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4 Ways to find the money to study

By Faeza
21 April 2016

You've decided that you want to study to increase your skills or get a better job but you don't have the money. Here's help!

Not everybody has the opportunity to study full-time, straight out of school. And others don’t know what they want to do until they’ve experienced the working world. Or maybe they want to study further in order to grow in their careers.

The thing is, how do you afford to study later in life? Here are four ways to make it possible:

1. Plan ahead

If you’re willing to wait a few years to start with your studies, there are ways to put aside the cash. You could save your money in a unit trust investment while you work full-time. It’s not easy as you need to put aside all your disposable income if you want your investment to grow enough to support the education costs.

Some people choose to take a second job. While this leaves you with very little time to enjoy your life now, and you’ll probably have to give up all luxuries, it will be worth it in the long run.

2. Take out a loan

There are long-term and short-term student loans available through various banks and institutions. Whether you’ll be approved, and the amount you’ll be approved for, depends on your personal circumstances. You will have to pay these loans back and it could take years to pay off that debt.

But, with your degree or diploma, your future earning potential could be much higher. If you choose to go this route, you should take a close look at how you plan to pay back the money. It will affect you later in life, so make sure you calculate the risk.

3. Work while you study

Working and studying at the same time is not easy but it is possible. There are quite a few ways to do this. For example, you could have a full time job during the day and take online courses at night or you could work a part-time job while you study full-time.

It’s difficult and you have to have, or develop, excellent time-management skills, but it means your studies are fully paid off by the time you graduate.

4. Ask your employee to pay for certain courses

If you’re planning to study within the field you’re already working in, this may be a great option for you. Take courses that improve your skills and make you more efficient at your job.

If your employer sees your studies as beneficial to the business (for example, they can promote you to higher position without having to look outside the company), they may be willing to invest in your education.

Studying further is a great way to increase your earning potential or accelerate your career growth. But many people don’t consider it an option because they don’t think they’ll be able to fund it. However, that’s not true. There are many options out there: you just have to look.