Tag: finance

If you have noticed that you have a knack for cooking and you like it so much that you feel you can pursue a career in cooking, then a culinary school is for you.

You can check Collected.Reviews for the best culinary schools around you.  Instead of asking for a loan, there are different ways you can get funding if you cannot afford a culinary school.

Basically, here are 4 ways to finance your culinary education.

1.     Scholarship and Grants:

Scholarships are a preferable method of getting finance for culinary education. Individuals or organizations that have an interest in helping people who want to attend a culinary school but cannot finance themselves, will offer scholarships to those who they deem fit by putting out a list of qualifications and asking interested parties to send in their application. Applications are collated and vetted and scholarship is awarded to the individual or individuals that will be chosen. Scholarships are not required to be paid back and because of this, winning a scholarship can be very competitive.

Grants are similar to scholarships with only one distinguishing factor between the both of them – scholarships are awarded based on a person’s past performance (in school, in an exam, in community exam, etc) while grants are awarded based on your need or your income. This means that while grant amount varies among people who win a grant while scholarship winners all get the same amount. Scholarships are everywhere, you can check for scholarships on the internet or in the dailies. You can get a scholarship from the government, from big culinary or culinary-related organizations, religious organizations, NGOs, concerned individuals, etc. You can also get grants by filling forms.

2.      Federal Loans:

Federal loans are loans financial aid given by the government to citizens who are in need. They are preferred mostly because of the flexibility of the loan (the repayment structure is favorable to lenders) and the interest rate which is usually very low. Federal government loans have a lot of benefits; if you are applying for a federal government loan to finance your education, you will not be required to pay the money until you graduate from school so you do not have to worry about working to repay any debt while you are in school. They also have very low-interest rates because the government takes care of most of the interest. There are a lot of federal government loans like Stafford loans, Perkins loans, PLUS loans, etc.

3.     Private Loans:

Private loans are better off than federal loans because they give higher amounts. However, unlike federal loans, you begin to make repayment on loans immediately after you collect the loan which means you have to work while you are in school to be able to pay the loan if you do not have anyone who can take the responsibility of repaying the loan.

4.     Work-Study Program:

This is a program that allows you to work while you … Read More..