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Smart ways to fund your kid’s education when unemployed

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When you need to pay for your kids school expenses including fees, sports and camp fees, being unemployed will definitely affect your ability keep up. Schools are very vigilant to maintain prompt payments and thus in times of reduced income, this can cause lots of stress. You could even be taken to court if you do not do anything about your kid’s arrears. However, you need not to worry as these top options will definitely help you sort this problem without breaking the bank.

Get a logbook loan

Being unemployed could have resulted in a very poor credit score which will frustrate your efforts to acquire a traditional loan while you wait to get back on your feet. That is why a logbook loan is all you need to raise a fast and wholesome amount of money. Lenders will not pay keen attention to your credit record as long as you are the legal owner of a roadworthy vehicle. The amount of money you borrow will depend on the value of your car. However, you can receive more if you show documentation for all the customisations and modifications you made. The good thing is that you still get to keep your car as usual and the lender only keeps the V5 document. However, you will risk losing your car if you default payments. Therefore ensure you have a payment plan before hand or talk to your provider in case you face difficulties meeting payments.

Contact the school for options

When you are finding it hard to pay school fees because you’ve been laid off from work, you may think of approaching the school for options. You will be surprised at the compassion the school might show during this period of financial difficulty especially if you have been loyal and prompt in paying previously. For instance, you could ask the school for relief for books or a waiver of the fees where applicable. Alternatively, negotiate a better paying arrangement with the school. Ensure you request for a more affordable plan that involves smaller payments as opposed to the one-time semester fees. This way you will ease off the pressure of the one-off semester fee demand.

Scholarships and Aid

Scholarships and education aid either by private entities or the government is one smart way you can settle the pressure of school expenses when unemployed. The good thing is that you will not be required to pay back. Therefore your child can go through school peacefully and you also don’t need to worry about high interest rates. Ensure you look for scholarships in areas that your kid has some good profile in. For instance, it could be through an academic, sporting or any cultural event. Just ensure that you involve the school as they can easily inform you of all the scholarships your son/daughter stands high chances of approval.