Without a doubt, scholarships are one of the best ways to ease the burden of rising financial costs to further education. However, they are not the only way. You can explore avenues to get financial aids and further your education and achieve your goals if you aren’t lucky with scholarships. In this article, we would be exposing you to these different opportunities, so keep reading.
Other Funding Opportunities.
Let’s look at some other options(apart from scholarships) that can be used to further your education below;
● Subsidy:
The government usually does this. It involves reducing tuition fees to the minimal level by institutions that get grants from the government. This means the cost of fees, tuition, are subsidized(reduced) by the government so that qualified students can afford them.
● Stipends:
This means an already fixed amount to be given. A student can get an educational compensation in exchange for things they have to do, e.g., part-time teaching, work, etc. it is usually contained in student packages. It can be awarded on the ground of scholarships.
● Tuition Waiver:
It is a kind of award in which an institution surrenders its right to collect tuition from students. They are granted mainly on the strength of a student’s application or other factors such as ex-military personnel/child or belonging to a minority. It can either be part or full-time sponsorship, which covers either half or total tuition funds.
● Financial Aids:
These are primarily for students in tertiary institutions. They come in two forms- Grants and Loans. Grants are more like scholarships except for qualifications focused on relieving qualified students of financial burdens and not necessarily academic merits without paying back. In contrast, loans involve getting financial aids to further your education and pay back gradually after graduation. Both aids have different criteria for qualifications.
● Fellowships:
This gives support to students to pursue their studies without the burden of loans, part-time jobs, or other mandatory responsibilities to support their education. They are primarily determined by merit-based internal or external awards and usually sponsor students’ full-time courses and expand their professional credentials.
● Endowments:
This is an established investment fund by an organization. Donations fund endowment funds are used mainly by non-profit organizations, hospitals, and universities. Students can benefit from educational endowments through affiliated universities or other bodies and are not expected to pay back.
Conclusion
In this article, we’ve been able to outline other ways to fund educational pursuits without scholarships. So, if scholarships didn’t work out and you are looking for the next best option, read this piece to find the one that suits your interest.
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