To get a bachelor’s or master’s degree from a college can be out of reach for most of the low-income group students. Students from a low socio-economic class tend to be less likely to achieve a bachelor’s degree than students who belong to a high socio-economic class. This happens even if the students belonging to a low-income group is bright in the academics.
Most of the students are unaware about how the financial aid works. And by seeing an alleged price of the college they prefer to attend college that is in their hometown, to save money. They are unaware about the value of institutional aid, and study policies.
There are a variety of financial aid sources available that can help the students to pay for college:
Scholarships: There are many private and nonprofit organizations that offer scholarships to help the students pay for college. This free money is based on merit, or talent which can help a student to manage their education expenses.
Work-Study Jobs: Students can do part-time jobs and earn money to pay their tuition fee. But they must keep in mind that if they can go for this part-time think only if they can manage their work with academics. Not all part-time jobs tend to be done in office. There are several freelancing jobs where a student can work on the project basis.
Loans: Students can get a student loan for their higher studies by borrowing money from the bank. The student will have to repay the loan amount once the course gets completed and should have a proper clarity about the repayment options without taking the loan. And there are many colleges out there who offer EMI options with the help of which the students pay the college fee in installments rather than in lumpsum.
Financial aid that your college offers: Many colleges provide financial aid through scholarships or their own grant. The student can get in touch with the college authority that handles the financial aid. And he/she can fill out the applications before the deadline that the college requires for a particular program.
Start your savings soon: Most of the students are prepared as in which career path they would choose. So, it is advisable to all the low-income group students to have a plan from the very beginning of their school days. You can start saving by opening a legit savings bank account. You can also start SIP (Systematic Investments Plan) as well. All these pre-planned decisions will help you a lot when your time comes to join the college.
At the end of the day, a better system of financing higher studies or college education which can be affordable for the students and has a clear and defined benefit for the students and families is required. If every institution out there takes some reasonable steps to offer such benefits to the students, the burden would be less. And lastly, the students must also be aware about the financial aid options that can make their college studies an affordable one.