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Paying for your studies

With the rising costs of education today, very few people can afford to pay their full tuition out of pocket. Even taking just one or two distance-learning subjects at a time can be expensive, depending on the academic institute. While receiving an education is well worth the cost, it is still a big expense. By taking advantage of distance learning programs, instead of fully time classes, a student can save a considerable amount of money. By exploring all the distance- learning payment options, it is possible to save even more.


A Scholarship

A scholarship is an award based on criteria set by the group giving the award. It can be for academic merit, athletic ability, financial need etc. A scholarship is free money that students do not have to pay back. In most cases, organisations and professional groups who support people with those characteristics offer scholarships.

There is a large section of scholarships that we consider contest scholarships. These scholarship contests might be easy to enter, but difficult to win. Students are better off focusing their scholarship search on more unique and fitting scholarship programs. Each scholarship program will have its own unique application process, but students can expect to submit their academic history, financial aid paperwork, and one or more letters of recommendation, as well as to fill out a standard application.


A Grant

A grant is also gift money, given to students to help pay part or all of their distance- learning expenses. Grants are often a one-time gift, given in a lump sum to students that they do not have to pay back. The government, professional- or private organisations, individuals, and even educational institutions award grants. They award grants on almost any basis, though most commonly they base it on financial need.


Financial Aid

Financial aid is a general term for any money students gain to help pay for a qualifications. While ideally, a student should be able to fund his education entirely from free or gift money such as grants and scholarships, that is rarely possible. You might be able to make up the difference out of pocket, but more than you will require one or more student loans to pay for your tuition. Students can apply for financial aid from anyone to pay for their studies. This aid can pay for certain parts of you education or for the qualification in full. Students should apply for financial aid as early as possible.

To apply for a loan, students should first go to their college's financial aid office and see if the school offers any private loans. If not, the school can recommend a legitimate lender. Students then need to apply for the loan directly with the lender.

 

 

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Looking for a loan to fund your distance learning studies?

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Employers

Do not forget to look into the potentially best option - that of employer education assistance plan. Education assistance plans, are often considered to be part of an employee's benefits package and are generally administered through the human resources department. As with all benefits offered by employers, the assistance offered can vary greatly. Students should speak to their human resource manager to see if the company will pay for a course before they sign up for it. Some companies offer to pay you back once you graduate. Some companies require students to have been working at the company for at least six months before they qualify for tuition reimbursement. There might also be a requirement that employees have to stay with the company for a certain amount of time after they complete their studies. Tuition reimbursement can also depend on the student's performance.


Special Academic Institutes

We found one local distance-learning provider that offer a unique payment plan with added benefits, flexibility and rewards.

College SA believe that you should not take out a loan, but rather pay for your studies monthly. You can also take a break from your studies and your monthly payments. So if you know that you will not be able to study, and if you inform them in advance, you can take a Study Holiday, which is also a Payment Holiday... for up to three months.

If you need to stop your studies, you can either change over or transfer to a more appropriate course and they will not penalise you if you decide to transfer or you can choose to end your studies with a cancellation fee of R500, but you do not have to keep on paying your monthly fees.

If you finish your course in less than the recommended number of months, you can stop paying the monthly fees - as a reward for completing your studies sooner.

Visit www.collegesa.co.za for more details.