It’s not a secret that university is expensive, but do you know how much? The cost of one year of public university has been rising faster than the rate of inflation. In other words, this means that tuition is going up faster than the cost of living.
If you’re wondering how you will be able to afford university without being burdened by debt and interest rates, this blog post might answer your question.
Costs of university
The average cost of a four-year public university is currently around $35,000. In the past few years, tuition has been increasing at rates that are higher than inflation levels. To put it into perspective, students in the 1980s were paying an average of $2,700 per year for tuition. That’s more than five times less than what students are paying today (approximately $11,200).
Ways to fund your education
There are many ways to fund your education, but one of the most popular is taking out loans. However, other options don’t involve borrowing money. For example, you can take advantage of scholarships and grants by doing the following:
The best thing about scholarships and grants is that they’re free money. There’s no need to worry about interest rates or paying back loans. You won’t have to worry about paying interest on your loans either as it will be paid by the grant or scholarship you receive. In other words, you could pay off all of your debt without having to take on more debt.
Get a part-time job
If you want to pay for your education beyond the jamb fee, there are many ways you can do it. One way is by getting a part-time job while you’re in school. Depending on how much time you have and how much work experience you have, this might be an option for you. You could also consider waiting tables or working at a retail store if a part-time job doesn’t interest you.
Another way to pay for your jamb fee and education is by taking out student loans. When thinking about taking out loans, the financial burden of the loan mustn’t outweigh the benefits of having a college degree like higher salaries and better employment opportunities.
Some people think that the only way to pay for their education is with their parents’ help, but this isn’t true. If your parents cannot afford it, then don’t feel bad or obligated to ask them anyway. There are so many other options available to assist in funding your education without burdening yourself with debt and interest rates.
Look for scholarships and grants
The first step to funding your education is finding scholarships and grants. There are many ways you can find scholarships and grants, but the easiest way is to talk to your school counselor.
This person will have access to all the resources you need to find scholarships and grants, so you must stay in contact with them. Your counselor might be able to tell you about some scholarships or grants that you didn’t know about. They will also be able to help you complete the paperwork for any scholarship or grant application if needed.
Borrow from your family
One of the best ways to pay for college is by borrowing from your family. As an example, you can borrow and have it repaid in monthly installments, with no interest. This might not sound like a lot of money, but if you’re able to borrow from your family and pay it off early, this will be a low-risk way to fund your jamb fee and education.
Pay for what you can afford with loans
You can pay for your education with loans. There are many different types of loans that you can use. For example, there are student loans and parent loans to cover the cost of tuition. You can also opt for federal or private loans for your living expenses.
The downside is that these options are not risk-free. If you borrow student loans, you have to be aware that they come with higher interest rates than other types of debt like car or mortgage debt. In addition, it’s important to plan out how much money you need before taking out any loans because if you borrow more than what you need, it will lead to bigger payments later on down the road and make it harder for you to manage your finances if anything were to happen in your life.
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