3 most workable ways to get funding for school fees

Funding school (or tuition) fees can be challenging especially during recessions or economic instability in a country. Whether you are funding your own fees or that of your children’s, at times depending on income from monthly salaries might not be enough. These are 3 most effective ways of raising full or partial funds to meet your needs.

1) Effective Money Management

When it comes to money management, having a sound financial intelligence is crucial. This can determine your doom or survival during difficult times. History has taught us that no condition is permanent. Even developed countries have gone through economic depressions at some point. This global Covid-19 pandemic is yet another recent turn of events that took the world by surprise. This is why we need to develop a good sense of money management to cater for unforeseen life changing events like this.

Money management involves being able to account for your incomes, expenditures, investments and savings. More emphasis should be made on attaining assets and reducing liabilities. Robert Kiyosaki simply defines assets as any property or thing that puts money in your pocket. Liabilities, on the other hand, are the direct opposite, which are properties or things that take money out of your pocket. Sometimes, buying that new car might not be the right choice at that particular period unless you have an income generating asset to take care of the expenses that comes with a car. Having a single source of income in this modern day an age would quickly turn out insufficient if care is not taken.

For salary earners, it is advisable to invest in acquiring income generating asset to serve as a buffer to your salary income. This brings us to the idea of having at least 3 separate bank accounts. One account should be the central account where your salary or any other incomes come in. The second account should be for your business expenses (if you have a side business) or for personal/family expenses. The third account should be an investment account. The investment account is basically a savings account strictly for the purpose of investments on income generating assets like real estates, stocks and bonds etc. Properties that you define as liabilities should be kept to the minimum. Money from your 1st account should be used to fund your 2nd and 3rd accounts regularly. This would ensure less liabilities and more income generating assets to offset all your expenses.

2) Repayable loans from friends, family or banking institutions

Loans from friends and family are generally more advisable as they come with little or no interests. One common use of loans these days is to clear urgent expenses or pay up other debts. But there is another side of loans that we must take advantage of. Loans can be profitable when used sensibly with the right motive to pay back. Loans can be used to fund your investment account for an asset you have carefully analysed for a good and profitable return at the due date of loan repayment. This can work in your favour. This would enable you establish an income generating asset that can serve you for years, meeting up any unforeseen rise in expenses. This is a guaranteed way of ensuring you have available income to fund school fees and other expenses. For salary earners or other forms of consistent earnings, bank loans can be a great option if the interest rates are reasonable. Most banks offer good packages to new or long term customers depending on your status or situation.

3) Public funding, Grants or Scholarships

In some cases, public funding might be the only option you have depending on your current situation. This includes funds from the general public. With the advent of the internet and social networking, the process of public funding has been simplified. There are websites, such as donate-ng, that allows registered members to set up a public request for funds to handle school fees or other urgent expenses. People can review your story and decide to generously give based on empathy.

For intelligent students with gifts or talents, there are numerous scholarships or grants that are available from Schools, Universities, NGOs and other charitable organisations. Here are a few listed below:

• Forte Charity for Inspiration

• Britain-Nigeria Trust (BNET)

• Tanimu Foundation – Education Grants for Nigerian Students

• United for Education (U4E)

• Odyssey Educational Foundation

• New Era Educational & Charitable Support Foundation

You can take time out to research more online. You’d be surprised by the available options out there. These organisations can be within the country or international. They aim to financially help and support exceptional students who are incapable of funding their own education.

“You’re not obligated to win. You’re obligated to keep trying to do the best you can everyday. ”

– Marian Wright Edelman

Whichever suggestion you to go with, always have a positive mind set. As a parent, keep working, keep searching. As a student, study hard to be the best you can be. As a philanthropist, never stop giving.