The cost of getting a higher education over the years has grown exponentially, outweighing the increase in the price of other household expenses.

According to the US government data, 1.6 trillion dollars is owed in student debt, collectively by over 45 million Americans.

The average young American wants to further their education, gain new experiences, build relationships and have access to good opportunities by investing in their career.

However, as the cost of enrolling for and getting a degree continues to rise, many people lack the finances required to invest in their careers.

In light of that, here are four ways to finance your studies and invest in your future career.

Consider Taking Out A New Mortgage On Your Home Or Refinancing Your Existing Mortgage

Most of the time, paying for a college education with only scholarships or savings is difficult, especially if the scholarship isn’t fully funded. Also, some people shudder at the mention of college loans.

Using one of America’s most trusted mortgage lenders, if you own a home and your equity has increased, you can save some dollars by taking out a new mortgage or refinancing your existing mortgage.

If you’ve built up enough equity, you can replace your current home loan with a larger mortgage and have access to the cash difference. This cash can be used to pay your student loan.

Using your home equity to pay down a student loan balance is called a student loan cash-out refinance. This lets you combine your student loan and mortgage into one loan.

You can also reduce the interest rates on your student loan, reducing your debt and keeping more money to yourself.

To qualify for this, you have to use the cash to pay off the total loan in your name. At closing, your lender will transfer the funds directly to the loan company.

For example, if the value of your home is $300,000, your mortgage balance is $150,000 and you owe $50,000 in student loans, you can refinance a total of $200,000.

$150,000 to pay up your mortgage balance and $50,000 to clear your student loans.

Bear in mind that if you use the cash-out refinance mortgage to pay off your federal student loan, you will no longer be eligible for benefits such as loan forgiveness or forbearance.

Apply For Scholarships

Several online platforms offer courses at a cheaper cost and different payment plans and fully funded scholarships endorsed by educational institutions and governmental and non-governmental organizations.

Most of these scholarships are based on merit or awarded as recognition for certain achievements, while others are based on needs.

Applying for and getting a scholarship removes financial burdens, helps you focus on building your career, and makes it easier to achieve educational goals.

Different programs have unique requirements that must be met to be considered for a scholarship by these organizations. If you meet these standards, you should apply.

It’s also important to note that you need to stick to the rules of your scholarship or you can lose it. Several scholarships require a level of academic excellence that you must stick to for your scholarship to last your studies.

You Can Apply For A Student Loan

A student loan may be one of the offers you get when you apply for financial aid in your school. If you decide to go with this, ensure you’re familiar with its terms and conditions.

These loans can come from the government, private organizations, or financial institutions. Loans from the federal government usually have more benefits than other sources.

The amount you are eligible for depends on the educational level you are currently at. As an undergraduate, the maximum student loan you can get in the US is between $5,500 to $12,500 per year.

A graduate or professional can borrow up to $20,500 per year. You can borrow less than your school offers and request more money later if you need to. However, it is wise to only borrow out of necessity.

Federal loans are available for US students studying in the US but close to international students, this doesn’t mean that foreign students can’t apply for student loans.

International students can apply for international student loans up to the total cost of education without other aid or the school’s discretion. You can contact your school’s financial aid department to determine the maximum amount a foreign student can take out.

Before you take out a student loan, you must understand that a loan is legally binding, and when you are to pay it back, you have to pay with interest.

Although you don’t have to pay back immediately, you will still do so eventually, so ensure you borrow responsibly.

Get A Part-Time Job

Having a part-time job is a good way to earn some money on the side to pay off tuition fees, house rents, get relevant educational materials, and sort out other expenses.

A smart move will be to make sure you’re working after school and during the summer break. Most importantly, consider high-paying jobs.

One way to find high-paying jobs in the summer is through temp agencies. They do most of the work involved in job hunting and search mostly for office jobs paying above the minimum wage.

They may also provide you with quality connections that can lead to good internship opportunities or a good salary after school. If getting a high-paying job proves difficult, you can try getting a job as a student assistant in your school or, if you have the skill set, apply for remote jobs with flexible working hours.

Another advantage of having a part-time job is that it teaches money management and a sense of independence.

When you start working for your money, you become more prudent and gain more understanding of how to handle money. It will also teach you the benefits of budgeting and the importance of saving.