THUONG MAI UNIVERSITY

FACULTY OF ENGLISH
------

DISCUSSION
Business English 2.1

Topic: Methods of Financing One’s Education

Supervisor: Nguyen Thi Bich Ngoc

Class code: 241_ENPR5211_05
Group: 5

Ha Noi, 2024
 MEMBER LIST
Student’s
STT Member’s name Duty
code

Content + Powerpoint of 2.2

5 22D170029 Nguyen Tuan Dung
( Government Grant ) + Presentation

Content + Powerpoint of 2.2

13 22D170060 Nguyen Ngan Hang ( Student Loans and Personal Loans )+
Presentation

Content + Powerpoint of 2.2

21 22D170102 Tran Duc Lam
( Scholarships ) + Presentation

Content + Powerpoint of III, IV

29 22D170135 Nguyen Ngoc Mai
+ Presentation
Content + Powerpoint of 2.2
37 22D170162 Le Thi Bich Ngoc
( Part-time Jobs ) + Presentation

Content + Powerpoint of 2.2

45 22D170211 Tran Nguyen Minh Tam
( Subsidies ) + Presentation

Leader, Make the outline, assign tasks

for team members, Content +
53 22D170266 Tran Long Vu
Powerpoint of Hook, 2.1 + Word +
Presentation

1
 EVALUATION

STT Name Teacher’s comments Score

5 Nguyen Tuan Dung

13 Nguyen Ngan Hang

21 Tran Duc Lam

29 Nguyen Ngoc Mai

37 Le Thi Bich Ngoc

45 Tran Nguyen Minh Tam

53 Tran Long Vu

2
 Thuongmai University
Faculty of English

MEETING MINUTES – No 1

Subject : Business English 2.1

Class code : 241_ENPR5211_05
Teacher : Nguyen Thi Bich Ngoc
I. Date – Location
Date: 23h – 11/11/2024
Location: Google Meet (online)
II. Meeting content
1. Member
- Number of participants: 7
- Leader: Tran Long Vu
- Other members: Nguyen Tuan Dung, Nguyen Ngan Hang, Le Thi Bich Ngoc,
Nguyen Ngoc Mai, Tran Duc Lam, Tran Nguyen Minh Tam
2. Discussion
- The team members discussed together and made an detailed outline for the topic.
3. The end of the meeting
Result: All members agreed with outline before sending to teacher and listed specific
tasks.
Evaluation: The meeting was pretty good; everyone actively participated and
supported each other member.
Hanoi, November 11, 2024

Leader,
Vu
Tran Long Vu

3
 Thuongmai University
Faculty of English
MEETING MINUTES – No 2

Subject : Business English 2.1

Class code : 241_ENPR5211_05
Teacher : Nguyen Thi Bich Ngoc
III. Date – Location
Date: 22h – 15/11/2024
Location: Google Meet (online)
IV. Meeting content
4. Member
- Number of participants: 7
- Leader: Tran Long Vu
- Other members: Nguyen Tuan Dung, Nguyen Ngan Hang, Le Thi Bich Ngoc,
Nguyen Ngoc Mai, Tran Duc Lam, Tran Nguyen Minh Tam
5. Discussion
- The team members were assigned tasks and met the dealine for each tasks.
6. The end of the meeting.
Result: All members understoond throroughly their tasks and the deadline to submit.
Evaluation: The meeting was good; everyone actively participated.

Hanoi, November 15, 2024

Leader,
Vu
Tran Long Vu

4
 TABLE OF CONTENTS
MEMBER LIST..............................................................................................................................1

EVALUATION...............................................................................................................................2

MEETING MINUTES – No 1.......................................................................................................3

I. INTRODUCTION.......................................................................................................................6

II. BODY.........................................................................................................................................7

2.1 Overview of Education Financing.........................................................................................7

2.1.1. Definition of Education Financing................................................................................7

2.1.2. Briefly introduce the main methods...............................................................................7

2.2 Comparison of the Advantages and Disadvantages of Each Method..................................9

2.2.1. Student Loans and Personal Loans................................................................................9

2.2.2. Part-time Jobs..............................................................................................................11

2.2.3. Government Grants......................................................................................................13

2.2.4. Scholarships.................................................................................................................17

2.2.5. Subsidies......................................................................................................................20

III. CONCLUSION......................................................................................................................23

MINIGAMES................................................................................................................................24

REFERENCES.............................................................................................................................27

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 I. INTRODUCTION

Education is often regarded as one of the most significant investments in a person’s

future, but the cost of pursuing a quality program can be a significant barrier for many.
Financing one’s education involves identifying and utilizing various strategies to cover
tuition fees, living expenses, and other related costs. With the rising cost of education
worldwide, understanding the methods of financing education has become more
important than ever.

From traditional options like scholarships and student loans to alternative approaches
such as work-study programs and personal savings, each method comes with its own
advantages and challenges. This topic explores the diverse ways individuals can fund their
education, offering insights into how to effectively leverage these methods to ensure
access to learning opportunities without overwhelming financial stress. Whether you are
planning for higher education or lifelong learning, understanding how to finance your
education is a crucial step toward achieving your academic and career goals.

This discussion will delve deeper into the methods of financing education, including the
benefits, limitations, and feasibility of each option. From seeking scholarships and student
loans to engaging in part-time work or relying on personal savings, each method is
tailored to specific circumstances and needs. Through detailed analysis, this article aims
to provide valuable information to help you assess and choose the most suitable financing
method for your educational goals and financial situation.

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 II. BODY

2.1 Overview of Education Financing

2.1.1. Definition of Education Financing

Financing one’s education refers to the various methods and strategies used to cover the
costs associated with pursuing a formal education, such as tuition, fees, books, and living
expenses. This financing can come from multiple sources.

2.1.2. Briefly introduce the main methods

Student loans: Student loans are designed specifically to assist learners in managing
educational expenditures such as academic fees, course materials, and daily necessities.
These loans, which may be provided by the government or private lenders, often come
with more favorable interest rates than general-purpose loans.

 There are two main categories:

* Federal Student Loans: These are funded by the government and usually have fixed
interest rates and flexible repayment options. Examples include Direct Subsidized Loans,
Direct Unsubsidized Loans, and PLUS Loans.

* Private Student Loans: Offered by banks, credit unions, or other financial institutions,
these loans often come with variable interest rates and can have different terms and
repayment options. Approval usually depends on the borrower’s creditworthiness.

Repayment of student loans typically starts after graduation or when the student drops
below a half-time enrollment status, although some loans may offer deferment options
that allow borrowers to postpone payments. Student loans are a significant financial
commitment, and understanding their terms and implications is crucial for students and
their families.

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Personal loans: Personal loans for education are unsecured loans that can be used to
cover a variety of academic-related expenses, such as university charges, educational
supplies, or the costs of accommodation and meals. Unlike student loans, these loans are
more flexible and may also be used for other personal needs.

Part-time Jobs: Part-time jobs allow students to balance work and study by earning
income to manage their study-related expenses, such as covering school charges,
purchasing required learning resources, and supporting day-to-day living. These roles
often require fewer working hours, making them ideal for students pursuing their
education.

Government Grants: Government grants for financing education are financial aid
awards that provide funding to students to cover educational expenses without the
obligation to repay the funds. These grants are typically awarded based on financial need,
academic performance, or specific eligibility criteria, such as enrollment in particular
fields of study or attending designated institutions.

Scholarships: Scholarships are financial awards that provide support for students to
pursue their studies by school, university, organization, helping to offset the cost of
enrollment, educational tools, and everyday living requirements. Unlike loans,
scholarships do not need to be repaid, making them a highly sought-after form of aid.

 Types of Scholarships:
* Merit-Based Scholarships: Awarded based on academic achievement or exceptional
skills and talents.
* Need-Based Scholarships: Given to students who demonstrate financial need, often
requiring a detailed financial disclosure.
* Special Interest Scholarships: Offered by organizations or institutions to encourage
enrollment in specific fields or among particular populations (like underrepresented
communities or first-generation college students).

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Subsidies: Subsidies for financing education are financial assistance programs provided
by governments or organizations to help reduce the cost of educational expenses for
students. These subsidies can take various forms, such as direct payments, grants, or tax
benefits, and are designed to make education more affordable and accessible.

 Types of Subsidies:

* Direct Subsidies: These may include grants specifically aimed at reducing tuition fees
for students attending particular institutions or programs.
* Tax Subsidies: Tax credits or deductions that individuals can claim to lower their tax
burden related to educational expenses.
* Institutional Subsidies: Funding given directly to educational institutions, which may in
turn lower tuition rates for students.

2.2 Comparison of the Advantages and Disadvantages of Each Method

2.2.1. Student Loans and Personal Loans

Student loans are specifically tailored to assist students in funding their education. These
loans often cover tuition fees, living expenses, and other education-related costs.

Student Loans

 Advantages
Access to Higher Education: Education is a powerful tool for upward mobility, but it is
often expensive. Student loans make it possible for individuals from all income levels to
pursue higher education. For instance, Sarah, a high school graduate from a low-income
family, aspired to become a doctor. Without a student loan, she could not afford medical
school. With the loan, she managed to complete her degree and now works as a physician,
earning enough to repay her debt while improving her family’s living standards.

9
Lower Interest Rates and Flexible Repayment Plans: Student loans usually have lower
interest rates compared to other types of loans. Additionally, repayment is often deferred
until after graduation, allowing students time to establish their careers before financial
obligations begin. For example, John graduated from engineering school with a $50,000
student loan. Thanks to a grace period, he was able to secure a job before starting
repayments, making the financial burden more manageable.

 Disadvantages
Long-Term Debt: Student loans can lead to years of debt repayment. Many graduates
face the daunting reality of paying off loans well into their 30s or 40s. For example,
Emma, an art history graduate, borrowed $40,000 to attend university. Despite her degree,
she struggled to find a well-paying job in her field and spent 15 years repaying her loan,
which delayed her ability to buy a home or save for retirement.

No Guarantee of High Returns: While education is an investment, it does not always

yield immediate financial rewards. A college degree may not guarantee employment,
particularly in competitive or declining industries. Graduates may find themselves
underemployed, making it difficult to keep up with loan payments.

Personal Loans

Personal loans are unsecured loans that individuals can use for various purposes, such as
consolidating debt, funding a wedding, or covering medical expenses.

 Advantages
Versatility: Unlike student loans, personal loans are not restricted to specific uses. They
offer flexibility for borrowers to address diverse needs. For instance, Michael, a small
business owner, took out a personal loan to purchase equipment for his bakery. This
investment allowed him to expand his business and increase his revenue.

Quick Access to Funds: Personal loans are typically processed faster than other loan
types, making them ideal for urgent financial situations. For example, Anna needed
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immediate funds to pay for an unexpected surgery. She applied for a personal loan and
received the money within days, allowing her to cover the medical bills without delay.

 Disadvantages
Higher Interest Rates: Compared to student loans, personal loans often come with
higher interest rates. This means borrowers may end up repaying much more than the
amount they initially borrowed. For example, Jason borrowed $10,000 for home
renovations but ended up paying $13,000 due to high interest rates.

Risk of Over-Borrowing: Personal loans are relatively easy to obtain, which can tempt
individuals to borrow more than they can realistically repay. This can lead to financial
stress or even default. Lisa, for instance, took out multiple personal loans to fund her
vacations. Over time, the accumulated debt became unmanageable, severely affecting her
credit score.

How These Loans Can Help Individuals

Both types of loans, when used responsibly, can be life-changing. Student loans have
helped millions of students achieve their dreams. A well-known example is Barack
Obama, who used student loans to attend Harvard Law School. He later repaid the loans
after becoming a successful lawyer and eventually the President of the United States.

Similarly, personal loans have enabled individuals to seize opportunities. Maria, a single
mother, used a personal loan to start a small catering business. The business thrived,
allowing her to repay the loan and achieve financial independence while supporting her
family.

2.2.2. Part-time Jobs

 Advantages:
Flexibility: Part-time jobs offer more flexible working hours compared to full-time
positions, allowing individuals to better manage other activities such as education, family

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care, or personal projects. For example, a university student can take a part-time job in the
evenings or weekends without interfering with class schedules.

Financial independence: Financial independence is one of the most common advantages

of having a part-time job while studying in college. A part-time job gives students a way
to make money and build on their professional skills, without taking away from their
focus on academic performance. Students can see that the work that they are doing is just
a kind of a temporary pre-determined period of time to earn some pocket money, not a
lifetime career.

Development of time management skills: Another key benefit of having a part-time job
is the development of time management skills. In college, students typically have more
freedom and independence compared to high school. They have fewer hours of class and
more "free" time during the day. Hence, a part-time job for students is a good chance for
developing a sense of time management in students. Students will learn how to make the
priorities in not just the study, but also the work.

Work experience: Part-time positions provide valuable work experience that can
enhance a resume, gain experience and make candidates more attractive to future
employers. Part-time jobs play a pivotal role in developing work experience, equipping
individuals with essential skills and knowledge that are beneficial for future careers.
Having a part-time job relevant to your field of study is also an excellent way to combine
your academic knowledge with practical experience.

 Disadvantages:
Loss of focus on education: Working part-time can take students' focus away from their
education. This can lead to students not being properly engaged with the educational
process, and those with part-time jobs may struggle to combine work and study. This is
mainly because working can be a distraction from academic work.

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Increased stress and fatigue: The pressure of balancing work, school, and
extracurricular activities can cause students to experience increased stress. Having a part-
time job can also lead to fatigue as students may feel like they have less free time for rest
and relaxation. This is particularly true on top of the heavy workload that students
experience from their daily studies.

Limited benefits: Many part-time jobs do not offer the same benefits as full-time
positions, such as health insurance, retirement plans, paid sick leave, or paid vacation
time. This lack of benefits can make part-time work less attractive for individuals seeking
comprehensive job security and financial stability.

Limited career advancement: Part-time positions may offer fewer opportunities for
career progression or promotions. Many organizations prioritize full-time employees for
leadership roles or career development programs, which can limit advancement prospects
for part-time workers.

 Example, available at Thuong mai University about part-time job:

At Thuong Mai University, many students opt for part-time tutoring as a means to gain
work experience while also earning income. This choice not only provides financial
support but also helps them develop a range of skills that are beneficial for their future
careers.
Many students choose to tutor in subjects they excel in, such as mathematics, foreign
languages, or economics. This allows them to reinforce their own knowledge while
helping others.
This job not only enhances their academic skills but also develops critical soft skills and
professional connections. Therefore, tutoring serves as a valuable stepping stone for
students preparing to enter the workforce after graduation.

2.2.3. Government Grants

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  Advantages:
Expanding Access to Higher Education
* Support for Low-Income Families: Grant policies help reduce the financial burden for
low-income families, thereby creating opportunities for their children to attend university
without being limited by economic conditions. This not only enhances students' access to
education but also contributes to reducing disparities in education opportunities.

* Promoting Educational Equality: Grants create a more equitable environment,

especially for disadvantaged groups such as ethnic minorities, students from remote areas,
or those from special circumstances. Grants help them overcome financial barriers and
access educational opportunities, fostering a more equitable society in terms of education.

Developing a Skilled Workforce

* Meeting National Development Needs: The government prioritizes grants for fields
such as technology, engineering, and healthcare, aiming to train a highly skilled
workforce to support the country’s economic and social development goals. These grant
programs not only provide students with learning opportunities but also address the
demand for talent in key sectors.

* Enhancing Competitive Advantage: With a larger number of students graduating

from specialized fields, the workforce becomes more skilled and competitive. This
contributes to increasing Vietnam’s global competitiveness, encouraging development,
and fostering international integration.

Encouraging Academic Excellence

* Motivating Academic Achievement: Many grant programs are based on academic
performance, motivating students to strive for better grades in order to receive financial
support. This encourages students to work hard throughout their studies, enhancing the
overall quality of education.

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* Supporting Scientific Research: Grants also support students in participating in
scientific research projects, particularly in innovative fields. This helps advance research
that contributes to technological development and innovation, pushing the boundaries of
knowledge.

* Developing Underdeveloped Regions

Prioritizing Students from Rural and Challenged Areas: The government often
prioritizes grants for students from remote or disadvantaged areas, encouraging them to
return to contribute to their communities after graduation. This policy not only enhances
education quality in these areas but also creates a skilled workforce for underdeveloped
regions.
* Promoting Comprehensive Education: Grants not only provide financial support but
also offer opportunities for students to engage in extracurricular activities, international
exchange programs, and develop soft skills such as communication, leadership, and
teamwork. This enables students to have a well-rounded education, preparing them for
global integration.

 Disadvantages

Limited Funding: The demand for government grants often surpasses the available
budget, leaving many qualified students without sufficient support. This creates a
situation where only a portion of eligible students benefit from the grants, despite their
need, leading to frustration and inequality in access to higher education.

Inefficiencies in Allocation: Bureaucratic delays and vague or unclear criteria for

eligibility can result in uneven distribution of grants. In some cases, the process may be
hindered by administrative inefficiencies or confusion regarding how grants are allocated.
Additionally, there is the potential for corruption or favoritism, where grants might not go
to the students who need them most, undermining the system’s fairness.

15
Insufficient Coverage: Grants may only cover tuition fees, leaving students to struggle
with other expenses such as living costs, textbooks, and materials. As a result, students
still face financial challenges that can affect their academic performance and overall well-
being, even if their tuition is covered.

Dependency on Government Support: Universities that heavily rely on government

grants may lack autonomy in setting their own priorities or in diversifying their funding
sources. This dependence could hinder their ability to innovate, explore alternative
funding models, or tailor programs to better suit their students' needs.

 EXAMPLE OF GOVERNMENT GRANNTS

The Pell Grant

Established in 1972, the Pell Grant is America’s largest federal college grant program,
awarding over 5 million grants to low-income students each year. The 2009 Student Aid
and Fiscal Responsibility Act is set to further expand the number of students eligible for
Pell Grants and to increase the maximum award from $5,500 in 2010 to $6,900 by 2019.

The Academic competitiveness grant

The Academic Competitiveness Grant was authorized in 2006 to provide additional

assistance to freshmen and sophomore Pell Grant recipients with outstanding academic
and leadership potential. The grant provides students up to $750 for their first year of
undergraduate study and as much as $1,300 for the second year.

The smart Grant

The National Science and Mathematics Access to Retain Talent, or SMART Grant,
provides additional assistance to junior and senior Pell Grant recipients with exceptional
promise in math, science, computer science or engineering. Recipients receive $4000 per
year for each of their last two years of college.
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Federal grant funding

Federal grant programs are driven by the congressional funding that fills the coffers. As a
result, maximum grant awards and general availability change every year. Currently,
annual Pell Grant award maximums hover around $5000 per student. Some government
grants, like FSEOG are distributed on a first-come first-served rotation that continues
until funding is exhausted, so time is of the essence

2.2.4. Scholarships
Advantages:
 Helping students get an education: Scholarships have always been a tool to help
students to get the required education that they would otherwise have not been able
to achieve without the scholarships.

 Creating encouragement and motivation: Earning a scholarship can be a

significant confidence booster. It can motivate students to continue excelling in
their studies and extracurricular activities. Knowing that their efforts are
recognized and rewarded can inspire students to maintain high standards and strive
for further achievements. Moreover, receiving a scholarship is often seen as a mark
of distinction, which can enhance a student’s resume and academic profile, making
them more attractive to future employers or graduate programs.

 Offering equal opportunities for all students: Scholarships can open doors to
various opportunities that might not be available otherwise. This can include
networking events, internships, and special programs that are exclusive to
scholarship recipients. These opportunities can provide valuable experiences and
connections that benefit students in their academic and professional lives.

 Gives financial benefit to students: Scholarships can significantly reduce the

financial burden of education. Including not only tuition fees but also other costs

17
 such as books, supplies, and sometimes even living expenses. This financial
support can make higher education accessible to students who might otherwise
struggle to afford it.

Disadvantages:
 Competitive Nature: Scholarships are often highly competitive, with many
students vying for a limited number of awards, therefore even highly qualified
students may not always secure a scholarship. Students usually have to deal with
the pressure to prove their worth and to justify why they are the best to receive the
scholarships. The application process can be time-consuming and stressful,
requiring students to invest significant effort without any guarantee of success to
achieve it. This may end up opening some wounds for some students.

 Limited Coverage: Not all scholarships cover the full cost of education. Some
may only provide partial funding, leaving students to find additional sources of
financial aid to cover the remaining expenses. This can still result in financial
strain and the need to take out loans or work part-time jobs to make up the
difference.

 Dependency: Relying heavily on scholarships can be risky if the funding is not

guaranteed for the entire duration of the education program. If a student loses their
scholarship due to changing eligibility criteria or failing to meet renewal
requirements, they may face unexpected financial challenges that will create
uncertainty and instability in their educational journey.

 Renewal Requirements: Many scholarships are not one-time awards but require
students to maintain certain standards to continue receiving the funding. This often
includes maintaining a specific GPA, participating in certain activities, or fulfilling
other obligations. The pressure to meet these requirements can add stress and
impact a student’s overall well-being and academic performance.
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Conclusion, scholarships will help students have more motivation to study, funds to serve
their studies and living that creates many opportunities in the future for students.
However, it also contains some limits, requiring students to invest significant effort in
order to achieve it.

Example, available at Thuong mai University about scholarship

The Thuong Mai University has many scholarship policies to support students such as
scholarships for students with the best entrance scores of the faculty and school,
scholarships to encourage learning for students with impressive scores after a semester,
etc. In addition, the school also cooperates with many organizations and private
companies to send students many types of scholarships to encourage learning such as
Nitori scholarships, SCIC scholarships, Acecook Happy Scholarship, ect.

On the morning of October 29, 2024, the Nitori International Scholarship Fund, Japan
awarded 10 scholarships, each worth 13,000,000 VND/1 academic year to 10 students
with excellent academic and training achievements in the second semester of the 2023-
2024 academic year. Including 2 students from the Faculty of English: Dương Thị Nhung
K58N2 and Nguyễn Lương Diệu Linh K59N2. The above scholarship will be a
meaningful gift for students, not only a source of financial support but also a source of
spiritual encouragement for them to try harder in their studies and self-improvement.

These scholarships highlight the dedication of Thuong Mai University and other
educational institutions in Vietnam and around the world to ensure that every student has
the equal opportunity to succeed. By fostering an environment of inclusivity and support,
they aim for a future founded on equity, advancement, and opportunity, with education
serving as the cornerstone for both personal and societal growth.

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2.2.5. Subsidies

Advantages of Subsidies in Education Financing

 Increased Access: Subsidies can make education more affordable, allowing

students from lower-income families to access higher education and improve their
future prospects.
 Reduced Student Debt: By lowering the cost of education, subsidies can help
reduce the amount of debt students need to take on.
 Encourages Economic Growth: An educated workforce can contribute to
economic growth, and subsidies can help ensure a steady supply of skilled
workers.
 Social Equity: Subsidies can promote social equity by providing opportunities for
all students, regardless of their financial background.

- Disadvantages of Subsidies in Education Financing

 Fiscal Strain: Providing subsidies can put a strain on government budgets,

potentially leading to higher taxes or cuts in other public services.

 Market Distortions: Subsidies can sometimes lead to inefficiencies in the
education market, such as over-enrollment in certain programs.
 Dependency: There is a risk that institutions may become dependent on subsidies,
reducing their incentive to improve efficiency and quality.
 Regressive Effects: In some cases, subsidies may benefit wealthier students more
than poorer ones, especially if the subsidies are not well-targeted.

In conclusion, while subsidies can make education more accessible and equitable, they
also come with potential downsides such as fiscal strain and market distortions. Balancing
these pros and cons is crucial for effective education financing policies.

- For Example, available at TMU about Subsidies

Based on the Higher Education Law, relevant Decrees and Decisions, and the conclusion
of the Council for Tuition Fee Exemption, Study Cost Subsidies, and Academic

20
Assistance of Thuong mai University during the meeting on October 1, 2024, they has
decided to provide subsidies for two students from small ethnic minority groups. The
subsidies cover 100% of the base salary, with a total amount of 28,080,000 VND, granted
to the students: Thẩm Lan Phương and Xìn Thị Thùy Dung.

In addition, the university has approved tuition fee subsidies for 87 students from ethnic
minority groups classified as coming from poor or near-poor households in 2024. These
subsidies significantly reduce the financial burden on students, allowing them to focus
better on their studies. They also serve as a source of encouragement, motivating students
to work harder and achieve greater academic success.

Beyond financial relief, these subsidies provide students with opportunities to explore
learning and skill development that might otherwise be beyond their reach. They
empower students to engage in specialized training, workshops, or internships, enhancing
their career prospects. Moreover, the subsidies foster a sense of recognition and support,
reinforcing the message that their efforts and potential are valued by the university and
society.

21
The stability offered by these subsidies enables students to concentrate on personal and
professional growth without the stress of excessive part-time work to cover expenses.
This often leads to better academic performance, stronger social connections, and greater
confidence in pursuing their aspirations.

This initiative underscores the commitment of Thuong mai University and other
educational institutions in Vietnam and abroad to ensure that no student is left behind.
Together, we strive for a future built on fairness, progress and opportunity with education
serving as a cornerstone for both individual and societal development.

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 III. CONCLUSION

Financing education requires a thoughtful and balanced approach that takes into account
both immediate financial needs and long-term stability. Personal savings and family
support are often the first sources of funding, offering a debt-free option that allows
students to focus on their studies without the pressure of repayment. However, these
resources may be limited and insufficient to cover the full cost of higher education,
especially with rising tuition fees. Scholarships and grants serve as a crucial supplement,
providing merit- or need-based financial aid that does not need to be repaid, thus easing
the financial burden on students and their families. For many, student loans become a
necessary part of financing their education. While they provide essential funding, they
come with significant responsibilities, including managing interest rates, repayment
terms, and the risk of long-term debt. Part-time work and internships are another valuable
option, allowing students to earn income and gain practical experience related to their
fields of study. However, these commitments require careful time management to ensure
they do not interfere with academic performance. Additionally, government and
institutional support, such as subsidized loans, tuition assistance programs, and education
tax benefits, play a vital role in making education more affordable and accessible. By
leveraging a combination of these strategies, students can pursue their educational
aspirations while maintaining financial stability, ensuring that the investment in their
future does not come at an unsustainable cost. This balanced approach is essential for
empowering students to achieve their goals without compromising their long-term
financial well-being.

Choosing the right method to finance education requires aligning funding options with
individual needs and long-term financial stability. Prioritizing scholarships and grants,
selecting manageable loans, and balancing part-time work with academics are crucial
steps. Government and institutional support can further ease financial burdens. A

23
thoughtful, strategic approach ensures students achieve their goals while maintaining
financial well-being for the future.

MINIGAMES

Questions:
1. Personal Savings
Question: What is a primary advantage of using personal savings to fund your education?
a) No repayment required
b) Guaranteed interest growth
c) Unlimited funds
d) Covers all expenses automatically
2. Question: What is the biggest advantage of using personal savings to pay for
education?

a) You don’t have to repay anything

b) You get access to student loans

c) Your family can contribute

d) Your savings earn interest while you study

3. Scholarships and Grants

Question: What is the key difference between scholarships and loans?
a) Scholarships must be repaid, loans don’t
b) Scholarships are free money, loans require repayment
c) Loans are only available to top students
d) Scholarships are always based on need
4. Question 4: Scholarships are typically awarded based on which of the following?

a) Student’s financial need

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b) Student’s academic performance

c) Student’s extracurricular involvement

d) All of the above

5. Student Loans
Question 5: Which of these is a wise way to manage student loans?
a) Borrow as much as possible
b) Choose loans with low-interest rates
c) Skip repayments until you have a stable job
d) Ignore the repayment terms
6. Question 6: Which type of student loan offers lower interest rates and deferred
payments while you are in school?

a) Unsubsidized loans

b) Federal subsidized loans

c) Private loans

d) Credit card loans

7. Part-Time Work
Question 7: What is a common challenge of working part-time while studying?
a) No income
b) It reduces your chances of getting scholarships
c) Poor time management affecting academics
d) Employers charge you fees
8. Question 8: What is the primary disadvantage of working part-time while in school?

a) It can affect your academic performance

b) You’ll miss out on internships

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c) It can help pay off student loans

d) You won’t be eligible for grants

9. Question 9: What is the main difference between a subsidized and an unsubsidized

federal loan?

a) Subsidized loans accrue interest during school, unsubsidized do not

b) Subsidized loans are only available to students with high credit scores

c) Unsubsidized loans have lower repayment periods than subsidized loans

d) Subsidized loans do not accrue interest during school, unsubsidized do

10. Government Aid

Question 10: What type of government aid typically does not require repayment?
a) Grants
b) Subsidized loans
c) Unsubsidized loans
d) All government aid requires repayment

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 REFERENCES

https://aithor.com/essay-examples/should-students-have-part-time-jobs-essay-pros-cons

https://www.hotcoursesabroad.com/study-abroad-info/student-finances/should-students-
work-part-time-while-studying/

https://www.indeed.com/career-advice/career-development/pros-cons-of-being-part-time-
student

https://drexel.edu/soe/admissions/financial-aid/difference-between-student-grants-vs-
loans/

https://www.investopedia.com/terms/g/government-grant.asp

https://prosancons.com/education/pros-and-cons-of-scholarships/

Subsidies: Definition, How They Work, Pros and Cons

Pros And Cons Of Government Subsidies - The Lenco Blog

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