Getting into the workplace today is more competitive, as most corporations require higher levels of advanced education. Ask any student what they plan to do after high school, and almost everyone will choose to go to college, and here's why.
A degree offers graduates brighter career prospects and improved financial gain. However, as the demand increases for places in these higher learning institutions, so do the fees. A study revealed that the average tuition costs have tripled in the past 30 years.
The good news is that there are solutions to the problem. Here are some suggestions!
Ways To Finance Higher Education
Personal Resources
First, you or your family may be able to pay the tuition fees. Your folks may have money set aside for the purpose, and you might have wages saved up from the part-time gigs you did during your holidays.
You may have wealthy relatives whom you can borrow from. Family members are often happy to help and may be more flexible with the payback terms and interest rates than financial institutions.
If you can't raise enough money on your own, check out the following external options.
Student Aid
Ben Miller of the Center for American Progress suggests that the first thing candidates must do is write to the Free Application for Federal Student Aid (FAFSA). You may qualify for some of the financial aid offered, such as student loans, federal and state-based funds. Do it early because money is awarded on a first-come, first-served basis.
Scholarships
It pays to start your search before you're a high school senior. You'll have to put in hours of preparation, but it's free money that you don't have to repay.
Apply in advance so you'll have time to seek additional funds if the amount you receive is not adequate. There are thousands that you can request. You can save time by looking online. Do not let the titles of the websites deter you. Some, with witty names like brokescholar.com, can be a valuable timesaver.
You can also seek local scholarships where there's less competition. Many businesses help young people from the lower-income sector of the community get funding to go to college.
Grants
This type of funding is financial aid using taxpayers' money. There are no repayment terms. The Pell Grant, for instance, is a federal program to help undergraduates from low-income families.
States may have their schemes, so be sure to do your research and apply them. It may be easier to qualify because of the fewer number of applicants.
Get A Job On Campus
There's a federal program that supports work-study jobs for financial needs candidates. With this option, you'll have to work part-time for enough hours to earn the awarded financial aid. The hourly rate you'll receive is, by law, higher than the federal minimum rate.
You'll gain valuable experience and make connections for the future. It also prepares you for the challenges that lie ahead in your career.
Student Loans
If all fails, apply for a personal loan. Scout around for the best interest rates and terms of repayment before you sign on the dotted line.
Be aware that loans take time to be approved. You want to ensure that you'll receive the money you need when required. Bruce McClary, vice president of communications for the National Foundation for Credit Counseling (NFCC), says that it can take as long as one month for your applications to be processed.
Funding Solutions
Paying for college is no easy task, however there are many options available. For instance, if your personal savings won't cover the fees, you may consider applying for grants and scholarships, and work-study jobs on campus.
Your primary focus should be on avoiding long-term debt and excessive interest payments. You don't want a chunk taken out of your paycheck for most of your working years going to the bank.
