Advertiser Disclosure

Featured

6 Ways to Find College Scholarships

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

mortar board cash

As the cost of college continues to soar, scholarships have become an essential part of college payment plans. Scholarships covered 17% of the average college bill, according to Sallie Mae’s most recent How America Pays For College report, with an average scholarship haul of $8,843.

Scholarship dollars varied widely, however, based on the type of school attended. Students at a four-year public or state university received, on average, $6,469 in scholarships, compared to $16,527 for students at four-year private universities.

Nonetheless, free money can certainly make a dent in your college tab. And knowing where to look for them is key to the process. Here are a few hints:

1. Search online sites

Scholarship matching websites are still a great source of scholarship information. There’s the U.S. Department of Labor’s scholarship search tool, as well as sites such as Fastweb, The College Board and Cappex. Each site’s search tools are a little bit different, but in general, you’ll be filling out an online questionnaire on everything from your ethnic background to gender to intended major, and seeing what scholarships match your criteria.

2. Skip paid services

“The results will not be better than the free services,” says Mark Kantrowitz, financial aid expert and publisher of Cappex. “The free services update their databases in real time, while paid services license a database that is updated once a year or once a quarter. If you have to pay money to get money, it’s probably a scam.” Kantrowitz recommends searching at least two free sites to give you the confidence that you’ve found all the scholarships for which you’re eligible. However, you can consider certain one-time fee apps like Scholly, which costs $2.99 for a one-time purchase in iOS and Android and helps you aggregate scholarship opportunities.

3. Check the financial aid office

The school you plan to attend may have scholarships available that aren’t listed elsewhere. Give the school a call—either as an incoming student or once you’re attending—and ask for information.

4. Look locally

Your school guidance counselor should know whether there’s any money to be awarded from groups in your area to graduating seniors. Your librarian might also be able to point you toward information on local awards. “Look for small local scholarships on bulletin boards outside your guidance counselor’s office, and near the jobs and careers section of the local public library,” Kantrowitz says. “Also look in the coupon section of the Sunday newspaper, where some national scholarships are advertised.” Groups such as your local Rotary, Kiwanis, and Elks clubs are good places to check, as well as your church.

5. Ask your parents

Do your mother or father work for a company that offers scholarships? If they’re not sure, have them check with their human resources department. Companies such as Verizon, Intel and Siemens offer awards to employee children and dependents, and 11% of employees overall offer this kind of benefit, according to the Society for Human Resource Management’s 2015 Employee Benefits report.

6. Keep applying

Scholarships aren’t just for incoming freshmen. In fact, while freshmen received an average of $5,793 in scholarships, according to Sallie Mae’s most recent numbers, seniors received a whopping $20,292. It pays to keep researching as you work your way through school.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Featured, Personal Loans, Reviews

Marcus by Goldman Sachs Review: GS Bank Takes on Online Savings, CDs, and Personal Loans

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Marcus by Goldman Sachs savings account

A very high interest rate and no fees make this one of the best savings accounts out there.

APY

Minimum Balance Amount

1.70%

None

  • Minimum opening deposit: None. However, you’ll need to deposit at least $1.00 if you want to earn any interest
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: None

This is a great account for almost anyone. However, before you click that “Learn More” button below, there are a couple of things to know.

No ATMs. First, Marcus by Goldman Sachs doesn’t offer ATM access to your savings account. You’ll either need to deposit or withdraw money by sending in a physical check, setting up direct deposits, or by moving the money to and from your other bank accounts via ACH or wire transfer.

No checking account. Second, Marcus does’t offer a corresponding checking account. That means you can only use this account as an external place to park your cash from your everyday money flow.

Keeping a separate savings account does have its benefits. For example, it’s harder to tempt yourself to withdraw the cash if you’re a chronic over-spender. But, it also means that there might be a delay of a few days if you need to transfer the money out of your Goldman Sachs online savings account and into your other checking account.

How to open a Goldman Sachs online savings account

It’s really easy to open an online savings account with Marcus by Goldman Sachs. You can do it online or over the phone as long as you’re 18 years or older, have a physical street address, and a Social Security Number or Individual Taxpayer Identification Number.

You’ll be required to sign a form which you can do online, or by mail if you’re opening the account over the phone.

SEE DETAILS Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

magnifying glass

How their online savings account compares

Marcus’ online savings account can easily be described with one word: outstanding.

You’ll get a relatively high interest rate with this account, which is among the best online savings account rates you’ll find today. In fact, these rates are currently over seven times higher than the average savings account interest rate.

Even better, this account won’t charge you any fees for the privilege of keeping your money stashed there. It’s a tall order to find another bank that offers these high interest rates with terms this good.

Marcus by Goldman Sachs CD rates

Sky-high CD rates, but watch out for early withdrawal limitations.

Term

APY

Minimum Deposit Amount

6 months

0.60%

$500

9 months

0.70%

$500

12 months

1.85%

$500

18 months

1.85%

$500

24 months

1.85%

$500

3 years

1.85%

$500

4 years

1.85%

$500

5 years

1.90%

$500

6 years

1.90%

$500

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:
    • For CDs under 12 months, 90 days’ worth of interest
    • For CDs of 12 months to 5 years, 270 days’ worth of interest
    • For CDs of 5 years or over, 365 days’ worth of interest

Marcus’ CDs work a little differently from other CDs. Rather than having to set up and fund your account all at once, Goldman Sachs will give you 30 days to fully fund your account.

Once open, your interest will be tallied up and credited to your CD account each month. You can withdraw the interest earned at any time without paying an early withdrawal penalty, but heads up: If you withdraw the interest, your returns will be lower than the stated APY when you opened your account.

If you need to withdraw the money from your CD, you can only do so by pulling out the entire CD balance and paying the required early withdrawal penalty. There is no option for partial withdrawals of your cash.

Finally, once your CD has fully matured, you’ll have a 10-day grace period to withdraw the money, add more funds, and/or switch to a different CD term. If you don’t do anything, Marcus will automatically roll over your CD into another one of the same type, but with the current interest rate of the day.

How to open a Goldman Sachs CD

Marcus has made it super simple to open up a CD. First, you’ll need to be at least 18 years old, and have either a Social Security Number or an Individual Taxpayer Identification Number.

You can open an account easily online, or call them up by phone. You’ll need to sign an account opening form, which you can do online or via a hard-copy mailed form. Then, simply fund your CD account within 30 days, and you’re all set.

SEE DETAILS Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

magnifying glass

How their CDs compare

The interest rates that Marcus offers on their CDs are top-notch. In fact, a few of their CD terms are among the current contenders for the best CD rates.

If you’re interested in pursuing a CD ladder approach, Marcus is one of our top picks because each of their CD terms offer above-average rates. This means you can rest easy that you’ll get the best rates for your CD ladder without having to complicate things by spreading out all of your CDs among a handful of different banks.

The only downside to these CDs compared with many other banks is that you can’t withdraw a portion of your cash if you need it. It’s either all-in, or all-out. However, once out, you’re still free to open a new CD with the surplus cash, as long as it’s at least the $500 minimum deposit size.

Marcus by Goldman Sachs personal loan

Personal loans offered by Marcus have low APRs, flexible terms, and no fees.

Terms

APR

Credit Required

Fees

Max Loan Amount

36 to 72 months

6.99%-28.99%

Not specified

None

$40,000

Marcus by Goldman Sachs® personal loans can be used for just about anything, from consolidating debt to financing a large home improvement project. They offer some of the best rates available, with APRs as low as 6.99%, and you’ll not only be able to choose between a range of loan terms, but you can also choose the specific day of the month when you want to make your loan payments.

While there are no specific credit requirements to get a loan through Marcus, the company does try to target those that have “prime” credit, which is usually those with a FICO score higher than 660. Even with a less than excellent credit score, you may be able to qualify for a personal loan from Marcus, though, those that have recent, negative marks on their credit report, such as missed payments, will likely be rejected.

Applicants must be over 18 (19 in Alabama and Nebraska, 21 in Mississippi and Puerto Rico) and have a valid U.S. bank account. You are also required to have a Social Security or Individual Tax I.D. Number.

No fees. Marcus charges no extra fees for their personal loans. There is No origination fee associated with getting a loan, but there are also no late fees associated with missing payments. Those missed payments simply accrue more interest and your loan will be extended.

Defer payments. Once you have made on-time payments for a full year, you will have the ability to defer a payment. This means that if an unexpected expense or lost job hurts your budget one month, you can push that payment back by a month without negatively impacting your credit report.

How to apply for a Marcus personal loan

Marcus by Goldman Sachs offers a process that is completely online, allowing you to apply, choose the loan you want, submit all of your documents, and get approved without having to leave home. Here are the steps that you will complete to get a personal loan from Marcus:

  1. Fill out the information that is required in the online application, including your basic personal and financial information, as well as how much you would like to borrow and what you will use the money for.
  2. After a soft pull on your credit, and if you qualify, you will be presented a list of different loan options that may include different rates and terms.
  3. Once you have chosen the loan you want, you will need to provide additional information to verify your identity. You may also be asked for information that can be used to verify your income and you will need to provide your bank account information so that the money can be distributed.
  4. You will receive your funds 1 – 4 business days after your loan has been approved.

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

By clicking “See Offers”, you may or may not be matched with the lender you clicked on or any lender below. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

magnifying glass

How their personal loans compare

Marcus offers low APRs and flexible terms with their personal loans, but their main feature is that they have no fees. If you are looking for a straightforward lending experience with no hidden fees or costs, Marcus will be perfect for you since you won’t even have to worry about late fees if you happen to miss a payment.

While Marcus offers some great perks, you may be able to get a lower rate if you choose to go with another lender, such as LightStream or SoFi. Both of these lenders offer lower APR ranges and they don’t charge origination fees, though, LightStream will do a hard pull on your credit to preapprove you.

LendingClub and Peerform both have lower credit requirements than Marcus, but they also charge origination fees and, being P2P lending platforms, you will need to wait for your loan to be funded and you run the risk that other users might not fund your loan.

Overall review of Marcus by Goldman Sachs‘ products

Marcus has really hit it out of the park with their personal loans, online savings, and CD accounts. Each of these accounts offers some of the best features available on the market, while shrinking the fees down to a minuscule, or even nonexistent, amount. Their website is also slick and easy to use for online-savvy people.

The only thing we can find to complain about with Marcus is that they don’t offer an equally-awesome checking account to accompany their other deposit products. Indeed, it seems like Marcus has turned their former hoity-toity image around: Today, they’re a bank that we’d recommend to anyone, even blue-collar folks.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Featured

How to Buy a Home Through an Estate Sale

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

When a person dies, someone has to distribute or sell their assets. If the deceased has a property that hasn’t been willed to someone, or that their heirs don’t want, it will often be sold at an estate sale. In some cases, owners will hold estate sales themselves if they need to downsize or move.

A person’s estate includes their house and everything in it, meaning furniture, antiques and the property itself are up for grabs in an estate sale. If you’re looking for a house, you might be able to score a decent deal on one through an estate sale.

What is an estate sale?

Estate sales are typically initiated by the owner’s heirs or relatives. They may have inherited the home but have chosen not to live in it, or they’re selling the property to pay off their loved one’s debts. An estate sale may include the home the person lived in or owned and/or their valuables.

Buying an estate sale home vs. a probate sale home

An estate sale is held by an owner’s heirs or loved ones, or a company or real estate agency they’ve hired to handle the process. A probate sale happens when the decedent, or person who has died, passes away without a will. A probate court administrator will handle the estate and sale of the property, and the proceeds from the sale will be used to pay off creditors and any other outstanding accounts.

Probate courts publicize a person’s death so that anyone who has a claim to the proceeds of the estate can file that with the court. It’s worth looking out for probate home sales because the selling prices can be lower than market value.

If you’re in a hot real estate market and the house is being sold in a bidding process, be prepared to pay market value (at a minimum), as bidding can be competitive. You’re also less likely to negotiate for a lower price at a probate sale.

5 tips for purchasing a home from an estate sale

Follow these tips before getting a mortgage for an estate sale home:

  1. Keep an eye out for estate sale listings and treat them as open houses. Check local classified ads and online real estate sites. You can also contact local estate sale companies or probate courts to ask about recent listings. Estate sales are held over a few days (often a weekend), so go back a couple of times if needed. Test the water pressure, take measurements (but be subtle) and spend plenty of time in each room absorbing all the details. Look for foundation cracking or settling so you can ask questions after touring the home.
  2. Don’t judge a house by its listing photos. Remember that the seller may be a grieving relative or a court administrator, neither of whom are going to be super motivated to stage the home the way a traditional seller would. Even if the online photos are lackluster, reserve judgment until you see the property in person — the house might have more charm than you think. Be realistic about your budget and timetable, though, if you think the home needs more repairs or improvements than you can handle.
  3. Get preapproved. Get preapproved for a mortgage before you start looking at houses. Preapproval will help you move faster when you’re ready to buy, and it may give you some leverage in price negotiations.
  4. Move quickly on inspections and use due diligence.Schedule a home appraisal and inspections as soon as possible because these will affect your loan application and your offer. If a home inspector finds serious problems with the home, you’ll likely want to reduce your offer accordingly. Your mortgage lender will require you to take out lender’s title insurance, which protects the lender from financial loss if any ownership claims arise after closing. The lender will also order a title search for any liens, ownership disputes or judgments against the property. In addition, consider buying an owner’s title insurance policy to protect your investment if ownership is disputed later on.
  5. Budget for renovations. Be realistic about what you need to change to make the home livable. If the dated wallpaper, crown molding and kitchen backsplash make you feel like you’re in a time warp, build those renovations into your budget. Look beyond the low selling price to account for all of the costs you’ll need to cover with your mortgage.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

By clicking “See Rates”, you will be directed to LendingTree. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.