Education is crucial to advancing in life, but it doesn’t come cheap. And with the high cost of living, many people are forgoing college education in search of jobs.
Technological advancements have made it possible for people without a college education to find jobs and establish careers online. The thing is if you want to work abroad or in the corporate world, chances of getting a high-paying job are pretty low without a good education.
If you’re worried about your ability to pay for college, don’t give up on your dreams just yet. You can try any financing methods below, which will surely help your educational pursuits.
4 Ways to Finance Your College Degree
A scholarship is one of the best options to finance your college education. The best part is that there are scholarships everywhere you look, from the federal government to the local non-profits.
All you have to do is apply if you meet all their requirements. They are free, so you don’t have to pay them back, unlike student loans.
Some scholarships are merit-based, from your grades, athletics, or other accomplishments. So try and cash in on what you are best at.
Keep in mind that some scholarships are offered once, and others are renewed yearly. Since college will take two to four years to finish, you should secure a renewable scholarship.
The best thing about grants is that they are awarded based on the student’s financial needs. Therefore, if you have problems paying for your college education, you can apply for grants. Some grants are also based on race, gender, and region.
It’s important to think outside the box, and you can find a huge list of grants that may potentially be applicable to you here.
And like scholarships, some are a one-time offer, while others are renewable, plus they are free. So make sure that you meet all their requirements before applying. Be open in your search, as you may land other types of free aid you didn’t know about.
3. Part-time jobs
Yes, you should focus on your studies, but finding a part-time job would be ideal if you struggle to pay your fees. Some colleges offer a work-study program known as the Federal Work-Study (FWS) where they offer needy students jobs. You can apply for the program through the FAFSA (Free Application for Federal Student Aid) and find out if you qualify.
Undoubtedly, your work-study will not be sufficient to cover your fees and expenses. So it would be prudent to look for a part-time job outside, but ensure that it does not interfere with your studies.
As a result, you might have to sacrifice your social life, but remember good things don’t come easy, and your sacrifice will be worth it once you land a well-paying job
4. Student loans
If you don’t secure the above funding options, the next best option is student loans. There are two types of student loans; federal and private student loans, which you have to pay back with interest.
The government offers federal student loans, and there are several requirements you must meet before they extend the loan to you. There are two types; subsidized and unsubsidized loans.
For subsidized loans, your loan interest is paid back by the government and issued based on a person’s needs. On the other hand, the interest for unsubsidized loans starts accruing from the issue date and is available to all.
You can apply for a private student loan with your local banks, credit unions, or online lenders. And due to the absence of a universal private student loan, you’d have to apply till your chosen lender approves you.
Other lenders such as SoFi offer private students loans with no application fees and a flexible payment schedule.
Getting a college degree is one step to getting your dream job. So, don’t let the lack of finances hinder you from furthering your education.
Apply for financial aid from the four options discussed above, and you’ll indeed have a successful career.