Education Budget 101 – Your Financing Options to Pay for College
Who doesn’t want to get the coveted college degree and improve their earnings and employability? Time and money are huge hindrances, however. Thanks to online education and online degrees, managing time with education has become quite easy to manage. But what about finances?
Here are some options that the financially-constrained must explore if they wish to further their educational goals.
State and Federal Financial Aid
We live in a country that’s highly encouraging of its citizens pursuing and completing their education. That’s why many student aid options are provided. You should check with the Federal Student Aid for deadlines and apply at the right time to have a chance to get some help with your educational funding.
Many colleges and universities offer grants to exceptional students on a need-basis. These do not have to be paid back. Find out if your online school has this option and see if you can get some grant that will help you fund your education, even if only partially.
Federal Work-Study Program
The FWS gives an opportunity to students to work part-time to finance the cost of their post-secondary education. FWS funds are awarded to students at participating postsecondary institutions, helping offset education costs. “Students may be employed by: the institution itself; a federal, state, or local public agency; a private nonprofit organization; or a private for-profit organization,” says the FWS website. Find out if your school or colleges is one of the participating institutions and file the application for FWS assistance.
This is the most popular way for financing education amongst American students. You can get a loan from any private organization or even for the Federal Direct Loan. Payment terms and interest rates for educational student loans are quite favorable and better than those for commercial loans.
Scholarships are another popular means of financing amongst students today. Usually, most scholarships are given out on a merit-basic based on academic performance. There are, however, scholarships given out on athletic or co-curricular achievements. The best part about scholarships is that they do not have to be paid back. Scholarships can be offered by schools, local/community organizations, trusts or other private institutions. It’s a good idea to explore all your options to see if you can get even partial scholarship from any source.
Many a times, especially in the case of continuing education students, your employer will help you finance your education. Many continuing education students are also online students, and its highly recommended to talk to your supervisor or the HR department at the place where you work to see if there’s any possibility of getting help with your studies.
Knowing these avenues, there should be nothing stopping you from pursuing your education. Take your time to check out these options, and always remember that even a little help goes a long way. Happy studying!