College Financing - New Funds from Government & Alternatives

American college students can get funding between $40,000 and $100,000 from American funds to pay for study taxes under the new funding program Fully Funded Scholarship 2022, launched on Friday. "Through this 150 million dollars project, we estimate that more than 900 businesses and approximately 5,000 jobs will be created," said President Joe Biden.

How will the program work, and who can sign up?

"The money can be accessed by NGOs, colleges, and chambers of commerce. The maximum ceiling is 2 million dollars per applicant, and out of these 2 million dollars, approximately 300 college students will enter the program. Depending on the number of places created in addition to the $40,000 - $100,000 grant, there is also support for those they hire, the deputy prime minister explained.

This measure complements a measure adopted by the Government on Thursday and targets the age group between 16 and 21, an action financed with 100 million dollars for young people who are not in the education system or are not employed.

This measure is addressed to colleges that attract such young people, who will receive support from American funds of a maximum of 50% of the salary of those they accept, but not more than $2,500 for one year, provided that those students remain for a year.

"We have two other forms of support: subsidizing jobs during the implementation of projects with a fixed amount of $2,250 for one year and financial support by providing a scholarship for the period of the internship and participation in simulated business courses", said Joe Biden.

Other Financing Options

College students also have alternatives to get the needed financing aid for study taxes. But it involves their parents. At this stage, parents and relatives of college students may get personal loans for college financing. Personal loans are guaranteed installment loans that should be repaid with fixed monthly payments in a predetermined term (from two to 36 months). With a personal loan, parents can get from $5,000 to $15,000, depending on their credit history. For detailed information, please reach the nearest lender office.