Topic We Cover: How to Pay For Your Own College Education
1. Apply for Scholarships and Grants
2. List of Top 15 scholarships for school students of India –
3. Work While You Attend School
4. Pay for College with Student Loans
5. Choose an affordable school
6. Cut down on secondary but significant college expenses
7. Look for Paid Integrated Programs
8. Reduce Your Tuition Costs
9. Consider an Online School
10. Work on Lowering Your Living Expenses
11. Tap your savings
12. Start Saving Early On
Seeking employment is becoming increasingly tough for those without a college degree. A recent CareerBuilder survey shows that employers are not only raising their educational requirements, but up to 41% are now hiring college-educated employees for positions traditionally held by those with high school degrees. The suggestions are clear: a college degree necessarily enhances one’s chances for employment.
For many individuals, however, the cost of college tuition remains a hindrance to higher education. Due to rise in cost, taking out loans can often seem like the only option for low-income students, who are more likely to drop out of school due to financial pressure and a deficiency of access to financial assets or wealth through family. Students from low-income households also tend to default on their loans at a higher rate than other borrowers, which results in further interest and late fees.
But what if your parents can't or won't help you? Whether you're just initiating college or you're in the middle of attending, you can find a variety of ways to pay for your college expenses, from grants to federal help to private student loans.
Going to college might be extravagant, but it’s still one of the finest ways to get a leg up on your financial future. According to the Economic Policy Institute, college graduates earn nearly 50% higher wages than workers with only a high school diploma.
In such circumstances, the thought of figuring out or paying for a college degree can seem overwhelming, especially without financial help from one’s family. Are you awestruck how to pay for your college on your own? Don’t know where to start? If you want to pay for a higher education but aren’t sure how to make it work, we’ve got your back. The following guide explores the many options available.
Apply for Scholarships and Grants
There are a several types of scholarships available for students in our country. Some are merit-based, so you must have good grades or fulfill service necessity to qualify. But others are based on your situation, the school you're attending, or your location.
Grants are often needs-based—your savings and income are not enough for you to manage this on your own, or some other special situation applies to you. The College Grants Database can aid you get initiated and guide your search.
It can be value it to apply each year because available scholarships can depend on your college year. For participating in things like student teaching, internships, or senior projects as well Grants or scholarships are often available.
List of Top 15 scholarships for school students of India –
- ISRO Young Scientist Program 2020
- Umbrella Scheme for Education of ST Children – Pre Post Scholarship
- UP Scholarship
- National Talent Search Exam (NTSE)
- HP Udaan Scholarship Program 2020
- Ashirwad Scholarship 2020
- Jyoti Kalash Scholarship 2020
- CBSE Single Girl Child Scholarship
- HDFC Educational Crisis Scholarship
- KCMET’s Mahindra All India Talent Scholarship
- Tata Trust Means Grant for School 2020
- Savitribai Phule Scholarship
- Razi Fellowship
- CCB Welfare And Scholarship Scheme India 2020
- Pre-Matric and Post-Matric Scholarship
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Work While You Attend School
For college you might desire you could pay without working, but a job should be something you consider. At the same time there are various approaches to working and attending school.
During the vacations you can work and save all you earn to pay for your expenses during the school year. But if you attend school part-time and can work full time, you might qualify for tuition reimbursement through your job. Another best option is to attend full time college and work part-time.
The fundamental to making this work is finding a great college job. Work-study jobs, for example, are a great method to make money while acquiring beneficial work experience. Alternatively, to consider some side hustles you might need to help you raise extra money.
A part-time job can be a great way to help pay for expenses related to attending college. Many students work part-time in the university cafeteria to pay for some of their living expenses. Additionally, after the shift, you might get a free meal, which could save you about a good amount in a week.
Whether you work on or off campus, having that income can help you pay for your education and potentially reduce what you need to borrow.
Additionally, you can work extra hours over the summer to earn money to put toward the coming semester. Start a side hustle if you want more flexibility in your work schedule but still want to earn money to help pay for college.
Pay for College with Student Loans
Another alternative is to take out one or more student loans, but be cautious about how much you borrow. Budget how much you'll require per semester and take on only that much debt. When you graduate from college you'll have more financial freedom, and it comes time to start paying these loans back if you don't start with huge balances.
In comparison to federal student loans the interest rates on private student loans tend to be higher, so you might want to avoid them if possible. If you can stick to federal loans the government will also work with you on repayment options.
If you're already in school you might want to talk to a professor or financial aid officer who has access to more information about student loans.
Sometimes private student loans can bridge a college funding gap left after other options have been exhausted. However, it’s important to realize that you’ll have to meet credit requirements set by the private lender, and you might even need to find a cosigner to qualify.
To pay for college carefully consider whether private loans should be part of your plan. These loans don’t come with the same protections as federal loans, so you could end up missing out on benefits like income-driven repayment.
Choose an affordable school
If you choose a school that’s reasonably priced for you then paying for college will be exponentially easier. To avoid stretching your bank account, consider initiating at a community college or technical school.
If you choose for a traditional four-year university, look for one that is generous with aid. After grants and scholarships focus on the net price of each school or the cost to you. Use net price calculator of each school to estimate the amount you’ll have to pay out of pocket or borrow.
Just because one school’s price is lower doesn’t mean it will be more cost-effective for you says by a college counselor and former president of the National Association for College Admission Counseling.
Cut down on secondary but significant college expenses
Whether you elect to attend a lower-cost school or not, choosing one closer to home could decrease living costs. Living off campus could yield savings, and staying at your family home could reduce costs to near-zero.
Aside from your living situation, look to trim college expenses like food, transportation and supplies. You could ditch the car in favor of public transportation, for example, or rent textbooks instead of buying them.
Budgeting less money for these college costs could help direct more of your financial aid toward tuition and fees.
Look for Paid Integrated Programs
The concept of foreign universities also followed by some Indian Universities too, they also have come up with programs that pay a payment for services i.e. stipend to students on a monthly basis. Generally, this stipend is given to take care of the living expenses. On the basis of the merit some colleges also provide waivers on tuition fee. Hence you should target such colleges and universities and apply to more than two universities at the very least.
For example, programs such as B. Stat Hons. and B. Maths Hons. at Indian Statistical Inst., Kolkata offer a stipend of INR 3,000/- per month to students. Indian Inst. of Science, Bangalore and IIT (Multiple Locations) offer stipends up to INR 12,000/- to students enrolled in their M.Tech. courses. Such are the programs you can search for.
Reduce Your Tuition Costs
Consider opting a college with lower tuition rates. Generally, In-state schools are economical than private or out-of-state schools. Based on how close you live to the campus some schools offer discounts.
If you're a "legacy" because one or both of your parents went to school there you might qualify for discounts.
Of course, the cost of school includes more than just tuition, but you can save in other areas as well. You can buy second-hand books rather than new textbooks. You can also check out your college bookstore to find out what's available. After competing graduation lot of students sell their used books back to these stores. Some will even give textbooks on rent, and often online booksellers offer used copies as well.
Consider an Online School
Don't neglect the possibility of attending an online school. As students discover the value of this option attendance is escalating in the millennium— in 2018 almost six million of them were enrolled, both part- and full-time.
Tuition is thoroughly less, sometimes as much as 50% cheaper, and in most cases, classes are similar to those you'd undertake in a brick-and-mortar classroom. When it fits your schedule you can also study and "attend", allowing you to more easily hold down a job as well.
Work on Lowering Your Living Expenses
Carefully monitor your living expenses and your college spending, so you don't require as much money. As opposed to on campus you might look into how much it would cost you to live off-campus. To save on costs get a roommate and share off-campus housing, or live at home.
Look for economical options that allow you to cancel at any time. Try to avoid contractual obligations like cable bills and gym memberships.
And confirm you have your student ID keep into your wallet at all times. Whenever you shop or visit a place that's going to cost you money whip it out —even that coffee shop down the street. Many commercial establishments offer discounts to students.
A tight and strict budget can make a big difference in the amount that you need to borrow.
Tap your savings
In real, you’ll likely to happen have to savings to pay for tuition, room and board, dip into your income and other expenses related to college. According to a 2019 report, the typical family covers 43% of college costs that way.
Start Saving Early On
From an early age many of us are aware of our career goals. And even if we are not, at least we know that we will grow up to go to college and get a job. This is why for your education from a young age you should begin saving up. And my point is not towards Piggy Banks; I am talking about a legit savings bank account.
The sooner you start tucking money aside in a savings account, the better. It's not too late to begin when you initiate applying to schools, but for college you'll have more saved if you don't spend that money on other things and if you thought to stash your earnings from those summer jobs of high school.
For a college student choosing a bank account specifically can also help to decrease your costs because fees are often waived. Or acknowledge a certificate of deposits (CD) that gives higher interest rates than run-of-the-mill savings accounts. For cashing out early CDs typically come with a penalty, but this might cause to believe you not to spend the money before you require it for school.
Your saving does not have to be a big amount, even little slab of money that you put in every month or quarterly can take a big load off your shoulder. You can even begin a SIP (Systematic Investments Plan), which will really aid you invest a small amount of money each month towards your future. To gain interest on your savings these kinds of plans will help you, thereby increasing your college fund over time.
And when the time comes to go to college, you will be relieved and proud at the same time.
Our college years are an investment, and in a big way students themselves can contribute towards them. Whether it is doing well in your academics, or paying for your own education, your parents will be feel proud to see you make any exertions you can to make your future brighter. We hope this article will help students who willing to make this effort in the right direction.