The High Cost of College: How to Pay for Higher Education Without Going Broke

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Dear Readers,

Thank you for coming here! 

Education is expensive.

I did a quick check online when I was planning for my kids’ education over the weekend (Really I was planning for my own retirement). It costs ~150K SGD a year for undergraduate in US or UK, which means more than half a million for an undergraduate degree!

And the fee is as of now. I can only imagine how much more it will cost in 12 years when my son is of age for university.

It is freaking expensive! And how much a fresh undergraduate needs to make to make this investment worthwhile?!

While I am willing and prepared to help my kids on their education, I know they need to bear part of it as well. 

Let’s see how they can Pay for Higher Education Without Going Broke?!

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Look for Scholarships

Scholarships can help you pay for college. There are many different types of scholarships available, including merit-based scholarships, need-based scholarships, and scholarships based on your area of study. Start by researching scholarships offered by your college, as well as national scholarships that you may be eligible for.

Apply for Financial Aid

Financial aid is a type of funding provided by the government, colleges, and private organizations to help students pay for college. There are different types of financial aid available. Do search and apply.

Work Part-Time or Find Work-Study Opportunities

Working part-time while in college can help you pay for your education and living expenses. Look for on-campus or work-study opportunities that can provide you with a paycheck and valuable work experience. You can also consider finding a part-time job off-campus to help cover your expenses.

Create a Budget and Stick to It

Creating a budget can help you manage your finances while in college. Start by listing your expenses, including tuition, room and board, textbooks, and other living expenses. Prioritize your spending based on your needs and make adjustments as needed. Sticking to your budget can help you avoid overspending and build savings.

Consider Student Loans Carefully

While student loans can be a helpful way to pay for college, they can also lead to significant debt after graduation. Only borrow what you need and avoid taking out loans for unnecessary expenses.

Photo by Kimberly Farmer on Unsplash

In conclusion, paying for college can be a major challenge, but it’s important to explore all of your options to avoid going broke. 

With careful planning and smart financial decisions, you can achieve your educational goals and set yourself up for success after graduation.

Till next time!