It is a happy moment for you when you get accepted to the university of your choice. This excitement is overshadowed as soon as you receive a letter to pay your first-semester tuition fee. Even before starting your actual education, universities/colleges require you to pay your tuition first. The tuition fee depends on the field you select to study in. Regardless the fee will be anywhere near four digits minimum.
It may sound huge if you have a minimum wage job. That being said, you are already more fortunate than our neighbors in the south, who spend a lot more money to study at a university and accumulate large debts. A credit score comparison can help you if you’re thinking about financing your education.
To solve this dilemma of how to finance your education debt, we have compiled some tips.
Here are the ten ways to finance your education:
1. See Work Differently
The era of the small job economy is in full swing and could make you big!
If you have a car, why not become a driver or even a driver for a few hours a week? This could help you make ends meet and pay for the textbooks.
Can't afford the luxury of owning a car? Use your public transit card to make a weekly tour of thrift stores and resell items at a profit! If you know a little about fashion, you could come across big brands and vintage pieces at ridiculous prices. Just take photos, write a description, and wait for someone to contact you. It may not be a method that will earn you a fixed income, but it's always fun to receive a hundred dollars for a t-shirt from an old 80s band bought at a cheap price!
Is your convocation still far away? No need to wait for your diploma to live off your passion. Indeed, you can start selling your talents well before your prom (of course, if you are an apprentice dentist, we will go back).
For example, if you are studying design, you can offer your freelance services on several online platforms.
2. Ask Your Boss
If you already working for a company, it can be helpful to check if your employer could finance part of your studies. Indeed, many companies offer this benefit, which allows them to boost the morale of their employees. Hence, improving their performance and reducing the turnover rate.
Your field of study must be eligible for the education sponsorship program your company’s offering. The call center where you work on weekends is probably not going to finance your degree in literature.
3. Organize a Crowdfunding Campaign
Do you know that the Internet and the generosity of people could help you? A few months ago, a young woman organized a crowdfunding campaign to be able to pay for her studies at a prestigious American university. She managed to raise more than $75,000!
4. Apply for a Scholarship
There are several scholarships available in Canada and the United States. Often, students are unaware of their existence or believe that they could not be entitled to it.
However, there are other requirements for getting the scholarship other than grades like community commitments and social work. But It is worth applying for a scholarship as you never know you may be the only person to apply for one of them. Also, a "scholarship recipient" fits very well with a CV!
5. Find Out if Your Parents Can Help
Ask your parents if they can support you full or part of your education. If parents are unable to finance your education they ask them other ways in which you can ask for your financial assistance. For example, consider the student line of credit. And for your financial needs during your studies, discover the special offers from National Bank for students.
6. Public Scholarships
Several scholarships can be awarded to you by the State. Each month a sum is allocated to you based on your financial and family situation and the distance between your place of residence and your establishment.
For high school graduates who have obtained the "very good" score, financial aid for the students can be given to for their first year. It can also be given to the students doing a master's degree or medical.
Allowances from the state are given to the most deserving students who are taking exams to apply in the public service field. These annual grants are based on the exam results of the students.
In the event of major difficulties, you can always call for emergency assistance. It can be granted to you immediately according to your situation. It can also be distributed to you throughout the year if you meet the social criteria.
7. Private Scholarships
The private schools also grant scholarships to their students. The private schools contact their alumni associations to see if any student requires financial assistance. This is the case of HEC, which exempts their scholarship students from tuition and competition fees.
Partnerships can be established between schools and businesses. The latter then pay the tuition fees of a promising student who will subsequently have to work in the same company. In engineering schools, students usually benefit from a grant.
8. Take a Loan
If you are under the age of 28, you can apply for a state-guaranteed loan. No need for parents or any other person to stand surety since the State stands surety with the participating banks.
9. Work While Studying
Arrangements are made to make life easier for students who wish to work during their studies. The university notably offers the attendance exemption for students who work part-time or full-time. Continuous assessment is then replaced by the end of the semester exams and allows the student to earn money and experience.
For certain fields, students can also opt for work-study programs. The student divides his time between theoretical lessons at school and practical exercises within the company. In agreement with the school, the latter also pays the registration fees and a salary to the student.
Already well known for funding humanitarian and cultural projects, crowdfunding opens its doors to the world of education. Platforms have been set to help students finance their education. Here are some alternative ways of paying for college.
Student education can sometimes be very expensive and it can be overwhelming to finance it. Most students are unaware of how to finance their studies. But hopefully, with the above tips, you can get some idea about how to effectively finance your education without any obligations and dependency.