Paying Tuition
Financing Your Attendance
Tuition is usually priced based on the number of credits per semester that you take. This means the more classes you register for, the higher your per semester cost.
If you have never looked into how you to finance your attendance, you have a lot to learn. It is important that you explore your options and be knowledgeable of them. Think of your tuition as an investment in your future. Your education is one of the largest investments you will make in your lifetime. And just like anything, you will need to be aware of lenders who will take advantage of you with high interest rates and unreasonable repayment plans.
The best place to start looking for information is the advising office at your school or college you wish to attend.
Student Loans in the U.S.Student Loans Outside the U.S.
Employer Reimbursement
Governmental Aid
Scholarships
Student Loans in the U.S.
Educational loans are primarily disbursed by governmental entities and private financial institutions. If you are based in the U.S., federal loans fall into a few categories. One of the most important things to understand is that loans in the U.S. are typically either subsidized or unsubsidized.
Subsidized Loans - are loans where the government pays your interest while you are attending school. These loans are disbursed based on your financial needs.
Unsubsidized Loans - are loans where your interest accumulates while you are in school. These loans are not need based. For example, if you are requesting a loan above and beyond your tuition to help support your lifestyle that is generally not considered a need.
If at all possible, you want to accept loans that ARE subsidized. In order to apply for most of these loans, you will need to fill out a "FAFSA Application" or the Free Application for Federal Student Aid. This form is used by most schools who have the ability to award federal student aid.
Resources
1. Whether or not you are applying for a student loan, if you are planning on studying in the U.S., it is a good idea to complete a FAFSA anyway. This form determines if you are eligible for other aid, such as government assistance. Also, if you change your mind about a loan, your form will already be on file.
The FAFSA Web site provides a free tool for estimating your eligibility for federal student financial aid in the U.S. The tool is called the, "FAFSA 4 Caster."
Estimate Your Federal Aid with the FAFSA-4-Caster
Complete the FAFSA Application
2. FinAid.org - loans, scholarships, etc.
Student Loans Outside the U.S.
For students that are not based in the U.S. and do not plan to attend school in the U.S., you will NOT need to complete the FAFSA. However, you may need to complete some other type of application depending on where you are located. For example, students attending school in British Columbia should complete the "Student BC Online Application." To find out the correct information, your best option will also be to contact the school's financial assistance office.
Resources
1. Loans in the United Kingdom
2. Loans in Canada -
Human Resources and Social Development Canada
3. StudentAidBC - Ministry of Advanced Education, British Columbia, Canada
Tuition Reimbursement from an Employer
Employers have become a great financial resource for continuing your education. Many students are considering whether or not they want to go to work for an employer who will help them pay for their education rather than attending school full-time. Tuition reimbursement by your employer is something that you will definitely will want to look into. Sometimes you can obtain a entry-level position in a company that will pay for your tuition and your salary at the same time. This can many times lead to future opportunities with the organization after graduation or may just help to build your professional experience.
Special Terms with Employer Assistance
If your employer or potential employer does offer tuition benefits, be sure you fully understand the terms. It is common for employers to only
pay for percentage of your tuition based on the grades you receive or require that you sign a contractual agreement in order
to receive reimbursement. Also, most employers require that you pursue a degree program that is relevant to your job or the
services/products your company provides.
Employer Reimbursement May Depend on AACSB-Accreditation
With the increasing number of business schools and widening quality of degree programs, employers are becoming more
cautious about their return on investment for tuition reimbursement dollars. Several major organizations have publically stated
that they will NOT reimburse employees who do not attend an AACSB-accredited school. For example, Intel Corporation is an organization
that took this stance to ensure their tuition investment dollars resulted in employees who were contributing to the company. In late
2006, Intel made it company policy that employees would only be reimbursed for their tuition dollars if they attended business classes
at an AACSB-accredited school.
Governmental Aid or Federal/Public Grants
In some countries, governmental/state/regional entities will offer grants or financial aid for college students. For instance, you may be eligible for aid if your family income is lower than average. Or, in some countries, your tuition is automatically granted from the government. The best way to find out about the aid you are eligible for is through your school's financial aid or advising office.
Scholarships
Scholarships are based on your abilities and achievements in school (e.g., high grades), in the community (e.g., volunteer work), and in sports (e.g., skill-level and potential ability to play at the college-level). Scholarships may also be based on your nationality or origin, gender, and disabilities (both mental and physical). All you have to do is align your abilities or certain circumstances with a particular award. It is all about selling yourself and finding a scholarship that fits you. Here are some tips:
1. Spend a lot of time looking for scholarships
2. Meet the application deadlines and all requirements
3. Be sure your application and materials must be free of mistakes
4. Make yourself stand out in the crowd
5. Apply for as many scholarships as possible. The more scholarships you win, the more MONEY you can earn for school!
Resources
1. FastWeb.com - U.S. free scholarship search
2. FinAid.org - covers loans, scholarships, etc.