The table below compares and contrasts different ways to fund your training or education after high school. Each option also includes possible costs and benefits. Considering the disadvantages and advantages of your options can help you make the best decision for your situation.
Use the table below to weigh the costs and benefits of different funding options for your career training or education:
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Ways to Pay for School
| Costs | Benefits |
|---|
|
Personal Income
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- Competes with other financial needs and living expenses, such as housing, transportation, and groceries.
|
- You can earn work skills while going to school.
- You can go to school part-time or work part-time.
|
|---|
|
Savings
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- Uses money that is earning interest or may be needed for an emergency situation.
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- You can develop a plan to refill your savings account when you start earning income.
- You are using funds that are not needed for living expenses.
|
|---|
|
Financial Aid
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- Takes time to fill out applications, and you are not guaranteed to earn funds.
- Loans will need to be repaid and are charged an interest rate.
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- Scholarships, grants, and work study programs provide funds that do not need to be repaid.
- Filling out the FAFSA and most scholarship applications is free.
|
|---|
|
Military Aid
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- You will need to pass physical requirements to join the military.
- You may be placed in dangerous situations while serving the nation.
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- Gain work experience and employability skills.
- Financial assistance can pay up to 100% of your tuition costs.
|
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Now ask yourself: Which way to pay for training or education after high school is my best option? What other option could support the costs of my required career training or education?