What’s the Best Way To Fund Your Education

By May 28, 2021 October 18th, 2022 Personal Loan

What’s the Best Way To Fund Your Education

Whether you’re just leaving school and want to go to university, or you’re a mature-age student who wants to further your education and land a better job, you’ll need to find ways to fund your education expenses. While some courses don’t cost a lot, spending a number of years studying for a degree at college or university is not cheap.

Let’s look at some practical and creative ways to fund your education so you can move on to the next chapter in your life without having to worry about how you’re going to pay for it.

Are You Eligible for a Study Grant Or Scholarship?

The government, universities and even some private enterprises offer study grants and scholarships to eligible students. You’ll need to spend some time doing research to find these grants and scholarships and to determine the eligibility criteria, but it could be well worth the effort and time well spent.

Even if you believe you won’t be eligible, it’s worth looking into, just to be sure one way or the other. The Australian Government’s StudyAssist website is a good starting point, but don’t forget to check out grants and scholarships offered by private enterprises.

It can also be a good idea to discuss your options with other students. Your peers are likely to be in a very similar position to you and could offer some advice or insight.

Are There Part-Time Jobs Available On Campus?

Every university or education centre needs workers to complete tasks day to day. It’s worth asking if there are any part-time jobs available. This could be anything from working in the on-campus café or bar, keeping the grounds clean and tidy, being a teacher’s aide, cleaner, helping out at Reception and more.

If you’re studying at a university and spending your time there anyway, it would be a very convenient setup to be able to work there as well. Plus, the university will be totally understanding when it comes to the hours you’re available to work.

This option is definitely something you should look into if you’re attending university.

Even if you don’t manage to land a job on campus, you should be able to secure some part-time employment elsewhere to help fund your education and daily expenses. It’ll just be a matter of making the work hours fit in with your education commitments. Many students work though, so it’s definitely achievable.

Apply for An Education Loan

Another way of funding your education is to apply for an Education Loan or Personal Loan to cover tuition costs.

How do Education Loans work?

They vary depending on the lender, but basically, they are a form of Personal Loan where you specifically borrow money to cover the cost of tuition or education-related expenses like laptops, tuition fees, graduation costs etc. Work out how much money you need to borrow, then use the handy calculator you’ll find on the lender’s website to determine the repayment terms for the short-term loan and what you can afford.

To discover what you should know about Education Loans, it’s important to thoroughly read through the lender’s website, including the application requirement. For example, most lenders will require the applicant to be currently employed and Centrelink must not be your main source of income. It is important to take a look at the fine print as well of any hidden fees or charges.

Many Aussie lenders are happy to help out students with loans to cover education expenses.

Is There a Payment Plan Available?

This will depend on the platform or the place of study, but some courses may offer you an option to pay for the course in instalments. This is more common for courses that are offered online by private tuition providers and not necessarily by universities.

If you are planning on completing a private course, then asking if a payment plan option is available is something you should definitely do. If you can pay it off as you go, this will relieve the financial burden.

Talk To Cashify About An Education Loan

Cashify offers loans to help students fund education fees. Our approval processes are fast and you can conveniently apply online from home. If you have any questions about Education Loans and how Cashify can help, just get in touch and have a chat with our knowledgeable and friendly staff. The money you need could be just a click away.

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.

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