How To Deal With The Rising Daycare Costs
Wisconsin parents pay more for childcare services and daycare costs than undergraduate education. As per UW-Madison, yearly tuition and fees come to around $10,555.52, whereas the average daycare costs $12,597 annually.
The United States Department of Health and Human Services deems childcare affordable if it doesn't cost more than 7% of the family's income — in Wisconsin, it often takes up 18.5%. So, applying this statistic, only 6.5% of state families can afford infant care.
Parents are constantly looking for ways to deal with the seemingly ever-rising costs of childcare. Amazingly, the state offers a variety of ways to get subsidized services. From the Wisconsin Shares Program to online installment loans, you have a myriad of options. In this post, we'll explore infant care costs and the various ways to pay for them.
Things You Should Know About Increasing Daycare Costs
Average Daycare Costs In Wisconsin
As per a report by the Economic Policy Institute, parents of young children in Wisconsin can expect to pay $1,047 per month for daycare on average. This figure ranks the state as the 20th most expensive! Not to mention it means daycare is 48.3% more expensive than the standard in-state tuition for students attending a public college for four years.
Families with an infant and a four-year-old are spending roughly one-third of their incomes on childcare, which is far too high, especially for single parents. And the amount only rises if you live in one of the state's five least-affordable counties for childcare:
Alarmingly, Milwaukee County residents average $14,543 per year for infant care.
So, Why Is The Cost Of Daycare So High In Wisconsin?
Lots of factors contribute to the pricing of community childcare establishments, including families' incomes and the rates of other facilities. However, rates have definitely increased since the coronavirus pandemic. On top of that, overhead costs like rent, toys, food, art supplies, and insurance must be covered. And with these prices rising, childcare centers have no choice but to up theirs too.
4 Ways To Pay For Rising Daycare Costs
If you aren't a high-income earner, you'll likely struggle to keep up with the rising daycare costs. So, discover the top four ways to deal with them below.
1. The Wisconsin Shares Child Care Subsidy Program
The Wisconsin Shares program offers eligible families a portion of their childcare costs while parents are working or performing a pre-approved activity.
As you may imagine, the requirements are pretty stringent, and the application process is lengthy. However, the outcome is often worth it, especially if you're consistently struggling to keep up with all your outgoings.
You can complete the application form online, in person, or by telephone. However, if you live in Milwaukee County, you can start the application process online before using the Milwaukee Enrollment Services hotline.
2. The Child Care Bridge Fund
The Child Care Bridge Fund CCBF assists working families with daycare costs who make more than the income limit for Wisconsin Shares. The fund pays up to $1,000 in childcare tuition debt to aid with financial stability for you and the childcare programs.
Keep in mind that this assistance is only available in:
- Eau Claire
- St. Croix
3. Wisconsin Department Of Children And Families Public Search
Public Search helps you find state-approved, high-quality, regulated, and affordable childcare providers, giving you easy access to a range of reputable services. Most providers found through the portal are rated by YoungStar, the state's childcare rating program. You can see how each facility stacks up against several quality indicators.
4. Online Installment Loan
Finally, you can get an online installment loan in Wisconsin if you don't qualify for any of the programs above. We can lend you between $100 and $1,500 to cover daycare costs. Your credit score will be checked before we can approve your application, but you don't need a perfect one to gain access. Plus, you won't have to risk losing an asset because our installment loans are unsecured. In other words, we just require your signature to repay it!
Secure An Online Installment Loan Today!
The rising daycare costs mean Wisconsin parents are spending $12,597 on average every year for infant care. Across 50 states, it's the 20th most expensive state for daycare services, according to the Economic Policy Institute. At around $1,047 per month, there's no wonder state parents are finding it difficult to stay afloat.
Luckily, a couple of government-funded programs provide childcare subsidies. Although, most of them have backed up waiting lists and stringent requirements.
Therefore, you can get the money you need with one of our installment loans. Just give your local Wisconsin Auto Title Loans, Inc. store a call or complete our convenient online form to start the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.