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The Affordable way to meet School costs

As families plan for next year’s school costs, many will feel pressure to provide their child with a laptop or tablet. We all want our kids to have a 21st century education, but the cost of getting them back to school adds to existing financial pressures and can put a real strain on the budget – especially coming so soon after Christmas.

There is a safe and affordable way to meet ‘back to school’ costs. The No Interest Loan Scheme (NILS) offers loans of up to $1,500 with no fees, no interest and no charges. Loans can be used for school expenses including books, uniforms, camps, laptops and tablets and repayment plans are set at an affordable amount, so they don’t put further pressure on your finances.

On the other hand, we encourage you to think twice before taking out a consumer lease to cover school expenses. Consumer leases, often called ‘rent to buy’ deals, can see you pay around three times the standard retail price for electronics and white goods. Consumer leases involve renting a product for a few years, before being given the opportunity to purchase the product outright. In dollar terms a ‘rent to buy’ deal will see you pay around $1,800 for a $650 laptop and you will be paying for it for around three years. In a stark contrast, with the No Interest Loan Scheme (NILS) you only ever repay what you borrowed, so a $650 laptop will cost you just that - $650.

To learn more about NILS and find out if you are eligible, visit www.goodmoney.com.au, or call Good Money Geelong on 1300 770 550.