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5 Ways To Fund A College Education

College fees can be very expensive. It’s important to weigh up your different options when it comes to funding your education. Below are just 5 different ways to fund a college education. 

Use savings

Many parents will save up for their child’s tuition over the years. This prevents students from having to pay for their own education but requires a lot of forward-planning.

Of course, a lot of students don’t have access to such funds. An alternative option could be to accumulate your own savings towards your education. Even if you’re unable to fund your entire education through savings, being able to put some savings towards can help to reduce the overall cost.

Take out a loan

A lot of students take out a loan to cover tuition fees. Federal direct loans are paid back over many years in small installments. There are different types of federal direct loan – some don’t accrue interest while in college and others have fixed low interest rates. 

You can also look into private loans and other alternative forms of borrowing such as student credit cards. International student loans could be useful for those wanting to study abroad. Always compare interest rates and check application requirements.

Work and study

You may be able to fund some of your college fees by working while you study. This could be a part-time job that you work while studying on campus. Alternatively, you could work full time while studying a flexible online course around your work (online courses can also be great for moms who want to plan studies around childcare).

While working and studying can prevent the need to save or borrow as much, you should avoid putting too much pressure on yourself. You still need your free time. It’s also important than any job you take up doesn’t disrupt your studies. 

Consider scholarships, grants and company-sponsored courses

There are instances where you may be able to have your course paid for you. The most common example is a scholarship – this is when a university provides funding because a student is academically gifted. Scholarship requirements can be strict and different colleges are likely to have different requirements, so do your research.

Grants may be offered by certain states or organizations for various reasons such as being on a low income or similarly being gifted in a certain subject. You can also apply for company-sponsored courses – if a company thinks you are a good candidate, they may pay for you to go through college, however such sponsorships are rare.

Consider other forms of financial support

Colleges may have their own alternative forms of financial support available – especially to students from low income backgrounds. It’s always worth enquiring into what support may be available. 

Your state may also have certain forms of financial support available such as grants or support with certain fees. Some banks also offer forms of financial support to students including bank accounts with zero interest overdrafts or low-interest credit cards. 

 

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