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 a 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
- Scholarships
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.
2.
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.
3.
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.
4.
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.
5.
Crowdfunding
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.
6.
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.
7.
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
- Freelancing
- 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.
8.
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.
9.
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.
10.
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.
11.
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.
12.
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.
13.
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.
14.
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.
15.
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.
Ways in Which You Can Save Money While in College or the University
While in college or the university, there is always needs arising and
students are known to always be in need of money to take care of other
expenses. If you are on a scholarship, some scholarships give monthly
allowances to its students and some don’t which means you are faced with the
main problem of fending for yourself and meeting your other needs by yourself.
Here are discussed some ways in which you can save up money for yourself while
in school:
- Tutor your
mates: if you are very
good in a course and have to ability to tutor your peers, you can do so
and earn money from it too. You can organize an evening class, ask your
mates or even juniors to pay a little token and then you teach them.
- Do online
jobs: there are some
online jobs which you can take up as a student. Some of these online jobs
take up a few hours of your time, therefore you can still study, attend
your classes and earn money as well.
- Work and
study in school: you can
always check your school’s website or post-board for in-school jobs. Most
colleges and universities place adverts for different job vacancies which
students can be able to handle, so look the website up often for some of
these job adverts and you earn too.
- Work during
the holidays: during the
holidays, when most students are traveling, get a job you can do for the
duration of the holiday. You can sign up for a paid internship in your
career field and then you can learn and also earn money during the break
which you would save up and use when another school session resumes.
- Limit your
spending: when you are in
school, there is so much to pay for and so much that you would need, it
is then advisable to limit your spending. You can take rent a little room
or look for a partner to share a room space with thereby, saving the extra
money you get on other things. Also, you can look for your seniors in
school and get their previously used textbooks and handouts to use for
yourself instead of buying them afresh. You will have a lot of money to
use for your other needs in school.
Quality education is an investment that doesn’t come cheap at all for
anyone. Even if you are being sponsored by your family or you have your money
saved up before starting school. When you want to further your studies but
don’t have the means to do so, it can be discouraging and break your spirit.
Taking a gap year or leaving school may seem like your only option, but there
are always different ways you can finance your studies even when you don’t have
money or your family can’t afford it. You can result in getting scholarships,
grants or even by creating an account on a crowdfunding website to pay for your
tuition and other school needs.