It goes without saying that higher education is one of the most crucial investments you will make for your future career. While the rise of tuition fees may make it hard for some to pursue their goals, that doesn’t mean that you need to give up on your dreams. Let’s take a look at the 3 ways you can use to fund your higher education. 

A scholarship is a payment given to support the education of a student. Scholarships are generally awarded based on the student’s achievements in academics, sports, or co-curricular activities. There are many institutions that provide scholarships, including colleges and universities, governmental organisations and private corporations. A scholarship may cover full or partial tuition fees as well as accommodation fees, depending on the provider. 

To apply for one, the student must submit an application with their results. After that, the student is required to attend an interview for the final selection process. 

It is important to do your own research and be familiar with the terms and conditions of the scholarship. Most scholarships come with a bond; this means that you are required to serve your bond with the company that awarded your scholarship for a specific duration listed in your contract. Also, be on the lookout for fees which aren’t included in the scholarship to avoid unnecessary surprises. 

Tuition fee waivers are offered by colleges and universities to students based on merit, and they are often subject to renewal on a semester basis. The fee waiver may range from 10% to 100%. In order to enjoy them, you need to maintain a certain CGPA every semester. 

Another option to consider is bursaries. A bursary is a monetary award offered by an educational institution and are usually awarded automatically. A common example is when an institution offers a pathway bursary to encourage students to continue their degree programmes with the same institution they completed Pre-U or Diploma studies.  

So, if you pursue your Foundation and Degree programme at the same university, you may be offered a Foundation to Degree bursary which includes a percentage of tuition fee waiver for both programmes. The same goes for a Diploma to Degree bursary. Take note that you are usually required to maintain a certain CGPA to enjoy these benefits. 

If scholarships are not an option for you, don’t worry, because you can consider getting a financial loan to fund your studies. One of the most popular options is PTPTN (Perbadanan Tabung Pendidikan Tinggi Nasional). PTPTN loans are favourable due to its low interest rate of 1% compared to external parties. The amount of loan you are eligible for depends on your household income. You can apply for PTPTN to study Diploma and Bachelor’s Degree programmes at private universities. However, PTPTN does not cover Pre-U courses like A-Levels, Ausmat and Canadian Pre-U. Besides that, PTPTN for Foundation programmes are only available for selected institutions, so make sure to check with us before applying. 

Alternatively, you can also apply for student loans at banks and governmental organisations. In some cases, the education loans are convertible (e.g. MARA’s convertible loan). This means that a portion or even the full loan can be converted into a scholarship, depending on your CGPA. So, the amount you need to repay at the end is based on how well you perform academically. 

Now that you are aware of your funding options, the next step is to compare the education costs and know your options. While this may be a tedious task, you don’t need to do it alone. EduGPS offers features to instantly compare fees, and our team of experienced consultants are always ready to provide guidance on education fees, scholarship and PTPTN application so that you can kickstart your higher education with ease.