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The cost of higher education is on a constant rise for quite a while now. Even the educational establishments by the central and state governments have witnessed a significant increase in the college fee. This is a bigger issue, in particular, for students who decide to study abroad.
Students across the globe are rendered worrisome due to the high college or course fees at both bachelor and masters levels. This concern is more daunting for students who opt to complete their degrees from a private college or university. Their fee is much higher than that of government colleges and students are often burdened with this financial aspect.
Instead of feeling torn between their finances and education, which is a considerably critical financial goal, students now have the option of funding their education through other means. Colleges and universities on the global level are offering financial aid to deserving students. With the correct information and guidance, students can learn how to avail monetary assistance for education.
Ways to Finance Your Education without Any Stress
Students looking for ways to deal with high college or course fees can find several options in this section.
An education loan is a commonly sought-after resort by students who have hefty amounts of college bills. Banks provide these loans to cover the cost of the course fee as well as the additional charges of other activities and things associated with the degree. It includes living expenses, study equipment, coursework material, travel, and other lifestyle expenses.
The highest educational authorities have also introduced their own gateways of education loans. One example is the University Grants Commission (UGC) which has also opened an education loan portal with assistance from the Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development), and Indian Banks Association (IBA). Under this scheme, students can get loans up to Rs. 7.5 lac for studying in India and up to Rs. 15 lac for studying abroad.
As per the report published in The Times of India on May 25, 2019, even in the time span in which education loans in India had shrunk by 4%, the average ticket size of loans had hiked from Rs. 5.3 lacs to Rs. 9 lacs.
Savings Account and Income Tax Savings
There are various tax-advantaged college savings plans to help students save for the inevitable costs of college. These are diverse plans with special features like allowing parents to maintain parental control, providing flexibility if beneficiaries have to be changed, keeping the funds from being considered student assets when applying for financial aid, etc. Establishing a savings plan early is advisable because it allows contributions to compound as long as possible.
Students who have taken education loans are not required to return the amount in a haste. They are given enough time and flexibility to make it even with the bank. Additionally, showing your bank loans will also contribute to income tax savings. While these factors might not be entirely capable of solving the issue of high college fees by themselves, they do provide a helpful contribution.
A massive number of colleges and universities offer a wide variety of scholarships to students. These scholarships include need-based, merit-based, and other types of financial assistance. Several bodies such as the state government, the central government, educational authorities, colleges, private organisations, etc. introduce scholarship schemes. In most cases, these grants or scholarships do not have to be repaid and they are rolled out solely for the benefit of the student.
Students must go through the scholarships available at their college and apply for them if they qualify the criteria. Many college admission officers automatically put in the names of candidates for grants and college-sponsored scholarship awards. However, in some places, students have to apply themselves and they should always check to be sure.
Return on Investment
Every student must do thorough research about the return on investment of the college or course in which they are taking admission. The high tuition fee may be justified by the lucrative packages and thriving job roles. If there is a high possibility of a student not getting a well-paying job after the course, they should probably reconsider the advantages of pursuing the particular course from that college.
It is imperative to ensure that a university or college has a decent placement record before enrolling in it. Colleges that assist students in finding internships and jobs, have a good connection with the industry and prepare candidates for the placements to have an obvious and explicit advantage over the others.
With these things in mind, students will find it easy to organize their thoughts and make informed decisions. These points will help them in finding ways to manage the burden of their high fee. The cost of education can be a source of worry for many students. However, our education system is evolving into a more student-friendly environment and is ready to extend assistance wherever required.
In case the stress of course and college fee is taking a toll on you or you wish to seek guidance and support from experts in the field of anxiety and crisis management, reach out to 90528-90528 or email us at firstname.lastname@example.org