The expense of education at the high school or college level is often overwhelming to parents and students. Tuition rates are at an all time high, grant and loan programs are being drastically reduced and scholarship funds are no longer as abundant. Partner those rapidly rising expenses with the cost of textbooks, supplies and activities fees and one can quickly see how an enormous bill for one year of education can balloon to unaffordable.

At both the high school and college level many schools across the country are making laptop computers mandatory. A large percentage of campuses are now completely wireless and the curriculum is created around the use of a laptop computer. Technology is an important part of education although one has to wonder at what cost? The additional financial burden a mandatory laptop places on both the students and parents is not only a disadvantage but also could be the deciding factor if higher education is even affordable. It’s disheartening to think a student with a desire to continue their education is unable to do so due to the inability to purchase a laptop. The additional expenses of software, a protective case and warranty also must be factored in.

To every problem there is a solution. Common obstacles many students face are lack of funds, poor credit or no credit at all. It’s a conundrum many young people face; how do you obtain a line of credit if you do not have any credit history? If you are able to obtain credit for the first time the interest rates are often in the double digits and a yearly fee is charged simply to own the credit card. Sub-prime credit card companies often target students and entice them with the idea of spending power and freedom. While the offers may sound attractive it’s easy to rack up large amounts of debt spiking your interest rate to an astronomical level.

Part of being a student is learning to be resourceful and exploring options to help you through the lean times. The first line of defense should be a visit to your school’s financial aid department. Often times the cost of a laptop can be integrated into your financial aid package. If you don’t qualify for aid of any type many school are now offering payment plans spread out over the course of several semesters. Major computer manufactures such as Dell and Apple often have special deals with college campuses offering students deep educational discounts and reasonable repayment plans. Lastly, inquire about laptop rental programs through the school. Small and large colleges and universities are chock full of advisers and administrators to assist you. The resources are there, it’s up to you to seek them out. Also, peruse the campus newspaper and bulletin boards. Students set to graduate may be selling their student laptop as they enter the working world. It’s never too early to learn the fine art of negotiating and you might score yourself a deal.

If you have exhausted all possibilities to obtain a laptop through your school it’s likely you will have to rely on financing. Credit unions are an excellent first step. In most cases they are more flexible than traditional banks when it comes to poor or no credit and often have special financial packages for students who have a checking or savings account already established. If you bank with a traditional institution it doesn’t hurt to ask about loan options for students in need of additional funds for mandatory supplies and technology. In order for the lender, be it a credit union or traditional bank, to extend credit often times they will require a co-signer with established credit to be responsible for the payments should you default.

Have you found a way to obtain a laptop yet? If not, don’t fret, all possibilities haven’t been eliminated yet. If you have some time before you start school make a trip to your local computer super-center and see if a layaway or financing plan is available for students. Don’t be afraid to ask for a discount on a floor model that may have a scratch or two and investigate any refurbished or discontinued models for sale. In this difficult economy deep discounts are frequent and sadly many smaller computer shops are being forced to close their doors. Keep your eyes and ears open for liquidation or outlet sales.

If all else fails turn to the one resource that can help you find what you seek. What is this resource you wonder? This magical resource is the Internet. There are hundreds of companies saturating the World Wide Web offering loan programs for people with poor or no credit in need of computer financing. Terms and conditions vary depending on the site you choose and it certainly pays to do your research by reading reviews from other consumers who have used this service. Flexibility is the draw although you will pay a price for lenient terms. If you are able to make a down payment your payments will be lower and usually are extracted directly from your checking account on a bi-monthly or monthly basis. The majority of these loan sites require the purchase of insurance for your laptop. If you are unable to make a down payment the loan company may require several good faith payments to be made before you receive your laptop. Depending on the company you use, the down payment you can make, your credit and the type of computer you choose payments can range from $20.00 – $150.00 per month depending on the interest rate of your loan.

Education is perhaps one of the most important parts of life. Funding an education can be one of the most challenging parts of life. The key to merging the importance with the challenge very well might be found on your new laptop.

This post is tagged with: financing, layaway, small personal loan