Funding is one of the common concerns among potential students. For some students, it can be a huge barrier to achieving study-related goals. Therefore, a prospective student should start looking for funding opportunities even before applying for a program.
Here are the popular funding sources that students can use to pursue higher education.
Student Scholarships
Scholarships are based on student merit. Some colleges and universities also offer scholarships based on special skills, interests, and backgrounds. For instance, sporting scholarships are granted to students who are athletically gifted. This scholarship is quite common in the US, and students can join a variety of programs/college departments through it.
Government scholarships and grants have been increasing for the last few years to create more opportunities for students. They have increased 11% from 2015 to 2016, according to MatchCollege. Many private colleges also offer tuition fee discounts.
Personal Savings and Income
Another way of financing your college education is using your personal savings and income. If you have received a partial scholarship, you can cover the rest of your college fee through your personal savings. This funding source is helpful for those who are already doing a job or plan to work during their college years.
Students who join weekend or evening classes usually use their personal savings for their college fees. According to the online surveys and data, an average college student contributed around $2,887 to his/her college fee from personal savings and income in 2016.
Savings and Income of Parents
Parents in the US pay a large portion of their children’s college fees to help them achieve their goals. College fees can be hard to manage on your own. You can ask your parents to contribute as much as they can, and then manage the rest using other funding sources.
Information gathered through surveys show that parents contributed around 28% of the total college fee of their college-going children in 2016.
Parent Borrowing
With each passing year, tuition fees keep on increasing. It becomes hard for parents to pay the college fee of their children through their income and savings. This is where loans come to help. Many private institutes offer parents a variety of loans to help them manage educational expenses that they cannot cover through other financial sources.
According to surveys, US parents borrowed around 6.7% of the total college fee of their children in 2016.
Help from Friends and Relatives
If you have a good circle of friends and supportive relatives, you can ask them to help you finance your college fees. Explain the issue that you are facing in detail. Tell them how much money you need, and how much time you will need to pay them back. You can also show them proof of scholarship or fee description. Tell them that you need only a small amount to manage the rest of the fee and remove this barrier to college admission.
Data gathered from online surveys and education departments show that many students in the US get 4% of their total tuition fees from friends and relatives.