Online educational programs are rapidly becoming mainstream and the variety and quality of the courses is increasing. Unfortunately so are their cost.
This market dynamic is likely to make many more students get a bit creative in sourcing the tuition money they need to fund their online education.
Keep the following points in mind when you analyze your options to pay for your courses.
1. Pay up front the full amount. Yes, it may be a huge financial hit to your bank account but you must weigh this option against the others since among its advantages are the fact that the damage is done quickly and you no longer have it hanging over your head and you are probably guaranteed to pay the absolute minimum possible compared to any other option.
2. Pay the school in installments via their own financial assistance program. Sometimes educational institutions may be offer you better financial option than banks due to various reasons including government programs among others.
3. Get a bank loan. Meticulously scrutinize the fine print and be realistic when mapping out your repayment plans. And expect the unexpected such as a surprise medical bill or car repairs.
4. Consider getting putting in the bulk and completing the amount with a small and manageable loan from a friend or relative you trust. Be sure to volunteer all the information that you would expect to be given by a loved one if you were lending them money such as: How will it be paid? When will it be paid? What happens if you cannot pay it in full on time? And rather importantly, Will it be necessary to repeatedly remind you and bring it up awkwardly after you haven’t mentioned it for months? In other words, be mindful of the awkwardness of lending a loved one money and ensure that you preempt their concerns. Above all, keep your word.