Believe it or not, a university degree opens the door to numerous career opportunities. While it’s known that a degree is not everything you need to find a good job, it would be really hard to find the job of your dreams.
Now that you’ve decided to obtain that university degree, how do you intend to fund the education, knowing that it may be somewhat expensive?
On the one hand, a funding solution for your university degree is studying at a tuition-free university. On the other hand, not many universities offer a non-tuition education. Even when they do, some extra fees still need to be covered, so students must deal with a situation when they can’t support themselves during their studies.
As a result, the Kiiky team has some funding solutions for university students who need support.
Do well to read to the end to understand fully the steps to take. Meanwhile, the table of content is below.
Table of contents
Why Do University Students need Funding?
The prevailing reason university students need funding is to lessen the effect of rising tuition fees. Education is not left out just as the price of other services increases.
Similarly, with the help of funding, university students can focus on their studies. Instead of working while studying, students can concentrate on their studies when the funding for their university education has been sorted out.
Another important reason university students need funding is to reduce the number of loans students owe. Typically, two-thirds of college students graduate with an average loan of nearly $20,000, according to the University of Hawai Foundation.
Funding Solutions for University Students
These are the possible funding solutions for university students. They are listed below.
#1. Student Loan Borrowers
Tuition fees are not the only cost students must cover to study at university. The full-time studying that lasts around 3 or 4 years includes tuition fees, dorm fees, books, materials, transportation, student living expenses, etc.
The list of student costs is growing, and finding a solution to your financial problems is getting harder and harder. While many universities offer financial aid during registration, it may still not be enough, and you need to look for funding elsewhere.
According to studies, 9 out of 10 students get some financial support during their studies. They mostly rely on their parents for financial support, but a popular choice is part-time jobs and student loans. The latter is especially popular today because they give students good conditions. The conditions are very important for students, and the regulations mostly depend on the elections.
Read more on how to get a student loan.
Banks also give students the possibility to borrow money for university studies. Usually, the amount shouldn’t exceed the tuition and dorm fees. Students don’t get the money, but the bank directly transfers them to the right places.
Looking for tips on how to repay the tuition loan? Read How can I get my Student Loans Paid Off.
Read: 21 Full Scholarships To Pay Off Student Loans
#2. Financial Aid for Students
Instead of student loans, many opt for financial aid because of fear of repayment. Plus, the loan grows by the years they remain unpaid.
Financial aid is granted by individuals and schools alike to help students with a fraction or all of their tuition fees. The main difference between financial aid and scholarships is that financial aid is given for a specific purpose.
For example, need-based financial aid is for students who are from lower-class families. Some financial aids are for people from a particular origin, ethnic group, etc.
#3. Scholarships
This is the most common funding source/option for university students. Scholarships are non-refundable, and depending on the scholarship, it can cover tuition, living expenses, and all other costs that arise from a university education.
There are different scholarships for different students. Some are based on subject, country, color, level, gender, academic performance, and lots more.
This funding option for university students is preferred because you can apply for many scholarships, and their revenue will cover all the costs of education for that academic year.
#4. Grants and Bursaries
These are also non-refundable funding sources for students and are granted by many organizations and governments.
They work more like scholarships, but bursaries are from the government, while the grant is from organizations.
#5. Employment
Another funding option for university students is getting employed. They work part-time during breaks to raise money for fees and tuition.
The Value of Earning a Bachelor’s Degree
Back in the past, a university degree got you a better job. Today, it only gets you a job. According to research, the job positions requiring a bachelor’s degree, the salary has remained more or less the same in the last five years. It means that a degree is no longer a guarantee for a higher paying job anymore.
This is the reason why students who don’t have a solid financial background don’t even decide to enter the university simply because it takes them into a debt that will take years to pay off.
The support system for student loan borrowers has reduced and students feel left high and dry when looking for extra funding sources. It’s advisable to find a financial model that best suits your needs and interests.
To encourage students to pursue a bachelor’s degree, universities are providing scholarships by subjects to home and foreign students.
Conclusion
There are many funding options and solutions for university students. Make use of these and have an easier education without worrying about fees payment.
This article has listed some of the funding options for university students. Read and apply thus.
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