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8 Best Ways to Finance Your Studies

There is definitely no doubt college is pretty expensive. Once you get admission to your dream college and choose your favorite course, it is now time to figure out how you are going to meet all the expenses. With that being said, follow the tips below to learn about the 8 best ways to finance your studies.

8 Best Ways to Finance Your Studies

If you do not have a proper income source and you find it hard to meet your expenses, here are 5 best ways to finance your studies.

Get a Government Loan

Most people get a government loan to finance their studies. It is one of the most common ways, people use it because until you do not have a reasonable amount of income, you are not forced to pay. Once you get a proper job and have a reasonable amount of wage, you can then easily pay back the loan.

There are various sorts of government loan schemes available to help you finance your education. For instance, if you live in Australia, you can check out StudyAssist. Moreover, it all depends on the government where you are living.

Merit-Based Scholarships

Merit-based scholarships are for students who can outperform others in different criteria such as academic, achievements, talent, and more. Without the university itself, the state government, federal, local, and large businesses and cooperation and others offer potential students merit-based scholarships.

However, to earn these scholarships, you need to fit in the criteria while competing with other students too. Moreover, these scholarships, depending on the organization that is offering the scholarship, may cover tuition fees, travel expenses, and more.

Scholarships offered by Universities

Every university offers a number of scholarships which can be both need-based and merit scholarships. However, it is important to note that the universities offer scholarships on the basis of academic excellence. Besides, there are also scholarships that are for specific age groups that universities offer. In addition to that, universities also offer scholarships for specific degree levels. For instance, some universities offer more scholarships for PhDs than for bachelors.

Furthermore, the scholarships which universities more often offer cover tuition fees, accommodations costs, travel grants, and insurance. The scholarships can also include a monthly allowance.

Work and Study

Besides studying full time, you can also choose to do some part-time jobs. Or you can also apply for work and study programs that your university may offer. This will not only help you in managing your expenses and tuition fees but also you can get a sense of pride and responsibility by not depending on others.

If you are thinking to give it a chance, here are some tips to help you.

  1. build a strong time management habit
  2. set goals and reward yourself for achieving them
  3. make time for entertainment and fun
  4. eat healthily
  5. enjoy both the work and study
  6. moreover, if you are facing difficulty in managing your work and study schedule, talk to your friends and family to be understanding and consult your workplace for study leaves if you need one. Besides, try taking fewer courses.

Sports Scholarships

Besides, need-based and merit-based scholarships, universities also offer sports scholarships. So, if you play sports such as cricket or football, you can apply for scholarships through sports. It is important to note that you do need to be an expert in it because all it requires is you to keep practicing.

Need-Based Scholarships

One of the most important and best scholarships that students can apply is need-based scholarships. If you are needy enough financially, you can easily get these scholarships. Moreover, the best thing about need-based scholarships is that they do not require to be paid back later. The need-based scholarships cover a wide range of expenses from tuition fees to living expenses. Moreover, through need-based scholarships, students can also get a monthly allowance to cover their basic needs.

Student Prizes

Student prizes, offered for various kinds of achievements, is cash prize through which you can support your studies. Thus, we can conclude that it is a type of financial aid. They are offered for reasons such as:

  • academic achievements
  • as result of coursework and publications
  • good performance in undergrad examinations
  • and much more

Moreover, if you take part in talent hunt o competitions, you can win student prizes.

Student Loans

They are funds that you have to pay back. Student loans are similar to any other financial loan with a few differences only. You can get student loans from either government backs or any private bank or organization. The bank from where you apply for student loans can be any bank from your own country and also a country you wish to study in. However, the student loans that we can get from any government bank are better because the rates offered by government banks are usually lower.

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