How to Finance Your Further Education
- Written by NewsServices.com
There are so many reasons to pursue further education. Perhaps your dream is to enter an industry where multiple degrees are needed, you are looking at a career change, or you want to bolster your skills and knowledge within your existing position. Unfortunately, there is always one thing that stumps many aspiring students, and that is the tall course fees and associated expenses (not to mention the living costs you may have to consider if you are studying full time). Spending money on further education isn’t always something that generates quick return on investment for students, which is why so many sway towards external financing solutions. Choosing how to finance your further education is still a challenge, however, so to help, we have broken down some useful information on your options to give you the most rewarding experience.
Selecting the Best Private or Federal Student Loans
If you are looking at obtaining a student loan, there are two options generally available to the public: federal loans, and private loans. Federal loans vary on the courses you undertake and the institution you enrol in. HECS-HELP, for example, is a loan for courses at Commonwealth supported places, with repayments based on yearly income brackets. Private student loans, on the other hand, is financing provided through a separate body in the private sector, such as a bank, credit union, or lending service. Given the competitive nature of the lending industry, these offerings can differ, so be sure to do your research to find the best private student loans for your needs.
What is Best for Me – Federal or Private Student Loans?
Federal loans, such as HECS-HELP, FEE-HELP, SA-HELP and OS-HELP, are popular with many Australians as they work directly with universities and higher education platforms. They also have discount incentives if students can pay specified amounts upfront, and you only have to start paying back your loan amount once you start to earn a certain amount in a given financial year. That being said, private student loans may be best for you if you would like greater control of your education debts. Many providers today offer highly competitive rates using risk-based pricing models; allow you to select how much you actually want to borrow, whether it be to fund your entire course, or only partially when combined with your own personal financing; operate on a pay-as-you-go funding model, protecting you when you want to suspend your studies by also halting your future drawdown payments of the loans; offer clear and simple terms and conditions for clients; and pair with various approved education partners across the country to offer the same ease when applying for and undertaking a federal loan.
Requesting Your Employer to Fund Your Degree or Course
Asking something of your boss is not always an easy conversation. Many employees turn squeamish even booking leave, so requesting your employee to fund your education may seem like a long shot. That being said, many businesses will actually budget for the professional development of their teams, which don’t always get utilised. So, ask yourself how the wider business can benefit from your pursuit of further education. Cultivate as much information as possible around how your new skills, knowledge and abilities will benefit the organisation, and compile this into a business case or presentation that demonstrates clear return on investment from your employer. They may have stipulations, such as an agreement that you will stay with the business for a given time period or have to pay the amount back, but this is simply to protect their interests.
