Important alternatives to student loans
Updated on December 20, 2019
Student loans give young people throughout the country the chance to explore new academic fields and eventually improve their careers. However, student loans can also be difficult to pay off later in life. Before taking out student loans, it’s important to look at potential alternatives to them that won’t require financial responsibility later on. Here are some key alternatives to student loans to look into.
The first thing to do once you have been accepted to college is to apply for scholarships. There are so many different types of scholarships available, most of which are merit-based. There are also many scholarships that have been developed for people of specific backgrounds and interests. Your school likely offers several different types of scholarships, but there are many private organizations that offer them as well.
Grants are very similar to scholarships, but they are usually need-based instead of merit-based. Like scholarships, they are often focused on students in different fields or of different backgrounds. If you come from a low to middle class family that cannot afford the high price tag of many college programs, look into grants for your field to see what you qualify for.
It’s also very important to apply for financial aid for college. The federal government gives out thousands of dollars in financial aid each year, and you can easily apply online. Your state government may also offer financial aid, and many schools offer financial aid as well.
Many schools offer work-study programs for their students to help them pay for college. Work-study programs allow students to work within their educational institution for a limited number of hours each week in order to earn funding for their education. Since it can be difficult to find part-time jobs that work with a school schedule, these work-study programs can be very helpful.
Help from family and friends
If you’re passionate about your studies, friends and family may be willing to donate a little money towards your education. Crowdfunding campaigns have become a very popular way to source tuition money over the past several years. Many families will also be willing to use some of their savings to assist with college.