Even though the country is now on the upswing after the financial crisis of 2008, there still seems be massive amounts of debt piling up across every home in the United States. Between paying mortgages, college tuition, and even just day-to-day costs, debt seems to be adding up everyday. However, for those who have a lucky streak, there may just be a way out of it.
A recent survey showed that lottery play is the most popular and widely practiced form of gambling in the United States. In almost any gas station or supermarket there is a terminal ready to print out your lucky numbers in a drawing in the hopes of receiving enormous lump sum lottery winnings. One of the most enticing factors involved with gambling with the lottery over other institutions, is how cheap it is to enter, making it affordable for anyone to try their hands at.
If there is any demographic that could benefit from winning the lottery, it’s those under crippling student debt. With the average price of receiving a college tuition continuing to skyrocket, going to college can sometimes be a guarantee of being broke for years to come. According to College Board, the average cost of tuition and fees for the 2014 to 2015 school year was around $31,231 at private institutions,and $9,139 for state residents at public colleges.
All in all, the outstanding student loan debt climbed from $1.21 trillion to $1.3 trillion from 2014 to 2015. A student living with upwards of $100,000 of debt could benefit greatly from selling a structured settlement out of their Lump Sum Lottery Winnings.
When you actually win the lottery, there are a lot of taxes involved with the winnings. Therefore, if you sell your structured settlements to a third party, they will be left to deal with taxes. From their you can reduce some of that student debt.
Everyone must work hard to achieve great things in life, but for those lucky few who find themselves sitting in a pile of lump sum lottery winnings, life may just get a little easier. Read this for more.