In 32 states, the cost of child care is equal to or greater than the tuition and fees at a public college or university. In a vast majority of cases, those college expenses are financed using student loans. The question we asked: Why can’t child care be financed with a loan specifically for that purpose? Our answer: Why not? In fact, we surveyed nearly 500 parents of kids under six, and 80% of parents surveyed said they would use a loan - like a student loan - to pay for child care.
We created the KidVantage Loan specifically for child care to provide parents with the option to reduce their monthly payments by as much as 60% and pay over time with interest at a much better rate than credit cards. The financing program provides a new option for parents who may have chosen to leave the workforce to provide care at home, which has a lasting impact on family finances, as well as providing parents who are choosing a lesser quality of care exclusively due to cost the ability to choose the best care for their children.