How to Pay for College in 2020

Posted In education loan On May 11, 2020

College is the ride of a lifetime that takes us through a diverse learning experience, eventually turning us into a stronger and more enabled person. It gives us a platform to develop our skill sets and knowledge which helps us to get a good job which in turn provides financial stability and success in life.

But with the rising cost of education, parents are worried about finances and some start saving money from early on for their children’s future. But since funding a college education usually involves various aspects such as tuition fees, hostel fees, equipment fees, etc, it has become a costly affair. Sometimes it may become extremely difficult for the parents to sponsor their children’s college education fully or partially.

Here are 5 ways that can help you pay for college on your own.

Apply for scholarship programs

Scholarships are the best form of financial aid since you don’t have to pay it back. But, getting access to a scholarship is a huge accomplishment in itself. Thus it is very important to apply to several scholarship programs so as to increase your chance of getting selected for one. 

Work-study jobs

You can apply for an internship or a part-time job in a company that can help you self-finance your education. Taking a job during college also exposes you to real-world experience and may even help you get better job opportunities once you graduate. You can also opt for graduate assistantships in your college which can also get you more financial support.

Take an education loan

Taking an education loan can be one of the best ways to ensure funds for your college. Apart from tuition fees, there are various other expenses that add to the cost of study like hostel expenses, library exam, lab fees, travel expenses, cost of uniform, books, etc. Thus, an education loan can help you cover not only the cost of the course but almost the entire expense of education.

Start Saving Early On

A piece of golden advice is to start saving money early on. You can start by opening a savings account where you can put small chunks of money monthly which can come up to be a considerable amount over time. Then you can use the money to finance a part of your college education or use that to pay off the margin amount & EMIs during your study period if you decide to take an education loan later. You can also try to minimize your college costs as much as you can. If you decide not to apply for hostel accommodation and other expenses, it would significantly lower your total cost of attending college.

Look for specialised programs that pay monthly stipends

Some Indian colleges following the footsteps of foreign universities have come up with programs that provide monthly stipends to students for their living expenses and such. Some universities also offer waivers on tuition fees if you are a meritorious student. 

The Bottom Line

You don’t have to worry about scholarships or not having financial support from your family. You can pay for your college education on your own without bothering your parents for finance. There are a plethora of options you can consider that will help you get the funds for your college and moreover help you get the type of career you intend. 

Procuring the funds for the right college education is no longer a privilege for the few. You can apply for a merit-based loan here at Credenc and get started on your college journey right away.

What is a Credenc merit-based education loan?

Merit-based education loans offered by Credenc are loan programs where the funds are given out on the account of an applicant’s merit rather than his/her credit history. The loan can be availed digitally and is solely given on the basis of the student’s merit indicating a high future earning potential.

Just fill out an online form, give an assessment and you're ready to go with a Credenc merit-based education loan for your college.

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