Choosing a career in the arts requires great confidence in one’s academic acumen, as funding seems to have dwindled for this stream. However, several liberal arts courses are offered by highly ranked universities that could open up new vistas for your career. A degree from such institutions has the potential to give your career a boost as you can then think of a PhD abroad. Sadly, while these courses can boast of excellence, the same cannot be claimed about their affordability. Most of these courses come with hefty price tags that can only be managed with the help of scholarships or strong financing.
Thankfully, educational loans are not scarce and you do not need to scourge the market to obtain one. The non-banking sector has been forthcoming with customised educational loans that cater to the specialised requirements of students and help them build an exceptional career without having to worry about finances.
Finance your arts education with confidence
Financing your career in the arts field is not a big deal if you are prepared to throw in a bit of hard work and willingness to push that extra mile. What you need to do is nothing out of the ordinary, and requires a strong passion for your career. Let us see what you should do to lessen the financial burden of your education and your family.
Apply for scholarships
As we have already discussed, scholarships are a great way to obtain a partial or a full waiver on your academic fees. However, you need to plan meticulously so that you can obtain a good scholarship. Obtaining scholarships requires a lot of planning as you need to prepare a list of universities that offer these in your preferred field of study, the arts. Thereafter, you need to start preparing for the exam, clearing which you would be considered for the waiver. In case you can obtain a partial scholarship, choose a financier who can provide you with an educational loan that caters to your current financial need.
Apply for jobs
Do your research and get to know companies that offer jobs relevant to your field of study. For instance, if you are planning to study language and literature, you can look for proofreading/copyediting jobs. Although you need some training for these jobs, you can find online courses and teach yourself the basics. Landing a part-time job will not only help you meet your financial needs but will also prepare you for becoming financially independent.
Apply for loans
As you must have noticed already, applying for loans comes as the last step of the funding process. However, this step is the most important one as you need to take care of a lot of aspects before you decide on your financier. Firstly, you must make a rough estimate of your total expenditure during your study. It must be kept in mind that there are a lot of other expenses that need to be accounted for other than the tuition fee. When you choose the loan amount, make sure you have added miscellaneous expenses like the cost of a computer, fees for resources like the library, and insurance premiums. The last one is a must because it enhances your creditability and also helps you with repayment in case you meet with a mishap/fall sick/cannot complete your course due to some unfortunate event.
Choose the non-banking sector
There are more reasons than one for choosing the non-banking sector for your educational loan. Although most banks offer educational loans, these fail to meet the specialised financial demands of the students. Modern education is more dynamic than it was even a decade ago, and students can customise their courses according to their areas of interest. For instance, students often decide to opt for two courses from two different universities simultaneously. Therefore, the financing of these courses should also be dynamic and help students in their empowering journey.
It is here that the NBFC s score against large corporations like banks. Partially free from the stringent regulatory guidelines of the Reserve Bank of India, these agencies use cutting-edge technology, including AI, to gain a deep understanding of their client base and their creditability. Until now, only the credit scoring method was used to understand the credibility of an individual, but with time, the need to delve deeper into his/her financial and social behaviour has arisen. This approach has helped this sector to identify niche markets that can act as a game changer for their survival and sustenance.
Conclusion
As an arts student, you can be an active participant in this new digital revolution by financing your studies with the help of NBFCs. With a gradual pace, the non-banking sector has come close to relying on its financial products rather than on its revenues from the online marketplace. Thus, it is not too ambitious to say that the use of technology for deep market research by NBFCs has paved the way for a probable triumph in the stock market in the near future.
