In this age of ‘dog eats dog’ competition, the importance of higher education is admitted on all hands. A good and embellished academic profile helps you stand out from others. You are easily spotted and promoted to a higher rank. It is because your profile speaks volumes for your knowledge, skill, and potential. You are considered an asset for your company.
Though an advanced degree is a gateway to a successful professional career, the road to higher education is not a smoother one. Making an entry into the institutions of higher learning depends on two factors – merit and money. Unfortunate are those who are forced to take a break from studies because of monetary problems. When a brilliant student is deprived of a bright future, society – on the whole – ends up losing a young brain. It is in this regard, financial help for students is worth discussing in detail and in-depth.
Monetary assistance fills up the gap between required and received. With prices of every necessity shooting up through the roof, education cost cannot be exceptional. Every passing year, we witness a steep rise in tuition fees and other associated expenses. This scenario is not impressive at all especially for those born and brought up in middle-class families. However, it is not only the rich bracket that produces brilliant brains.
Many path-breaking personalities were born in poverty and money failed to put up a barrier for them to go ahead. Nowadays, to bring the best out of every section of society, the government has taken some strong measures. It has decided to nourish the talents and provide them with help so they can continue with their mission and vision.
Providing financial help for students is not a trend though in recent years the amount of grant and loan has increased considerably. Private lenders have also entered into the market, thereby adding to the figure disbursed every year to the needy learners. If monetary help comes in the form of a loan, the borrowers (here, the students) have to bear the burden of monthly interest. So, at the end of the courses, they may find a considerable bulge in the payable amount.
However, the repayment phase starts only after six months of your graduation. This feature makes it possible to find a job and accumulate enough to clear the dues. You can also go into a negotiation with your lenders regarding the reduction of the interest rates. Even a 1% waiver saves you a lot!
Understand your income and expenses
Do not just enter an amount at DUO that you want to borrow. First, make a global calculation of your costs. Especially when you live or live in rooms, this is important. Add up your rent, fixed costs, costs for groceries, insurances, and subscriptions and compare this with your income. Look here whether your income and expenses are comparable to those of an average student in your situation. With Extra Insight you can easily see where you spend your money every month.
Look critically at your expenses
Look, incidentally, critically at your income and expenses, before you decide to take a loan. Often it is best possible to economize on something. And if you do not yet have a part-time job, you will, of course, look for it. Is there still a gap between the amount that comes in and goes out again? Then that is the amount you have to borrow.
Find out what the starting salary in your field is.
Find out what a starter earns on average in your field. You will earn this as a higher professional education student and this as an academic. Keep in mind the difference between gross and net! If you know what you can earn, you also know whether you can easily miss $ 100 or $ 200 per month.
Take into account an increase in your fixed costs
Do not forget that your living costs are probably higher if you move from your student room to an apartment or even an owner-occupied home (even though it is more difficult to get a mortgage with a substantial study debt). In that case, your fixed costs are also higher: you pay more for energy costs, and the annual municipal taxes and water board levies suddenly turn around the corner.
Do not lend to spice your savings account
If you can get by on a certain loan, do not borrow more than that amount. It now seems nice that your savings accounts are growing, but remember that this is not your own money. You have to pay back a lot of money later on while you do not need it now.
Financial help for students is also extended to those who are willing to make a career on foreign shores. Needless to say, you require a whopping amount to study abroad and will discover it quite burdensome to pay such a fat figure. Better, in this case, is to apply for scholarships. Every aspect of education expenses is borne by the fund providing scholarships and in exchange, you need not pay anything. However, merit matters when it comes to grabbing such a prospective offer.