Higher education costs are at an all-time high, doubling in the 21st century, with a growth of 6.8% per year in the US. Tuition expense outweighs the cost of living, rising higher than the average income and medical care costs.
At the same time, there is immense value in getting higher education or a college degree to improve social standing and move across economic strata. Paying for college is no easy feat. Not all of us have the financial resources to pay for a college degree.
In this article, we have compiled a list of four ways to finance your college degree:
Bursaries, scholarships, and college funding programs
External resources
Student Loans
Financial aid
How to Fund Your Four-Year College Degree
Bursaries, Scholarships, and College Funding programs
There is a range of internal scholarships and funding programs to help aspiring students study in the most coveted locations like the US, UK, and Canada.
Some of the scholarships available cover multiple countries like those offered by the Higher Education Commission of Pakistan. These are government scholarships, mostly but not always at a graduate level, covering a range of countries like the US, UK, Australia, Germany, and France.
Other options include The Asia Foundation Development Fellows program, geared toward Asian students. The Fellows program aims to help them enhance their leadership skills and exposure by studying in the US and Asia.
Keep in mind that scholarships are either performance-based or need-based. We can help navigate the various categories and help you choose what fits best for you. The perk of scholarships is that the student does not have to pay the money back. You need to maintain a certain average in terms of the grades you get and your CGPA.
You may also need to stick to other conditions set by the sponsor if your scholarship is not merit-based, like maintaining an average of 60% or doing well in athletics for those on athletic scholarships. Furthermore, scholarships can either be full or partial, depending on the student's credentials.
Other options include college-funding programs and bursaries. A bursary is a specific sum of money awarded to students to study at a university or college. Usually, it covers the cost of total tuition fees and maybe some external resources like study material and accommodation. Sometimes, you can even get pocket money for living expenses if you're lucky.
Bursaries are essentially academic sponsorships and are granted based on financial need and/or good academic records. There are several requirements to qualify for a bursary, such as subject selection, location, age, and academic achievements. Examples of bursaries include the Pakistan Bursary at the University of Wollongong, Australia.
Usually, a bursary is paid back in service to the company or the institution that sponsored the student. While the bursary covers most fees, if the student fails in a semester or a module, they will be expected to pay for it themselves.
External Resources
Student grants are provided to aspiring students through government agencies, foundations, and other organizations like corporations. The grants are not repayable, and students need to consider their requirements carefully when applying.
To apply for grants, you first need to be eligible for them. If eligible, the institution analyses the application, runs the necessary checks, and rewards the students who fit the bill.
One of the critical considerations in grant provision is the financial status/income of the potential student. If the prospective student belongs to a low-income background, they are likely to be given a grant. In contrast, someone from a higher-income background might have a lower chance of consideration.
Some things need to be kept in mind when applying for a grant. Grants are country-specific and have various conditions. The rules, dates, forms, and procedures vary from organization to organization.
Grants may be Maintenance Grants or Fee Grants, which are decided according to each student's application. In some cases, a test is taken which needs details such as their nationality and their means of income.
It can be overwhelming and exhausting to navigate the process of finding and applying for grants. It is advisable to have an expert educational financing team on your side to help plan the future of your education in a different country.
Student Loans
To fund your college degree, you can also apply for student loans from various institutions, like the government, private institutions, non-profit organizations, or banks. There are various options, and we can help narrow them down.
Generally, an aide will help in the writing application. However, before proceeding with the application, you need to ensure that you have the resources to pay for additional expenses. You need to consider elements like living expenses, cost of visa, books, and supplementary materials.
Usually, the loan covers the tuition cost incurred. Sometimes, if you are lucky, the institution may also cover the overall cost or additional costs for resources like books. Applying for loans is tricky, and you need to understand and plan your finances before applying with someone who fits the bill.
In general, education loans are free from a collateral guarantee, and there is no interest rate, except in some cases. Furthermore, loans are given on some pre-set conditions like putting in some years at a specific company once your studies are complete. For this, you might have to sign an agreement with your provider.
Financial Aid
Financial aid can be provided by either the institution itself or a range of external institutions which are either government-owned, private, or non-profit. Financial aid is often offered if a student can prove that they do not have the means or resources to study at the institution on their income.
Usually, financial aid is divided into two main types: internal university funding and external institution funding. The first type is awarded to both entry and post-graduate students for either academic or non-academic performances. Financial aid comes in various packages, and each package has set requirements that the student must meet.
Institutions provide external funding outside of the university. They are also available to both post-graduate and undergraduate students for academic or non-academic performance. However, external financial aid has its own conditions that the student must meet, and the university cannot intervene in any case.
Aid covers the cost of tuition and additional expenses. But in some cases, financial assistance only extends to the cost of tuition while the student has to take care of the rest of the costs themselves.
It is also fruitful to have a stellar academic record and a knack for extracurricular activities, making you stand out amongst other applicants for the aid. Lastly, a winning application is a jewel in the crown that can help you beat out other competitors by a mile.
To find out more about financing your college degree in a manner that suits you best, book a free consultation with us!
FAQs
How do I know if I qualify for financial aid?
Financial aid is offered to all applicants who qualify for it according to various set requirements by different universities. In general, all applicants are considered based on the donor's conditions. Usually, good academic performance and financial needs are considered first.
I don't think I qualify for aid. Should I apply?
Yes, you should apply for aid. There is no good excuse for not applying for aid and hindering your chances of getting it. College tuition in the US and UK is an expensive endeavor to take by yourself.
Do I need to apply for financial aid every year, or is it a one-off thing?
Yes, you have to apply for financial aid every year. If your financial circumstances change, such as becoming worse off or better, the aid will be adjusted accordingly. After receiving aid in the first year, you opt for a renewal application that might contain pre-printed information from the previous year or ask for limited information the second time around.
In addition, you need to keep in mind that if you have siblings in university, your aid eligibility may change by a large margin. Furthermore, aid renewal depends largely on your academic progress, like earning the required credits for the semester, maintaining a certain GPA, and extracurricular involvement.
What are some commonly asked questions during a bursary interview?
The following are some commonly asked questions:
Tell us about yourself.
Why do you think you deserve to be selected for the bursary?
What personal achievement makes you the proudest?
Why did you choose this field?
What are your goals in life?
How and where do you plan to make use of the bursary award?
What can you do for our organization? What contributions can you make?
Where do you see yourself in the near future? 5-10 years from this moment?