Unprivileged high school students thinking of getting a university degree or people who completed a certain degree and are now contemplating to pursue a different profession usually find it difficult to finance their higher education.
This is due to the fact that higher education is becoming increasingly expensive, and the unfortunate thing is that quite a number of individuals are not in a position to afford it.
With the school tuition fees amounting to tens of thousands dollars annually, especially when you factor in the expensive learning materials and accommodation costs, there is no doubt that one needs avenues to get funds that will enable them to fulfill their goals.
Fortunately, there are many methods and programs that aspiring can explore to fund their education.
Here are some of the most common and effective ways to finance one’s education:
Educational grants for needy students
The needy applicants who able to demonstrate their financial constraints can get an educational loan from the financial help office of their desired training facility or university.
There are also other sources that can provide educational grants, but the amount offered in most cases depends on the applicant’s qualification.
One good thing about these types of grants is that the beneficiary is usually required to repay them. The main challenge of getting these grants is to qualify for them, especially when you have significant assets or income.
Exceptional students are usually facilitated with educational, financial aid that is merit-based. This usually comes in the form of scholarships, which are not repaid.
In this respect, it is a student’s high school performance that determines if he or she will be awarded this type of scholarship.
Internships and apprenticeships
There are also a number of internships and apprenticeships available for white collar jobs and blue collar jobs respectively that provide job training opportunities.
These training programs are usually offered half-time during school gap years to allow students to attend classes while in the summer, these programs run full time.
Even though they are low paying, students can get valuable working experience in their respective field of study and if they are lucky enough, the student may be considered for employment in the corresponding company.
At the same time, you can solicit for private educational loans from your family and friends. You can also obtain a loan from numerous private sources that are usually readily available.
These types of loans are usually given at variable or fixed interest rates, and one is required to have a co-signer who is financially sound.
If the lender is not comfortable or familiar with the applicant’s credit history, a credit check is always required.
Stafford subsidized and unsubsidized loans
These types of educational loans are guaranteed by the United States Federal Government via the Department of Education. They can be used to pay educational expenses, including one’s tuition fees.
One must be able to demonstrate financial need before they can be granted the subsidized Stafford Loans. The latter does not accrue any interest while one has not yet finished school.
As for the unsubsidized Stafford loans, financial need must not be demonstrated and accrue interest once the disbursement is done.
Both of these loans have a fixed interest rate, and one is not required to make payments while in school.
Direct PLUS loans
The United States Federal Government provides Direct PLUS loans that are meant for education and currently their interest rate is fixed at 7.9%. The credit requirements are also more relaxed.
The amount of loan a student can qualify for is up to the cost of attendance, less than the amount of the other financial aid already received in that specific year.
Work-study employment plans
What is more, students may go to their educational development to figure out if employment chances are available for them to get funds to facilitate their education.
Currently, the Federal Government offers a 60% wage subsidy to students’ employers who are involved in work-study programs.
You can always see the options available by checking the financial aid office of your prospective school. You can also inquire if the school can help you in finding other educational financing options if what they can offer is insufficient for you.
Omkar Navale says
These are great tips.
Michael Richard says
Private educational loans can be obtained by soliciting them from your friends and family, as well as from various other private sources. Such loans can usually be arranged at either fixed or variable interest rates.