A recent study conducted by a payday loan resource website shows that many parents are now using $100 – $1000 payday advance loans to pay for their children school expenses. That is mainly because school expenses of their children is becoming more expensive. Lunch money, activity fees, clothes, and supplies all add up throughout the year. As the cost rises and economy is not recovering fast enough, more people turn to payday advance lenders such as Pay1Day.com or PayDayLoanTrust.com.
Average Cost of School Supplies
On the low end, parents end up spending over $600 a year per child for school. This figure included school clothing, shoes, supplies, and electronics. For children who are enrolled in specialized classes such as advanced math, art, or photography classes another $250 can be added to that figure.
Most students are expected to have all of the necessary school supplies on the first day of class. This means you can expect to need to pay a large chunk of the overall money needed for the year during a single month.
While schools struggle to find the necessary funding to keep the required programs open, they look to parents to supply the money for extracurricular activities. Most experts will agree that students need to participate in activities outside of the standard curriculum to develop social skills. Many schools have charged students to participate in sports, and more are going that direction.
On top of equipment, insurance, uniforms, and transportation, many parents are now faced with needing to come up with $100 or more just for their child to enroll in an activity. This is another expense that is usually not spaced out over time, rather it’s all due at once.
Throughout the year many other expenses will arise. Tickets to school performances, money for field trips and other activities, and even yearbooks and high school class rings can be thrown in the mix. A yearbook can be as high as $75, and class rings can run up to several hundred dollars.
Finding the Money
While most experts will tell you to start saving money for school expenses early on, very few people are able to actually do this to the extent which they need. Between standard living expenses, and the unexpected things that pop up, putting more than $1000 a year aside can be a struggle. Many Americans turn to payday advance loans to help with the necessary school expenses.