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Rental Report: Should I Ditch My Car?

By WTOP Staff

Rental Report

Editor’s Note: This biweekly sponsored column is written by Rick Gersten, founder and CEO of Urban Igloo, a rental real estate firm that matches up renters with their ideal apartments, condos or houses. Please submit any questions in the comments section or via email.

In a lot of places, cars are a must. Sidewalks, public transportation and walkable neighborhoods just don’t exist everywhere.

One of the greatest assets of the Metro D.C. area is the public transportation system and endless neighborhoods with everything you need near your front door. If you are relocating to the area, keep in mind that having a car can be expensive. But if you work or go to school where public transportation is readily available, then perhaps getting rid of those wheels is a good plan.

Here are a few items to consider when weighing the pros and cons of keeping your car:

Rent — Living within a half-mile walk to the Metro can cost about 30 percent more than living just a little farther away. With rent prices pushing $2,000, that can certainly be enough to make you want to move a few miles out and hang on to your trusty vehicle. But there is so much more to it.

Parking — Parking in this area is difficult to say the least, not to mention pricey. It isn’t just parking at home you need to think about, but parking at work. Depending on where you work, that could carry a hefty price, especially if you work somewhere in the District, where Metro and buses are easily accessible.

Parking at an apartment or condo can range anywhere from $50-$300 per month, or more. Same goes for monthly parking at garages in heavy-traffic locations. Some of the outer Metro stops have parking available for less, so that is an option if you choose to live farther out. Prices for monthly Metro reserved parking spaces range from $45-$65 per month, in addition to the $4.75 daily parking fee.

Time — This is one a lot of people may not really think about. But what is your time worth? Depending on where you live and work your commute time can be up to an hour or more with traffic. If you are able to hop on the Metro and be home in 20-30 minutes, perhaps a Metro accessible and walker-friendly apartment might afford you a better quality of life.

Exercise — Ditching the car will force you to either walk or bike around. Getting a little exercise on the way to work is a win-win. Not to mention the benefit of walking off some of those calories you ate while enjoying one of the hundreds of restaurants in Bethesda. And on a beautiful, spring weekend it is easy to head in to D.C. for sightseeing using Capital Bikeshare.

Worried about not having a car for emergencies? This area has that covered. You can always rent a car. Only need a car to head to Costco for two hours? Check out a car sharing service. With Zipcar, you can rent a car for an hour or two just to get what you need.

Out on the town and catching a cab has you stressed? No worries there either. You can use an on-demand car service such as Uber, and with the phone app, catching one of these cars is right at your fingertips.

Having a car gives some of us a sense of security. For others, it can be a relief to ditch the wheels.

If you are somewhere in between, and you are going to work or attend school where Metro or buses are an option, it is worth considering a little higher rent and losing the car. Don’t forget to think about parking costs, and quality of life when making your pro/con list. While neither option is perfect, your family situation (think kids with hockey gear) and priorities will dictate which option may be better for you.

Community discussion guidelines: Our sponsored columns are written by members of the local business community. While we encourage a robust and open discussion, we ask that all reviews of the businesses — good or bad — be directed to another venue, like Yelp. The comments section is intended for a conversation about the topic of the article.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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