Over the years, college tuition fees have risen steadily. Especially if you are considering a course at a foreign university, you need a sizeable sum of money to pay for tuition, accommodation, food, etc. Do you have your finances in order for college yet?
If you’re falling short of funds to pay for college tuition fees or haven’t been able to set up a college fund in time, you can still get things in order. In fact, there are ways to arrange your college tuition fees even at the last minute.
Need some help? Here are five last-minute strategies to gather funds for your college tuition.
1. Apply for institutional scholarships and fellowship programs
Did you know you could avail of scholarships even at the last minute? Yes. Sometimes, scholarships remain open because the applicants don’t meet the awarding criteria. Naturally, you can avail of them provided you meet the specified criteria.
So, make it a point to ask your institute if there are scholarships still available. Also, look for government-funded scholarship opportunities, especially ones with still-active deadlines.
2. Apply for government-funded scholarships
If you haven’t had luck qualifying for institutional scholarships, here’s another tip to pay off your college tuition fees. Check if any government scholarships or fellowship options have open deadlines. Even though these are slightly more competitive than institutional scholarships, you can find a range of fellowship options depending on country, institute, and stream.
Additional Read – Secured Vs Unsecured Education Loans: A Detailed Guide
3. Get on a monthly payment plan for college tuition
Many colleges provide financial aid or fee relaxations to students who cannot afford the cost of the tuition fee. Some even offer monthly fee payment plans to students.
Check your institute’s website for the criteria to qualify for financial assistance. And if you meet them, contact the financial aid office of your institute to understand next steps.
4. Get a student loan
Though this seems like the most obvious thing to do, many students avoid loans since they falsely believe it is a debt trap. However, a financing option like a personal loan is collateral-free, meaning you never have to worry about losing your assets. What’s more, you can get one easily with minimal documentation and attractivepersonal loan interest rates. The best part? Lenders disburse these loans quickly.
Additional Read – Facts you need to know about Education Loan
5. Apply for a loan using a loan app
Want to cut the time required to get an education loan even further? Use a loan app from a reputed financial institution. The perks? You need zero physical documentation, the application process is fuss-free, and you can access information about your loan 24*7 from your phone. The loan is disbursed straight to your bank account in a matter of minutes. Access to funds has never been this quick or easy!
Remember, the key to successfully arranging your funds at the last minute is calmly weighing your options and making the most out of them. And if you decide on opting for a loan – choose the right lender.
With a trusted lender like Tata Capital, you can be sure you receive the best service and face minimal hassles while applying for a loan. Perks like customizable loan products and flexible repayment options are just the cherry on top. Want to plan your EMIs? Use our online personal loan EMI calculator today.