You want the best life possible for your children. One of the best ways to help make this a reality is by helping your children continue their education after graduating high school.
In fact, The Washington Post reported on a recent study by Georgetown University that found that for the first time, graduates with a college degree made up more of the workforce than those who only got their diploma. The study also found that the number of jobs requiring advanced degrees was increasing while traditional blue-collar work is becoming harder and harder to find.
But paying for college is expensive. Even if your son or daughter qualifies for scholarships, they could still owe thousands of dollars before they receive their degree. We put together a list of some of the costs you can expect to pay, and how you can help pay for them by selling all or some of your structured settlement payments.
Costs Above Tuition
Just like buying a home or owning a car, you have to look at more than the “sticker price” if you want to know the true cost of something. Tuition might be the largest expense in an education, but it’s not the only one. Here are a few other costs to keep an eye out for:
Room & Board
Living in a dorm is a big part of the college experience, but if your student wants to do this, they’ll need to pay for it. Room and Board covers the cost of their dorm room and a meal plan so they can enjoy something other than ramen when they’re prepping for finals. Even if someone plans on living off campus, they’ll still need to set aside cash for rent and groceries.
Textbooks and Access Fees
Students are expected to purchase or rent the textbooks they’re required to have for class. Even if you’re taking the course online, you’ll likely have to pay for access to digital services like College Blackboard. According to the College Board, students can expect to spend more than $1,200 per year on textbooks.
A laptop computer is a student’s notebook, research tool, word processor, and sometimes textbook. If your son or daughter doesn’t have a laptop to use already, they’ll have to pick one up before classes start. A few years back, having a mobile computer was only a “nice to have” but thanks to campus-wide WiFi, they’re a necessity for the modern student.
Your child’s dorm room will have a bed, a desk, and four barren walls. Their room will be their home away from home, so make sure you have some funds set aside to purchase supplies. Many colleges use Twin XL-sized beds for their dorm rooms, so at the very least you’ll need to pick up a new set of sheets. If everything goes to plan, your son or daughter will spend the next four years in a room like this. Investing some money to turn it into something they’ll feel comfortable in could make their experience a better one.
Sell Your Structured Settlement to Cover College Costs
Without scholarships or grants, college is expensive. To cover the costs, most students and their parents will take out education loans. While they’re less expensive than most other traditional loans, paying them back will still cost thousands of dollars in interest through high monthly payments that your son or daughter must budget for soon after they graduate.
If you’re receiving payments from a structured settlement or annuity, however, you could have another option.
Instead of taking out expensive loans you can pay for your child’s college expenses using your own cold hard cash. We’ll buy your future payments and give you a lump sum that you can spend however you want to, including paying for tuition and the other costs associated with college.
Worried about giving up all your future cash? Don’t! Depending on your payment structure, you might not have to sell all your payments to get the cash you need. In fact, most of the structured settlement recipients we work with only have to sell a portion of their payments to get the lump sum they want. Best of all, it’s YOUR money. Nothing to pay back, no interest to worry about. Just your cash, when you need it.
College Should Be an Experience, Not Just a Bill
College is an amazing time for students, allowing them to learn valuable skills that help them in a future career, as well as experience what it’s like to interact with thousands of people who are doing the same thing. It’s an experience worth having, even if you have to take out loans, but why do that if you don’t have to?
Give us a call today, and we’ll give you a quote on converting your future payments into a lump sum to help you cover the costs of sending your son or daughter off to college.
This blog post is intended for informational purposes only. J.G. Wentworth does not provide financial, legal, or tax advice. Please contact an appropriate advisor for such services.
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