Chances are I will not utter those words again until I can order off the senior menu at local restaurants. However, today I'm happy to be twenty-five.
I had heard about magical auto insurance savings after hitting the big two-five, and now it's mine!
Most drivers with a clean driving record can see some pretty significant savings once they turn 25. So as the time came to renew my policy, I checked with my insurance agent to see what kind of savings I had coming my way (mostly so I could budget for the upcoming payment). It turned out to be a savings...just about $50. But my insurance agent thought I could find a better rate.
A few days of crunching the numbers later, I made the switch to a new insurance company and will be saving $150 on my auto insurance. That's over 20% of what I was paying! Happy dance!
For those of you who've recently turned 25 and have a good driving record, it may be worthwhile to investigate your insurance options to see if you can lower your premium. Even if you saw a slight decrease in your rates, you might be able to find an even better deal.
And if you haven't yet hit 25, first, congratulations and enjoy your youth. Second, know that there might be saving options you could reap as well. Check out these tips on lowering your auto insurance premium and finding other discounts.
Has anyone out there had a similar experience with auto insurance? Share your story with us!
Looking to get student loan, my mother will cosign for my daughter. What does the lender require in order for the cosignor to be released after two years of ontime payments. It says good credit. What would you define as good? The lenders are not specific and we do not want any surprises in two years and want to remove my mom as the cosignor. Is there info you could provide. We were considering wells fargo for a loan. Thank you.
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How do I apply for Income Based Repayment?
Editor’s note: Because of a glitch in our server, this comment was originally posted on our Ask the Expert page. In correcting the issue we moved the comment to a recent post so we could properly respond. This comment has not been altered or changed in any way.
Demetria -- Wells Fargo currently offers a cosigner release option after the student makes the first 24 consecutive monthly payments on time and meets certain credit requirements. The borrower can request that the cosigner be removed at this point. The credit guidelines of each lender are generally proprietary, so we can't share detailed information. However, the "good credit" may include meeting credit history, income, and employment requirements.
Tracy -- you should contact your lender directly to see what you need to do to apply for Income Based Repayment. This option sets borrowers' monthly payments based their on adjusted gross income and family size. Also, any debt remaining after 25 years is forgiven. If you or any other readers are interested in more information about IBR, check out this resource page from FinAid: http://www.finaid.org/loans/ibr.phtml. We'll also be talking more about IBR in an upcoming post, so stay tuned.