Student loans and alternative financing methods – what are your options?
Part 1 – The Set-up
One of the interesting things to think about is the fact that, due to the higher costs of education, many students are starting to wonder and also worry about the financial implications of getting a higher education.
This is affecting many people in such a way as to make themselves start to question just how far they should go with their studies, i.e. some are thinking they may be better off looking at a career that perhaps pays a lot less just so they are able to afford the cost of education. This way of thinking is, of course, a mistake.
It shouldn’t matter about what you want to study and make your lifetime career, the ONLY thing you need to consider before you decide to embark on your studies is this:
Are You Passionate About What You Want To Do
Forget about costs, forget about the future problems that may or may not arise, just make sure that what you want to study is more than an interest, make sure it is your passion. If you think of your career in this way, then you will be assured you can meet any challenges and problems that come your way.
In the words of Alfred E. Newman ‘What… Me Worry?’
In fact, I DO know of about 20,000 people who live not far from you, who do not have a worry in the world. This is because they all live in the cemetery!
Problems, worry, hardships are all a part of living and they are there to help us learn. We just have to understand this fact and move on to our problem-solving stage.
Part 2 – The Solution
Alternative financing can come in many different forms, both traditional and non-traditional, we will look at some of those solutions below.
There are always the traditional methods of financing and income production that include:
· Normal job
· Part time job
· Family support
Bearing in mind that most traditional forms of producing an income still require that you sacrifice your hours in the day for an hourly wage, no matter how big or small.
These are the more modern methods of producing an income that have surfaced over the last few years and they are where most people now are looking to
· Online News-Letter or Blog.
· Crowd Funding
Let’s elaborate on these non -traditional methods a little more.
Online News Letter or Blog
This can be a great way to generate more money and help ease the financial burden. What many people have done have set up a blog about a newsworthy or interesting topic.
When people read the newsworthy article, about a topic they are interested in, they are asked to subscribe to a weekly or monthly newsletter that keeps them up to date on their topic.
You can charge about $5 per month, the good thing about this is that the amounts are not big enough so that people will cancel, they usual keep paying every month because the information they are getting is well worth it.
If you have 100 people subscribe to your newsletter, then that is $500 per month.
This is where you publish small books online on Amazon. People are hungry for knowledge, they keep buying the latest books to get the information they are hungry for.
Points to Consider with micro-publishing:
- It costs you nothing to register an Author account with Kindle
- You can publish any size book – 10pages-30 pages etc.
- The average size micro book is about 35 pages
- You can easily outsource your books
- You can have as many author names as you like (one for each niche is a good idea)
- You don’t have to promote your books
- You have the advantage and power of the multi million Amazon audience
- People only go to amazon when they want to buy something
- Small – short, problem solving books are ideal. They solve a problem in a timely manner.
This is the platform that allows you to receive donations from friends, family and total strangers.
Take a look at some of the online crowdfunding sites online. It only takes a few minutes to set up your own crowdfunding proposal.
There is also some software you can get which will allow you to set up your own crowdfunding website in only a few minutes. Certainly, crowdfunding an amazing new tools and many people are now making great money for their own sites.
I hope you have had a few ahaaaa moments with student loans – alternative financing and I wish you success with your studies.