What Types of Ways can Students Pay for College? - Paper Example

Introduction

Since college and university education have become a necessity for most employments that people seek, it is important that any person who needs employment do everything possible to finance his or her education to that level. Many scholars are aware of the fact that the cost of education has gone high and students whose parents do not generate enough money to be grouped under the middle class in the economy may have challenges helping finance college education (Weaver, 2018). In most cases, colleges do not allow the learners to sit examinations before clearing any fee arrears, which is why paying the school fees in time has become crucial in supporting college education. Some of the most effective types of ways of financing a college education in the world today include work-study program, loans, and choice of affordable institution.

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Since students usually have free hours during the day, it is possible to use such hours to work in hotels and other organizations that support work-study programs. Students abroad join organizations, some of which consist only of people from their mother countries, such organizations help new students to get jobs so that they be able to pay for their college education. Getting three or four free hours during the day is common among scholars. However, some students chose to rest or party during such working hours. Other students use such productive hours to do office work and earn enough money to pay for their college education as well as their personal upkeep (Bogart, 2018). Besides job-hunting in hotels and offices, students can also explore the various online marketing jobs among other freelancing jobs to help them generate money. The choice of a job that one does is very important; some jobs can be so tiring that one can hardly study after work. Such jobs include hard labor jobs such as loading and offloading goods in companies. This is why it is advisable that students choose employment in the line of what they study.

Seeking loans is another way in which a student can finance his or her education in the college. Available sources of student loans can be classified as private and government loans. Private loans can be solicited from friends. In some cases, friends give loans without interest to learners; some family members can also contribute to the education of their relatives by giving grants as well as interest-free loans. Such assistance from family and friends can help so that the learners get the opportunity of completing their college education, getting a job and either returning the favor or paying back the leans (Weaver, 2018). Besides, some private financial institutions give educational loans to learners. The private financial institutions can charge fixed or variable interests depending on the agreement between the learner and the loaning institution. Some of the conditions for getting loans from private institutions include the involvement of a financially sound guarantor and a credit check in case the lender is not familiar with the borrowers' credit history (Bogart, 2018). One source of loan for students, which is exploited by most learners in the world, is the government loans. For instance, the United States Government gives Direct PLUS loans to learners to enable them to finance their education. The reason students like the loans from the US government is because its interest is 7.9 percent, which is very low compared to the other loaning agencies in the country (Hawk, 2018). The relaxed credit requirements for the government loans are another reason students can be legible.

Lastly, choice of the institution of learning is important as some institutions are affordable and support programs that finance the education of learners. In the United States of America, the community colleges are most preferred by the immigrants as they offer an important venue for achieving financial aid and support for the learners (Lopez, 2013). Such colleges feature open admissions; they are conveniently located so that they can cost much less than the four-year institutions of higher learning, and they accommodate students with family responsibilities as well as those who need to work to support their families and education. When students go to private colleges, the expenses for education might be too high and less time might be available for them to work and generate money for the college expense (Lopez, 2013).

Conclusion

In summary, students need to be innovative enough to generate money for their college education in the world today. That is because college education has become very expensive and some students have to support their education, as their family may not be financially capable of paying for the college education. Apart from the efforts of the parents to finance their children's education, the learners can also explore the variously available money generating opportunities and financial aids to support in financing their education. In some cases, people stay long without landing themselves any job and have to go back to college and complete a degree or certificate in another field. Such people require financial aids the most.

References

Bogart, J. (2018). Financing Your College Education [Blog]. Retrieved from https://mycollegeguide.org/articles/paying-for-college/financing_your_college_education

Hawk, J. (2018). Seven Ways to Finance Your Higher Education. Retrieved from http://www.businessdictionary.com/article/771/how-to-finance-education/

Lopez, J. (2013). Unmet Need and Unclaimed Aid: Increasing Access to Financial Aid for Community College Students. New Directions For Community Colleges, 2013(164), 67-74. doi: 10.1002/cc.20082

Weaver, R. (2018). Five Ways a Student Can Finance Their University and College Education. Retrieved from https://www.susdiv.org/five-ways-a-student-can-finance-their-university-and-college-education/