09 Nov Financing Your Education By Selling Your Structured Settlement
A good education is still one of the most valuable assets you can have. No matter how much the markets fluctuate, no one can ever take the degree and the knowledge away that you obtained in higher education away from you. Unfortunately, however, the cost of education continues to rise. The average cost of tuition at a private, nonprofit, four-year university was $31,231 for 2015, and public university tuition averaged $9,139 this year. That means that, yes, you’re getting an education, but you’re also incurring a high amount of debt in the process.
The current total for outstanding student loan debt in that United States is over $1.2 trillion. Instead of contributing to the $100 billion a year that’s borrowed every year from private and publicly-funded loan programs, a great way to finance your college education is by selling a structured settlement or annuity. After all, if you’re able to do so, why not take advantage of this option? Nearly seven out of 10, or 69%, of graduates from public and nonprofit colleges in 2013 had student loan debt, with an average of $28,400 per borrower, and they’re likely to take a decade or more to pay off those loans.
By selling an annuity, you can eliminate the complexities and inefficiencies associated with the loan business and pay for your tuition up front. And chances are you won’t be disappointed, as 92% of claimants who sell their structured settlements are happy with their decision. The average structured settlement payout is well above the cost of tuition at $324,000, so there’s more than enough to cover tuition for even the most expensive of private universities.
The opportunities available to you once you have an education are endless. On average, a person with a bachelor’s degree has a starting salary of $45,000 and the average hourly wage for college graduates is about $32.60. You also have the potential to earn far more if you go to college than if you skip it altogether. Current research estimates that not going to college will actually cost you up to a half million dollars when you take into account wages that could have been made. In 2013 alone, Americans with a four-year college degree made 98% more per hour on average than people without one.
If the only thing holding you back from getting a college education is the exorbitant cost, consider selling an annuity or structured settlement. You’ll more than likely be glad you did, as 83% of college attendees say earning their degree “paid off.”