The rising cost of education has compelled students to find new ways of funding their studies. They strive to get scholarships and pursue financial institutions for borrowing student loans but still they remain short of money. Most of the students don’t know how much money they need for pursuing their degree. They don’t include hostel rent, books prices, commuting expenses etc. as their education expense. This may be the reason that a large number of college students always remain short of funds. A brief analysis of savings and expenditure will be of great help for such students.
Budgeting Education
Students should calculate some requisite expenditure for budgeting education.
o Calculate the college fees.
o Calculate the approximate amount you have to spend in buying books, commuting to college and hostel rent.
o Add the calculated amount to get the approximate value.
This calculation will help students to know how much they need to earn their degrees. A student, who knows how much money he or she needs, can easily find ways for arranging the fund.
Funding Education
Primarily there are three ways to fund your education.
o Family savings
o Scholarship
o Education Loan
Students can use these options according to their requirement.
Family Savings: Every household keeps some amount for unseen expenditures. If your parents have saved a good amount then it can be the best source of money for you.
Scholarship: In USA it is said that there is a scholarship for everyone. If you are going to study in USA then there are opportunities of earning a scholarship. Students can find a number of scholarships on American websites. Do not worry if you are not studying in USA. Students can search for scholarships in their own country.
o Search for the educational institutions, which have provision for awarding scholarship to students.
o Some social organizations give scholarships to needy students for studying. Search for such organization through newspaper, career counseling and asking fellow students.
o There are companies, which give scholarships to the progeny of their employees. Your parents can ask their office administration for scholarship.
o Kind hearted persons also award scholarships to financially challenged students.
The best way to find a scholarship is to read the literature. Remember scholarship is never returned. It is the free money, which you can use according to your requirements. Earn as much scholarships as you can and arrange maximum free money for your studies.
Education Loan: You can borrow education loans from Government or Private financial institutions. The government banks follow strict rules while lending loans to students.
Private financial institutions such as Credila Financial Services (www.credila.com) on the other hand are hassle free with door step service in giving education loans to needy students. Applying for both types of education loans is wise because if a student fails to get government loan then still that student has a chance to get private loan.
There is another way of borrowing education loans. Companies give loans to their employees on low rate of interest. Your father can borrow loan from his company fund for funding your education budget. Social organizations help their members by providing funds without any interest. You can take membership of such institutions for financial gains.
One must keep in mind that the loan has to be returned. However students can get some relaxation in time but they can’t escape from returning their education loan installments.
Repaying Education Loan
Students must start preparation for repaying their education loan installments right from the day they enter college. Giving tuitions to juniors is the best way to arrange funds for loan installments. If you get enough time after attending college then you can do some part time job relevant with your course. It will give you double benefit. One you will get money and the second you will get experience. None of the degrees available guarantee a job that is why it will be beneficial if you start arranging fund for paying education loan installments right after you get the loan.