We all know college and university tuition is skyrocketing – double the pace of inflation – not to mention the basic costs of campus life along with it.
For those looking to enter college, whether for the first time or as a re-enrollment to upgrade work industry skills, the goals are threefold:
1. Cut tuition costs while minimizing living expenses
As CNBC reports today, virtual classrooms – or “massive open online courses” – could slash college costs up to 33%, and perhaps more. That, on top of the flexibility to live off-campus with online resources, means that the virtual college experience also provides a way for middle- and lower-income students to access post-high school courses and a degree.
It’s also a financial boost to colleges that, while trimming course fees, can also attract a much higher number of students.
2. Find new ways to pay for tuition and other expenses
You’ve heard of Kickstarter, the online crowd-funding site that lets anyone donate to startup a business? Now college students are leaping on the trend and getting donors to fund their education.
Pave, an online crowdfunding platform linking investors with approved applicants, is just one such resource for students. On the site, individuals and corporations are simply replacing their investments in startup businesses with investments in students.
The catch: Upon graduation, students pay back a percentage of their income for the next decade. The higher-paying the job, the more the investors get back in return.
3. Maximize potential professional connections, especially through alumni
Not only are students finding financial resources via online investors, they’re also looking to previous college and university graduates for help with funding their degree. It’s more than money, too; it’s a professional link that can carry past their education to connect them with a career.
One such resource is Angel Capital Association, the nation’s leading professional and trade association investor agency, which has more than 100 members and affiliates tucked under its wings. Currently, the ACA estimates that the U.S. has roughly 50 alumni groups across the states whose student sponsorships are tied to students at schools ranging from Harvard to the University of Hawaii.
Read more at: www.cnbc.com/id/100997970