The average cost of tuition at American colleges and universities is around $15,000 per year. It’s no secret that college is expensive, but you must remember that its benefits to your future livelihood and career are infinite. Think of college as an investment and understand that there are ways technology financial aid resources available and ways to afford your IT degree.
Today’s students can get creative with ways to pay for college through IT scholarships, grants, and loans. Technology workers need higher education in order to stay competitive in the workforce – but sometimes it takes more than just federal loans to afford tuition. Here is a compilation of IT scholarships, grants, and loans to find ways to afford the rising cost of college:
A scholarship provides money (that does not need to be repaid) to college students who want to fulfill their educational and professional dreams. Scholarships are granted by government and non-government organizations and are made available to students who fit a certain profile such as academic excellence, gender, race, financial need, or intended college major. More than $134 billion in scholarships are available each year to students, and much of this amount goes to students pursing a technology degree.
Student loans are the most common form of financial aid. In fact, the amount of student loans taken out this past year exceeded $100 billion and total loans outstanding will exceed $1 trillion according to USA Today, so the need to finance your education through IT loans is widely prevalent.
A loan is borrowed money. It’s an agreement where a loan lender (bank/federal government) gives a loan borrower (college student) money expecting to be repaid later. Loans often pay the bulk of your college tuition, and must be repaid after a brief deferment period.
A college grant is similar to a scholarship. However, unlike college scholarships, where there is no follow-up on the progress the students makes, grants require a specific service and the organization that provides it generally checks on the progress the student makes to ensure that all obligations are met. IT grants are given based on academic merit, college major, research fulfillment, or financial need. IT grants can vary from anywhere between $10 and tens of thousands of dollars.