Other Funding Options

North Dakotans Saving for Education

Who's Paying?
     Other Funding Options

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.