Earning a college degree has become an expensive task. With the burgeoning education cost, financing higher education is turning to be a challenging task for both – students and parents. The following post shares some useful ways to finance your education. Read on…
So, you are ready to earn a university degree in your desired field of education, but the thought of arranging finances for your higher education turns your excitement into an intimidating thought! With education cost going beyond a common man’s expectations, graduating from some of the reputed private colleges seems to be a distant dream for many.
If you are going through the same phase, we can definitely bring in a sigh of relief to you by reminding you of some promising ways to arrange for your education cost.
Ways to finance your college education
Graduating from a particular college has become expensive and students cannot actually afford to not to look for college aid. Higher education cost not only includes college tuition fees but also accommodation cost, material cost and other related expenses. In such a scenario, financial aid comes as a rescue for most of the families. Some of the available ways to finance your higher education include loans, scholarships, grants and savings.
Education loan is one of the most popular and convenient methods to arrange finances for higher education. Applying for financial institutions like banks allow you to fund your education and pay the fixed installments for the next few years. Those who do not wish to enter into a debt for few years in the future have definitely other options than taking a loan.
Scholarships are a gift in the hands of the deserving and talented students. Scholarships allow the deserving students to study in a particular college or university without repaying the scholarship amount. Such schemes are designed for talented students who can pursue a degree at the cost of the college. College scholarships can be categorized into student-specific, merit-based or college specific. The aspiring candidate needs to meet the eligibility criteria for availing a scholarship offer.
Need-based education grants are another lucrative ways to finance your higher education. Students applying for any academic institution can get educational grants from its financial aid office. Though qualifying for such education grants can be challenging, it is one of the most sought after options among students as one does not need to repay it. Grants are offered to students strictly on the basis of total cost of education and the actual financial need.
Use your Savings
To keep a backup plan for education cost, planning ahead and starting with early savings is a good idea. Many parents invest in some lucrative long-term saving plans to secure the future of their children. If you find enough savings for education, you may not need to apply for education grants and education loans.
At the time of calculating the total expenses on your higher education, it is advisable to consider other important factors that determine the total cost, such as cost of living and hostel fee if you need to relocate.
So, whether you wish to pursue a B. Tech course in one of the top engineering colleges or earn an MBA degree from a reputed B-school, arranging finances for your education is no more a herculean task. All you need is the correct information about the different sources of financing your education!
Remember, education is like an investment that surely reaps good returns in the long-term.
Swati Srivastava is a professional writer and a passionate blogger who writes for Shiksha.com, India’s leading online education portal. She writes on hot educational topics and provides useful career advice to education seekers. Her articles cover a complete range of education topics.