The Jump Start Finance Solution
Jump Start Finance offers a line of credit customized to cover your child care expenses. Our solution lowers your monthly payment by as much as 50% for full-time care, allowing parents to have extra money in their budget each month to spend how they need. As parents ourselves, we recognize child care is one of the highest household expenses, so we designed a solution to help.
Frequently Asked Questions
What if the child care I use isn’t registered with Jump Start?
If your child care center is not registered with Jump Start Finance, you can provide us with the facility’s
basic information, and we’ll contact them to get them registered and set up. It’s fast, easy and free for
child care centers to register with Jump Start.
Does my child care center need to be registered with you before I can apply?
You can still apply if your child care center has not yet registered with Jump Start Finance. During the application process you will be asked for your child care center of choice. Most centers are available for selection; however their tuition rates and monthly payment amounts will reflect generic amounts if they are not yet registered. Once we contact your center of choice and register them with Jump Start Finance, the tuition rates and monthly payment amount will be updated before we calculate the final line of credit agreement. If you’re unable to find your child care center or have not made a center selection yet, you can proceed with your application by selecting the “Pending” option when prompted to enter the care center name in the application portal.
What kind of centers work with Jump Start?
Jump Start Finance only partners with approved, state-licensed child care facilities that register with us.
Do you work with in-home family daycares?
Not at this time. Jump Start Finance partners with child care centers licensed with the California Department of Social Services as a Child Care Center facility.
How do you determine the monthly tuition amounts?
We work with our registered care center partners to determine the cost of full-time care for preschool aged children (called the “target tuition amount”). Once that amount is determined, there is a maximum draw amount set each month which is 25% above the target tuition amount, not to exceed $2,000 per month. The 25% variance allows us to support centers that bill weekly which covers up to 5 weeks in certain billing periods.
How much can I borrow on my Jump Start line of credit?
Jump Start provides families with a credit line to cover up to two years of child care bills for a 2 to 6 year old. Your credit limit will depend on your specific circumstances.
Is there a maximum amount we can draw against our line of credit each month?
Yes. See “How do you determine the monthly tuition amounts” frequently asked question.
Is this program available for infants?
At this time our programs support children that are between the ages of 2-6 years of age.
I have more than one child in daycare, can I use this program for more than one child?
At this time our program supports a credit line for up to two years of child care at your center of choice for one child. The reduction of payments for one child will reduce your overall monthly payments for child care.
What is the interest rate for this product?
The line of credit has a 21.90% Annual Percentage Rate (APR) which can be lowered to 21.40% APR with enrollment in automatic payment deductions from either your checking or savings account each month (ACH). As long as you’re enrolled in ACH, your APR will remain at this lower rate.
What if I don’t need to finance certain months for child care invoices?
During months where you do not need extra flexibility in your budget, you can pay the full tuition amount on your Jump Start line of credit. There is no requirement to carry a balance and you have the flexibility of paying anywhere from your minimum monthly payment up to the full balance each month.
Can I pay more than my Minimum Monthly Payment?
Yes. You must pay at least the Minimum Monthly Payment, but you can pay back as much as you’d like over that amount. Plus, when you pay off your line of credit early, you save on interest, and there’s no prepayment penalty.
Can I use my Jump Start line of credit to pay for any child-related expenses?
A Jump Start line of credit may only be used for child care expenses.
When are my payments due with Jump Start?
Your minimum monthly payment is due by the 17th of the month. This helps our parents push the cost of child care to the middle of the month instead of when budgets are tightest at the beginning of the month.
If your child care center is not registered with Jump Start Finance, you can provide us with the facility’s
basic information, and we’ll contact them to get them registered and set up. It’s fast, easy and free for
child care centers to register with Jump Start.
Does my child care center need to be registered with you before I can apply?
You can still apply if your child care center has not yet registered with Jump Start Finance. During the application process you will be asked for your child care center of choice. Most centers are available for selection; however their tuition rates and monthly payment amounts will reflect generic amounts if they are not yet registered. Once we contact your center of choice and register them with Jump Start Finance, the tuition rates and monthly payment amount will be updated before we calculate the final line of credit agreement. If you’re unable to find your child care center or have not made a center selection yet, you can proceed with your application by selecting the “Pending” option when prompted to enter the care center name in the application portal.
What kind of centers work with Jump Start?
Jump Start Finance only partners with approved, state-licensed child care facilities that register with us.
Do you work with in-home family daycares?
Not at this time. Jump Start Finance partners with child care centers licensed with the California Department of Social Services as a Child Care Center facility.
How do you determine the monthly tuition amounts?
We work with our registered care center partners to determine the cost of full-time care for preschool aged children (called the “target tuition amount”). Once that amount is determined, there is a maximum draw amount set each month which is 25% above the target tuition amount, not to exceed $2,000 per month. The 25% variance allows us to support centers that bill weekly which covers up to 5 weeks in certain billing periods.
How much can I borrow on my Jump Start line of credit?
Jump Start provides families with a credit line to cover up to two years of child care bills for a 2 to 6 year old. Your credit limit will depend on your specific circumstances.
Is there a maximum amount we can draw against our line of credit each month?
Yes. See “How do you determine the monthly tuition amounts” frequently asked question.
Is this program available for infants?
At this time our programs support children that are between the ages of 2-6 years of age.
I have more than one child in daycare, can I use this program for more than one child?
At this time our program supports a credit line for up to two years of child care at your center of choice for one child. The reduction of payments for one child will reduce your overall monthly payments for child care.
What is the interest rate for this product?
The line of credit has a 21.90% Annual Percentage Rate (APR) which can be lowered to 21.40% APR with enrollment in automatic payment deductions from either your checking or savings account each month (ACH). As long as you’re enrolled in ACH, your APR will remain at this lower rate.
What if I don’t need to finance certain months for child care invoices?
During months where you do not need extra flexibility in your budget, you can pay the full tuition amount on your Jump Start line of credit. There is no requirement to carry a balance and you have the flexibility of paying anywhere from your minimum monthly payment up to the full balance each month.
Can I pay more than my Minimum Monthly Payment?
Yes. You must pay at least the Minimum Monthly Payment, but you can pay back as much as you’d like over that amount. Plus, when you pay off your line of credit early, you save on interest, and there’s no prepayment penalty.
Can I use my Jump Start line of credit to pay for any child-related expenses?
A Jump Start line of credit may only be used for child care expenses.
When are my payments due with Jump Start?
Your minimum monthly payment is due by the 17th of the month. This helps our parents push the cost of child care to the middle of the month instead of when budgets are tightest at the beginning of the month.