When you think of the word “student”, you inevitably think of the word “broke.” Having no money during the most formative years of your life can be very debilitating, so if you are planning on embarking as a student, or you are currently in the midst of your education, what are your financial options?
While grants are particularly helpful, because the amount is usually quite small, it won’t cover all of your college expenses. The great thing about grants, of course, is that they are completely free, so you don’t have to pay them back. But, don’t try to swindle the process, as you need to use it for the specific purpose.
There are various financial support systems. Each college has its own department that takes care of financial support, and they look for contributions from college alumni, and usually goes towards students that have a low income. You can apply for this financial aid as soon as you become admitted to the college, but it’s means-tested, meaning that it depends on your own specific financial situation. There are other options, such as refinancing student loan debt, with more information on refinancestudent.loan, which, again takes into other aspects of your own financial situation, including credit score and other debts. When it comes to refinancing your student loan, this is an option that most students have upon leaving university, but it’s all relative in relation to the amount of debt you want to get yourself into further down the line.
Many businesses have sponsorship programs, and much like a grant, you don’t have to repay the money. If you are a parent reading this, it’s definitely worth researching into. But it could mean that there are certain caveats to having the sponsorship, like having to work for the company for a certain number of years, or meeting certain requirements. There is more information on cse.umn.edu if you want to go down this route.
Earning Extra Income
This is the standard option for many students nowadays. And there is still a debate as to whether working so much impacts their study negatively. But in the current climate, this is a typical option for many students who need to keep themselves a float. While so many people try to develop a side hustle, there are some ways penniless students can earn a good living while still studying full-time. There are websites that pay people to take surveys, there are freelance websites, but there are also full-time work opportunities for people who have a decent internet connection. Companies like Appen have opportunities for people to do admin work from the comfort of their home, and get paid as per the amount of work that they do. So, this can be a difficult area to break into, but once you are in there, there is a constant stream of work. Meaning that, as a student, it’s feasible to fit it around study. There is no limit to how much you can earn, just as long as you put in the time.