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Colonia, Uruguay: An Undiscovered City Retirement Gem

By U.S. News & World Report

Colonia is an attractive and convenient town in Uruguay that provides one of the best city retirement lifestyles in Latin America. The city is busy year-round thanks to a thriving local population as well as travelers from Uruguay’s other cities, Buenos Aires and around the world. It offers everything required for comfortable, pleasant living, from elegant five-star restaurants and cheerful sidewalk cafés to all the amenities and services you could want, all with an impressive collection of 17 th-century architecture as the backdrop.

[See: 10 Affordable Places to Retire Overseas in 2016.]

You can your spend days and evenings walking along the banks of Colonia’s expansive, lazy river, poking around the marina and exploring the cobblestoned streets and alleys of the historic center. It’s all walkable and less than 30 miles from Buenos Aires by ferry.

It was the Portuguese, not the Spanish, who settled Colonia in the 1600s, and their original settlement has been meticulously preserved. Colonia’s historic center is a UNESCO World Heritage Site, drawing people from far and wide to enjoy its colonial homes, fine-dining restaurants and exclusive shops.

Colonia has four seasons, and the weather is mild all year with moderate rainfall. The hottest month is January, with an average high of 81 degrees. The coldest month is June, with an average high of 53 degrees.

Simply put, this town of around 26,000 is a quality, branded destination. Colonia’s property market has benefited from this. Gains over the past dozen years have exceeded those in this country’s much better-known destination of Punta del Este. Like the rest of Uruguay, Colonia held strong through the 2008 recession, posting solid gains while North America, Europe and elsewhere across Latin America watched their markets (and economies) crumble.

[See: 50 Affordable Places to Buy a Retirement Home in 2016.]

Single homes, rather than condos or apartments, have traditionally dominated the real estate market in Colonia. Today, however, condos are more common. This is good news for retirees, as a condo that you own or rent can be a convenient and hassle-free place to live in retirement.

Three areas of Colonia in particular offer great lifestyle options for retirees: Barrio Histórico, Centro and the Zona Balnearia (beach zone).

Barrio Histórico. Barrio Histórico is the original colonial settlement, built almost entirely of stone. If you’d like to buy or restore a historic building, this is the place to shop. Barrio Histórico boasts a good number of homes from the late 1600s, still standing and still occupied. These are classic structures of character with interior courtyards, rooftop terraces and many original architectural details.

Barrio Histórico is also the place to focus your attention if you’re interested in an apartment that you could live in part of the year and rent out the rest of the time. This zone has a high concentration of fine restaurants and upscale shops and a continuous supply of international visitors coming to enjoy them.

Centro. Centro, just outside Barrio Histórico, boasts its own share of antique buildings. This reasonably priced sector is known for quiet, tree-lined streets, casual restaurants and parks. It also has a bustling shopping district where you can get everything you need to run the household.

Centro offers easy access to the historic center’s restaurants, galleries and attractions, yet its side streets are relatively free of tourist foot traffic. Centro provides real estate and lifestyle values in the city. It’s possible to purchase a well-located and very rentable house in Centro for as little as $220,000. A comparable house in Barrio Histórico costs $100,000 more.

[See: 10 Retirement Hot Spots in the U.S.]

Zona Balnearia. The Zona Balnearia runs along the ocean-like Rio de la Plata heading north of town. It’s a residential area with quiet neighborhoods and stunning water views, especially at sunset.

If you’re looking for a single home with a larger yard that’s near the water, the Balnearia is a good bet. A number of good-looking condo projects are springing up on the Balnearia. Priced from $250,000, these are selling well to wealthy buyers from nearby Buenos Aires, which is only an hour away by ferry. These would also make ideal retirement residences, full or perhaps part time.

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

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Colonia, Uruguay: An Undiscovered City Retirement Gem 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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