There may be other ways to
pay for a post secondary education besides personal savings
and financial aid. The ideas are only limited by our
imagination. Here are a few of the more common sources of
other revenue:
Home Equity loans
- You may have a nice size equity built up in your home. You
can borrow against that equity at a reasonable interest rate
and the interest may be deductible on your income taxes.
Life Insurance
- A loan may be taken out against the cash value of a
permanent life insurance policy. The interest rates are
usually reasonable and the payment plans may be flexible. The
amount borrowed will decrease the amount of death benefit
until the loan is repaid.
Military Service
- A student may join a branch
of the military and get help paying for college while serving
or when discharged. A student may also join ROTC or the
National Guard and receive help with education expenses in
exchange for a service commitment.
ROTC -
Many post secondary schools
have the
Reserve
Officers Training Corps (ROTC) as a part of
their
institution. Students that participate may be eligible
for
merit-based scholarships in return for a commitment of
three or four year's active duty in the service following
graduation.
Military
Academies -
Students may apply for a Congressional
appointment to one of
the military academies. All of the student�s
education
expenses at the military academies are covered by the
Federal
government. In addition to covering the education
expenses
those chosen to attend are given supplemental
paychecks as
they are considered active duty military while in
school.
They graduate with a degree and move directly on to their
branch of military as an officer. There is a 5 year active
duty
commitment following graduation.
Active
Duty in a Branch of the Military
-
Students who
choose to serve in the military before
attending post secondary
school can receive up to 36 months of
education benefits following
an honorable discharge. This
benefit may be used for degree and
certificate programs,
flight training, apprenticeship/on-the-job
training and
correspondence courses. Generally, benefits are
available for
10 years following separation from active duty.
National
Guard/Reserves -
All members of the National Guard
and Reserves are eligible
for help with education expenses if they
have enlisted in the
Guard/Reserves for a minimum of six years,
have completed
their initial active duty training and remain in a
drill
status (one weekend per month and two weeks per year).
For More Information Visit North
Dakota National Guard.
AmeriCorps: Students
may also choose service to country through volunteering with
AmeriCorps, a national service organization funded by the
government. Terms of service are usually 10 to 12 months.
After completing a term the member would be eligible for an
education award of up to $4,725 for full time service. The
award can be used toward education expenses at qualified
institutions or can be used to repay qualified student loans.
For more information, visit
AmeriCorps.
Pageants and Contests -
Pageants offer education
scholarships to those that participate and win. Students can
also earn scholarships by entering a variety of contest such as
science fairs, robotic competitions, math and spelling
competitions, etc.
Student Entrepreneurship
- Many students have found
education funds through their own entrepreneurships such as a
student from a farm family raising livestock to pay for college,
or growing and selling produce. One family planted a plot of
land with evergreens when their children were very young with
the idea they could harvest and sell Christmas trees in 15 to 20
years to pay for education expenses. The ideas in this category
are endless. Programs like 4-H, FFA, FBLA, DECCA, FCLA among
others encourage and support students in their entrepreneurial
goals.
Prizes
-
Some schools
or private groups award cash prizes for winning contests or
auditions. The contests may be for the best poem, essay, play,
book, musical composition, etc. Many are open to high school
students as well as older students. The only factor that is
important for these awards is talent, so academic history and
financial need have little to do with the award. The money is
typically awarded in a lump sum, to be spent as the recipient
wishes.
