Need Money to Fund Your Education? There Is a Guide for You
In America, school tuition fees are known for being thousands and thousands of dollars. Besides tuition, there are also accommodation expenses – in case you have to go to a university far from home – books, and other materials. When the time comes, many students struggle to find the best possible way to cover these expenses.
Whether you are a high school student looking for the right college or if you are now in the way of pursuing an MBA, you should know ways of getting the money to fund your desired education.
Here are some tips we believe will help you to take a step closer towards the education you have always wanted.
Funding Your Education
1. Qualifying for a College Grant
College grants consist of financial aid that you don’t have to pay back. What you need to do is go to the financial aid office of the university or institute you want to apply to and demonstrate that you do have a financial need. However, keep in mind that even if you prove you are eligible, it is not easy to qualify for the aid.
We advise you to stay in touch with the financial aid officer as much as you can. Every time that you contact them, remind them about your situation. Getting the grant is quite competitive but showing extra interest won’t hurt you.
2. Getting a Scholarship
Looking for a scholarship can be a hassle; keep in mind that there are mobile apps, such as Scholly, which can help you matching with a suitable one.
There are different types of them, based on your needs. If you got high grades during school or scored really well in aptitude tests, you can apply for an Academic Scholarship; if you have a talent with sports, you can apply for an Athletic Scholarship. Whatever the best option for you is, the good thing about scholarships is that you don’t have to pay the money back.
3. Private Loans
Private loans for students have a more flexible interest rate. We advise you to find a co-signer because even if some lenders don’t make it a requirement, a guarantor with a good credit history can get you a better rate.
Personal loans for fair credit to pay for your tuition are always a good option. Just make sure to choose a lender that offers you the lowest interest rate.
4. Subsidized Stafford Loans
The Department of Education guarantees these loans for students that demonstrate they are in financial need. The Subsidized Stafford Loans don’t accumulate interest nor need to be paid during school time.
There is also the unsubsidized Stafford loan and the difference is that although you don’t need to demonstrate financial need, you start accumulating interests once it has been disbursed.
5. Federal PLUS Loans
Students or students’ parents can use these to pay for education expenses that were not covered by any other financial aid. We advise you to take them only if you have already borrowed the maximum amount in unsubsidized federal loans.
For being eligible, you should not have a bad credit history. If this is your case and your loan application is rejected, you can appeal the decision; however, we advise you to apply with a cosigner who does not have an adverse credit in the first place.
You should know that these loans have higher rates of interest and a higher origination fee; which is why we advise you to look for other options prior to this one.
If you made it this far, now you know of five ways of getting financial aid for your education expenses; however, besides applying for loans, there is also the option of working while you study. It’s not easy, but it has its benefits.
Many students explore options for working while they are studying. Here is what you can do.
Look for a Job at the University
Did you know that the federal government provides a 60 percent wage subsidy to employers of students enrolled in a work-study plan? You can go to the place you are going to study in and see if there are any jobs available. This can help you earn some money while you study and, besides, you wouldn’t have to make long trips to get to work.
Complete an Internship
There are a lot of internships for students that want to start gaining experience in their field of interest. The good thing about these programs is that they run part-time during the school year (you would not miss classes) and full time during the summer.
It’s probably not the best option to earn a lot of money to pay for school – salaries are low – but in the long run, it can turn into a job offer from the company. And even if you don’t get a permanent position at the company, you would have earned invaluable experience as well as the necessary skills to apply for other jobs with more confidence. Who knows, maybe after being in a work environment you might even want to start a new business on your own.
Still Not Sure? Ask for Help
You can visit your prospective school’s financial office as much as needed if you still have doubts about what option could suit you better.
Don’t forget about your relatives either. They will be there to give you advice, and every little help counts. Getting in touch with friends that went through the same process is a good idea as well. They already faced the challenge of choosing the best financing option and can help you to decide the best one for you.
Whether you go for taking personal loans for fair credit or applying to that needed scholarship, the good thing is that there are many resources out there to earn the money for funding your education. You just have to be persistent and aggressive in your search.
Financing your education the right way will give you the education you deserve.