Not Enough Tuition? We’ve Got You Covered!

3 min. read By eCompareMo on

School’s out for summer, but it’s already the middle of May and most schools have already opened their doors for enrollment. While most of the people have already taken the opportunity to get the best slots and enroll their kids in school, let’s face the fact that up to know, other parents are still scrounging for money to send their kids to school. With this problem still haunting a lot of parents today, how can they make sure that their kids can go to school when there’s not enough money for tuition?

Read: (Cash Installment, Credit Card, Or Personal Loan: What’s The Best Payment Method For Your Child’s Tuition?)

Get friendlier payment terms

To be honest, paying your child’s tuition in its entirety will rack you some serious discounts as opposed to paying the tuition on an installment basis. However, not all parents are privileged enough to pay their accounts in full. If this is the case, then you might want to enroll your kid using terms that have lower down payment. While this may lighten your initial load since the down payment required is much lower, keep in mind that you are actually paying more than paying it in full.

Seek financial aid

Believe it or not, there still are angels out there who are more than willing to help others finish their schooling—and these people are willing to do it for free because they believe that many students deserve to go to school and become better members of society in the future. When looking for financial assistance groups, make sure to prepare all necessary documents required such as a copy of your child’s grades, identification, and other documentary requirements needed in applying. While most of them do not have stiff academic requirements, they tend to close up really quick so you have to be quick in finding financial grants.

Find out if your child is eligible for scholarship programs

Scholarship programs exist to make sure that students who are deserving yet financially challenged can further their education. Aside from in-house scholarships given by schools, local governments, foundations, and other groups also provide scholarship programs. Unlike financial grants that are designed to assist students who are financially challenged, scholarship programs cater to students who excel academically regardless of their economic status. If your child has been passing with flying colors, maybe it’s about high time you apply for a scholarship. Scholarships come in different packages: full scholarship, partial scholarship, and others.

Apply for a student loan if needed

Fortunately, it is easy for parents to apply for a student loan, and they only take a short period of time to process. Usually banks only process personal loan applications for 3-5 days depending on the applicant’s financial standing, so if you have an excellent credit record and spotless repayment history, then you are more than capable of getting approved for a personal loan. Keep in mind that if you want to save money when applying for personal loan, don’t forget to compare different loan products in the country to see which one is the friendliest in terms of interest rate.

Read: (Three Personal Loan Application Tips That Will Make It Hard For Creditors To Say No)

Move your kid to a school with lower tuition

If you have exhausted all possible options and you’re merely already hanging by a thread, then your last bet to transfer your school with lower tuition rates. While it may be hard for your kid to switch to another school since there will be a period of adjustment, your child’s education should come first. When looking for a new school, don’t just look at the price tag; you should also consider the quality of education the school offers and how your kid will fare in a new environment.

You may be having problems with your kid’s tuition, but keep in mind that there are several options out there. Just know where to look at you’ll definitely find ways how to make sure that your child will get the best education.

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eCompareMo

eCompareMo eCompareMo is the No. 1 financial e-commerce site in the Philippines. Follow us on Twitter and Instagram: @ecomparemo.