Looking to buy a manufactured home, a boat, or a piece of equipment for your business? You may need a chattel mortgage.
Chattel mortgages are used to finance movable assets separately from the land they occupy. They come with a higher cost than a traditional mortgage, so manufactured home dwellers who qualify for a standard mortgage will save money by choosing that route.
Here’s what you need to know about how chattel loans work and when you might want to look for alternative financing.
What Is a Chattel Mortgage?
First of all, a chattel mortgage is used for personal property, not real property. Real property includes land and property that cannot be easily removed from the land.
When a chattel mortgage is used for a large, movable asset like a manufactured home — called a mobile home before June 15, 1976 — or a piece of equipment (the “chattel”), the asset is held as collateral on the loan. If the borrower defaults on the loan, the lender can recoup costs by selling the asset.
A chattel loan may have a lower interest rate than an unsecured personal loan but a higher rate than a traditional mortgage.
How Does a Chattel Mortgage Work?
Chattel mortgages are used in two main instances: when an asset can be moved or when the land the asset sits on, or will, is leased. (In fewer cases, a chattel loan may be used when a borrower doesn’t want to encumber their owned land with a loan, as when land is owned jointly in a trust.)
Applying for a chattel loan is similar to applying for other types of loans, such as home equity loans and personal loans. The lender will look at your creditworthiness and ability to repay the loan before making a decision.
Chattel loans are typically small, with relatively short terms, but usually require no appraisal, title policy, survey, or doc stamps (the documentary stamp triggers a tax in certain states).
Here are some of the most common applications for chattel loans.
Manufactured Homes
Manufactured homes are built in a factory on a permanent chassis and can be transported in one or more sections. Formerly known as mobile homes, they’re designed to be used with or without a permanent foundation, but must be elevated and secured to resist flooding, floatation, collapse, or lateral movement.
Many are titled as personal property. Manufactured housing that is titled as personal property or chattel is only eligible for chattel financing.
When a manufactured home is titled as chattel, you’re also going to pay vehicle taxes to the Department of Motor Vehicles instead of property taxes.
Many consumers may encounter a chattel loan at the sales office of a manufactured home builder. They’re convenient with quick closing times, but come with a higher interest rate and a shorter term than most traditional mortgages.
This makes the financing cost of the manufactured home high, even if the payment is low thanks to the lower cost of a manufactured home compared with a site-built home. Around 42% of loans for manufactured homes are chattel loans, according to the Consumer Finance Protection Bureau.
When you own a manufactured home and rent the land it occupies, such as in a mobile home park, you will need a chattel mortgage, except when an FHA Title I loan is used.
Tiny Houses
A chattel mortgage may be used for tiny house financing when the tiny house is not affixed to a permanent foundation and/or when the land is leased.
Tiny houses are usually too small to meet building codes for a residential home, so even if the home is on a foundation and on owned land, a traditional mortgage is almost always out of the question. Even if Fannie Mae or FHA allows the property, the lender won’t.
A chattel loan may finance assets that are not permanently affixed to the property, such as vehicles. Dump trucks and construction vehicles may qualify.
Equipment
A chattel loan can be used to purchase large equipment for a business, such as a forklift or a tractor. Even livestock can be purchased with a chattel loan.
How Much Does a Chattel Mortgage Cost?
Chattel mortgages are more expensive than many other different mortgage types. The Urban Institute concluded that chattel loans were substantially more expensive than non-chattel loans. Owners of manufactured homes would spend thousands more per year in interest compared with a traditional mortgage.
These types of mortgages are not being purchased by Fannie Mae or Freddie Mac on the secondary mortgage market. When a conventional mortgage is purchased by one of these entities, the loan originator obtains more liquidity and can provide more loans to more people. This drives the cost of the mortgage down.
A chattel mortgage, on the other hand, must stay on the books of the lender, making the loan riskier and more expensive.
If you qualify, you might want to consider refinancing your chattel mortgage into a traditional mortgage.
To qualify for a conventional or government-backed mortgage instead of a chattel mortgage, you must own the land your home sits on, the home must be permanently affixed to a foundation, and it must have at least 400 square feet of living space (600 for Fannie Mae’s conventional loan for manufactured homes).
Mobile homes built before June 15, 1976, will not qualify for a mortgage loan. A personal loan is about the only option.
You must also meet all other requirements set forth by the lender to qualify for a traditional mortgage. A mortgage calculator tool can help with this.
For some types of assets, a chattel mortgage may be a good option to consider. Take a look at the major differences.
Chattel Loan
Traditional Mortgage
For movable property only
Includes the land and all attached structures
May have a lower interest rate than an unsecured personal loan
Usually has a lower interest rate than a chattel mortgage
Shorter terms (e.g., 5 years)
Longer terms (e.g., 15 years, 30 years)
Lower origination fees
Higher loan fees
Shorter close time
Longer close time
Lender holds the title, which is only given to the buyer when it is paid off
Lender holds a lien on the property, not title
Pros and Cons of a Chattel Mortgage
A chattel mortgage is more expensive than a traditional mortgage, so anyone who can qualify for a traditional mortgage may wish to pursue that option first. It’s not all bad news for chattel mortgages, though, especially for other types of property where a chattel loan is desirable.
Pros
Cons
Lender only has a security interest in the movable property, not the land
If you default on the loan, the lender can take your asset. Also, the lender owns the asset until the loan is paid off
Taxes may be lower on property titled as “chattel” rather than “real” property
Higher-cost loan than a traditional mortgage
Possible faster close and lower loan fees than a standard mortgage
Fewer consumer protections. Chattel loans are not covered by the Real Estate Settlement Procedures Act or CARES Act
Lower interest rate than a personal loan
Higher interest rate than a traditional mortgage
Pays down more quickly than a traditional mortgage
Shorter term may create higher payments
Interest paid is tax deductible
Interest paid is also tax deductible with a traditional mortgage
Consumer Protection and Chattel Mortgages
Chattel mortgages on manufactured homes are a special concern to the Consumer Financial Protection Bureau because that type of housing:
• Serves an important role in low-income housing
• Is typically taken on by financially vulnerable people
• Has fewer consumer protections
Manufactured home sellers often have an on-site lender where borrowers can walk away with a chattel loan the same day as the home purchase. In certain scenarios, though, better financing options might be available.
The Takeaway
Buying a manufactured home or a piece of heavy equipment? A chattel loan could be the answer. If, though, you are buying a manufactured home and own the land, a traditional mortgage makes more sense than a chattel mortgage.
FAQ
Where can I get a chattel loan?
Lenders specializing in chattel or manufactured housing loans will offer this type of loan.
How much does a chattel mortgage cost?
The interest rate of a chattel mortgage could be several percentage points higher than that of a standard mortgage loan.
What happens at the end of a chattel mortgage?
When a chattel mortgage is paid off, the borrower receives legal title to the property or asset borrowed against. It’s also possible for landowners with permanently affixed manufactured homes to refinance into a traditional mortgage to end their chattel loans.
Is a chattel mortgage tax deductible?
A chattel mortgage qualifies for the same tax deductions that a traditional mortgage does. This includes a deduction on mortgage interest paid throughout the tax year.
Photo credit: iStock/MicroStockHub
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
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Guide. Supporter. Educator. A mortgage loan originator wears many hats while finding a residential loan that will work for a borrower and steering the prospective homeowner or refinancer through the whole application process.
The person or entity is the original point of contact for borrowers. Their role is regulated to prevent the kind of mortgage fraud that occurred during the housing crisis and financial meltdown of 2008.
Here’s what you should know about what they do, how they’re regulated, and how they can help you get the right loan to the closing table.
What Is a Mortgage Loan Originator?
A mortgage loan originator (MLO) evaluates and recommends approval of residential loan applications on behalf of customers. Some work directly for a mortgage lender; others, called mortgage brokers, are MLOs who offer options from several lenders.
MLOs might be paid a salary plus commission, but commission only is far more common. They must be licensed in the states where they do business or under the umbrella of the bank, bank subsidiary, or credit union that employs them.
MLOs work to find a mortgage for each borrower’s unique situation. They must be excellent communicators since they guide people through the mortgage process.
They educate the borrower about different kinds of mortgages, the application process, and how mortgages work, and ensure legal compliance and completeness to close the loan.
Since MLOs often work on commission, it’s usually in their best interests to find a compatible loan for the borrower that will make it to the closing table. They don’t get paid if the loan falls through. To get your business, it’s also in their best interests to offer the most competitive terms possible.
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What Is the Difference Between a Mortgage Loan Originator and a Mortgage Loan Officer?
The upshot: Regulators and some others refer to mortgage loan officers employed by financial institutions as “mortgage loan originators.”
A mortgage loan originator is anyone who negotiates or takes a residential mortgage application for a client with the expectation that they will be paid for their services.
What Does a Mortgage Loan Originator Do?
MLOs are responsible for taking a loan from application to closing. They may also negotiate terms of a residential mortgage on behalf of a client.
Responsibilities of a mortgage loan originator may include:
• Asking for more documents as closing gets nearer
• Scheduling the close
• Answering questions the borrower may have
• Ensuring compliance with applicable laws
• Developing relationships with real estate agents, builders, and individual clients
How to Become a Mortgage Loan Originator
Becoming a mortgage loan originator typically requires a bachelor’s degree and on-the-job training. Nonbank originators also need to be licensed.
Licensing
MLOs who are employed by banks, bank subsidiaries, or credit unions do not have to obtain a loan originator license. All others must be licensed in the states they do business in and register with the Nationwide Multistate Licensing System & Registry (NMLS).
General state license requirements include:
• At least 20 hours of pre-licensing education
• Authorization to provide a credit report and criminal record
• General character standards and demonstrated financial responsibility
• Passing the NMLS written test
• Sponsorship by a company already registered with the NMLS
Licensing became required in 2008 following the housing collapse. It increases consumer protection and reduces mortgage fraud.
Average Salary
The median pay for mortgage loan officers in 2023 was $69,990 per year, according to the Bureau of Labor Statistics.
But because mortgage loan originators typically work solely on commission, earnings can vary widely based on the area, the number of closed loans, and the amount of the closed loans. The commission averages 1% of the loan amount.
Do I Need a Mortgage Loan Originator?
A mortgage loan originator is needed when you need a new mortgage. Few mortgages are assumable by a buyer, so homebuyers will most likely need a new mortgage for their purchase or refinance and will need a mortgage loan originator.
You will most likely need a new mortgage for your purchase or refinance and will need a mortgage loan originator.
How Do You Find a Good Mortgage Loan Originator?
A good mortgage loan originator may be able to secure a loan that works for your situation and aptly guide you through the process. Want to know how to find a good loan originator? Here are a few tips.
Shop Around for a Mortgage
One of your most powerful tools for finding a good mortgage loan originator is to shop around for a mortgage. Meet the people who will work with you on your mortgage and get loan estimates for the specific type of mortgage you’re looking for.
• Ask for quotes from your bank or credit union. Your existing relationship with a bank may be valuable to them and they may offer good terms.
• Get recommendations from family or friends. From people who have been there and done that, you may find an originator that has great rates and is incredible to work with.
• Conduct an internet search. You’ll find plenty of mortgage loan originators listed on the internet with a bounty of reviews. Try calling a few and you may find a loan officer with competitive rates.
Compare a Direct Lender With a Mortgage Broker
When you’re looking for a good mortgage loan originator, you’ll come across two main ways to find a mortgage for your home: mortgage brokers and direct lenders.
• Direct lenders are the providers of the mortgage. When you go to a lender and apply for a loan, you’re working directly with the lender, which makes a decision without a middleman.
• Mortgage brokers work for borrowers to find the best loans and terms for their individual situations. They may be able to point clients to a lender they would not have known about otherwise and save them money in the process. Lender commissions to brokers may span 0.50% to 2.75% of the loan amount, but lenders typically add the costs to the borrower’s loan. It’s a good idea to check credentials with the NMLS.
Both can help get you a mortgage that may work for your situation, but you may find that you prefer one over the other when you’re looking for a good loan mortgage originator.
If you apply for a mortgage with several, it’s smart to compare the loan terms being offered in the loan estimate that you will receive.
Have an Idea of What Type of Mortgage You’re Looking For
Some lenders may specialize in a certain type of mortgage, so if you know what you’re looking for, you may be able to find a good loan originator more easily.
If you’re looking for a renovation loan, for example, you might want to seek out a lender specializing in that type of loan.
Be Wary of Deals and Offers You See in Ads
Some lenders might advertise low payments or low interest rates, but those may not be what you’d end up getting. By law, lenders are required to disclose the loan terms to you on a standard form called a loan estimate after you’ve applied for a mortgage.
Using this form can help you compare loans fairly as it will list the mortgage APR, term, points, and all fees you’ll need to pay to engage the services of a particular lender.
Know What Questions to Ask
If you interview mortgage originators, certain questions can help you determine if you’ll be a match or not. Don’t know what to ask? Take a look at these mortgage questions.
The Takeaway
Finding a good mortgage originator is worth the time it takes to explore your options and interview potential candidates. After all, getting the right mortgage, as an initial borrower or a refinancer, can mean significant savings — not just at origination but over the life of the loan.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
What questions will a mortgage loan originator ask?
A mortgage loan originator who is helping you prepare a home mortgage loan application will want to understand your income (how much you earn and how reliable your income stream is), your credit and work history, and your debts. Be prepared to answer questions about your salary, whether you are a W-2 employee or a freelancer, and how much you owe on any student loans, car payment, or other debts.
Is a mortgage loan originator the same as an underwriter?
No, a mortgage loan originator (MLO) is not the same as an underwriter. An MLO, sometimes also called a mortgage loan officer, is a person or business that helps you apply for a mortgage loan. An underwriter is the person who reviews your loan application and decides whether or not to approve it and at what interest rate.
Photo credit: iStock/David Gyung
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
The nonfarm payroll report measures the number of jobs added or lost in the United States. The report is released by the Bureau of Labor Statistics (BLS), usually on the first Friday of every month, and is closely watched by economists, market analysts, and traders. The nonfarm payroll report can have a significant impact on financial markets. A strong or weak jobs report may lead to stock market volatility, as investors feel confident or pessimistic about the direction of the economy.
The nonfarm payroll report is just one of many economic indicators that investors can use to gauge the economy’s strength. However, market participants often pay attention because it provides a monthly snapshot of the U.S. economy’s health.
What Are Nonfarm Payrolls?
Nonfarm payrolls are a key economic indicator that measures the number of Americans employed in the United States, excluding farm workers and some other U.S. workers, including certain government employees, private household employees, and non-profit organization workers.
Also known as simply “the jobs report,” the nonfarm payrolls report looks at the jobs gained and lost during the previous month. This monthly data release provides investors with a snapshot of the health of the labor market, and the economy as a whole.
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The U.S. Nonfarm Payroll Report, Explained
The nonfarm payroll report is one of two surveys conducted by the BLS that tracks U.S. employment in a data release known as the Employment Situation report. These two surveys are:
• The Establishment Survey. This survey provides details on nonfarm payroll employment, tracking the number of job additions by industry, the average number of hours worked, and average hourly earnings. This survey is the basis for the reported total nonfarm payrolls added each month.
• The Household Survey. This survey breaks down the employment numbers on a demographic basis, studying the jobs rate by race, gender, education, and age. This survey is the basis for the monthly unemployment rate reported each month.
When Is the NFP Released?
The Bureau of Labor Statistics usually releases the nonfarm payrolls report on the first Friday of every month at 8:30 am ET. The BLS releases the Establishment Survey and Household Survey together as the Employment Situation report, which covers the labor market of the previous month.
4 Figures From the NFP Report to Pay Attention To
Investors may look at several specific figures within the jobs report to help inform their investment decisions:
1. The Unemployment Rate
The unemployment rate is critical in assessing the economic health of the U.S., and it’s a factor in the Federal Reserve’s assessment of the nation’s labor market and the potential for a future recession. A rising unemployment rate could result in economic policy adjustments – like changes in interest rates that impact stocks, both domestically and globally.
Higher-than-expected unemployment could push investors away from stocks and toward assets that they consider more safe, such as Treasuries, potentially triggering a decline in the stock market.
2. Employment Sector Activity
The nonfarm payroll report also examines employment activity in specific business sectors like construction, manufacturing, or healthcare. Any significant rise or fall in sector employment can impact financial market investment decisions on a sector-by-sector basis.
3. Average Hourly Wages
Investors may consider average hourly pay a barometer of overall U.S. economic health. Rising wages may indicate stronger consumer confidence and a more robust economy. That scenario could lead to a rising stock market. However, increased average hourly wages may also signify future inflation, which could cause investors to sell stocks as they anticipate interest rate hikes by the Federal Reserve.
4. Revisions in the Nonfarm Payroll Report
Nonfarm payroll figures, like most economic data, are dynamic in nature and change all the time. Thus, investors watch any revisions to previous nonfarm payroll reports to reevaluate their own portfolios based on changing employment numbers.
How Does NFP Affect the Markets?
Nonfarm payrolls can affect the markets in a few ways, depending on the state of the economy and financial markets.
NFP and Stock Prices
If nonfarm payrolls are unexpectedly high or low, it can give insight into the economy’s future direction. A strong jobs report may signal that the economy is improving and that companies will have increased profits, leading to higher stock prices. Conversely, a weak jobs report may signal that the economy is slowing down and that company profits may decline, resulting in lower stock prices as investors sell their positions.
NFP and Interest Rates
Moreover, nonfarm payrolls can also affect stock prices by influencing the interest rate environment. A strong jobs report may lead the Federal Reserve to raise interest rates to prevent an overheated labor market or curb inflation, leading to a decline in stock prices. Conversely, a weak jobs report may lead the Federal Reserve to keep interest rates unchanged or even lower them, creating a loose monetary policy environment that can boost stock prices.
Investors create a strategy based on how they think markets will behave in the future, so they attempt to factor their projections for jobs report numbers into the price of different types of investments. An unexpected jobs report, however, could prompt them to change their strategy. Surprise numbers can create potentially significant market movements in critical sectors like stocks, bonds, gold, and the U.S. dollar, depending on the monthly release numbers.
How to Trade the Nonfarm Payroll Report
While long-term investors typically do not need to pay attention to any single jobs report, those who take a more active investing approach may want to adjust their strategy based on new data about the economy. If you fall into the latter camp, you’ll typically want to make sure that the report is a factor you consider, though not the only factor.
You might want to look at other economic statistics and the technical and fundamental profiles of individual securities you’re planning to buy or sell. Then, you’ll want to devise a strategy that you’ll execute based on your research, your expectations about the jobs report, and whether you believe it indicates a bull or a bear market ahead.
For example, suppose you expect the nonfarm payroll report to be positive, with robust job growth. In that case, you might consider adding stocks to your portfolio, as share prices tend to rise more than other investment classes after good economic news. If you believe the nonfarm payroll report will be negative, you may consider more conservative investments like bonds or bond funds, which tend to perform better when the economy slows down.
Or, you might take a more long-term approach, taking the opportunity to buy stocks at a discount and invest while the market is down.
The Takeaway
The jobs report can be used as one of many economic indicators that investors take into account when weighing their next investment moves. The report offers a snapshot of the health of the labor market, and the economy at large. But it’s important to keep in mind that it’s only one indicator.
Markets move after nonfarm payroll reports, but long-term investors don’t have to change their portfolio after every new government data release. That said, active investors may use the jobs report as one factor in creating their investment strategy.
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There are many different types of college financial aid available to college-bound students, with student loans being an option that many students consider. Roughly 46 million students have federal student loan debt.
Students who need additional financial aid can choose between federal student loans or private student loans. However, there are many benefits of federal student loans that private loans don’t always guarantee.
10 Benefits of Federal Student Loans
1. No Credit History Is Required
A significant advantage of federal student loans is that many government-owned student loans don’t require a credit history or credit check. The only federal student loan that requires a credit check to determine eligibility is a Direct PLUS Loan.
To see if you’re eligible for federal student loans, you’ll need to submit a completed Free Application for Federal Student Aid (FAFSA®).
Private student loan lenders might require a cosigner for student borrowers who don’t have a credit history or credit score. However, students who haven’t established their credit are still eligible to apply for a federal loan without a cosigner.
Having no cosigner requirement is an additional step to lending that federal student loan borrowers can avoid.
3. Fixed Interest Rates
Fixed interest rates are among the notable benefits of student loans owned by the Department of Education.
Generally, private student loans allow borrowers to choose between fixed or variable interest rates. A fixed rate doesn’t increase or decrease throughout the loan term, making monthly payment amounts easier to anticipate.
Variable student loan rates can be advantageous during a low-rate environment, but borrowers risk their interest rate changing at any point during the repayment term. This variable feature can make it more challenging to predict how much money to budget toward monthly payments during repayment.
4. Low Interest Rates
A higher interest rate increases how much you’ll pay toward your college education overall. Generally, federal student loan rates are lower than private student loans or when using high-interest credit cards to pay for college expenses.
5. Interest Doesn’t Accrue During College
Federal Direct Subsidized Loans are designed so that borrowers aren’t responsible for paying back interest that accrues while in school.
Interest that accrues on loans from this federal program is paid by the government while the student is enrolled at an eligible school at least half-time. When you leave school, any interest that accrues on Direct Subsidized Loans is the borrower’s responsibility to repay. Students who borrow Direct Unsubsidized Loans or PLUS Loans are responsible for repaying interest that accrues while they are in school. Subsidized federal loans are only available to undergraduates.
6. Forbearance and Deferment Options
Some private loan lenders offer forbearance and deferment options to borrowers who need to temporarily pause their student debt repayment. However, these options vary between lenders and some might not offer forbearance and deferment at all.
An advantage of federal student loans is that they offer extensive forbearance and deferment options for different situations. For example, eligible borrowers can request deferment while undergoing cancer treatment, during economic hardship, while enrolled in school, during unemployment, and more.
Federal student loans offer general or mandatory forbearance, depending on your situation. Borrowers who are eligible for forbearance can request it if they need to pause or reduce their monthly payment for a short period.
7. Repayment Grace Period
Another benefit of federal student loans is that they come with an automatic six-month grace period. The grace period kicks in when the student graduates, leaves school, or drops below half-time enrollment.
This time frame gives federal loan borrowers additional time to get their financial situation ready, like securing an income or a job, in preparation for repayment.
8. Income-Driven Repayment Options
Borrowers who are unable to afford their monthly student loan payment may be able to enroll in an income-driven repayment plan.
Income-driven repayment plans offer 20- or 25-year terms. Payment amounts are limited to 10% to 15% of a borrower’s discretionary income. Depending on a borrower’s situation, their payments might be as low as $0 per month.
9. Student Loans Can Be Discharged
Borrowers of federal student loans might not be required to repay their federal loans in certain circumstances. A federal loan discharge might apply when:
• The school closes while the borrower is enrolled.
• A borrower experiences total and permanent disability.
• The borrower dies.
• The borrower of a Perkins Loan works as a teacher or other eligible professional.
• The borrower’s school affected the loan or the borrower’s education in some way.
• A school falsely certifies the borrower’s loan eligibility.
• The borrower who has withdrawn from school doesn’t receive a refund of the student loan funds from their servicer.
10. Student Loan Forgiveness
Access to student loan forgiveness is another advantage of federal student loans. Unlike student loan discharge which requires borrowers to have experienced an extraneous situation to qualify, student loan forgiveness is more accessible to borrowers.
The Department of Education offers loan forgiveness through Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness, and loan forgiveness under an income-driven repayment plan.
For example, PSLF requires participants with Direct Loans to make 120 qualifying monthly payments under an income-driven repayment plan. Borrowers must be working full-time at a qualifying employer. Qualifying employers include nonprofit organizations or government entities during the time the required payments were made.
After the required payments are made, their remaining Direct Loan balance can be forgiven. Note that the forgiven balance may be considered taxable income by the IRS under certain situations.
Alternatives to Student Loans
Although federal loans offer borrowers many benefits, there are limits that mean not all students are able to finance their education entirely with student loans. Student loans are one type of financial aid, but there are other ways students can finance their education. These include:
Grants
Grants can be need- or merit-based. They’re provided through the federal or state government, by the student’s school, or via third-party organizations. Pell Grants and Teacher Education Assistance for College and Higher Education (TEACH) Grants are a couple types of federal grants.
Unlike student loans, recipients aren’t generally required to pay back grants for college.
Scholarships
Scholarships, like grants, aren’t repaid by the student after leaving school. Scholarships can be found through schools, private and nonprofit organizations, community groups, employers, and professional associations.
This aid option might be available based on students’ merit or need.
Private Student Loans
Federal student loans offer many benefits, but as briefly mentioned, there are annual and aggregate borrowing limits. For students who either don’t qualify for federal loans or have reached the maximum limit, applying for private student loans is another option.
Private student loans are available from state organizations, banks, credit unions, and online lenders. Borrowers must have qualifying credit, and loan features and terms of private student loans vary by lender. Again, it’s important to note that private student loans are not required to offer the same borrower benefits as federal student loans.
The Takeaway
Federal student loans offer a variety of borrower benefits, including no credit score requirements, fixed interest rates, and deferment and forbearance options for borrowers who face financial difficulty during repayment. However, students may need to rely on a variety of different finding sources to pay for college.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
What is the average student loan debt amount?
In 2024, the Education Data Initiative reported that the average student loan debt is just over $40,000. This includes both federal and private student loans.
Are student loans bad for your credit score?
Borrowers’ student loan payment status is reported to credit bureaus. Student loans can be advantageous toward building a credit history when payments are made on-time and in full.
However, making late payments or missing payments can adversely affect a borrower’s credit score.
What are the key advantages of federal over private student loans?
There are numerous benefits of student loans from the federal government compared to private student loans. The main advantage is that federal loans offer multiple repayment options, including income-driven plans that can bring monthly payments as low as $0, and most federal student loans do not have a credit score or credit history requirement.
Additionally, federal borrowers receive automatic deferment during school, and an automatic grace period after leaving school.
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SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Too often, free time winds up costing us money, whether that means going to the movies, hitting the mall, or paying for an in-demand yoga class. But the truth is, passing time outside of work doesn’t have to be expensive.
Having hobbies can be a smart, creative, and moneywise way to fill your free time. The best endeavors are those that ignite a real passion and that we can’t wait to pursue. And there are numerous hobbies that don’t require investing a lot of money in equipment, materials, or training to get started.
Here, we have compiled a list of 19 fun, fulfilling pursuits that are also typically very affordable.There’s every chance that you will find at least a couple of these inexpensive hobbies to pique your interest.
Questions to Ask Before Starting a Hobby
Before you begin a new hobby, you may want to ask yourself the following questions.
What Is the Cost of the Hobby?
There are many inexpensive hobbies to choose from, so a good place to start is by making a list of the hobbies that spark your interest. From there, you can do some research to determine what the cost of the hobby is and if it fits into your budget (or if you need to pursue a less expensive pastime for now). Something with very specialized instruction, like making gold jewelry or blowing glass, is likely to push your budget limits. You might want to aim for more accessible pursuits to start.
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Is This Hobby Worth It?
No matter what the price tag of the hobby is, it can be helpful to think about whether or not the costs associated with the hobby are worth the enrichment and enjoyment the pursuit can bring to your life. Some hobbies may cost more, but may also give a higher return on investment if they offer an incredible experience and turbocharge your mood.
What Are the Benefits?
While most hobbies are fun, they can also bring a lot more to the table than just a good time. When evaluating hobbies, it can be helpful to think of what other benefits are associated with them. For example, a fitness-based pursuit is good for your health. Gardening can be a terrific way to connect with nature and clear your head. And a creative endeavor, like painting or photography, can wind up turning into a part-time job or lucrative side hustle.
Could This Hobby Be Cheaper?
If you are considering a hobby and are concerned about cost, you don’t necessarily have to limit yourself only to what would be classified as a cheap pastime. You might instead dive into what speaks to you but find a way to make it less costly.
For example, if you want to ride horses (which can be a very expensive hobby), you could pay to ride a horse by the hour at a local stable instead of buying a horse and paying for all of its care, food, and housing. Or you might find that volunteering at a local stable occasionally earns you some free time on horseback.
When considering a hobby, it’s a good idea to take into account what the average cost per month will be. For instance, if you want to take up skiing, consider how it might affect future finances:
• What equipment will you need?
• How much will lessons cost and how many will you likely need?
• What kind of transportation costs will be involved in pursuing skiing?
If a hobby is likely to drain your emergency savings or cause you to take on credit card debt, then it may be too expensive to pursue. Instead, you may want to do some research into more affordable hobby ideas (there’s plenty of inspiration below.)
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19 Hobbies That Are Fun and Inexpensive
A cheap hobby can be just as fun and rewarding as an expensive hobby. Let’s take a look at some inexpensive yet highly enjoyable pastimes.
1. Gardening
Spending time outdoors feels good; research has shown it can improve your mood, putting you in a more positive, peaceful frame of mind. Gardening is also a great way to make your home more attractive and enjoyable to spend time in. Try planting flower seeds in window boxes or creating a windowsill herb garden to start.
2. Camping
Travel can be an expensive hobby, but camping can be done on a budget and scratch that travel itch. After all, renting a campsite for a night is typically cheaper than booking a hotel. Plus the sound of the birds and the view of the constellations at night can be priceless.
3. Discovering New Music
Instead of going to see only famous musicians play at large stadiums (ka-ching), try a creative way to save some money and check out some more affordable and unique local musicians. You’ll support the local music scene, get out of the house, and enjoy live entertainment in one fell swoop. What’s more, many towns have free concerts in warmer weather.
4. Cooking
Learning to cook well is not only an affordable hobby, it’s also a great way to save money on food by making you less tempted to dine out. There are many ways to do this, including taking low-cost local classes, watching free videos on YouTube or public broadcasting shows, and simply looking up recipes online and teaching yourself some new skills.
5. Painting
There’s no reason we need to leave arts and crafts behind once we finish elementary school. Spending some quiet time with a paintbrush in hand can be very relaxing. Whether you use oils, acrylics, or watercolors is totally up to you, as is the subject matter — which could be anything from a self-portrait to a landscape to an abstract canvas. Again, you can find videos online, inexpensive books, and local classes that will teach you how to use basic materials in new ways.
6. Drawing
Drawing is a way to tap into your artistic side and only requires paper and a pencil. Or you might choose to buy a basic set of pastels or charcoal sticks (a dozen will set you back just a few dollars; perfect for trying out new shading techniques).
7. Working Out and Exercising
Walking, swimming in a lake, or playing pickleball are all fun, inexpensive hobbies that can help keep you fit and healthy. While some fitness pursuits, like private Pilates lessons, can be pricey, there are also options that are absolutely free. (But if Pilates calls to you, check out free online videos first.)
8. Starting a Podcast
Are you passionate about a topic, say, local politics, fiction, or travel? Starting a podcast can help you share your knowledge and find a community with similar interests. This can be a low-cost project; if you have a computer, you can get started experimenting. You can then decide if you want to invest in a microphone, editing software, and a podcast hosting platform.
9. Learning Smartphone Photography
Photography was once an expensive hobby, but you can skip all the pricey equipment and learn to get really good at smartphone photography. You may find that local nature centers offer free classes in photographing nature or wildlife. Simply shooting local architecture, bicycle races, and other areas of interest and playing with cropping and filtering can unleash your creativity.
10. Learning an Instrument
Another creative outlet is learning to play a musical instrument. If you have an instrument gathering dust, brush it off. Or check local Facebook groups, Craigslist, and freecycle sites to find one on the cheap.
11. Volunteering
Giving to the community may not feel like a hobby, but choosing a cause that matters to you — such as volunteering with animals or tutoring school-age kids — can be completely engaging.
12. Visiting a Museum
Interested in becoming an art connoisseur? Museums change their exhibits all the time. Consider signing up for a membership to get exclusive invites to new exhibits and special events. Or scope out which nights or days offer free admission; many museums offer this kind of perk. Local gallery openings are another option that’s free and fun and can elevate your knowledge of and interest in the arts.
13. Learning to Dance
You know what the song says about “the rhythm’s gonna get you.” Why not indulge or jump-start your love of dance? Whether it’s at home or in a dance club, you can start simply by hitting the floor. Or many Y’s and other local centers offer inexpensive classes in ballroom, ballet, tango, and other styles of dance.
14. Fishing
Fishing can be a fun and peaceful way to connect with nature. Saving on groceries is a fun bonus of this hobby. Few things can beat a fresh-caught trout dinner.
15. Learning a Language
Get ready for that international vacation you’re saving for by learning a new language. Even if you don’t have a trip planned, building your foreign language skills can help boost your brain power by creating new neural pathways. And there are a host of apps (whether free or for a low fee) that can make this pursuit easy and fun.
16. Learning How to Sew
It takes time to master sewing, but doing so can be an almost meditative practice. Plus there are cool new trends to try, like sashiko, a beautiful form of Japanese mending. What’s more, building your skills with a needle and thread could save you pricey trips to the tailor.
17. Doing Calligraphy
Calligraphy is both a pretty and practical hobby to pursue. Wow your next dinner party guests with handmade name cards. Or offer to do the invitations for your best friend’s engagement party. All you need is pen, ink, and paper.
18. DIY Projects
Save money and upgrade your home at the same time by mastering DIY projects. Books and online tutorials can teach you how to build shelving, retile a backsplash, and more. Also, if you are a homeowner and one of your money goals is to sell your home at a profit, this can be a terrific path forward.
19. Joining a Club
There’s no shortage of local clubs you can join thanks to online meetup sites. Whether you’re looking for a hiking buddy or a group to practice a language with, you can likely find a group to suit your needs. All kinds of options are available. You might find a coffee-lovers’ group that gathers on weekends to test-drive new cafes; it could be a fun, frugal way to caffeinate and expand your social circle.
20. Starting a YouTube Channel
If video appeals to you, starting a YouTube channel can be a great way to make friends and earn some extra money from home. Whether you want to create videos of unboxing and reviewing products, or you’d like to share your knowledge of pro sports, go for it.
21. Starting a Blog
Or, you might lean into the written word with a blog on any topic that appeals. This can be a great, no- or low-cost creative outlet that connects you to others with similar interests. You might share poetry you write, chronicle your family history, or share your adventures training your new pup. The choice is yours.
22. Hiking
Need more ideas for things to do for fun with no money? Get some fresh air and exercise by exploring different hiking trails. As an added bonus, hiking can be a free hobby. Hanging out in nature (what some call forest bathing) can also be a great way to decompress and build mindfulness into your daily life.
23. Golfing
A fun way to stay active and social is to make a plan with friends to hit the golf course. You may worry that this will be a pricey endeavor, but public courses make it more affordable. What’s more, you may be able to use a local resident’s card (the kind you get at your town office or recreation department) to make it even cheaper. Also consider shopping garage sales for used clubs.
24. Upcycling Your Clothing
Use those newfound sewing skills to upcycle old clothes that need a little love and attention or transform them into something totally new. Upcycling is part of the reuse, recycle, repurpose movement. You might crop a pair of pants into shorts, or turn a dress into a blouse and/or a skirt. Some creative types save favorite worn-out clothes, then use the fabrics to create a quilt or pillow cover.
25. Playing Board Games
Board games aren’t just for kids anymore — there are tons of unique options for adults, and they offer a great way to entertain yourself as well as guests. You may also find no-cover game nights at your local pub, which can be a fun and inexpensive way to socialize. Who knows? You might be a Trivial Pursuit champion.
26. Running
One of the cheapest hobbies out there is running, especially if you already own a pair of athletic shoes. It can be a great way to spend time outdoors and can help improve your health. There are plenty of digital ways to help tap your motivation, like the popular low-cost “Couch to 5K” program for beginners.
27. Learning Photography
After getting good at smartphone photography, consider taking an online class or local community college class on the art of photography. Bargain-priced cameras can often be found online (check eBay) and at local second-hand shops.
28. Flying a Kite
Parents may be looking for a fun activity for the whole family that doesn’t cost much. Why not master the art of flying a kite? And it’s not just for those with kids. Anyone can have a great afternoon watching a kite take flight and stay aloft in a good breeze.
Pet parents can find ways to be entertained and bond with their critter by teaching it new tricks. Of course, dogs can be trained to do a variety of “shake” and “roll over” maneuvers, but pet birds and other animals can also learn new skills.
30. Geocaching
Geocaching is a fun way to explore the outdoors. It’s a pursuit in which, using an app or GPS, you find hidden “geocaches,” or containers that hold notes and small gifts. These are typically in parks and nature preserves. You can hide your own caches, too. An inexpensive hobby that is akin to a spirited scavenger hunt, geocaching can be engrossing for both individuals and families, while also connecting you with a community of fellow adventurers.
The Financial Benefits of a Cheaper Hobby
The financial benefits of having a cheap hobby are two-fold. Not only is having a low-cost hobby an inexpensive way to have fun, but hobbies can keep us busy and distracted which can help us avoid spending temptations.
There are plenty of affordable hobbies, so take your time and try a few to discover which will keep you feeling fulfilled. If you’re looking to save up funds to invest in a new hobby, the right banking partner can help you manage and grow your money.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.
FAQ
What hobby should I pick up?
There’s no right hobby to adopt. Every individual needs to pursue a hobby that excites them. That said, many people enjoy creative endeavors (think photography or painting), athletic pursuits (running, hiking), or pastimes that channel their interests and connect with a larger audience, such as podcasting or blogging.
How can I budget for a hobby?
Budgeting for a hobby can require doing a bit of research first. Only once someone knows what their hobby will cost can they then create a budget for it. When you know the costs, work to keep them as low as possible (say, by buying second-hand equipment, if needed). You can then divide the cost by the number of months you are willing to save. Put aside that amount in a high-yield savings account to earn some interest until you have enough saved up.
Can cheap hobbies make me money?
Certain hobbies can make someone money if they turn them into a side hustle. Starting a podcast or YouTube channel, writing, and photography are all great examples of hobbies that can become lucrative.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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