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Retire on Your Own Tropical Island Overseas

By U.S. News & World Report

Imagine your own private island. But who other than a billionaire could afford to consider it? In most of the world, the idea of owning a tropical island is beyond the reach of most retirees and expats. However, there’s one place in the Americas where you can own a private tropical island for less than $60,000.

The small island group known as Las Isletas is located in the enormous Lake Nicaragua near the historic colonial city of Granada, Nicaragua, about 45 minutes from the international airport in Managua. Las Isletas is an archipelago consisting of 365 islands. It was formed when the nearby volcano Mombacho erupted in prehistoric times and blew much of its cone into the lake.

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

Lake Nicaragua is one of the world’s largest freshwater lakes. It’s about 102 miles long and 45 miles wide at its widest point. Standing at its shore is like standing on the ocean’s edge; all you can see is the blue horizon in the distance.

These islands are close to Granada, but their own community. The school, restaurants and bars are all on different islands. Locals commute in rowboats or by hitching rides from the tour boats. Some of these islands are completely undeveloped, while others have been improved to include beautiful homes with pools, tennis courts and all the amenities of a luxury setting.

As an expat living as part of the Las Isletas island community, you wouldn’t be alone. You would join the company of families of wealthy Nicaraguans who’ve embraced island life for generations, as well as dozens of North American expats. Some people live on their islands full time, while others have homes in Granada and use their islands as weekend getaways. You’re not completely isolated, as you can be living on an island in the ocean. Some of these islands have views of historic Granada, and none is so distant from the shore that you couldn’t hop in your boat and head to the city for dinner.

Las Isletas offers advantages over islands located in the ocean. Because they are located in an inland, freshwater lake, you have no worries to do with tides, hurricanes or other natural hazards that go along with open-water island living. Many of the islands enjoy access to electricity. Water — perhaps the biggest challenge for offshore island-dwellers — is also not a concern. Many people living here filter the lake water or install freshwater wells.

[See: 10 Tips for Finding a Great Place to Retire.]

Granada is one of the oldest Spanish colonial cities in the hemisphere. It’s both historically important and developed for comfortable and convenient 21st century living. Living on Las Isletas, you’d have easy access to it all. At the same time, these islands are far enough away from the mainland that you’d still enjoy the feeling of privacy that comes with private-island living. This is a beautiful natural setting with lush vegetation and abundant birdlife, including egrets, cormorants, ospreys, kingfishers, flycatchers, parrots and parakeets.

Of course there are disadvantages to living on Las Isletas, too. One is that some of these islands are close together. In these cases, private island living may not be quite as private as you might be hoping.

In addition, island living anywhere is not as convenient as living on the mainland. You can’t just pop around the corner for a loaf of bread. For a trip to a shop or the bank, for example, you’ll have to get into your boat or call the water taxi to take you to the public docks in town. There you’d get in your car (if you decide to keep one) or hail a taxi.

Foreign buyers have been paying attention to Las Isletas for over a decade. Over that time, six hotels have been built on the islands, including the five-star Jicaro Island Lodge. This uptick in commercial activity, along with Nicaragua’s overall increase in tourism over the past two decades, has brought more folks to Las Isletas to enjoy sailing, diving, kayaking and other water activities.

[Read: The World’s Best Boater Havens for Retirement.]

The starting price for an island of your own in Lake Nicaragua is $60,000. For that asking price, you could buy a small island of about 500 square meters with electricity and water and a level area where you could build a cabin or day-use area. For $80,000, you could own a small island of 750 square meters with a cottage just 10 minutes from the Granada port by boat. As with all of these island properties, those are the asking prices. You should be able to negotiate down.

For $120,000, you could buy an island of slightly under an acre with water, electricity (including its own transformer) and a small cottage. Another property currently for sale is an island of 0.67 acres, nicely landscaped, with a three-bedroom, three-bath home and a two-bedroom caretaker’s cottage for $415,000. At the upper end of the market is a large island with a 4,700-square-foot five-bedroom home outfitted for full-time living. The asking price is $650,000.

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

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Retire on Your Own Tropical Island Overseas 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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