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7 Tricks to Lower Your Rent

By U.S. News & World Report

There are many perks of being a renter: not having to worry about the cost of wear and tear on the house, being able to move without selling a home and not feeling pressured to make your apartment look like the “after” image from an HGTV show. But for all the perks, it is frustrating to pay rent month after month without building any equity in a property. The fact you’ll never get a return on that money is one reason it’s important to keep your rent as low as possible.

Here are seven tips to keep your rent at the bare minimum.

1. Switch providers each year.

Cutting cable is old news. It’s a great way to save money each month, and hundreds of dollars in the course of a year, but just using Internet can creep up in price, too. There is no reward for loyalty, and your provider will probably increase your price by $5 to $10 each year. So what started as a $30 package turns into $60 three years later, and you’re still using the same bandwidth and speed you got with the $30 package.

There are two strategies you can take to lower this expense. The first is to call and negotiate with your provider. Sometimes you can even swap ownership of the account from your name to a roommate’s name in order to get the promotional, first-time customer rate. If your provider is not willing to negotiate or use the old swap names trick, then the second option is to switch providers. There is a little more of a headache involved, but you can alternate providers each year to keep getting a promotional value on Internet (and cable if you decide that’s a mandatory expense, too).

2. Live with a roommate.

It’s common sense, but worth mentioning, if you really want to save on rent then consider getting a roommate. This goes for couples, too. Get a two-bedroom apartment, and split the cost. That’s an easy way to come up with some extra money for student loan payments.

3. Ask for a credit if something breaks.

One perk of renting verses owning is that house upkeep isn’t coming out of your budget. If something breaks, like the refrigerator, ask for a credit on your rent to make up for the fact you had to eat out until the fridge got replaced. Be tactful in your approach, but it doesn’t hurt to ask.

4. Negotiate with your landlord.

Getting a new tenant is bothersome for your landlord. It can be an expensive process if the tenant goes through a broker, and it also require giving the apartment a deep clean and touching up the paint. If you’ve been a model tenant for the last year or more, consider negotiating with your landlord when he or she tells you about a rent increase.

Just be prepared to get shut down and decide if you’d rather leave or just grin and bear it for another year.

5. Do the math before moving.

Don’t make the decision to move out of your apartment without some serious thought to the cost. Even if you’d save money on rent each month, you need to factor in how expensive it would be to move all your belongings. How many months (or years) would it take to break even? If you plan to move to a more costly apartment and area, factor in just how much the hike in rent coupled with the cost of moving will damage your savings account.

6. Know the local law.

Don’t assume your landlord is allowed to levy a massive rent hike against you. Check with your local law first. Are you in a rent-stabilized building? Was the prior tenant paying a fourth of your rent? You may be able to file a Fair Market Rent Appeal in New York City or something similar wherever you’re renting to lower the rental cost.

7. Sign a lease.

Signing a binding legal document may seem intimidating, but a lease can be used for your protection. Without a lease, you can default to a month-to-month rental agreement, which means your landlord could legally hike your rent the next month (with some notice). A yearlong lease guarantees your rent will stay stable for at least 12 months.

You Could Always Live with Mom and Dad

In the ultimate rent-lowering move, you could behave like the stereotypical millennial and live in mom and dad’s basement. Those who really want to do some serious damage on repaying student loans or building a nest egg could probably bank the most cash by paying minimal rent to parental landlords.

More from U.S. News

A Guide for Renting Your First Apartment

10 Tips to Sell Your Home Fast

12 Millennial-Inspired Ways to Spend Less

7 Tricks to Lower Your Rent 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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