With the cost of education steadily rising, students must look outside the box to finance their business education. The normal path of accumulating federal student loans and excessive debt after graduation can be avoided. Four savvy options include crowdfunding, internships, working through school and private loans.
Crowdfunding
The popularity of crowdfunding websites continues to increase and provides a unique fundraising opportunity. Supportive family and friends are able to securely donate to lessen the financial burden that comes with higher education.
Some sites, including Kickstarter and Indiegogo, allow for the option to create tiered reward-based donation levels. This appeals to some as a way to provide a service in exchange for the donation. Tier levels or perks can be as simple as a social media shout-out to dinner with the donor. For high-dollar donation requests, set a required GPA or another educational benchmark that must be met to receive the donation. This shows commitment to education and appreciation for the donation.
Internships
Combining a business education with on-the-job training is an excellent way to finance your education. Internships allow the student to learn valuable, real-world experience and provides the flexibility needed to maintain a full course load.
Business internships offer the unique opportunity to experience a typical work day, learn the company culture, and improve your overall network. This insight is invaluable to confirming you are on the right career path as often times the internship leads to full-time employment upon graduation. If the internship isn’t the right fit, look for other opportunities during the next semester. The ability to “try out” companies is invaluable.
Good Old-Fashioned Hard Work
In conjunction with out of the box options, working through school provides a stream of income to offset costs. Part-time or full-time work can be found both on and off-campus. Side benefits of working include improving time management skills, employee benefit options, and increased grades.
For on-campus options, schedule an appointment with the school’s job placement office to review the various options available. Most colleges and universities provide standard part-time work at various on-campus facilities. In some instances, work options that fall under your major are available. These provide the additional benefit of gaining real-world experience.
For off-campus options, search for employment that will be flexible with a student’s schedule and pays well. Tutoring and waiting tables are both well-paying and flexible. Working a minimum wage job will bring a paycheck but finding higher per-hour options will leave more time for studying, classes, and hopefully, some downtime.
Student Loans
Sourcing out of the box financing options and working while in school will help alleviate the financial burden of a business education. If those options don’t cover all costs seek out private student loans to fill the outstanding financial need. When reviewing loans, it is imperative to compare rates. Choosing a high rate loan can drastically increase the total amount that will be paid out over the course of the loan.
Graduating with minimal debt is possible. Research and review alternative options to avoid high debt. This effort will allow you to effectively finance your business education.