Should Parents Use Payday Loans For Unnecessary College Costs?

Sunday, December 16, 2012

Payday loans become quite popular with parents as they pack their children up for college. Even though many students are now choosing to live off campus, there are still plenty heading into dorm life. It is expensive to prepare for that next step especially for costs which go beyond what is already being paid. Between tuition, room and board, the extras can add up quickly. As a parent, you can say no to some of the more exuberant costs.

Online payday loans can help with additional short-term expenses. Some items are necessary, but here is a list of expenses that campus life does not require, no matter how much your child wants you to believe they do:

*Textbooks - They are definitely a requirement, but buying them brand new is not a rule. The prices of books are outrageous and most university bookstores offer used textbooks for sale or rent. There are also many people who put their used books up for sale on online resale sights. there are times which a new edition gets published and a new version will need to be purchased. Check to see if the company offers an e-version of the book. E-versions are much less expensive than printed versions.

*Laptops or desktop computers - In this age, these are necessary items to have in college, but nowhere is it stated that you have to purchase top dollar high end versions or upgrades. This request may just come from your child's desire to have the latest and greatest, but it is not required.

*Printers - A printer is not very expensive, but it is not the only cost. Ink and paper are additional costs. You could purchase a flash drive instead and have them print it off at the college computer lab. Fees for this lab are usually already included in the tuition. If they are not, a local store which offers printing may be a less expensive option.

*Smartphones - They are great, have simplified life, but are not a requirement. High end phones and pricey plans can be replaced by less expensive plans which will still offer unlimited web access and minutes.

*Cable TV - If your student will be wanting television on or off campus, there are plenty of online opportunities. Game consoles can even wire entertainment options through the computer. Inexpensive online options will give your student access to plenty of viewing opportunities.

*Vehicles - Think about all the costs involved with payments, gas, upkeep, insurance, and parking fees. According to one insurance company, a nine month period for your student to end up costing about $3000.

*Credit cards - they are easy to rack up and students do not always have the means to repay the debt. The government is now enforcing stricter rules to credit cards for those under 21. Proof of the ability to pay debt is now expected or a co-signer will be needed.

It is tough being a parent and making good choices not only for personal finances but to help teach your student beginning budget lessons. Money options available to you to help with college costs vary according to your current finances and history of managing money. Bank loans, car title loans, online payday loans and credit cards are just a few of the options most often used when additional costs overload your income.

Online payday loans do help, but they can become trouble when used incorrectly. Be financially frugal when saying yes to your child. Don't put yourself into any more debt than necessary with higher education costs.

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