It is a fact that college education is very important as it is a pre-requisite for most decent jobs. Yet, a college education can be costly, and students will need to figure out how to afford the same. At times, it can even be baffling to find ways to finance the same, but then if one delves deeper into it, some options can be available.
As a matter of fact, there are some pretty good options mention in this article and on blogs like HuffPost and Mashable that can be considered by any student. In addition to procuring student loans, there are some other ways too that can be considered to finance a college education. Hence, before applying for a student loan or personal loan, the following options can be weighed in so that the best alternative for financing a college education can be chosen.
- Use your savings
If there is sufficient saving that has been accumulated then that saving can be used to finance a college education. If there is a college fund policy available, then it can be one of the best ways to cover all college expenses. The policy can easily be liquidated, and enough funds will be available to cover education without any problem.
2. Ask family and friends to chip in.
Family and friends can come in handy for raising finance if there is a plan to attend college. A fundraiser can be organized, and all of them can be called in to help for the same. One should not feel shameful for asking help from them as they are the ones who can stand with an individual in testing times. A part of the tuition fees can easily be raised with their help as the remaining fund can be arranged from some other source. It can significantly help in easing the financial burden to a large extent.
3. Look for scholarships
Getting a scholarship can be one of the best ways to finance a college education. There are many scholarship schemes in place, but meeting the scholarship criteria is important as each of them cater to different courses and student profiles. However, it is important to start looking out for them before being a senior. Many reputed scholarship schemes are present, and the one from Evans Scholarship Foundation Awards can provide full-ride scholarships to students who have been a caddie for a minimum of two years.
This type of scholarship can cover all types of college expenses so that a student will only have to take care of his educational requirements. However, one has to plan early and begin caddying after joining high school so that by the time one reaches the senior years; qualification is available. Scholarships can be one of the best ways to finance a college education because a student will not have to repay the amount after college completion.
4. Look for grants you qualify for
They were getting grants that can be another smart way to finance a college education because, just like scholarships, they do not have to be repaid. There are many types of grants that one can get access to, and only some research is needed to find the matching ones and fill applications for the same. The Free Application for Federal Student Aid (FAFSA) can help in getting federal grants along with work-study programs. Submitting and renewing it annually can help in getting funds from the Federal Pell Grant fund that can be quite satisfying.
5. Apply for work-study jobs
Work-study jobs can help in providing a steady income source while at the same time, ample network and experience can also be accumulated. If one is unable to get a work-study job, getting help from FAFSA can always be considered after securing its qualification standards. Anyway, getting a job is no guarantee of getting money. A student will have to put in the required work hours for the job so that there is the surety of the financial aid.
6. Choose a college you can afford
Rather than selecting a costly college, an affordable college can be selected so that the desired course can be done successfully. Moreover, if there is a deep financial constraint, learning at a technical school or joining a community college can even be considered. The short course can provide a good platform to secure a job and start earning faster. In this way, some funds can be available so that one can return to a graduate school later for the desired course.
7. Get a loan
Procuring a loan should be the last resort, and while looking out for the same, it should be ensured that the payments are not beyond 10 percent of the net income. Additionally, private loans can always be a better option compared to student loans.
The interest on student loans increases manifold during a student’s study period so that a large amount may have to be paid later. Comparatively, private loans are a better option, but one must find out a good lender with low rates and sufficient protection. Also, the re-payment plan must be flexible enough so that there is no strain later on. The moot point is that a loan has to be repaid, and that must be considered during the beginning itself.