Back to School – But How to Pay the Bill?
You may want to cash structured settlements so that you can go back to school and retrain for a new job. Maybe you are seeing the back to school advertisements, or the kids are getting out for summer or spring break is in the air – whatever time of year it is has your mind thinking about school – and you could be on to something!
While the expense of education seems steep, the cost of not having a good education is very real too and can mean the lack of a better future. You should know that you may be able to cash structured settlements to pay for this new vision of your future.
According to the National Center for Education Statistics the cost of attending even a two year public institution is nearly $8,000 a year with the cost rising well north of $20,000 for a four year public school. That is a big bill and some people try to cash structured settlements for the opportunity of an education for themselves or their children. It can be a good idea, and it can be a bad one – this varies depending on your situation in life.
Is Selling Payments a Good Idea?
We know that sometimes selling payments is the right thing to do. But we also know that there are times when it isn’t the best idea for a particular client. We talk with our clients about the reasons they want to sell their settlement payments. We guide them in making them best decision for their situation.
In the case of someone seeking funds to pay education costs, we help them explore other avenues before considering the idea of cash structured settlements for tuition. We try to bring up points that clients might not have thought about. For example, while the following options might not pay the entire tuition bill they can supplement the amount a client needs:
- Scholarships – Students do not have to be overachievers to earn a scholarship. There are scholarships available based on many different criteria such as ethnicity, community involvement, or even club participation.
- Military Benefits – Not to be overlooked are the potential funds available for military service. Not only can the Montgomery GI Bill help with college financing but special scholarships and aid are available for veterans and service persons.
- Loans – Student loans are widely available. However, a careful comparison of the interest rates charged to the interest earned on the structured settlement is advised.
- Prepaid Tuition Programs and 529 Plans – While it might be obvious that a client does or doesn’t have such a resource, it pays to investigate.
How Much is Enough?
We also try to have a detailed discussion with our customers about the actual costs of an education to clarify the amount someone really needs. If a client finds that he or she is eligible for some financial aid, then he or she may need to take less from his or her structured settlement than was anticipated. Additionally, while tuition is the biggest cost of an education, there are also additional expenses such as books and materials. Plus, if the client plans on taking time off to go to school, living expenses can be hefty. Once the cost of the education is fully determined, then, and only then, do we talk about their payments as a funding source for education costs.
And, we don’t just look at today. We help the client form a plan for the entire tuition bill from one year to the next. We do that by thoroughly understanding their needs now and in the future and by helping them identify which payments are the most productive to sell.
Strategic Capital: Standing Out
If that sounds like more than other companies do, it may be, but it is all part of our client-focused business model. Here at Strategic Capital, we believe in the value and benefit of structured settlements for annuitants and we will even discourage a client from selling if it is not in their best interest. You may decide to cash structured settlements to pay for school, but talk to us first and we’ll help you think it through.
We want to do the right thing and how we conduct our business is as important to us as why.