Wherever you look in the world, student loans and the cost of tuition remains a huge concern. In the U.S., for example, there are more than 40 million borrowers with over $1.3 trillion debt, while the rising cost of tuition in the UK has become a major stumbling block for aspiring graduates.
Given this and the increased lack of graduate jobs, the investment required to fund studies is no longer capable of guaranteeing a return. Fortunately, however, there are alternative methods that students can leverage to earn money and contribute to their own education. For example: –
1. Work in a Field Related to Your Area of Study
While many students balk at the idea of working while studying, this is the most simple and effective way of earning money and contributing to your own education. So as you learn a desired and marketable skill, you should look to promote this through social media and advertise your services for a competitive fee. This will not only generate income, but also enable you to build relevant experience and a viable portfolio of work.
2. Consider a More Affordable Student Loan
For those with intense of complex degree subjects, committing hours to work may be a unrealistic prospect. In this instance, it may be worth sourcing a more affordable and flexible student loan, such as the financial products offered by Smart Pig. These loans benefit from relatively low interest rates and flexible terms, so they are ideal as a short-term funding option.
3. Sell Products and Unwanted Items Online
We have already touched on how burgeoning skills and services can be leveraged to generate income, but what about those who are doing practical courses such as carpentry? Well, these individuals can generate income and funds by selling products that they make during the course of their studies, using online resources such as Pinterest to market them. Even if you do not make products during your course, you can leverage outlets like Ebay to monetize and sell unwanted items for a profit.
4. Launch a Student Venture
Now, this is an altogether more challenging option, but one that can also deliver huge returns to students. By building on a suitable skill or area of expertise, you can launch a student venture that delivers a service either to fellow graduates or a wider target market. Simplicity and time-management are central to making this work, while it is also crucial that you minimize your cosy base if you are to achieve a profit.
5. Reduce Your Living Costs
Last, but by no means least, we come to the reduction of living costs. By embracing a stringent budget and more frugal lifestyle, you can reduce the amount that you spend on a daily basis while also cultivating good habits for the future. After all, just because you have an available amount afforded to you through loans and grants, this does not mean that you have to spend all of this on an indiscriminate basis.