Most life goals require you to have cash in your pocket in order to achieve them. Selling your structured settlement payments is a great way to fund all of the milestones that will help you get there. That’s why we created this life goals series, focusing on some of the most common life goals that people just like you are striving for. In the series, we’ll tell you the ins and outs of how selling your structured settlement payments could help you finance those goals, without the usual hassle of a loan.
First up–Going back to school as an adult.
Here, we’ll give you some tips on how selling your structured settlement payments could help pay for the basics of your education.
Tuition: According to College Board, the average net cost of tuition for an in-state college per year is $23,410 and for a private college, the cost is $46,272. These are estimates for tuition alone and don’t include miscellaneous expenses. This means that you will need an average of $5,000 to $10,000 in extra income per year to pay for supplies for electives, off-site trips, and more. If you are currently receiving payments from a structured settlement, you can sell a portion of your payments to pay for your college tuition and associated costs. By selling only a portion of your structured settlement payments, you’ll likely be able to cover tuition costs for a two or three-year degree.
Books: Buying expensive college textbooks is a necessary evil when you’re continuing your education. The average student spends around $1,200 year on books, but there are some alternatives to consider (Source: Cost of College Textbooks Out of Control, USA Today). Renting your textbooks from sites such as Chegg.com, Amazon.com, or even your college book store will help you save some cash. Selling a portion of your structured settlement payments will allow you to keep a steady income and purchase books & other supplies.
Transportation: Going back to school as an adult may restrict the distance you are willing to travel to attend on-campus courses. Most people will choose a location close to their home or workplace. Even if you are only traveling a few miles, you’ll need to budget for gas, tolls and/or public transportation. The average commuter will spend $90 per month on a 10-mile commute – this average applies if the student is only attending classes on campus once or twice a week. Selling your structured settlement payments for a lump sum will help you cover your transportation. The added expense won’t be something you have to worry about. With the extra cash, you can purchase a gas card or monthly passes for tolls and public transportation to make things easier.
Child care: When you’re planning to go back to school as a parent, you need to factor in the cost of child care. According to Care.com, the average family will spend $18,000 per year on child care. This can take a large percentage of your income. You can sell annuity payments or structured settlement and leverage your lump sum to be able to afford the proper care for your children. There are also some alternatives to using a child care service or nanny. You might be able to enlist the help of family members, offering them a small stipend for helping while you attend classes. Some adult learning colleges offer child care while you are attending class, and in some cases, it’s free. Other programs offer child care at a discounted rate.
Organizational fees: Joining an organization has great benefits. Student and professional organizations can open the door great opportunities such as internships, jobs, network opportunities and important contacts in your career. These organizations do require an annual fee and there are costs associated with attending events hosted by the organizations. All of these fees add up and it can become an unattainable luxury that someone, such as an adult learner, cannot afford.
By selling your structured settlement, you can have extra cash to pay the fees and expenses that come along with joining these organizations. Even if you sell a portion of your payments for a lump sum, you will be able to afford the annual fee without any strain on your budget.
Internships: Many degree programs require an internship in order to gain real-world experience. However in most cases, this kind of experience doesn’t come with a real-world paycheck. Selling a portion of your structured settlement payments and continuing to receive payments can give you the freedom to take an unpaid internship. The lump sum you’ll have from selling your structured settlement payments will allow you gain real world experience while providing you with the ability to pay your bills.
All of these expenses should be taken into consideration when you’re planning to go back to school as an adult. Selling your structured settlement payments or a portion of your structured settlement payments can allow you to continue or start your education.
The team at RSL Funding can help you reach this goal by providing you with the most money for your structured settlement. If you are considering selling your structured settlement payments, please give us a call at web_phone today!
