Education is an investment in your future, so even though it comes with tuition fees and other expenditures, it’s usually well worth it. Learning new skills and knowledge opens doors, doors that can lead to a brighter financial future and more rewarding job or business prospects.
While it’s all well and good to know that investing in your education is a positive thing, you still need to be able to find the money to pay for that education and that’s where this article is going to help you out.
Let’s look at some practical and smart ways to finance your education.
#1 – Are You Eligible for a Grant?
If you do some research, you’ll discover that there are always grants available for education, whether they be government grants or grants offered by private enterprises. Of course, you first have to meet the criteria to qualify for an education grant, but it’s worth taking the time to investigate this possibility.
If you do happen to qualify for a grant, the amount of money you receive may be enough to cover all of your education expenses. At the very least, the grant will cover a sizeable portion of the tuition costs.
You could start off your search by checking out this government website.
#2 – Do You Qualify for a Scholarship?
Just as with the grants for education, there are also education scholarships available from the government, private enterprises and some universities. Once again, not everyone is going to be eligible for a scholarship, but it doesn’t hurt to take some time to do your research and possibly apply for a scholarship.
As with the study grants, you could commence your search on Australian government websites for scholarships, as well as advice on where to find study scholarships and how to go about applying for one.
#3 – Work Hard First Then Study Later
If you don’t yet have the money to pay for your tuition and living expenses while you study, and you don’t qualify for a grant or a scholarship, you could delay your studies and work hard for a time first. The job you get may not be your dream job, but it can be a stepping stone to getting that dream job.
All you need right now is something that pays you money. Work hard for a year or two, save as much as you can, then you’ll be able to pay your tuition fees, undergo your area of study and come out the other side ready to embark on a new career.
#4 – Take Out a Loan for Education Expenses
Most Australian lenders will either offer special education loans or allow you to apply for a Personal Loan with the primary reason being to pay for your education. The good news about these loans is lenders can be more willing to approve the application when they know you want the money for your education.
How can Education Loans be helpful?
What are the characteristics of an Education Loan?
An Education Loan will free you up to enrol in your chosen course or area of study without you worrying about where the money is going to come from and how you’re going to pay your way. With some part-time work you can repay the loan, then perhaps pay it off more quickly once you’ve finished studying and have landed a good job as a result.
Many loans for education purposes will have lower interest rates and you can generally borrow amounts ranging from around $2k up to $50k. While banks may have minimum repayment terms of one year, private lenders offer short term loans online, where you have the opportunity to repay the borrowed funds in as little as 3 months if you wish. Having said that, depending on the amount you borrow, you can get up to 7 years to repay the debt.
Talk To Cashify About Financing Your Education
The fastest way to get started on the course you plan to study is to take out a loan to pay for those education expenses. Cashify has been helping everyday Australians achieve their dreams, so get in touch with us today to learn how we can help you get the education you deserve.
Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.