A glass jar filled with coins and bills of different currencies labeled with the word “college”. The image represents the idea of saving money for college education, which can be expensive and challenging for many students.

ALTERNATIVE WAYS TO FUND YOUR EDUCATION OTHER THAN STUDENT LOANS

Friday, June 17, 2022

At YNCU we know planning how to fund your education is stressful. Everyone’s situation is different, so if you’re looking for alternative ways to pay for school, other than family or government loans, here are some tips that may help:

Applying for Scholarships and Grants

One of the best ways to fund your education and reduce your future debt is applying for a scholarship or grant. Scholarships are given out based on financial need and merit. There are many different scholarships you can apply for, all with different criteria. Although scholarships are very helpful in funding your education, they are also very competitive as many other students are applying as well, so it’s important to put in the work to make sure your application stands out. Check out our recent blog on How to Make Your Scholarship Application Stand Out!

Work During School

Many students decide to hold off on getting a job in order to solely focus on their studies. We know working while in school can be difficult, but ultimately it will help you take on less debt by helping to fund your everyday spending. Working while you are in school also provides you with an advantage after you graduate, because you are gaining experiences while also balancing school. This will look good on your resume and impress future employers.

Schools often have jobs available specifically for their students. Looking for part-time student jobs at your school is a great way to ensure you can balance your school schedule with your work hours.

Work Study Programs

As schools have part-time jobs for students available, there is also the option of a work-study program. These programs are great ways to gain first-hand knowledge in your chosen field and allow you to see how your studies will translate into real world experiences.

A work-study program may have certain restrictions on hours you are allowed to work and the pay can be a set amount, so make sure you thoroughly understand the details of the program before you enroll.

Employer Sponsorship

Certain employers are willing to contribute to your education or help you get an advanced degree. These employers typically offer to pay or reimburse you for your tuition if you work for their company for enough time. If you’re interested in advancing your career, it never hurts to ask a current or potential employer if this is an option for you.

Save Your Money!!!

An important tip to funding anything is saving your money and being conscious of your finances. Saving in advance of your post-secondary education can take away the stress of having to figure it out later. Making a budget can be a useful way to ensure you are saving as much money as possible to fund your education. Use YNCU’s household budget tracker to organize your finances. Make sure you are realistic about your budget so it’s easier for you to stay on track.

If you are interested in getting advice on how you can fund your education, visit your closest YNCU branch and talk with one of our advisors.