Tips for Financing Your Personal Education
There won’t ever be a better time to start financing your personal education than now!
If you get easily intimidated by the rising costs of college tuitions, don’t worry, you're not alone. There are thousands of other students out there who struggle alongside you. In the United States, according to the data revealed by researches and the advocacy group called Young Invincibles, college tuition fee at public universities has increased at an average rate of 28%, since 2008.
What was even more shocking was that some states like Arizona and Georgia were found to be raising college fee by an astounding 68% to 72% margin. Looking at these figures might have made you stress out more than ever. But, all is not lost yet.
Here are some ways which you can fight college tuitions along with some tips that are going to help you finance your education perfectly.
Don’t delay—Apply for scholarships and loans
It will help you massively in the longer run if you start applying for scholarships early. There are some scholarship programs that provide you with limits on how many times your application will be considered. We recommend that you don’t take the risk of delaying your scholarship-applying process. Same goes for education financing loans. If you delay filing loan applications, there are pretty high chances that your application would be turned down.
Avoid taking out debt more than your first year’s expected income
This tip is about calculating your total debt in all your years of college. To make things easy for yourself, multiply your first year’s loan with the number of years your educational program will take. For instance, if you are multiplying this loan number by four (years), it means you’re taking out the cost of your bachelors’ degree. This amount should place you within a 15% total of your loan debt.
When taking out education finance loans, remember this—an ideal loan payback situation would be when you take out a debt which is a lot less than your expected salary returns. This is ideal because you would be able to pay back your loan amount in 10 years’ time—or maybe even less than that.
Whichever shape the scenario takes, even if your loan comes out to be higher than this calculation, you should not panic. This situation depends on person to person, and case to case.
Start pooling in free money right where you are
Students from all around the world come to the U.S. to get quality education. Undoubtedly, student loans and personal financing does help numerous students. However, there are thousands of young adults who don’t consider them when they are applying. Fact is, if you struggle with hard work and determination to save up enough money for tuition fee, at least you would never have to pay it back. Think about that!