Finance

How to Finance Your College Education

One of the best paths to unleashing your potential and achieving your career goals is getting a college education. Thankfully, Canada is the third best country to get an education — hosting some of the world’s top colleges and universities. Of course, getting a college degree doesn’t come cheap. As a result, many resort to taking out student loans. This has led to an increasing amount of students who go through their professional lives still worrying about paying off their student loans.

Fortunately, a student loan isn’t the only way to fund your college education. So in this post, we have listed some possible alternatives:

 

Get a Job

Being employed and earning your own money is a great way to start saving for your education. There are many jobs out there that don’t require a college degree — such as being a barista at a coffee shop or an administrative assistant at an office. What’s more, you can simultaneously study for your college education while working part- or full-time. You can find a number of schools that offer flexible learning arrangements. So, you can also choose to request for a reduced course load or enroll in an online degree if you want to maximize your success while juggling your academic and professional life.

 

Use some of your savings

One of the perks of learning the importance of financial literacy from a very young age is that it allows you financial freedom later on in life. For the families who have the foresight and capabilities to save money well ahead of time to fund their children’s own college education this becomes a reality. In addition, some parents also plan ahead by opening an investment account such as an RESP to fund their child’s education. Simply put, an RESP is a regulated account that is used to save money for a child’s post-secondary education. So if you’re fortunate enough to understand the importance of saving from a young age or have parents who are practical, funding your college education shouldn’t be too challenging.

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Apply for a scholarship

Being a star student has its benefits. If you’ve got good grades from high school, some universities and colleges will automatically consider you for various entrance scholarships. So, be sure to take a look at the options that you have and apply for as many as you’re qualified for. The only caveat when it comes to scholarships is that you need to maintain certain grade requirements every semester. However, this is such a small price to pay for something that can significantly ease the financial burden of going to college.

Check if you’re eligible for a grant

If you and your family are not financially stable, you may be eligible for a grant. The great thing about grants is that they don’t need to be repaid as long as you meet the requirements. Be sure to do your due diligence and check the kinds of financial assistance available to you. You can check the website of the school you’re interested in if they offer grants for your financial classification.

A college education can help you achieve so much in your professional career. So, it’s important to know the different financial options you can use to fund your college education. By doing this, it can give you peace of mind and allow you to better manage your finances and job down the road.

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