Wish you could travel more? If so, you’re not alone. According to Expedia MediaSolutions, millennials travel 35 days per year on average — more than any other age group. And if you’re like me, even that amount of travel likely isn’t enough to satisfy your wanderlust.
For many millennials, such as Janet Barton, the only thing holding them back is the number of vacation days they have at work.
“I’d love to travel more, but I have to balance that with the fact that I only get 10 paid vacation days a year,” Barton said. “My boss lets me work from home sometimes, and I’d really like to explore more opportunities for remote work.”
If you’re interested in working while traveling, Remote Year might be the solution you’re seeking.
What is Remote Year?
Remote Year is a company that provides professionals, freelancers, and entrepreneurs a chance to travel abroad while they’re working and earning money. You live in a city, using housing and coworking arrangements set up by the company for a month, and at the end of the allotted time, you move on to a new city. With its year-long program, you’d live in 12 cities across the globe.
Remote Year started by offering only 12-month programs. It now provides four-month stints for people who find it too difficult (or too expensive) to get away for a full year.
“I was able to experience new countries while still building my business,” said Ashe Whitener, a Remote Year participant.
Even though Whitener dropped out of the 12-month program partway, he found value in having someone else make all his travel and living arrangements so that he had time to focus on growing his business called Liberty Entrepreneurs.
“Originally, I wasn’t comfortable traveling in Asia on my own, without any experience,” Whitener said. “Remote Year takes care of everything you need to get settled so you can focus on what matters.”
In addition to setting you up and arranging your travel, the company also offers three experiences each month, providing you with a chance to get a feel for the local flavor.
Plus, you have access to an instant community, according to Lauren Duffield, who participated in the Remote Year program. “Being surrounded by like-minded, ambitious people helped me move forward in my career,” she said. “I also made lifelong friends.”
How much does the Remote Year program cost?
“You really need a source of income if you want to do Remote Year,” said Whitener. “It’s kind of pricey, although for what you get, it’s not a terrible deal.”
It costs $2,000 a month to participate, whether you choose a 12-month or four-month itinerary. The 12-month itinerary requires an upfront payment of $5,000, part of which is applied to the last month’s fee. There’s an upfront payment of $3,000 for a four-month stint.
Here’s what you get for your money:
- Access to a 24/7 coworking space within 30 minutes’ walking distance of your housing
- Educational and cultural activities in your locality
- Transportation between the first and last cities on the itinerary
- A private, furnished room (you might have to share a house or apartment)
- Access to local and traveling support staff
Beyond the excursions, you’re responsible for your food and entertainment. Whitener and Duffield pointed out that having a built-in community of participants provided plenty of opportunities to find people to do things with.
“You’re really paying for convenience and travel in a lot of these cities,” Whitener said.
He abandoned the program after falling in love with Chiang Mai, Thailand. He stayed back and divided the last eight months between Chiang Mai, a haven for digital nomads, and traveling through Indonesia.
“I’ve been able to live really well, having a place of my own and never cooking my own food, for about $600 or $700 a month,” Whitener said. “If you aren’t afraid to make your own arrangements and you learn the city, it’s easy to live on much less than $2,000 a month in many Asian, Eastern European, and Latin American countries.”
Can you have a regular job and do Remote Year?
“I’d say that most of the participants in my cohort had traditional jobs,” said Whitener. “And Remote Year played a role in helping them present the benefits of telecommuting to their employers.”
That’s right — the company will help you build a case to persuade your employer to let you work from anywhere. However, you do need a job that relies on technology and your ability to work on your own.
Here’s a breakdown of the jobs that Remote Year participants had in October 2017:
Duffield said access to reliable, high-speed internet was key to helping her maintain her income throughout the program as a part-time consultant for an app company and as an entrepreneur. Weekly calls using the Zoom app kept her on task, and she regularly used the coworking space provided.
“Working remotely is the only way I can imagine my future,” said Duffield. “Although, I think I’d like to stay in one place longer than a month.”
How to apply for Remote Year
Applying for the program is relatively easy. After hitting the prominent “get started” button on the company’s website and entering your name and email, you’re asked a series of questions about your work situation and income.
Remote Year makes it clear that it isn’t an employer. Instead, you’re paying for the experience it provides, so the company wants to make sure you’re a good fit. If you mark that you’re unemployed, you receive a warning like the one below, saying Remote Year expects you to make a plan to afford the program.
After you answer the screening questions and if it deems you to be a good fit, Remote Year asks you to schedule a 10-to-15-minute call to speak with a representative. Only after the phone call will you be accepted into the program.
Is Remote Year worth it?
For the most part, Duffield said, Remote Year was a positive experience and well worth the cost. She found the program a great way to get a feel for world travel while working.
Whitener was a little more ambivalent about the benefits. He wished there were more entrepreneurs, solopreneurs, and side-hustlers looking for a flexible lifestyle in his cohort. He said he found the lifestyle too confining and structured for his tastes.
And Barton? She’s intrigued by the four-month option if she can save up for the deposit. That’s something her boss might let her do since much of her work is ideal for a remote setup.
“It looks expensive, but I like that it’s practically all-inclusive,” said Barton, a manager of operations and planning for a company in Idaho Falls, Idaho. “With instant friends and everything done for you, it looks like a good fit for someone like me.”
Interested in refinancing student loans?Here are the top 9 lenders of 2021!
|Lender||Variable APR||Eligible Degrees|
|1.88% – 6.15%1||Undergrad & Graduate|
|1.88% – 5.64%2||Undergrad & Graduate|
|1.88% – 5.64%3||Undergrad & Graduate|
|2.50% – 6.85%4||Undergrad & Graduate|
|2.25% – 6.39%5||Undergrad & Graduate|
|1.90% – 5.25%6||Undergrad & Graduate|
|1.89% – 5.90%7||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|2.13% – 5.25%8||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2021.
2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.59% APR to 5.79% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.88% APR to 5.64% APR (excludes 0.25% Auto Pay discount). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 36% (the maximum allowable for these loans). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 2.04% and 5.8% to the one month LIBOR. Earnest rate ranges are current as of 6/8/2021, and are subject to change based on market conditions.
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Student Loan Refinancing Loan Cost Examples
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.
One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.
© 2021 Earnest LLC. All rights reserved.
3 Important Disclosures for Navient.
4 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.
5 Important Disclosures for SoFi.
Fixed rates from 2.74% APR to 6.74% APR (with autopay). Variable rates from 2.25% APR to 6.39% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
6 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 04/07/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.
7 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of April 29, 2021. Information and rates are subject to change without notice.
8 Important Disclosures for PenFed.
Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.