Finding educational funding is often a significant challenge for those that aspire to advanced degrees. Since attending school can limit opportunities for income while involved in education, students and their families may need to find ways to pay for room, board, transportation, and other expenses, along with tuition and educational supplies. There are many sources of educational funding available to students; along with the well-known choices of scholarships and student loans, there are also the slightly less common options of work-study, parental loans, and private loans.
Scholarships and grants are sources of educational funding that do not need to be repaid. They may be based on individual merit, financial need, heritage, or many personal characteristics. Scholarships may be granted to students that write an outstanding application essay, take on a challenging project that aligns with the scholarship sponsor's aims, or have an intriguing personal history that sponsors wish to promote.
Two great sources for scholarship and grant application information are a school financial aid office and scholarship matching websites. School resources can give the student a list of all institutional based scholarships that are only available to enrolled or entering students, while websites help match up a student's interests, goals, and needs with available public grants and scholarships. Students with a high need for educational funding may want to spend several months applying for every grant and scholarship possible, as these sources of educational funding can drastically reduce the need for loans or personal financing.
Student loans are frequently available through government educational programs. Based on financial qualifications and the cost of tuition and living at a specific school, loans may be able to fully cover all student expenses for the entire length of an educational program. Agreeing to take on loans, however, may put a student in an enormous level of debt, which may be difficult to pay off at first. Loans can sometimes be the only means of educational funding for some, but the debt incurred should still be carefully considered.
Parents may sometimes be able to take out government or private loans to pay for their child's education. This reduces the debt load on the student, and allows parents with more established careers to pay for their child's education even without an existing college fund. If parents are willing to take on this type of debt, it can be a good way for students to attend college and graduate without the panic of looming loan repayments.
Some students looking to reduce their burden of debt may opt to take out fewer loans and enroll in a work-study program. This type of educational funding allows students to take on-campus jobs at a part-time level. Since they are school-run jobs, hours are typically very flexible, and supervisors are usually willing to work around the student's busy schedule. In some cases, this source of educational funding may also provide the student with school credit for certain classes.
