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Published On: Mon, Nov 30th, 2015

An Interesting Way to Help Fund Your Children’s Education

Most people can’t afford a college education and this can be difficult for you, who obviously wants the best for their children. You can’t hope for the lottery all your life either, unfortunately. The National Center for Education Statistics has reported that a year’s tuition, room and board at college will cost $17,633 per year. This is far more than most college students can earn and far more than most parents have spare. Plus, a lot of people have very poor credit ratings and students probably have no credit. This means that lending may also seem impossible. So are there any options out there for you?

Car Title Loans

Car title loans are often advertised on television. Known as pink slip loans or u-drive loans as well, they have helped a lot of people out of difficult situations. Essentially, these are the types of loans that are issued based on your vehicle’s value. If you own a vehicle outright, you should be able to get a loan based on it and you could use this to pay, at least in part, for your child’s college education.

How Does it Work?

photo/ Public domain pictures via Pixabay

photo/ Public domain pictures via Pixabay

Essentially, you have to provide a title lender with your vehicle’s title as well as a few other documents. Most of this can be done online. The value of your vehicle will then be assessed and a loan will be offered, usually to no more than 50% of the vehicle’s value. Usually, no credit check will be conducted for these types of loans, which is very important.

Title loans tend to be processed and issued very quickly. Many lenders now offer same day payments, although it is recommended to always expect two to three business days, just in case. This means you could have much needed cash in your hands really quickly, vital for the payment of books, tuition and room and board.

The only thing you usually have to supply is proof of income. This means that you do have to work. However, this doesn’t have to be full time employment. This is why these loans are also perfect for students themselves to apply for, so long as they own their car.

But What about My Car?

A lot of people don’t take this type of loan into consideration because they believe they have to hand their vehicle over. You don’t. Usually, you will have to hand over your title deed and your spare keys, but other than that, you can keep driving your car.

In Conclusion

It is vital that the children of this generation are able to receive a high quality education. Unfortunately, this is generally unaffordable for both students and their parents alike, unless they come from a very privileged background. However, this does not mean that there are no options out there for you. Thanks to title loans you and/or your college-bound child could get their hands on some much needed finance to pay for that all important education.

Guest Author: Lolita Di

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- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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