Government Loans

Government loans are a popular way to fund tertiary education. There are pros and cons to accepting one but if you have no option because you can’t get scholarships or access family funds, then a government loan will at least offer lower interest rates and favorable repayment terms than other loan types. Every student in the United States is entitled to a government loan for education which can be repaid during study or once study is complete and the student has a job. If manageable, students who work and repay at least some of the government loan while at school are usually glad they did because it means starting a career with a smaller burden.

There are quite a few other ways, apart from government loans, to source funding for study and these include scholarships, grants and gifts. To alleviate costs many post secondary institutes have on-site housing, or student housing near campus, to reduce travel and housing costs. These facilities may also have utilities, meals and social opportunities built into housing prices. On top of government loan repayments and housing costs, students must consider how they will pay for their extras. To this end, even if you don’t want to begin repaying your loan now, a part time job is a good thing.

Student Jobs

For students in high school, college and university finding a part-time or summer job is often essential for making ends meet and having a little money for entertainment, texting, clothes and the other bits that make life worth living. Most students are paid student wages and work in retail or hospitality environments so they can fit work hours around class time during term. Traditionally this situation has worked well. But the recession has made employment tough going and unemployed adults are finding themselves eyeing up student jobs. It’s important to find an edge over experienced adult workers.

There are a few resources available and many of them are online. Online applications are actually quite a passive job search approach and although many employers require these as the first stage in the hiring process, students should attempt to make some human contact where possible. Perhaps a visit to head office or the store you are interested in with a hard copy of the application after you have applied online.

Word of mouth referrals and student offices can also offer opportunities not always presented to the general public. An outstanding resume or CV has never been more important than it is today. This may be the only opportunity a student has to edge out the more experienced competition. Now that you have your government loan and part time job you might consider budgeting these precious funds.

Budgeting

Students who are on a limited government loan budget must carefully consider where their money is spent. Deliberations when planning budgeted costs should include housing and if the housing is off campus also food, power, telephone, internet and transport. In addition all students should budget for toiletries, cell phone, entertainment and snacks. Initial set-up costs may have to be factored in for first and last months rent, course fees, insurance, furniture and clothing.

Government loans will often assist with these start-up costs as well as fees and books. Other occasional expenses should be put aside for trips home, vacations, emergencies and special occasions. Government loan repayments will vary depending on the course, location and other factors - so each student’s budget will be different but most students will need to consider all of these expenses. A well managed job, budget and government loan should enable you to maintain a decent balance of work and play.