The Basics About Financing Higher Education

By Mathew Jade

Education costs have grown rapidly over the years, and students are finding it increasingly difficult to manage their finances. Funding for education is a challenging task, particularly for high school students who want to attend top-notch universities and unemployed individuals who wish to pursue different lines of work. Instead of settling for mediocre alternatives, you can still aim big by paying for your education in the following ways:

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Education Grants

You may consider applying for financial grants for educational purposes. Students can acquire educational grants from the financial aid office of their universities. The best thing about grants is that you don’t have to pay them back. The only hurdle is qualifying — which isn’t necessarily easy.


Excellent high school students are frequently awarded merit-based scholarships, which also do not need to be repaid. The qualification for these scholarships varies, but often requires the student to have great grades and high scores on scholastic aptitude tests.

Work-Study Employment Plans

Some students work on a part-time basis to generate funds for their education. To this end, you may consider applying to your university to see if employment opportunities are available. The U.S. Government currently provides a 60 percent wage subsidy to employers of students engaged in work-study programs.

Internships and Trainings

On-the-job training opportunities and internships may allow you to to combine class attendance with full-time work. Although internships do not provide big financial compensation, they do allow students to gain practical experience, enabling them to decide about their major and possibly resulting in a job offer from the company they worked for.

Private Loans

By requesting private education loans from your friends and family, as well as from various other private sources, you may be able to cover hefty fees and pay them back in installments. Student loans can usually be arranged at either fixed or compound interest rates, which normally require a financially sound co-signer and a credit check if the loan provider is not satisfied with or unaware of your credit history. Many people believe that it is nearly impossible to repay students loans, but that’s not true; there are organizations that provide counseling for students to help them with their repayment structure.

Tax Breaks

Students may be able to get tax deductions in addition to credits towards tuition, costs, fees, and interest from student loans. However, these options are only available after paying tuition fees, and are more like rebates than discounted tuition. You can learn more about education tax breaks on the internet at government tax sites. Families can also qualify for tax breaks for their children’s education.

Mathew Jade is a passionate blogger who loves to write on Economics and finance-related topics. For further updates follow @Mathew_Jade


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Looking for Money for College? Check Out These Suggestions

By Ruth Ann Monti

Unless you never take your earbuds out, you’ve no doubt heard the horror stories about student loan debt. The average college graduate left school in 2012 with $29,400 in student loan debt, according to the Institute for College Access & Success. That’s a lot of debt for people just starting out. If you’re entering college or considering it, think about how you will pay for tuition without going into (much) debt. It is possible, but you need to research and plan.

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How to Calculate the Cost of College

Higher education awaits... but can you afford it?

Higher education awaits… but can you afford it?

For all those students who have gotten college acceptance letters recently, congratulations! But now comes the next question: can you afford it? The Wall Street Journal has provided some excellent resources for calculating the cost of college, for all you parents and students trying to figure out where to go next year. First of all, I highly recommend the article Making Sense of College Aid, by Ruth Simon and Rob Barry. It provides an excellent overview of what to look out for in your financial-aid packet. For example:

Some schools don’t even mention costs in their financial-aid award letters, while other schools cite only tuition and fees, ignoring transportation, textbooks, and living expenses. Many colleges describe loans as “financial aid” or obscure the fact that the aid package includes federal loans to be taken out by parents.

There’s also an excellent online resource, How Do Schools Stack Up?, which allows you to plug in various schools and see things like ROI (return on investment), median borrowing, what percentage graduates in 4 years, the current cost including tuition, room and board and other expenses, and salaries of alumni. Lastly, at the bottom of the page, there’s a terrific interactive worksheet that allows you to compare college offers by looking at the “net price”—your total annual costs after subtracting grants and scholarships.

Good luck making your choice! It’s a tough decision, but you’ll get through it.

Going to college?  Give yourself the gift of good grades with The Secrets of Top Students!