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  • Ultimate Student Loan Repayment Guide For Dentists

    Ultimate Student Loan Repayment Guide For Dentists

    This Ultimate Guide To Student Loan Repayment For Dentists will help you learn more about student loan refinance, student loan repayment and student loan forgiveness. It’s no secret that student loan debt for dentists has been rising.

    According to the American Dental Association, the median student loan debt for dentists is now more than $300,000.

    Student Loan Repayment For Dentists: Introduction

    This guide to student loan repayment for dentists includes the key aspects of how to refinance dental student loans and save significant money in the process.

    This student loan refinance guide for dentists will explain how you can save more money with student loan refinancing and pay off dental student loans faster.

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    What is the best way how to refinance dental student loans?

    One of the most frequently asked questions at Mentor is dental student loan refinancing.

    The goal of this student loan refinancing guide for dentists is to get you a better deal on your dental student loans so you can pay them faster and save money as you do it. Student loan refinance is also about getting you a lower interest rate based on your financial profile, and not just the same fixed interest rate that the federal government offers regardless of your financial profile.

    There are multiple benefits to dental student loan refinancing:

    • Lower interest rate. Get a lower interest rate
    • Lower payment. Lower your monthly dental school student loan payments
    • Change loan term. Shorten or extend your dental school student loan term
    • Fixed vs Variable. Switch from a fixed interest rate to a variable interest rate, or vice versa
    • Simplify your month Simplify your monthly student loan payment with a single student loan repayment

    You can use the Mentor Student Loan Refinancing Calculator to calculate your potential savings when you refinance your dental school student loans. For example, let’s assume that you have $400,000 of dental school student loan debt at an 8% interest rate. When you use a student loan refinancing calculator for dental student loan refinancing, you can see how much money you can save. With a strong credit and income profile, let’s assume that you can refinance dental student loans to a 3% interest rate and the same 10-year loan term. With dental student loan refinancing, you would save $118,881 and lower your monthly payment by $991 per month. The higher your dental school student loan balance, the more money you can save with dental student loan refinancing.

    Sounds great, right? You are probably asking yourself a few questions:

    • Why can I save so much money through dental student loan refinancing?
    • What’s the difference between student loan consolidation and student loan refinance?
    • What is the eligibility criteria for dental student loan refinancing?
    • Am I a good candidate to refinance dental school student loans?
    • Who are the best student loan lenders for dental student loan refinancing?

    Many people have never heard of student loan refinancing and did not realize it was even an option. That’s why we put together this guide to student loan repayment for dentists to help you understand the basics, navigate your options, answer key questions, provide the facts and help you through the dental school student loan refinance process.

    Student Loan Repayment For Dentists: Student Loan Refinance vs Student Loan Consolidation?

    When it comes to student loan repayment for dentists, it is important to understand the difference between student loan refinance vs student loan consolidation. This student loan refinancing guide for dentists can help you understand the difference between dental student loan refinancing and student loan consolidation.

    Student Loan Consolidation: Student loan consolidation, specifically direct loan consolidation, is offered by the federal government, and applies only to federal student loans. This means that you cannot consolidate private student loans with the federal government.

    As the name suggests, student loan consolidation means you combine your existing federal student loans into a single student loan called a Direct Consolidation Loan. The result is one monthly payment and one interest rate. The interest rate on your new consolidated student loan is equal to a weighted average of the interest rates on your existing federal student loans, rounded up to the nearest 1/8%.

    Therefore, with student loan consolidation, you cannot lower your student loan interest rate, and it is possible that your student loan interest rate will increase.

    Student Loan Refinancing: Student loan refinance, or private student loan consolidation helps you receive a lower interest rate on your existing federal student loans, private student loans or both.

    Through dental student loan refinancing, a private lender can give you a new student loan, pay off your existing student loans and most importantly give you a lower interest rate. With student loan refinancing, you will have one monthly payment, one student loan and one student loan servicer. Therefore, in addition to a lower interest rate, student loan refinancing is an effective student loan organizational tool.

    Your new student loan interest rate will be based several factors, which may include your credit score, track record of financial responsibility, income, debt to income ratio, monthly cash flow and ability to manage debt payments.

    Since the federal government does not refinance student loans, you can think of student loan refinancing as a form of private student loan consolidation – meaning that you refinance with a private student loan company rather than the federal government, with the primary goal to save money and lower your monthly payments. When you refinance your student loans, your new lender pays off your existing student loan and issues you a new private student loan. The goal is to lower your overall interest rate so you can save money on student loan interest costs. You can compare how much money you can save with dental school student loan refinancing with this helpful student loan consolidation vs refinancing calculator.

    Why do you receive a lower interest rate through dental student loan refinancing?

    As this guide to student loan repayment for dentists explains, dental student loan refinancing helps you receive a lower interest rate. Once you know how to refinance dental student loans, you will see why this is the case.

    Unlike a federal student loan in which every borrower receives the same interest rate, private student loans are credit-based, which means that your credit history, income and credit score may impact the interest rate on your new student loan. Private student loan companies use different underwriting models to determine qualifications and interest rates.

    When you were a dental school student, you likely had a limited credit history and income. Now that you are graduating, pursuing a residency or are working, your credit profile and income profile likely have improved. Plus, you likely have a more established, financial track record.

    You can expect that the stronger your financial profile and demonstrated financial responsibility, the lower your student loan refinance interest rate will be. The good news is that some private student loan lenders enable you to have a qualified co-signer (such as a family member), who will assume financial responsibility for your student loan and can help you obtain approval for your student loan application based on their financial profile. The stronger the income profile and credit profile of your qualified co-signer, the lower the interest rate can you receive.

    Dental Student Loan Refinance Guide: Why refinance dental school student loans?

    Now that this dental student loan refinance guide has showed you why you can receive a lower interest rate and the difference between consolidating dental student loans and dental student loan refinance for your dental school student loans, let’s now discuss why to refinance dental student loans.

    The primary reason to choose dental student loan refinancing is the potential to receive a lower interest rate than your existing dental student loans. It’s likely that the interest rates on your federal and private student loans are higher than the interest rate you can now receive through dental student loan refinance.

    If you have PLUS Loans, your interest rate can be even higher. Now that you are graduating or have graduated and have an income (or job offer) and can demonstrate steady employment, private student loan lenders are likely to offer you a lower interest rate than your current types of student loans.

    One downside of dental student loan refinancing is that you lose federal student loan protections such as income-driven repayment options, Perkins Loan cancellation, public service loan forgiveness, teacher student loan forgiveness, student loan deferment and student forbearance programs, among others. So, if you think you will need these benefits for your federal student loans, then you should check for eligibility to see if you qualify before you refinance dental student loans. However, if saving money on your dental student loans is your top priority, then student loan refinance for dental school student loans may be your best option.

    Student Loan Repayment For Dentists: Income-Driven Repayment Plans

    Federal student loans offer benefits that are not offered by private student loan lenders such as income-driven repayment plans, which allow the borrower to make student loan payments based on income. For example, a graduated student loan repayment plan enables the borrower to make low monthly payments at the beginning of the student loan repayment period and increase the student loan payments over time as the borrower’s income increases.

    Other income-driven repayment programs for borrowers with high debt-to-income ratios allow the borrower to make small monthly student loan payments, and then any remaining principal can be forgiven after 20 or 25 years. These student loan forgiveness programs such as PAYE or REPAYE enable you to pay a lower monthly payment and then have your student loans forgiven after 20 or 25 years.

    These income-driven repayment plans can be beneficial to lower your monthly student loan payments and provide flexibility, particularly if you have a lower income in the beginning of your career. The downside is that with a lower student loan payment, interest still accrues, or accumulates, on the principal balance.

    That means even though you are making a monthly payment for student loan repayment of your dental school student loans, your student loan balance may increase over time. This is called negative amortization. So, even though the monthly student loan payment is lower, you may end up paying more for your student loans because of the interest costs.

    Guide To Refinancing Dental Student Loans: Student Loan Forgiveness

    While this dental school student loan refinance guide focuses on student loan refinancing, federal student loans can offer student loan forgiveness benefits as Public Service Loan Forgiveness and Teacher Student Loan Forgiveness for borrowers who work in qualifying roles in these professions. If you work in either of these professions, you may want to check whether these benefits apply to you before your refinance student loans. In the Mentor Public Service Loan Forgiveness Guide, you can learn that public service student loan forgiveness for qualified borrowers who work in a qualified public service role and make 120 payments (10 years of monthly payments).

    How do I learn more about Student Loan Repayment Assistance Programs (LRAP) for dentists?

    When it comes to student loan repayment for dentists, there are many options. Importantly, Loan Repayment Assistance Programs (LRAPs) for dentists can help with student loan repayment, especially if you want to pay off student loans faster.

    Dental Student Loan Refinance Guide: Student Loan Deferment and Student Loan Forbearance

    Most federal dental school student loans allow you to postpone making dental school student loan payments due to financial hardship. The most common benefits are student loan deferment (during which student loan interest does not accrue) and student loan forbearance (during which student loan interest does accrue).

    Most private student loan companies do not offer student loan forbearance but do offer some form of student loan deferment, including monthly payment postponement and help finding a new job if you lose your current job. That said, many dental student loan refinancing lenders today offer some form of dental student loan repayment plan if you face economic hardship. You can check out the latest rates and reviews from the top lenders to refinance student loans to learn more.

    This is custom heading elementWhere can I refinance dental student loans?

    When it comes to dental student loan refinancing, you can learn more about student loan lenders who can offer dental student loan interest rates starting as low as 2-3%. With Mentor’s comparison tools, you can compare the latest student loan rates, loan terms, qualification criteria, student loan refinancing reviews and more. You can also use the Mentor Student Loan Refinancing Calculator to calculate how much money you can save when you refinance dental student loans.

    Plus, if you sign up for auto-pay with your student loan refinancing lender, you can earn a 0.25% discount on your student loan interest rate, which adds up to big savings over the course of your student loan.

    Dental School Student Loan Refinancing: Flexible Student Loan Repayment Terms

    If you want to know how to refinance dental school loans, it’s helpful to know that dental student loan refinancing lenders offer borrowers multiple options for student loan repayment, with terms ranging typically from 5 to 20 years. With dental student loan refinancing, you also will have an opportunity to choose between fixed and variable interest rates. As described in this student loan refinancing guide for dentists, if you want to pay off student loans and get out of debt as quickly as possible, then you will want to choose a shorter-term option (such as 5 years or 10 years).

    While you will save on student loan interest costs (compared with a 20-year student loan, for example), your monthly interest costs will be relatively higher than with a longer-term student loan option. However, you may be able to save money depending on how much money you save with your new student loan interest rate. You can compare your monthly payment and total payment depending on your chosen student loan term for dental school student loan refinancing by using our student loan payment calculator.

    Am I a good candidate to refinance my dental school student loans?

    If your goal is to obtain a lower interest rate, lower your monthly payments, switch from a variable interest rate to a fixed interest rate (or vice versa), or change the loan term to a longer to shorter number of years to repay your loan, then you may be a good candidate to refinance dental school student loans. When you first borrowed your dental school student loans, you may have had both a federal student loan and a private student loan. Your federal student loan is likely at the same high rate as everyone else’s, since the federal government offers the same fixed rate to all borrowers. If you have a private student loan, it likely has a high interest rate. This is because when you borrowed that loan, you were in school and you may have had a limited credit history, which meant that your student loan company deemed you a higher credit risk.

    Now, you may have graduated, become employed, and developed a stronger credit history. As a result, you may be able to qualify to consolidate and refinance your existing federal student loans and private student loans into a new private loan with a lower interest rate.

    Do I qualify for student loan refinance for dental student loans?

    To qualify to refinance dental school student loans, you usually need to show a few things.

    1. You need to have graduated from a qualified degree program or university, which is typically a Title IV accredited school.
    2. You need to have a steady stream of income (or a written job offer)
    3. You need a history of financial responsibility.

    Each lender has different criteria for eligibility.

    Typically, eligibility criteria for refinancing dental school student loans include:

    • Healthy credit
    • Strong monthly cash flow
    • Demonstrated financial responsibility
    • Currently employed or have written job offer
    • Degree from Title IV accredited university or degree program

    Of course, eligibility criteria vary by student loan lender, but this should give you a general framework. The stronger your financial metrics – for example, credit score, income, historical financial responsibility, current outstanding debt – the lower student loan interest rate you may be able to obtain.

    Do federal student loans offer the lowest interest rates?

    This is a major misconception. As noted in this student loan refinancing guide for dentists, federal student loans often are higher than the interest rates you can receive through dental student loan refinancing. Why? The federal government does not “underwrite” student loans based on the individual borrower. Rather, each borrower gets the same interest rate – regardless of your income, financial profile or credit score. If you score high in these categories, then you are essentially overpaying for your student loan and may be able to obtain a lower student loan interest rate through a private student loan company. This is why student loan refinance has become such a popular solution for student loan repayment for dental school student loans.

    Can I combine my federal student loans and private student loans for dental student loan refinancing?

    Here is a great tip inside this dental student loan refinance guide.

    One of the keys of how to refinance dental school student loans is knowing that you can combine federal and private student loans when refinancing dental school student loans. You also may be able to refinance student loans that you previously consolidated with the federal government through the U.S. Department of Education (e.g., Direct or FFEL) or a private student loan company.

    When you refinance dental school student loans, you can decide to only refinance private student loans and leave your federal student loans outstanding. One reason is if you plan to pursue public service loan forgiveness or another income-driven repayment plan. When refinancing dental school student loans, you lose most flexible student loan repayment plans and other protections connected with a federal student loan. That said, some student loan companies offer flexible student loan repayment plans, including student loan deferment and student loan forbearance if you have economic hardship during student loan repayment.

    What will my monthly payments look like when refinancing dental school student loans?

    Hopefully lower than what you are currently paying! You are in the driver seat – so you should consider a student loan that fits your personal and financial needs. Your monthly payment is primarily a feature of your interest rate, loan term and loan amount.

    • Fixed Interest Rate. If you have a fixed interest rate, your monthly student loan payment will remain constant each month for the duration of your loan.
    • Variable Interest Rate. If you have a variable student loan payment, your monthly loan payment may change each month based on the underlying benchmark such as 1 Month LIBOR.
    • Shorter-Term Loan. If you have a shorter-term student loan (e.g., 10 years or less), your monthly payments may be higher than if you have a longer-term loan (more than 10 years) because you have a shorter period to pay off the loan.
    • Longer-Term Loan.The longer the term of your loan (e.g., the number of years to pay back your loan), the more interest that will accrue over time and the more interest you will owe.

    So, you should decide how much you can afford to pay now versus over time and find which works best for your personal and financial needs. And remember – most student loan companies offer up to 0.25% discount off your interest rate if you sign up for auto pay. The auto-pay savings can really add up. You can use this student loan refinancing calculator to calculate your new monthly payment so you know it will look like and can compare it to your previous monthly student loan payment.

    How does student loan consolidation work for dental student loans?

    As you read this dental student loan refinance guide, it is important to know how student loan consolidation and student loan refinance differ.

    With dental student loan refinancing, the goal is to receive a lower interest rate or better overall terms for your student loan repayment. However, with a Direct Loan Consolidation, your interest rate will be calculated based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8%.While most federal student loans are eligible for student loan consolidation, private loans are not. Also worth remembering – if you’re a parent with Parent PLUS loan, you cannot transfer that Parent PLUS loan to the student (now graduate) when he or she consolidates.

    How do you refinance dental school student loans during residency?

    If you want to know how about dental student loan refinancing during residency, then we’ve got you covered in this dental student loan refinance guide. The goal of dental student refinancing during residency is to lower your interest rate and/or monthly payment. While you are in dental school, your dental school student loans accrue interest and enter repayment six months after graduation. As a dental resident, you’ll have a relatively low salary and high student loan debt payments.

    The good news is that you have a few options:

    1. Defer your dental student loans
      During your residency, you could defer student loan repayment of your dental school student loans. However, this option should be your last choice because it is expensive. If you defer payments on your dental school student loans, interest will still accrue. While you can defer federal student loans, you may not be able to defer private student loans. This deferral option is very expensive and potentially could cost you tens of thousands of dollars in extra interest payments.
    2. Choose an income-driven repayment plan
      If you are a dentist who is interested in public service loan forgiveness, then you will need to enroll in a federal student loan repayment plan. Since your monthly payment will be lowered, interest will accrue and your student loan balance could increase during your repayment period.
    3. Refinance dental student loans during residency
      Typically, you need have high income and low debt (known as a low debt-to-income ratio) to be approved for dental student loan refinancing. However, having high income and low debt is not possible while you are a resident. The good news is that some lenders will refinance dental school student loans for residents. Refinancing dental school student loans during residency can be a good option to lower your interest rate. The good news is that you can refinance your student loans again once you complete your residency and fellowship and have a higher income. Since dental student loan refinancing has no fees and there is no limit on the number of times that you can refinance, you should consider dental student loan refinancing again to receive a lower interest rate after residency.

    How To Refinance Dental School Student Loans: The Process

    How to refinance dental school student loans is a popular question. Now that you have made the decision to refinance your dental student loans, it is time to understand the process for dental student loan refinancing. Over the past five years, the process to refinance dental school student loan debt has been simplified considerably. Gone are the days of piles of paperwork, long wait times and bureaucracy.

    So, what does the process for dental school student loan refinancing look like?

    1. Apply online

    • All the student loan refinance applications are online and you receive a student loan interest rate offer for free with no impact to your credit score typically within 2 minutes
    • The total dental school student loans refinancing application takes 10-15 minutes to complete
    • Co-signers can also apply online as well

    2. Choose Your Student Loan

    • You can choose a fixed or variable student loan interest rate
    • You can choose your loan term and decide how fast you want to pay off your student loan
    • Typical loan terms are 5-20 years with dental school student loan refinancing

    3. Submit Documents

    • You can submit your student loan documentation online
    • Some lenders will allow you to take a photo of your documents, or even submit via text
    • Key documents may include your:
      • Driver’s license or passport (or government issued ID)
      • Transcript / Diploma to verify your degree
      • Payoff statement from your current lender
      • Monthly rent or mortgage statement
      • Two most recent pay stubs or tax returns (or offer letter of employment)

    4. Underwriting Review

    • The lender will review your submitted documents and credit report
    • The lender will apply its proprietary credit model to ensure that you meet all its underwriting criteria

    5. Congratulations – you’re approved

    6. Review Disclosures & Sign Loan

    • Review truth in lending and other disclosure statements
    • Sign your student loan documentation

    7. Your Student Loan Is Disbursed

    • If you refinance, your lender will issue you a new student loan and directly pay off your existing student loan from your existing lender
    • If you borrow a new student loan, your lender will send the funds directly to your school

    Student Loan Refinancing For Dentists: Top 10 Benefits

    This dental student loan refinance guide has identified the Top 10 must haves you should look for when you refinance dental school student loans:

    1. Lower interest rate
    2. Flexible loan terms
    3. Significant savings compared to existing dental school student loans
    4. Fixed and variable interest rates
    5. Dedicated and available customer service
    6. Ability to refinance federal and private dental school student loans
    7. Online application
    8. Forbearance options in case of economic hardship
    9. Autopay discount
    10. Other benefits

    How do I enroll in dental student loan refinancing?

    While it used to be a cumbersome process that involved mountains of paperwork and hours of your time, now in just two minutes, you could learn your new student loan interest rate for free and with no impact to your credit score. The reason your credit score is not impacted is because lenders only do a soft credit check, which is not the same as a hard credit pull. To learn more about dental student loan refinance options, you can read compare the latest rates for dental student loan refinancing.

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  • How To Save Money On Cable

    How To Save Money On Cable

    How To Save Money On Cable

    Everyone wants to know the best cable TV alternatives and the best streaming devices to replace cable.

    The good news is that you can watch tv without cable and find the best alternative to cable that works best based on your preferences.

    Here are the best cable TV alternatives that you should consider to save money:

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    1. Bundle your cable, internet and phone

    While this may sound obvious, not everyone follows this advice. You can bundle your cable TV, internet and landline phone with the same cable company. Often, this bundle may be covered under a promotion. When that promotion expires, speak with customer service to see if you can continue the discount, or if you can join a new promotion before the price jumps. The right customer service representative may be willing to continue the promotion or a current promotion for another six months, year or beyond.

    2. Get rid of your DVR

    A DVR, or digital video recorder, is a modern VCR. With a DVR, you can record your favorite tv shows. However, cable companies charge you to use a DVR each month. Consider ditching your DVR to save money. Yes, you might miss your favorite tv show on demand, but you can often get access to same show on other cable tv alternatives such as Hulu.

    3. Choose a digital antenna

    One of the smart cable tv alternatives is to get a digital antenna. A digital antenna can be bought on Amazon and is one of the best ways to watch tv without cable. With a digital antenna, you have access to the same picture and sound quality. Some channels will be in HD, while others will be broadcast in standard definition. The good news is that with a digital HD antenna, you can gain access to over-the-air programming from the top networks such as NBC, ABC, CBS, FOX and more.

    4. Go with Netflix

    What’s the best way to watch tv without cable? Try Netflix, which is considered a best streaming device to replace cable. Netflix is a monthly subscription service, which includes an expansive library of movies and television shows for as little as about $10 per month. While Netflix may not have the newest television shows, it is one of the cable tv alternatives that will give you significant content for a low prices.

    5. Sling is the best alternative to cable

    Looking to cut your cable cord and pick the best streaming device to replace cable? Enter Sling. Sling is the best way to watch tv without cable, and offers monthly streaming packages for live television. It’s the same as watching cable tv, but you get to customize which channels are most important to you. There are many packages to choose from that provide access to both cable tv and movie channels. Sling is a cable TV alternative that essentially lets you watch tv without cable for a fraction of the price.

    6. Hulu is also the best alternative to cable

    Like Sling, if you are looking for the best streaming device to replace cable, consider Hulu. Hulu (and Hulu Plus) is also the best way to watch tv without cable, and offers a monthly streaming package to get access to the newest television shows and movies. Hulu is much cheaper than cable and is one of the best cable TV alternatives.

    7. Amazon Prime is another way to watch tv without cable

    An Amazon Prime subscription offers a lot more than the best streaming device to replace cable. Amazon Prime offers free shipping on most Amazon products, and includes access to Amazon’s extensive library for tv and film content. You also get a ton of free music, and rent movies on demand as well. Finally, you get access to Amazon original content as well.

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  • How To Open A Bank Account

    How To Open A Bank Account

    What is the best way how to open a bank account?

    If you want to know how to open a bank account, the first step is to choose the best bank for you. You can compare bank accounts on Mentor and find the best bank account based on your needs and preferences.

    Once you have selected a bank, your next step should be to open a bank account online. How to open a bank account online is a simple process. You can open a bank account online in just a few minutes and apply directly with one of our partners.

    You will need to choose whether you prefer the best checking account or best saving account, depending on your needs.

    Here are some considerations to determine if you need a checking account, savings account or both:

    • Purpose of Account: Is the purpose of your account to pay bills, make every day purchases and write checks? If so, then a checking account may be best. If your primary goal is to save funds for retirement or for an emergency fund, then a savings account may be best.
    • Mobile Banking: More bank transactions can be conducted online and via mobile. This may include paying bills, transferring funds and making deposits. Typically, checking accounts are used for paying bills, while both savings accounts and check accounts can handle deposits and funds transfers.
    • Direct Deposit: Do you plan to use direct deposit? You can direct deposit into a checking account or savings account.
    • Earn Interest: Do you plan to use direct deposit? You can direct deposit into a checking account or savings account.
    • Fees: Find checking accounts and savings accounts with minimal fees and ideally no monthly fee.

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    What do you need to open a bank account?

    1. Gather your documents: In terms of what you need to open a bank account, you will need several pieces of information, which may include:

    • Name, address, date of birth and contact information
    • Social Security Number
    • Driver’s license or other government identification
    • Employer Name and occupation

    If you open a joint account, both account holders will need provide this information to open a bank account online.

    2. Complete an application: You can apply to open a bank account online. You can apply through Mentor with one of our partner banks. It is customary for a bank to check your credit before approving your application.

    3. Sign your application: When you open a bank account online, typically you can you’re your application electronically.

    4. Minimum Deposit: You can open a bank account with no minimum deposit in many cases, but typically fund the bank account thereafter. You can typically fund a bank account with a bank wire, ACH deposit or by check.

    5. Use your bank account: Once you have funded your bank account, you are ready to start using your bank account.

    6. Set up direct deposit: You can set up direct deposit so that your paycheck is deposited directly into your bank account. Speak with your employer’s payroll department to help you enroll in direct deposit.

    How do you choose the best online bank account?

    When choose to open a bank account online, there are several factors to consider to find the best bank account. The best online bank account for you depends on what you value most – whether it’s the banking tools, mobile access or customer service.

    Here are some of the essential factors to consider when selecting the right online bank account and bank for you:

    Bank Fees: Choose a savings account or checking account with reasonable or no fees. Most online bank accounts do not charge monthly fees.

    Mobile Bank Account: If you are looking for the best bank account for mobile access, make sure to find the best bank who offers this flexibility. The good news is that the bank and bank account you choose likely has mobile access, since most major platforms do. Mobile banking can help you deposit, make transfers and pay bills.

    Customer Service: When finding the right bank, customer service may or may not be an important criteria for you. Some investors prefer a bank to have 24/7 customer service, while others are comfortable to chat online with their bank. The good news is that most of the best banks offer comprehensive customer service, with many open for extended hours.

    Account Security: The best bank accounts have secure platforms and the highest standards for online security. Secure websites (noted with the “https”) are commonplace when you choose the best online bank. Some banks even offer two-factor authentication for an extra level of security.

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  • Best Credit Cards Of 2022 | Mentor

    Best Credit Cards Of 2022 | Mentor

    Let’s explore our top picks for the best credit cards.

    Compare our top picks and find the right credit card for you.

    What is a credit card?

    A credit card is one financial tool that you can use to borrow money to buy goods and services. Credit cards are typically issued by banks and provide short-term access to money, which is then repaid each month. During the month, you can use your credit card as often as you prefer so long as you do not exceed your credit limit. A credit limit is the maximum outstanding balance that you can have on your credit card. Typically, you can only spend up to your credit limit, or you may face additional fees.

    When it comes to Credit Cards 101, it is important to know how to use a credit card. During a given month, you are not charged any interest on your credit card purchases. The credit purchases that you make are paid for by the bank, not you. At the end of each month, you are presented with a statement of your transactions to repay the bank. If you repay your full credit card balance each month, then you will not be charged any interest with a credit card. If you do not pay your credit card balance in full or at all, the bank will charge interest on your credit card balance at an annual percentage rate, or APR, that has been agreed to when you were approved for your credit card.

    If you compare credit cards to debit cards, you will find that credit cards are different than debit cards. When you spend with a debit card, you pay for purchases with your own money and the funds are directly removed from your account at the time of the transaction. Therefore, unlike credit cards, debit cards do not involve any borrowing.

    What are the best credit cards to have?

    The best credit cards to have are the credit cards that match your financial goals and personal preferences. To evaluate the best credit cards to have, you can compare credit cards on Mentor. When it comes to the best credit cards to apply for, you should evaluate multiple factors when you compare credit cards. For example, consider credit card rewards, APR, annual fees, credit card benefits and other fees. If you want to earn credit cards rewards (which one of the most popular reasons for credit cards), then compare credit cards to determine the best credit cards to have for credit cards rewards. For the best credit cards to apply for, there are many types of credit cards rewards cards such as cash back cards, travel rewards cards, airlines miles credit cards, credit card points cards and gas rewards cards, among others.If you want to make a balance transfer, there are 0 APR balance cards that will charge you 0% APR for a certain period of time so you can repay your credit card balance without paying interest.

    When you compare cards to find the best credit cards to have, choose the cards that will help you act responsibly, pay off your credit balance each month and not incur additional fees. Develop an action plan to repay your credit card balance each month. You can build credit and raise your credit score over time as you make more on-time payments.

    How can I learn how to use a credit card responsibly?

    When it comes to Credit Cards 101, it is important to know how to use a credit card responsibly. In order to build credit with your credit cards, you need to use credit cards responsibly. The best credit cards to apply for and the credit cards to have are the credit cards that you help you act financially responsible.

    Here is the Credit Cards 101 guide how to use a credit card responsibly:

    • Always pay your credit card bill in full every month
    • Do not make any late payments on your credit cards or you will be charged late fees and penalties. You can compare credit cards to find the fees when you carry a credit card balance.
    • Do not skip a credit card payment, or you will also incur interest on your credit cards. You can compare credit cards to determine the APR when you carry a credit card balance.
    • Keep low credit card utilization. Credit card utilization is the percentage of your credit card balance relative to your credit limit. When it comes to Credit Cards 101, a good rule of thumb is to maintain a credit card utilization below 30%. Therefore, if you have a credit limit of $10,000, you should keep your credit card balance at any given time at $3,000 or less. If you think your credit card balance may exceed this amount, then you should make a payment to reduce your outstanding balance accordingly.
    • Check your online credit card account to ensure that the transactions are accurate. By checking your credit card account regularly, you can help protect against fraud.

    What are the advantages of credit cards?

    When you compare credit cards and determine the best credit cards to have based on your preferences, you will find that credit cards have several advantages.

    1. Credit cards can help build your credit rating

    You can use your knowledge on how to use a credit card to help build your credit score. One major component of your credit score is your history of payments, particularly on-time payments. The longer your history of on-time payments, the stronger history of financial responsibility that you can build.

    2. Credit cards offer various security and anti-fraud protections

    Credit cards can be safer than carrying cash because if you lose your wallet, your cash may be gone forever. Credit cards, however, can be cancelled if you lose your wallet and you will have no further financial responsibility. You can also report any fraudulent activity on your account and your bank will remove the incorrect credit card charges.

    3. Credit cards help you get a refund easily

    If you ever need to get a refund on a purchase, and a merchant will not refund your item, your credit card company can assist with any merchant dispute.

    4. Credit cards offer rewards

    The best credit cards to apply for often come with credit card rewards. These rewards may include rewards points, travel rewards, cash back rewards, airlines miles and other types of rewards that you can earn with every dollar you spend on your credit cards. You can compare credit cards to find the best credit cards to have based on your personal preferences for rewards cards.

    5. Credit cards save you trips to the ATM

    Since credit cards are cashless, you can avoid multiple trips to the ATM as well as ATM fees in a given month.

    6. Credit cards can be used in any currency

    If you compare credit cards, you will find that credit cards can be used in any currency. The ability to use credit cards when you travel internationally can save you time from converting currency.

    7. Credit cards offer the ability to borrow for free

    When you compare credit cards, you will find that all credit cards allow for interest-free, short-term borrowing. As you know now from how to use a credit card, this means that for each month, you can charge purchases on your credit cards without incurring any interest. Interest only accrues if you have a credit card balance after your payment due date.

    What are the disadvantages of credit cards?

    When you compare credit cards and determine the best credit cards to have based on your preferences, you will find that credit cards also have several disadvantages.

    1. Credit cards can have high interest rates

    Credit cards can have high interest rates, expressed as an annual percentage yield (APR), which can be charged if you do not pay your credit card balance. If you plan to carry a credit card balance, compare credit cards so you can determine which credit cards have lower interest rates. The best credit cards to have for you depend on whether you plan to carry a balance. If you don’t plan to carry a balance, then the best credit cards to apply for do not have to based on APR or interest rate.

    2. Credit cards can lead to credit card debt

    The best credit cards to have are the credit cards that help you live a financially responsible life. Pay your balance in full each month so you avoid credit card debt. If you do have credit card debt, personal loans are a great tool to consolidate credit card debt, lower your interest rate and save money.

    3. Credit cards may have an annual fee

    Compare credit cards to find the best credit cards to apply for. Some credit cards have an annual fee, whereas other credit cards do not have an annual fee. Credit cards with an annual fee may offer greater credit cards rewards so the annual fee may make sense. Compare credit cards based on your personal preferences so you can determine the best credit cards to have for you and your financial goals.

    4. Credit cards have high cash advance fees

    Don’t use your credit cards for cash advances, or you will face high interest charges. Credit cards should not be used for cash transactions.

    5. Credit cards can have additional fees

    When you compare credit cards, be sure to read the fine print regarding credit card fees. There are several types of credit cards fees about which you should be aware when it comes to how to use a credit card. These fees may include late fees, exceeding your credit limit, balance transfer fees and foreign transaction fees.

    How can you use credit cards responsibly?

    To use credit cards responsibly, you need to know how to use a credit card. Credit Cards 101 shows that credit cards are excellent tools to access short-term borrowing for free and have a convenient alternative to cash. To use credit cards responsibly, the key is to pay your balance in full each month. Never miss a credit card payment, or you will also incur potential late fees and interest charges. You can compare credit cards to determine the best credit cards to have and the best credit cards to apply for based on your personal preferences and financial profile. Manage your credit card utilization so that you are not approaching near your credit limit. If you stay below your credit card limit, you can avoid potential fees and also show to your credit card company and credit bureaus that you are a responsible borrower.

    What are the top credit card tips for beginners?

    Here are the top credit card tips for beginners. These are good financial habits to remember when using a credit card.

    1. Compare credit cards

    When you compare credit cards, find the credit cards to apply for and the best credit cards to have for you. You can evaluate credit cards rewards, annual fee, APR and other benefits.

    2. Know how to use a credit card

    When it comes to Credit Cards 101, learn how to use a credit card. If you want to know what is a credit card and how to use it, then this credit cards guide is great place to start.

    3. Pay your full balance on-time

    The secret to using credit cards responsibly is to pay your credit card balance in full each month. When you pay your credit card balance in full each month, you can avoid paying any interest. If you prefer, you can compare credit cards to find the best cards to apply for based on APR. However, with on-time credit card payments, you can compare credit cards across other metrics such as credit cards rewards.

    4. Watch your credit card utilization

    Keep your credit card utilization ratio low, preferably at 30% or lower. This will demonstrate to credit bureaus that you are responsible in managing your credit card limit and monthly spending.

    5. Check your credit card account and credit card statements regularly

    One of the benefits of credit cards is you can check your credit card account online at any time. This means you can monitor your account regularly to ensure it is accurate.

    6. Understand how interest is charged

    Remember that when you compare credit cards it is important to know how a credit card works. Interest is charged only if you do not pay your monthly balance in full. First, know what your APR on your credit card will be. This will be the interest rate charged on any outstanding credit card balance. Second, interest will compound, which means that interest will be applied to the balance each day. Therefore, interest can be charged on your outstanding balance, including principal and interest. So, make sure to your balance, or your interest charges can add quickly.

    Is a credit card right for me?

    A credit card may be right for you if:

    • You are at least 18 years old
    • You are a U.S. citizen or permanent resident
    • You have a regular source of income
    • You want to earn credit cards rewards and other benefits
    • You want access to interest-free, short-term borrowing
    • You want to build credit
    • You plan to repay your credit card balance in full and on-time each month
    • You want the ease to make cashless transactions
    • You like security and anti-fraud protection that cash doesn’t offer
    • You like convenience

    A credit card may not be right for you if:

    • You are not at least 18 years old
    • You are not a U.S. citizen or permanent resident
    • You plan to carry a monthly balance
    • You don’t make payments on-time
    • You do not have a regular source of income

    What are the best credit cards to have?

    When it comes to the best credit cards to have, you need to compare credit cards to find the best one for you. Here are the major categories for the best credit cards to apply for:

    Best Rewards Cards

    Credit card rewards are rewards that you can earn for spending money on a credit card. The best rewards cards are some of the best credit cards to have. Why? For every dollar you spend, the top rewards credit cards will give you points toward certain rewards, which can include travel, cash back or other items such as electronics. For the credit cards rewards programs, you can redeem travel for airfare with multiple airlines or to stay at hotels. Some top credit cards enable you to earn cash back for every dollar you spend.

    Best Cash Back Cards

    Cash back credit cards are credit cards that give you cash back based on your credit card spending. Cash back credit cards are among the best credit cards to have because for every dollar you spend, you will receive cash back. You can compare credit cards to determine the best credit cards to apply for that match your cash back preferences.

    Best Travel Cards

    Travel rewards credit cards are credit cards that offer travel rewards such as airlines miles, hotel points and other travel rewards. Travel rewards are among the best credit cards to have because for every dollar you spend, you earn travel rewards that you can redeem for airline travel, hotel stays or other travel rewards.

    Best Balance Transfer Cards

    Balance transfer credit cards help you transfer all or part of your existing credit card debt from one credit card to another credit card. Balance transfer credit cards are among the best credit cards to have because the goal is to help you save money on interest and organize your existing credit card debt. When you compare credit cards, you will find that balance transfer credit cards also allow you to pay 0 percent interest on your credit card debt balance for a specified period of time.

    Best 0% APR Cards

    0 APR credit cards are considered some of the best credit cards to apply for because they help you transfer all or part of your existing credit card debt from one credit card to another credit card.When you compare credit cards, you will see that 0% APR credit cards have 0% interest on your credit card debt balance for a certain amount of time. The goal of 0 APR credit cards is to help you save money on interest and help manage your credit card debt.

    Best Hotel Rewards Cards

    The best hotel rewards card is typically a co-branded credit card with a specific hotel company, such as Starwood or Marriott. Hotel rewards cards are among the best credit cards to have because you earn points for spending with the best hotel rewards program. Hotel rewards are among the best credit cards to apply for because you also can earn sign-up bonuses and other points for spending at the hotel properties. Some of the best hotel rewards cards also may partner with airlines that provide additional benefits for your loyalty.

    Best Points Rewards

    Credit card points are rewards that you can earn for spending money on a credit card. Points rewards credit cards are among the best credit cards to have because for every dollar you spend, you earn points toward certain rewards, which can include airline travel, hotel travel, cash back or gift cards to retailers. When you compare credit cards for the best points rewards cards, you can redeem credit card points for free travel or free hotel stays.

    Best Student Cards

    Student credit cards are credit cards for college students to help them build credit and gain access to short-term financing. Student credit cards are the best credit cards to have for college students, particularly with limited or no credit history as well as limited income. Most importantly, student credit cards are the best credit cards to apply for because they help students develop a track record of financial responsibility and a credit history.

    Best Cards For Bad Credit

    The best credit cards to have for people with bad or poor credit are secured credit cards. The best credit cards for people with bad credit come in two forms: secured credit cards and unsecured credit cards. When you compare credit cards, you will find that secured credit cards are the best credit cards for bad credit. Secured credit cards required a security deposit, and this will be equal to your credit limit. Secured credit cards are viewed as less risky to credit card companies because your spending is backed by your deposit. The best credit cards to apply for include secured credit cards because they also help you build credit.

    Best Business Cards

    The best credit cards to have for a small business are called small business credit cards. Small business credit cards help your small business get access to capital that you can use on an ongoing basis. The best business credit cards also help you build credit, earn credit card rewards and manage your expenses. The best credit cards to apply for if you are a small business owner are small business credit cards that do not carry spending limits. This means you have the flexibility to charge based on your business needs. When you compare credit cards for small business with personal credit cards, you will find that the best business credit cards have higher credit limits.

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  • Savings Accounts 101

    Savings Accounts 101

    What Is a Savings Account?

    An online savings account is a bank account where you can save money and earn interest. Assuming that your bank is federally-insured through the FDIC (Federal Deposit Insurance Corporation), your online savings account also will be FDIC-insured up to $250,000.

    The best savings account often is online and is a high yield savings account. A high yield savings account enables you to earn interest on your savings account balance at a higher rate than a typical savings account. Therefore, the best savings account means more money in your pocket.

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    Why Do You Need a Savings Account?

    You need an online savings account for several reasons:

    1. Save for your future. The best online savings account can help you save funds for your future. You can deposit your paycheck in your online savings account, and invest in your future.
    2. Earn high yield interest. The best savings account helps you earn interest income that can be significantly higher than the national average for a traditional savings account. Most high yield, online savings accounts offer an annual percentage yield (APY) that is higher than 1%.
    3. Ease of use. An online savings account is mobile friendly and can help you manage your account and transfer money with ease.
    4. Limit on transfers. Under federal law, you can withdraw or transfer funds no more than six times per month. This can help instill discipline, since a high yield online savings account is intended to help you save so you shouldn’t transfer funds frequently.

    What Is the Difference Between an Online Savings Account and Traditional Savings Account?

    Traditional Savings Account: A traditional savings account is a default savings account offered by a brick-and-mortar bank. Typically, you can link your savings account to your checking account, and move money between the two accounts. Traditional savings accounts usually do not come with checks and also may require a higher minimum balance. The biggest downside of a traditional savings account is the interest rate. Compared to CDs and investing accounts, the interest rate on traditional savings accounts are very low.

    Online Savings Account: An online savings account is almost exclusively online and offers a much higher interest rate. The best online savings account can offer higher annual percentage yield (APY) because the bank saves costs by not having additional or any physical branches to support online savings accounts. Most online savings accounts have excellent customer service, so you still have access by phone, email or chat to speak with customer service. An online savings account is a great option if you are comfortable with mobile and online banking. With the best online savings account, the good news is that you can earn a higher yield and typically do not need to maintain any minimum balance. Some online savings account may also pay you a higher yield if you have a higher balance. This is known as a tiered rate savings account.

    How Do You Find the Best Online Savings Account?

    You can find the best online savings account here on Mentor. Mentor’s list of the best online savings accounts includes banks that we believe offer the best online savings account rates, best customer service, savings account management tools and lowest fees.

    You can compare these online savings accounts on Mentor, and choose the best savings account for you.

    Then you can open an account directly through Mentor with one of our partners. You will need to provide basic information such as you name, Social Security Number, driver’s license and other contact information.

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