MY FM Magnum Grant Programme
Closing date: Quarter 3 (26 May 08 – 1 August 08): 1st August 2008 Quarter 4 (4 August 08 – 17 October 08): 17th October 2008
Paying for your higher education
A college or university education is one of the most important purchases you (or your parents!) will ever make. This section on Scholarships serves to assist you in finding the most viable means to finance your higher education.
What is education financing?
Education financing is any type of assistance used to pay your college or university fees. There are basically four main types of financing:
Scholarship Awards
This type of aid is also called a GIFT AID, as you are not required to repay the organisation which provides the award. Most scholarships are from government bodies and private colleges/universities.
Education Funds
Scholarships or loans provided by the Government / foundation / private educational institutions / financial institutions to reduce the burden of financing a student's education expenses, whether locally or overseas.
Unit Trusts & Insurance Schemes
These are typically investment schemes that parents undertake for several years to secure financial funding for their child's higher education.
Loans
Loans are financial obligations that must be repaid. Loans are mostly provided by private sector or government bodies.
Financing for Higher Education
The cost of tertiary education does not come cheap, but it is a lifetime investment for your future. Therefore whether your parents can afford your entire or partial cost of tertiary education, you are advised to go through this pathway in order to be competitive in your career advancement. If your family cannot afford the cost, you may work while studying part-time or look for some forms of scholarship, study grant, loan or other sources of financial aid to help you to pay for your education.