Today, it is almost a necessity to have a college degree but college is expensive. Many people struggle to find a way to pay for their education and can ultimately end up with a large amount of debt. When it comes to paying back that debt, deferments are costly and late fees and high interest rates can make it harder than ever to dig yourself out of student loan debt. By utilizing the money from your structured settlement to pay for your education, you’re avoiding a long and costly process of taking out loans to cover expenses.
While the federal government has capped the interest rate on student loans, these rates will eventually expire. It can also help you lock in today’s tuition rates as the cost for a four-year degree continues to escalate. Whether you want to go to college to find a new career path, further your education to open more opportunities, or send a loved one to school, utilizing your structured settlement is a great way to pay for educational needs.