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An Undiscovered Caribbean Retirement Option

By WTOP Staff

Cartagena is Colombia’s number-one draw for foreign tourists. However, just 150 miles up the Caribbean coast is Santa Marta, a much lesser known destination that offers sandy beaches, calm waters, excellent diving, an upbeat and energetic culture and one of the best Caribbean lifestyle options you’ll find anywhere in the region. Cartagena is a great place to visit, but it’s Santa Marta where you might want to think about settling in retirement.

Santa Marta doesn’t have Cartagena’s impressive collection of colonial structures, but neither does it have that city’s prices or tourism annoyances. If you’re shopping for a retirement in the Caribbean, Santa Marta is an option few people consider, but that could be ideal. And with the current resurgence of the U.S. dollar versus the Colombian peso, prices in Santa Marta are better than ever. You could own your own Caribbean seaside apartment for less than $50,000.

Christopher Columbus visited Santa Marta on his second voyage to this part of the world in 1499. It was officially founded as a city in 1525, making it the oldest in Colombia. It was here that one of Columbus’s crewmen documented the wealth and riches of the local indigenous people, giving rise to the myth of El Dorado, the fabled city of gold.

It’s always warm in Santa Marta, with highs hovering in the high 80s to low 90s year-round. The rainy season lasts from May to November, turning the surrounding mountains a lush green. It’s much drier the rest of the year.

As recently as three or four years ago, Santa Marta could have been described as a “work in progress.” The formerly seedy downtown was undergoing a rebirth that included the restoration of the town’s colonial homes, parks and churches.

Now that work has been completed, Santa Marta is a different place. The rejuvenated downtown features an attractive seafront park, as well as small cafes, bars, coffee shops, boutique hotels, excellent seafood restaurants and even a cruise ship port. The long-rumored 256 slip marina is completed and operational, and tasteful condo projects have sprouted up around the area.

As you might guess, all these improvements have pushed up property prices. However, the current strength of the U.S. dollar rolls back the clock a few years.

The Santa Marta metro area extends 13 miles from Taganga in the north to the airport in the south. This stretch of Caribbean coast is home to an impressive diversity of beachside destinations:

Santa Marta city proper contains the original historic center and the cruise ship port. This is the area that has benefited most from the recent investment in restoration. Santa Marta also includes a number of inland neighborhoods, including Bavaria, that would be great for full-time living away from any tourist traffic. If you’re willing to be a block off the beach, you could own in Santa Marta’s refurbished downtown for less than $100,000.

Taganga is a small village surrounded by tall mountains and situated on an expansive, deep blue bay. The beach is long and unspoiled and bordered by a new boardwalk. Taganga’s bay is great for diving and snorkeling. This is not the cheapest neighborhood in Santa Marta, but it’s certainly affordable. Here you could own an ocean view condo for less than $100,000.

El Rodadero lies about 10 minutes south of Santa Marta. Historically, this was the main draw in the area, as people sought to avoid the once-seedy historic center. The beaches are far longer, wider and better kept than Santa Marta’s, creating a giant crescent-shaped shoreline that is several miles long. El Rodadero offers a small town feel that you won’t find in the city. This is unpretentious Caribbean with a friendly, laid-back feel. It’s also a very safe neighborhood.

Santa Marta’s southern sector consists of neighborhoods Rodadero Sur, Playa Salguero, Pozos Colorados and Bello Horizonte. It lies south of Santa Marta and El Rodadero but before the airport. These areas feature quiet, well tended and more exclusive beaches than in Santa Marta or El Rodadero.

This southern sector is the current direction of expansion for the region, where most of the new construction is taking place. The condo projects here are generally higher end, bigger, better finished and have more and nicer amenities than elsewhere.

The southern sector is also long on natural beauty. Bello Horizonte has the widest beach in the area, and most of the beaches along this stretch are frequented only by neighboring residents. There’s little to no tourism, making this a quiet, peaceful choice.

Perhaps the most affordable choice in Santa Marta is El Prado, where a two-bedroom, third-floor penthouse was recently offered for 95 million Colombian pesos. At the current rate of exchange, that’s about $46,000.

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.

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An Undiscovered Caribbean Retirement Option originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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