Education is a very important part of one’s life and most people always want to further their studies but funding can be a very great challenge when you are not being sponsored by your parents. Not everyone who is pursuing higher education has their parents paying for their tuition fees and sometimes, getting a scholarship or bursary can be very difficult and you may end up not getting them at the end of the day. Whatever your family’s financial situation is, you can still get a quality education by saving as much money as possible and requesting for other means of getting money from either friend or through the crowdfunding account.
In certain situations, some students are able to take on student loans to help them go through school and then they start paying their debts after their education, but many students get stressed by the debt they are accruing while pursuing higher education that is why getting students loans is not always a good option for some people. The concern about money is one of the main causes of stress for aspiring college students and a top reason that students drop out before they can complete their education, leaving them with debt from their time spent in college and no degree to show for it. That is why this article has highlighted different ways to fund your education without having to pay for it yourself.
Importance of Education
Education makes us knowledgeable of the world around us and what the world is about. It develops in us a perspective of looking at life in a very different way and make us understand the way the world works. Education helps us build opinions and have good points of view on things in life. Education makes us capable of interpreting things in a good way, which is not easy for other people who are unlearned to see it, among other things. It is not just about lessons in textbooks, and attending classes or being a professor, education is in our everyday living. It is about the lessons of life.
Proper and good education is very important for all of us and no one does not deserve an education. This education is everyday learning and it helps us to facilitate quality learning all through life and among people of any age group, caste, creed, religion as well as region. It is the process of achieving knowledge, values, skills, beliefs, and moral habits. People need to get high-level awareness about the importance of knowledge now more than before. Education is very necessary for each and everyone in order to improve knowledge, way of living as well as social and economic status throughout one’s life. Getting proper education is the birth rights of everyone, restricting anyone from acquiring this education is a very big crime which is punishable. Education is the ultimate way to get victory overall personal and social problems.
Education is very important to all of us as it plays very important roles in our life. In order to live a better and peaceful life, we need to be educated. It transforms us completely from inside and outside by changing our mind and personality as well as improving our confidence level. It changes our life completely as education is also very constructive in nature.
Education helps a person to improve their confidence level all through life and among your peers. Education plays a great role in our career growth as well as in our social and personal growth. It has no limitation; people of any age group can get education anytime; no one gets old to be educated. Education also helps us to determine about good and bad things. An educated person having good education becomes a good citizen in the society as well. We all want to see ourselves going towards success and achieving great things, which is only possible through good and proper education.
15 Ways to Pay for Your Education If You Don’t Have Money
Scholarship as a form of financial aid is awarded to only deserving students and applicants and it is always based on various criteria given by the donor of the scholarship awards. Scholarships are the most common and well-known form of getting financial aid. There are various types of scholarships and different ways in which they are awarded by various organizations and individuals. Some of the common types of scholarships are outlined below:
- Merit-based scholarships: this merit-based scholarship are awarded to deserving students based on a number of criteria, which ranges from academics, achievements, hobbies, talents, and/or affiliations with various groups or career, such as medicine or engineering. These merit-based scholarships are usually offered by the federal and state governments, large corporations or organizations, businesses, professional organisations or even the university bodies. These merit-based scholarship holders are usually exempted from tuition fees and they may be given monthly living allowances too. This type of scholarship is likely to last for a few months, probably up to nine months.
- Sports scholarships: this is another form of scholarship, which is an award to students who are into sports and want to be a member of the college or university team. Most of these sports scholarships are offered by the college or university. The good news is that you don’t necessarily have to be a professional or be very good at the sport you practise. Most times local sports groups or various sports organisations may offer these sports scholarships and they usually look at certain criteria before the scholarships are been awarded.
- Specific scholarships: these specific scholarships are awarded to students with certain ethnic backgrounds or affiliations. These types of scholarships are awarded to benefit a specific gender or various ethnic minorities. Examples of these types of specific scholarships are the ones awarded to only Africans, African-Americans, Asians, Hispanics or the female gender. These scholarships are also meant to help minority students pursue an education in different academic fields of their choice. Still under this category of specific scholarships, are the ones offered to students with physical disabilities, learning disabilities and debilitating health conditions. These scholarships are mainly awarded by various NGOs and organizations.
- Grants or Bursaries
Often called need-based scholarships or gift aid. The grants or bursaries are basically money free, that is, the financial aid rendered is not to be paid back. These types of financial aid are usually based on the financial circumstances of the person who is requesting, but there may also be other factors which can be considered before been awarded the grant.
These other factors could be the physical state or mental disabilities of the person requesting. In the US, the Department of Education offers countless federal grants to students who are attending a four-year course in colleges or universities or even career schools, for example, catering schools. Also in Germany, different types of Bursaries or grants are awarded. Each institution awarding the merit grants are to decide the number of grants to be given out and the duration as well.
- Student Loans
Student loans are usually for studying abroad, and they are funds which you have to pay back after completing your education. These student loans function like every other loan, but with a few differences, which makes it easy for students to access it and payback once they are done with their studies. You can get a student loan from the government or even a private bank; it can be a bank from your home country or a foreign bank, in which you wish to pursue your studies. Co-signing along with parents is always a criterion and also very common for private student loans.
However, student loans that you can get from the government tend to be more favourable, as the rates are usually lower. For the repayment of these student loans, it usually starts within six months after the completion of your studies and then depending on the amount of the loan, it is requested that you repay the loan within 5 to 10 years, it is stretched out these ways for easy repayments.
- Student Prize
Student prizes are the prizes which are given to deserving students and it is usually represented by a certain amount of money. Although, these may not be enough to fund your studies, but it is also considered as a form of financial aid. Student prizes are a one time award, that is, it is given only once. Student prizes can be awarded for several reasons which some may include;
- For academic achievements
- To reward your performance in certain examinations
- It may also be awarded based on the results of your coursework and public examinations
- For being the best student and getting the best paper in a subject or course
- For rewarding an outstanding work submitted for a dissertation or thesis, as well as for overall excellent performances.
Crowdfunding is a new way you can earn your tuition fee for college. You can start by setting up a crowdfunding account, then seek help from your family and friends to support you. You can also start a campaign to raise donations on your account. The common crowdfunding platforms include; GoFundMe and IndieGoGo.
- Employer Training
If you are a worker, who wishes to further your studies, either at masters or postgraduate level but do not have money to do that, most companies have now decided a means of upskilling their workers by investing in their education, after which they come back and work for them again. You can approach your Human Resource manager at your company and find out what options your company has for such funding. It is gradually also becoming a fast trend for companies to pay back some of their employees’ student loans when they start working for them.
- Study and Work
While you study, you can also work by taking up part-time jobs and internships in order to save up funds for your education. Studying while you work is one of the most encouraging sources of financial aid, as you don’t have to struggle to get scholarships or grants and also don’t have to pay back student loans. When looking for a job in school, you should try to find a job that is flexible, do not require you working late hours and above all offers a decent wage. It is an added advantage if your job allows you to learn about a field you are interested in or studying in school. Some of the jobs you can do while in school includes;
- Apply for a paid internship in your field
- Drive for Uber or bolt
- Tutor in a subject you excel in or know how to tutor well
- Babysit for families who are in need of someone to help them out
- Sell your old belongings you don’t use or need anymore and so on.
- Take Online Classes
You can result into taking online classes, as they are cheaper and affordable than going to a physical college or University. Most of these online institutions offer classes like normal schools and also offer certificates which can be used anywhere and accepted worldwide. You can attend your classes at your convenience and at your own time, so you can still work if need be. Make sure you are attending an accredited, and acknowledged online institution before resuming. Take a look at the colleges you want to attend, too, and check if your credits would transfer.
- Take Part Time Classes
There is no reason you should have to devote all your time and money to a full-time education if you can’t afford it. You can take a few classes at a time if that is all you can afford and that way you can keep working, too. Every school offers different levels of involvement. You could go part-time or you could just take one class at a time.
- Payment Programs
Payment Programs are offered by different institutions that are, you can pay your tuition fees in instalments and not at once. Just because you don’t have all the money for tuition at once, doesn’t mean you can’t attend a higher learning institution. Many schools have payment programs that allow you to pay over the course of the school year, rather than in one lump sum. Some schools offer instalment plans, while others might offer monthly payment plans. Discuss your individual needs with a financial aid advisor at your school and find out if this option is available.
- Source for Money From Close Friends and Family
When the need arises to study and you have no money, you can also source for money to finance your studies by meeting your family members and close friends to help you out. You can also come with your mentor to guide you on how to go about asking for help. He or she may also help you in funding your education as well.
- Start a Business
You can start a business while you study, this can be done online to enable you to study well or physically. You can start small and be very economical about the business. Remember that the aim is to make money as fast as possible to finance your studies, so, therefore, try to start a business that will bring in quick cash for you in the short term.
- Tuition Reimbursement – Program
You can find ut If your school has a Tuition reimbursement program that will help you cut off some side expenses or pay part of your tuition fee. Some institutions and colleges can pay you to graduate on time, but this does not mean you should rush through your studies. The payment program is always made available for mostly final year students and they are given the payments to help them put out any of their remaining college expenses.
- Work Remote Jobs
You can work remote jobs as a freelancer or even a virtual assistant, this will help you to focus more and have enough time for your studies. These remote jobs are basically online and there are a lot of companies now online in search of remote workers, who can work with them for certain hours of the day and you get paid.
- Apply for Outside Scholarships
You can apply for outside scholarships from various organizations who provide scholarships to students, and these awards can make a big difference in paying your tuition fee. The application process may be tedious and not accessed on time, it is important to sharpen your essay writing skills when writing and requesting for a scholarship. Some of these outside scholarships require you writing an application letter, submit your transcripts and a recommendation letter too.