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An Affordable Mediterranean Retirement in Crete

By U.S. News & World Report

The island of Crete is the largest of the Greek islands, and is a little bigger than the state of Delaware. Its history dates back 4,000 years, and the healthy Mediterranean diet originates here. The beaches are superb, the Mediterranean water is crystal clear and the sun shines for 300 days a year.

Along with the sun, sea, history and food, two other things make Crete particularly interesting if you’re shopping for options for a new life of adventure in the Old World: The low cost of living and the affordable European residency program.

[See: 10 Places to Retire Overseas in 2017.]

Island life is slower and more relaxed than mainland living, but Crete also has all the usual trappings of Western society, including good internet, excellent bus service, two international airports, a cruise port and all kinds of shops. But do not expect big freeways or mega malls; they do not exist.

Greece offers non-European citizens the chance to buy property and qualify for a permanent residency visa, granting access to the whole Schengen Area. The Schengen Area includes most but not all European Union countries. For example, it does not include Bulgaria, Croatia, Cyprus, Ireland, Romania and the United Kingdom, despite those countries being part of the EU. Additionally, the Schengen Area includes some non-EU countries, such as Iceland, Norway, Switzerland and Liechtenstein.

The minimum qualifying property value is 250,000 euros, which can be invested in one property or several. That investment provides residency for you and your spouse and dependents (children up to 21 years old). You do not have to live in Crete to maintain your residency status, and you can rent your property out after all the paperwork has been finalized. One of the few restrictions is that you cannot work in Greece.

[See: The Top Travel Destinations for Retirees.]

Eating and drinking out, so much a part of life in Crete, is very affordable. You can enjoy an excellent meal of ntakos, a local dish of crusty barley rusk topped with tomatoes, olive oil and crumbled mizithra cheese, plus a plate of tzatziki and a huge Greek salad, for just 12 euros, including wine. The costs are even less off the tourist trail.

Crete is divided into four regional units: Chania (pronounced and sometimes written “Hania”), Rethymo, Heraklion (sometimes called Iraklio) and Lasithi. A couple could live on a penny-pincher’s budget, renting in Chania town, for just under 800 euros a month. A 2,000 euros per month budget would provide a very comfortable standard of living.

Chania’s Old Town is a mass of winding streets with properties dating back hundreds of years on foundations that go back to the Minoans. Old Town properties are sturdy, thick-walled, built close together (so sometimes a little dark inside), typically without parking and surrounded by extraordinary history. But this is also tourist territory, which has positives, including lots of bars and restaurants to choose from, and negatives, such as noise and ever-changing neighbors.

In New Town the structures are modern in Cretan terms; the majority have been built from the 1980s. The streets are wide, there’s usually private or on-street parking and you are more likely to find properties with gardens and patios. It’s also quieter here than in the Old Town because fewer tourists visit. The day-trippers, who are the majority of visitors to the island, generally don’t make it to this area. However, if history is what brings you to Crete, you’ll find New Town has less character.

[See: 5 Top Options for Affordable Retirement in Europe.]

Properties in Old Town are available for prices that are short of the visa requirement. Many of them need renovation, modernization or updating, and the amount spent on the building work can be added to the property cost. In many cases that would be enough to get you to the minimum 250,000 euro visa threshold.

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

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An Affordable Mediterranean Retirement in Crete 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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