*This is a collaborative guest post.
Perhaps you’re thinking of restarting your studies after taking a break to start a family, or maybe you just fancy a change of career. Whatever your motivation, higher education or training can unlock an array of opportunities and help you achieve your ambitions. The trouble is, it generally doesn’t come cheap. So, if you’re planning to progress with your studies, you’ll need to think carefully about how best to fund them. Here, we take a look at three ways to fund higher education & training to help you meet your costs.
1. A personal loan
From tuition fees to study supplies, you might have a range of expenses to cover up front. One way to do this is to take out a personal loan. Whether you need a few thousand euros or considerably more than this, a personal loan may suit your needs. Specialist providers like Chill Money offer flexible repayment terms of up to five years, which can help you to spread the cost and relieve some of the immediate financial pressure.
Bear in mind that lenders will assess your ability to repay the money when they process your application. Also, it’s important to avoid the temptation to borrow more than you actually need as this can put you under unnecessary financial strain.
2. Scholarships, grants, bursaries or awards
You might be eligible for certain types of financial support while you’re studying. For example, you may be able to access scholarships, grants, bursaries or awards from the government, charities or companies. The money available will depend on a range of factors, including your age, where you’re based, the subject you plan to study and your financial status.
It’s well worth doing your research when it comes to these sources of funding. You’ll have to put time and effort into the application process, but if you are eligible for financial support, this could make your life much easier.
3. Paid work
Paid employment can also play an important role in helping you meet your expenses. Whether you work during term time or you stick to temporary holiday jobs, this extra money can prove to be extremely useful. However, it’s essential that you don’t allow paid work to have a negative impact on your academic progress, otherwise, you’ll be defeating the whole point of further study.
Research has shown that more than 20 hours of paid work per week can have an adverse effect on academic performance. So, if you look for a job, try to find something you feel you can comfortably fit around your study schedule. If you feel as though you’re under too much pressure at any point, it’s essential that you reassess your priorities.
As well as looking for ways to generate money to help you pay for higher education or training, it’s important to keep tight control of your costs while you study. From shopping smart to making full use of the student discounts available, there may be a whole range of ways to bring your expenses down.