,"content":7951},[7952],{"type":41,"content":7953},[7954,7958,7959,7963,7965,7970],{"text":7955,"type":45,"marks":7956},"Limited use:",[7957],{"type":424},{"text":283,"type":45},{"text":721,"type":45,"marks":7960},[7961],{"type":48,"attrs":7962},{"color":7345},{"text":7964,"type":45}," may come with usage restrictions. Mortgage loans can only be used to purchase residential property, for example, and ",{"text":7966,"type":45,"marks":7967},"auto loans",[7968],{"type":48,"attrs":7969},{"color":7345},{"text":7971,"type":45}," can only be used to buy cars.",{"type":78,"attrs":7973,"content":7974},{"level":80},[7975],{"text":7976,"type":45,"marks":7977},"Unsecured loans",[7978],{"type":48,"attrs":7979},{"color":7345},{"type":41,"content":7981},[7982,7984,7988,7990,7994,7996,8000,8002,8006,8008,8013,8015,8019,8021,8026,8028,8033,8035,8039,8041,8046,8047,8051],{"text":7983,"type":45},"An ",{"text":7369,"type":45,"marks":7985},[7986],{"type":48,"attrs":7987},{"color":7345},{"text":7989,"type":45}," is a ",{"text":7362,"type":45,"marks":7991},[7992],{"type":48,"attrs":7993},{"color":7345},{"text":7995,"type":45}," that does not require any collateral. With an ",{"text":7369,"type":45,"marks":7997},[7998],{"type":48,"attrs":7999},{"color":7345},{"text":8001,"type":45},", the ",{"text":7417,"type":45,"marks":8003},[8004],{"type":48,"attrs":8005},{"color":7345},{"text":8007,"type":45}," relies solely on the borrower’s ",{"text":8009,"type":45,"marks":8010},"credit report",[8011],{"type":48,"attrs":8012},{"color":7345},{"text":8014,"type":45},", current income, and other financial markers to determine whether or not to approve the loan. Since there is no collateral involved, the ",{"text":7417,"type":45,"marks":8016},[8017],{"type":48,"attrs":8018},{"color":7345},{"text":8020,"type":45}," has no specific asset to claim in case of default. For that reason, the borrower may need a relatively high ",{"text":8022,"type":45,"marks":8023},"credit score",[8024],{"type":48,"attrs":8025},{"color":7345},{"text":8027,"type":45}," to prove their ",{"text":8029,"type":45,"marks":8030},"creditworthiness",[8031],{"type":48,"attrs":8032},{"color":7345},{"text":8034,"type":45},". ",{"text":7976,"type":45,"marks":8036},[8037],{"type":48,"attrs":8038},{"color":7345},{"text":8040,"type":45}," also tend to have ",{"text":8042,"type":45,"marks":8043},"higher interest rates",[8044],{"type":48,"attrs":8045},{"color":7345},{"text":7470,"type":45},{"text":7348,"type":45,"marks":8048},[8049],{"type":48,"attrs":8050},{"color":7345},{"text":784,"type":45},{"type":78,"attrs":8053,"content":8054},{"level":161},[8055,8060],{"text":8056,"type":45,"marks":8057},"Unsecured loan",[8058],{"type":48,"attrs":8059},{"color":18},{"text":7546,"type":45},{"type":41,"content":8062},[8063,8065,8070,8072,8077],{"text":8064,"type":45},"Many smaller loans are ",{"text":8066,"type":45,"marks":8067},"unsecured",[8068],{"type":48,"attrs":8069},{"color":7345},{"text":8071,"type":45},". 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