5 Simple Ways To Finance Your Higher Education
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5 Simple Ways to Finance Your Higher Education

Digital Marketing Analyst at Digital Durja

“Education is the most powerful weapon which you can use to change the world.” True to the words of Nelson Mandela, it is avital aspect of our lives.But along with the scope of education, the expenses are increasing too. This is since reports found that the coachingcosts have sharply gone up in India. The COVID pandemic has also made higher studies unaffordable due to the lack of steady income in the households.
You have to be more careful with allotting funds towards your studies if you are planning a foreign degree. The good news is that there are ample ways to finance your college fees. Here is a list of ways that can help you sail through the process without hiccups.

5 Simple Ways to Finance Your Higher Education

1. A Personal Loan

Just like you can take a personal loan for vacation, it is also available for higher studies. Take a look at the top features before applying.

  • The loan amount available for up to ₹40 lakhs
  • Loans with low-interest rates starting at 10.49%
  • Easy eligibility with a minimum age of 23 and 25 for salaried and self-employed individuals respectively.
  • Minimum documentation like a valid KYC and income proof (if any).

The fee is as less as 3.5%. The leading banks provide detailed information of all the other charges on their website for absolute transparency. The funds from easy personal loans can be used to cater to study materials, tuition fees and other needswhile you can peacefully focus on your goal.

2. Fixed Deposit

You can get an instant loan online. But another good way to finance your education is a fixed deposit account. This is a safe investment. You can start with as little as ₹10,000 with easy withdrawal facilities. Work with a bank that offers at least 5.25% to help your savings grow substantially over time. You can receive a lump sum maturity amount at the end of your tenure that will help you pay for your educational requirements.

3. Part-Time Jobs

Consider a stable source of income. You can teach kids, become a virtual assistant or pick freelancing. Choose the one that fits your existing skill sets. You can consider multiple streams of income over the weekend too. All of them can add up to a substantial amountto help youpay the college charges without interruptions.

4. Scholarships

Besides an urgent loan, this is the best financial assistance to continue your education. This is especially true since the fees of top institutions are often sky-high for commoners. As much as getting your degree from a ranked college is crucial, it is overall an expensive program. So, try to perform well in academics to get a merit-based scholarship. It also helps you come across as hard-working which is an added benefit during admission procedures. You do not have to pay the scholarship amount back. This saves quite a financial burden.

5. Savings Fund

Set aside a specific amount each month. Try not to liquidate it before reaching a particular figure. You will further earn interest which will further help the balance grow. This can be later used to pay for your education. It saves the hassle of borrowing from relatives or breaking your FD or mutual funds midway.

Besides a personal loan for vacation, consider one for educational purposes. Put the other tips into action too to finance your studies without running into debt.