Wednesday, April 10, 2013

Tips for Arranging Tuition Fee


I am a student of master level. I had to face many problems in arranging my tuition fee of the university. I asked many relatives to lend me the amount but in vain. A few years ago my mother had invested the amount which she received from my dad at the time of divorce in National Saving Certificates. I used that amount to pay my fee. During the next session I will use the rent of agricultural land in the form of amount for paying my fee. I teach to manage my domestic expenses. That is why, that amount will be used to pay my fee.  

Payment of tuition fee of the university is an important matter for the students. There are some students who can conveniently pay the fee but there are certainly some students who cannot pay their tuition fees. Therefore, the matter of paying a fee is very important for the discussion. Here few tips are being suggested for such arrangement. Tips would be for both kinds of students. Mostly college and university students face problems in arranging their fees. These tips are long term. These can be adopted by all the students of different educational levels.

1.      Parents
            The best way to arrange tuition fee is to collect it from the parents. This way can only work if the student depends on parents and the parents are in a position to pay the tuition fee. Mostly the students of intermediate level or below depend upon their parents for fee payment. Moreover, the tuition fee of these classes is relatively less than the fee of higher classes.

2.      Use of pocket money
            Pocket moneys are awarded weekly or daily. These pocket moneys can be used to pay the tuition fee. Pocket monies can be saved in saving accounts which pay profit on a monthly basis. The university students may withdraw the amount after six months to pay the next season’s fee provided that the pocket money should be invested in such saving accounts that allow withdrawal of investment after six months. Normally fees of school and college classes are collected on an annual basis. So, the accounts paying annual return can be invested in. The higher the money invested, the greater the return and the amount to be collected at the end. 

3.      Scholarship amount
            Studying at master level scholarships can be obtained from the universities or education promoting organizations. Colleges and schools also offer scholarships. The amount of these scholarships can be adjusted in next season’s fee.

4.      Student loan scheme
            Many financial institutions and universities offer student loan scheme at easy installments with service charges to promote education to brilliant students. Schools and colleges also play role in this regard. Applications must be filed with the concerned authorities to be benefited from such schemes. Fees will be paid directly by such organizations that offer such schemes. Hence, the problem of arranging fee is solved. Organizations may require verification about the applicant. 

5.      Borrowing
            The amount of the fee can be borrowed from any friend, close relative or others having sound financial position. The amount can be refunded during the session with the assistance of income earned from the job.

6.      Use of fixed asset (other than Agricultural Land)
            Fixed asset is a strong source of finance generation. These assets can be lent out if in redundant states. If the return is not reasonable the same can be used to generate loan from any financial institution if the student loan scheme can not be benefited from. At the end, such asset can be disposed off. Amount of disposal can be used to pay the fee.  The rest amount should be used for any production purposes so that it may provide long term earning sources.

7.      Use of Agricultural land
            If none of the family members can cultivate on agricultural land. The land can be lent to another person for cultivation against rent for use of land in the farm produce or amount or both. This is mostly done in Asian countries. The produce can be sold out and the amount can be saved to pay the fee. If the rent is in the form of amount, that amount can be used to pay the fee. Part of the amount can be allocated for expenses.

8.      Part time jobs

Ø  Non teaching jobs
            If the financial position of the students is not good. The students may find part time jobs according to their qualifications. The student of master levels can get jobs according to their qualifications. Similarly the students of graduation levels can get jobs according to their abilities. The salary earned can be used to pay their tuition fees. The best again is to invest that amount in any savings account that pays an attractive rate of return. The semester fees, annual fees or tuition fee of other kinds can be paid. Job times can be adjusted according to the feasibility.

Ø  Teaching jobs
            Teaching jobs can also be obtained. The students can teach at different levels like an academy, school or college. The amount earned can be saved for tuition fee purpose. Part of the amount earned can be spent in arranging daily expenses and part of the amount earned can be invested in any savings account. The reasonable ratio must be used to allocate the amount between savings and expenditures. The students of master level may get an opportunity to teach at the college. The others may get a teaching opportunity at academies or schools. If one is not ready to work under any restriction, one may start teaching at one’s home with much less amount. In Asian Countries such services can also be provided in the homes of the students which are termed home tuition. Home tuition pays large funds which can be used to achieve the objective of arranging tuition fee.

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