Simple Ways To Fund Your Own College Education, Without Taking Money From Your Parents

When it comes to finances in the Indian context, the parent-child bond continues to hold a great amount of sanctity. Parents devote most of their earnings to protect and provide for the children for a major part of their lives and in some cases even after their wedding.

But at some point, it¡¯s important to take a step back and fathom the amount of financial burden your parents have been shouldering for years. Many parents dedicate the funds meant for their retirement, to fulfil their child's dream of studying in a prestigious institution in India or aboard, while some burn away their medical buffer to spend for a lavish wedding.

However, it does not have to be so. In the West, parents more often than not, let go of their child's¡¯ financial dependency at an early stage. But this trend is yet to pick up pace in India. While parents would never utter a word on the amount of stress they are dealing with, there are ways to simmer down that pressure. One of the biggest steps is to find ways to fund your own education. Yes, it is a task that necessitates a lot of responsibility and maturity, but we all know that anything is possible with a little bit of hard work and a well charted out plan. For those looking for help to fund their own education, here are a few handy tips to start off.

1. Apply for Scholarships

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There are multiple options for students looking to find an independent source of funding their higher education, and one of the most popular modes is to pick the right scholarship or grant. While some are based on merit others are oriented towards your situation.

Applying to more than one scholarship automatically means a higher chance of getting selected for one, and better chances of financially securing your college education. School and college students especially from financially weaker backgrounds can benefit a lot from scholarships. These can build confidence, increase exposure, and also give you a better idea of what to expect in the job industry after passing certain courses.

In India you can apply for the following scholarships during February 2021:

Dr Abdul Kalam Scholarship for Medical/Engineering Aspirants, National Talent Search Exam (NTSE), Jyoti Kalash Scholarship 2020, Mi Scholarship for Class 11 and 12 Students 2020-21.

When it comes to applying for scholarships cast your net as wide as possible to stand a better chance at landing one.

2.Paid educational programs

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If you are following the path of being financially independent during your college years, looking for paid integrated programs is your next best option. Several Indian universities offer a monthly stipend to students. Look for universities which offer such programs.

3. Look for a part-time job

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Apart from just the monetary support, part-time jobs will help you get familiar with workplace responsibilities before diving into a full-blown professional life. Students who are pursuing their studies can take up many part-time jobs at home, that they can pursue after their college day is done. If you are an expert in any subject, you can take up online tutoring as a part-time job, you can do this while sitting at home through online facilities. Those who are passionate about writing can think about part-time content writing jobs. This will even give you a lot of experience, and increase your chances of getting placed after pursuing your education.

If you are looking for more money while pursuing education, then you might also want to look up affiliate marketing. Part-time jobs don¡¯t always have to be in office. You can look for online freelancing jobs where you can build your profile, and learn and earn at the same time.

4. Understand loan schemes

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Financing college fee is not easy in a country like India where the cost of education is soaring day by day. College cost doesn¡¯t include only paying the college fee, but it includes a high tuition fee, hostel charges, and other fees related to projects and day to day expenses. The cost of education is on the rise these days and opting for an education loan seems to be catching on.

There are numbers of ways in which you can avail an education loan. You can either go to the respective bank and inquire about the loan process, or you can apply online. Once the loan is finalized, the bank will initiate the process by collecting your documents, evaluate the course of study for which you wish to take the loan and then keep you notified. Whether a student wishes to study in India or abroad, the Indian Government has taken many initiatives to lower rates for student loans in collaboration with the RBI and Indian Banks.

5. Start Saving Early On

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Saving money gives you the freedom to do what you want to do, and more so when it comes to securing your future. For those hoping to fund their own education, getting a job before leaping into a course is one of the best strategies. Look for paid-internships, part-time jobs that suit you and get started on the habit of saving to aide the goal of funding your own education.