Fund your own learning – How to get an affordable education
Education today is an expensive affair, especially when it comes to pursuing a higher degree. While there are many ways you can fund your educational degree, very often, they turn out to be expensive options. So do you get an affordable education? An interest free education loan is your best option, in such a case. Let us take a look at a few options to know how you can fund your own learning today.
Borrow funds from alternate sources
There are many ways you borrow funds from different sources. Some of the sources include personal relations like family and friends. They will often partly or completely finance your education degree requirement through an interest free education loan. While this may be a viable source of finance for you, it often has a lot of repercussions. There is always a risk that such relationships can be strained if the funds are not repaid back, especially on time. Alternatively, there are other sources like small money lenders who often provide an education loan, with a small education loan interest. If you opt for this option, you will be required to repay the loan within a specific time period, which will put a lot of pressure on you. While these forms of finances maybe affordable, very often you will be required to repay the loan with additional interests.
Your own savings
The best source of funds, is your own. There is nothing more satisfying to know that every hard earned penny you have will be well spent on an education you have truly earned. It is the best source of an interest free education loan, without any repercussions of the loan applications. But in order to finance this loan, you will require to earn a very high income or invest in ventures that offer you high returns. Very often these educational degrees runs into several lakhs. With proper planning and saving, you can easily save enough for your degree. But this will further restrict your savings. If any other financial emergency arises, you might have to use these savings to fund it, leaving you with no monetary support for your education degree.
For the best interest free funding, a scholarship is the best choice. Since most scholarships do not have to be repaid back, you need not worry about repayment tenures or even the education loan interest rates. Most scholarships cover more than half of the academic fees therefore there is no pressure on you to pay for the rest of the funds. In addition to this, there are several other benefits to this option namely, recognition on your resume, complete focus on your education while providing you with the flexibility to pursue other ventures.