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Is Shopping on Black Friday Really Worth It?

By WTOP Staff

It’s probably the single most important question you need to answer before you choose to embark on any store the day after Thanksgiving: Is shopping on Black Friday really worth it?

The hyped holiday shopping day that bargain hunters across the country have been eagerly anticipating has at last arrived. Black Friday enthusiasts are already at the stores, but for you at home, it’s time to decide if you’ll gain anything by joining them.

1. The crowds

We’ve all seen the news footage — hordes of shoppers pushing their way through store doors and overflowing into aisles filled with the season’s hottest products. There’s shoving, trampling and, yes, sometimes even fighting.

If you opt to go shopping on Black Friday, you definitely won’t be alone. You’ll have lots of shopping competition vying for the biggest retail sales. Even if you manage to get your hands on the product you want, you’ll need to emerge from the heart of the store and head toward the registers, where you’ll stand in some extremely long lines.

The craziness may be even worse this year, as 66 percent of 500 consumers in a 2014 holiday survey by consulting company Accenture responded they’re likely to shop on Black Friday 2014, compared to only 55 percent who planned to do so in 2013. And of those planning to shop, nearly half said they’ll head to a brick-and-mortar store between 6 p.m. Thanksgiving Day and 5 a.m. on Friday.

When weighing the pros and cons of shopping on the day after Thanksgiving, consider whether you have the patience and stamina to hold your own in the crowds.

2. The deals

Look at the front page of almost any Black Friday ad, and you’re sure to be impressed by the big TVs and fancy tablets, all for hundreds of dollars off. Read the fine print, though, and you may be disappointed. Usually the best deals, called doorbusters, are available only in limited quantities. In some cases, this means only two of each item will be in stock per store location. If you’re not one of the very first shoppers, you’re likely to miss out.

Even if you are able to take home one of those prized doorbusters, the deal you’re getting may not be as great as you think. A recent NerdWallet analysis found that 93 percent of retailers advertised products for the exact same price for Black Friday 2014 as they did for Black Friday 2013. Thus, some deals may be repeats and not impressive savings opportunities. Consider how substantial the discounts really are before sacrificing your day at the mall.

3. The day

Black Friday sales used to take place only on Black Friday, but that’s certainly not true anymore. Now, shoppers can find impressive sale prices in the days and weeks immediately before and after the highly anticipated shopping day. For example, for the past month, Home Depot has been hosting an early Black Friday sale, with appliance deals lasting for the entire month of November. Wal-Mart’s seasonal deals are taking place over a five-day period this year. Nearly every major store is extending its sale event into the weekend after Thanksgiving.

Besides such multiple-day Black Friday sales, you can also find plenty of equal (or even better) discount opportunities on days unrelated to the post-Thanksgiving shopping event. In fact, some items — like toys — are best purchased closer to Christmas, when prices are anticipated to drop even lower. If you feel the urge to go Black Friday shopping because you think you’ll be able to grab the absolute best prices of the season, you should probably think again.

What’s it worth to you?

For ordinary Americans looking for a good sale, the famous post-Thanksgiving shopping event may not be all it’s cracked up to be. If you fall into this category, you can stay home without fearing that you’re missing out. With the crowds, lackluster deals and ample opportunities for sale prices on other days of the year, shopping on the day after Thanksgiving may be more hassle than it’s worth. But if you still want to get some shopping done, you can always opt for online sales.

For social shoppers, Black Friday is an indispensable element of the holiday season, a matter of tradition. Thanksgiving dinner must be followed by cash registers and bags full of gifts. If you fall into this category, the shopping extravaganza is worth it simply for the experience.

For deal-finder die-hards, Black Friday is a science. It requires pitching a tent, claiming your spot in line and camping out for days at a time. If you fall into this category, Black Friday is worth it for those few coveted price cuts. And whom are we kidding? If this is you, you’re probably in line at your favorite retailer right now and not even near your computer to read any advice telling you otherwise.

More from U.S. News

15 Ways to Avoid Holiday Debt

How to Get Better Black Friday Deals

Black Friday Freebies That Are Worth Your Time

Is Shopping on Black Friday Really Worth It? originally appeared on usnews.com

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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