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Every parent wants to provide their children with the best possible life, which will vary from providing a loving, secure home to a college education. If you want to improve your career prospects or help your child fulfill their professional goals, you might wonder how to finance a degree on a small budget. Yet, you can fund a university program with a scholarship. Continue reading to learn if a scholarship is an affordable option.
Review the Eligibility Requirements
A university education is expensive, but a scholarship can remove some of the financial burden. For example, Touro University Worldwide is a non-profit university that allocates a whopping $4 million in institutional scholarships annually, allowing 4 out of 10 of their students to reduce tuition. However, each scholarship program will have different eligibility requirements, which you must review and consider before applying. For example, you may need to qualify for the below options:
- A Military Achievement Scholarship
If you have served in the military, you could receive a discount of between 20-40% off a university education, depending on the institution you choose. It will allow servicemen and servicewomen to improve their knowledge and skills, which will provide them with a rewarding career path after leaving the military behind. In some cases, the military discount is available for service members’ spouses or dependents.
- An Alumni Scholarship
Some universities are more than happy to reward their graduates’ loyalty to the institution by providing an alumni scholarship. If you are a degree student, you may be happy to learn that your current university might provide an alumni scholarship award for enrolling in additional degrees.
For example, you might receive a 40% discount for completing a master’s degree or a 20% discount for a doctorate. It can lower the cost of enhancing your education and improve your career prospects.
- A Law Enforcement Scholarship
If you are a member of law enforcement, a scholarship could shave 20% to 40% off your tuition, which could help fund an associate, bachelor’s, master’s, or doctorate degree. It could help employees of various law enforcement agencies to finance a new career or add to their education.
- A Low-Middle Income Need-Based Scholarship
Undergraduates who showcase exceptional financial hardship could be eligible for a low-middle income need-based scholarship at a respected university. While it isn’t available at every institution, students who can demonstrate financial need could receive a large discount on their overall tuition fees. For example, TUW is happy to provide financial assistance to undergraduate students with an Expected Family Contribution between zero to 1800.
Conclusion
Don’t rule out a university education if you have a small budget, as scholarships aren’t only assigned to affluent students. There are options available to reduce tuition for students from all backgrounds, such as military personnel, policemen and women, and people from low to middle-income households. If you want to improve your family’s financial prospects or help your child enjoy a fantastic education, consider the eligibility requirements for the above scholarship options.