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Education has end up a necessary part of life in this age. For one to get entry to education right from elementary faculty to post-graduate, funding is necessary. Funding education involves raising cash not only for fees however also for catering for necessities. The different ways thru which one can fund education include scholarships, loans, grants, and savings. Each of these funding alternatives has advantages and drawbacks.
Funding through scholarships involves students being awarded schooling financing on the basis of aspects such hobbies, academics, achievements, and talents. They are offered by way of institutions such as the government and universities, and each one has eligibility standards that have to be met. An advantage is that they can finance education fully. A disadvantage is that the eligibility criteria may lock out many needy students.
Education can also be funded through loans from the government or the bank (Lock). Loan from the government is more favorable than the one got from the bank. An advantage of loans is that one can repay them in future after getting employed. A drawback is that the accumulating interests and principal limit one’s earning in future.
Grant funding is whereby an institution gives a particular amount of money to finance education. They are based solely on the financial need of the student (Brown and Proper 73). The advantage is that the money is not refundable, but it is limited to a particular group of people like orphans.
The final way through which education can be funded is savings. In this case, education is financed through money accumulated over a long period of time. The benefit of financing education through savings is that one does not have to repay in future. A drawback is that it takes away funds that have been accumulated over a long period of time and there is no guarantee that the education will repay it.
Brown, Nathan and Sheryle A. Proper. The Everything Paying For College Book: Grants, Loans, Scholarships, And Financial Aid -- All You Need To Fund Higher Education. New York: Adams Media, 2005.
Lock, Helen. Loans, scholarships and grants: how to pay for your postgrad degree. 25 January 2017. 12 November 2017 .
Vioreanu, Dana. Ways to Finance Your Studies Abroad in 2017. 2017. 12 November 2017 .
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