As tuition fees hike every year, it is increasingly difficult for some students and families to pay for their education. On May 29, 2017, the Commission on Higher Education (CHED) approved the tuition fee increase of 268 private colleges and universities for school year 2017-2018. The average increase in fees is slated at 6.9% or ₱86.68 per unit.
Whether you’re a new couple preparing for your baby’s future, a parent struggling to pay for your child’s education, or a working student trying to make ends meet, you have multiple options available for you. You can save money, adjust your budget, apply for a scholarship, get a bank loan, or go to an online pawnshop to get funding.
We’ve gathered the best tips to help you pay for your or your child’s tuition fees. Read on to learn more.
1. Save early.
This is the golden rule for anything that has to do with a big purchase or investment. Determine how much you need every year, plan ahead, and structure your finances early on so that by the time school’s about to start, you don’t have to worry about where to get the money.
When parents start saving a specific amount by the time their child is born, they can have more than enough money for their child’s college education by the time they turn 18.
2. Adjust your daily budget.
You can save money by adjusting your daily budget. Do the math. Find out where you can slash some expenses. Consider your expenses on food, groceries, utilities, and other extracurricular activities, and determine what you can reduce or sacrifice.
As simple as finding cheaper alternatives for products you regularly buy and use can help you save money for tuition fees.
3. Ask about your school’s student assistance programs.
For some students, saving early is no longer an option. Fortunately, most schools have student assistance programs, grants, and scholarships, which students can apply to if they meet certain requirements such as a high grade point average (GPA) and if they come from a low-income family bracket. If you qualify, you can get a big discount on your school fees, if not a 100% scholarship.
CHED also has a Student Financial Assistance Program (StuPAFs) that you can apply for. Do your research. If you don’t qualify for the StuPAF, there are government offices and some LUGs that offer scholarships for exemplary students.
4. Get pre-approved for a bank loan.
Borrowing money should be your last resort, and you should always think twice about using your credit card to pay for your tuition fees. Recklessly using your credit card can make your debt balloon up, and may give you more problems in the future.
Some banks have promos for tuition fee loans with low-interest rates. Scout the different banks and ask about getting pre-approved for a loan. But, before you sign anything, make sure that you can pay for the monthly amortization.
5. Consider online pawning.
For some people, borrowing money is completely unacceptable. This is how pawnshops prove to be the most convenient solution for paying for your tuition fees. You don’t have monthly amortization to think of, and you can offload items that you don’t use anymore. It’s basically fast cash at your fingertips!
Do an inventory of items such as jewelry, watches, cameras, computers and laptops, mobile phones and gadgets, designer bags, sporting equipment, musical instruments, motorcycles, and other valuable items. Determine which ones you can let go temporarily, and which ones are vital to your daily life.
When you pawn your items to an online pawnshop, you simply need to take a photograph to get a free appraisal. The great thing about pawning your items online is that you can get your item back with low-interest rates.
Filipinos place a high value on education. You can secure your future with a solid education. So, investing in good education is something that you shouldn’t think twice about. Make sure that you save money early on to avoid difficulties when it comes to paying for your tuition fee.
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