Various ways a student can pay for his education Essay Example for Free

Various ways a student can pay for his education Essay Pursuing education may be expensive, but the cost incurred during one’s education may be offset by the rewards resulting from education, which are usually long-term. Various factors determine the amount spent in education, especially college education. For instance, the level of education, type of college, and the total number of courses an individual is taking. Though there are various programs, which for education, timely saving for our education remain to be a very good start. There are several ways and payment options a students may use in order to cater for their education expenses as well as other expenses that may be incurred in the course of his or her education. For instance, through the award process of financial aid, universities and the federal government offer financial assistance to the needy. Several ways which one can use to finance for his higher level education include the following; The plan of monthly payment which is interest-free and can help one to manage his or her expenses of education by allowing one to pay tuition over several months course rather than paying lump sum amount at one time. This makes it easy for a person to pay for the education finance since it can reduce the amount one want to borrow and thus saving your money. The enrollment fee is low and there are no charges to this plan of monthly payment. This is also an effective way of paying education finances since it has different ways of payments which include: the credit card, money order, check or e-check. Other way students can pay for their education is through tuition assistance provided by the employer. Many organizations and companies offer programs of tuition assistance to their employees so as to retain them and also develop their skills and knowledge. For students who are employees of federal government or who are service member of active-duty have a chance of being eligible for assistance of tuition. A student may request his supervisor, representative of human resource or the personnel in education office as to whether benefits of tuition may be available to him or her. If the tuition benefit is available, then the student should register and pay his education bill using the tuition assistance by employer. A student may also be catered for his or her education bill by a scholarship. Scholarships are usually awarded to needy students who achieve high academic excellence, especially in high schools. Scholarships are prized highly since they represent financial aid form, which does not need to be repaid back. Both university and state, and federal scholarships are being awarded through process of financial aid. Scholarships are more often awarded on basis of financial need and academic performance. Students can also be considered if they apply for scholarship programs of such as coveted legislative scholarships. Scholarships awards by universities and colleges are based on several criteria which include financial need, academic achievement, and enrollment in a certain academic area or degree program. Furthermore, universities offer other several other programs of special scholarships for the college graduates and also for the military personnel, dependents and spouses. Student can pay for his education bill by the federal loans. As is in the case of several students, one may be in need of additional financing so as to supplement his or her savings, scholarships awards or grants. Many packages of financial aid usually offer aid in form of the federal loans. The federal loans have advantage since they offer interest rates which are low and repayment plans are flexible. Students may also be paid for their education finances by scholarships which may be awarded by organizations or companies. Several companies offer scholarships for artists, academic, athletic achievers among others. Interested students may apply for such scholarships and may be awarded. They may search those scholarships through the online search engines. Students may also choose to apply for private loans as a supplement to the federal loans so as to cater for their education bills. A student may find loan programs or lenders who offer repayment terms and interest rates which are reasonable. Grants are another means which a student may use to finance his or her higher education. Grants are financial awards which do not need to be paid back. Grants usually vary and depend on need level and enrollment status of the student. There are grants which are designated for students who are undergraduates only and they include the grants of federal pell, federal educational opportunity supplemental grants, and the part-time Maryland grants. Students can also pay their education bills through the earnings they get from the job opportunities provided the program of federal work-study. Amount awarded tend to vary according to the students need of finance and also fund availability. The work study is paid biweekly and students are paid according to number of worked hours. In conclusion, students have several means of paying their education bills and thus no student should stop learning due to lack of finance to cater for his or her education finances. References Oklahoma Higher Education. (2010). Financial Aid: Managing the cost of college. Retrieved July 24, 2010, from http://www. okhighered. org/student-center/financial-aid/