Managing the Cost of Study
KEY POINTS
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If you’ve been looking at going back to study in later life, then congratulations, because you’ve made a big step towards improving your career prospects and your personal development. The problem is often affordability when it comes to studying.
If you want to see whether you can afford to study and maintain your lifestyle, you’re in the right place. You must be able to determine whether studying is even possible for you before you start applying for different colleges or courses.
Student loans are no joke, and understanding how they work before you embark on any study is vital because you need to be able to pay off those student loans when you have finished studying.
Most future students are concerned about the cost of study because balancing study and full-time work is a big challenge.
Of course, the challenge is worth it if it gets you to a career you want. Let’s take a look at how you can set yourself up for success.
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Cut down the cost
Did you know there are plenty of ways to cut the cost of an overall degree? If you’ve got experience studying or you’ve worked in a related field, you can see whether or not your new course recognizes your old course unit.
You can be credited with credit points, which reduces the number of units that you need to study and then takes down your tuition costs overall.
You could also apply for scholarships. There are plenty of scholarships and achievement awards out there that you could choose to apply for to see whether you are eligible for any of those scholarships so that you can do better for your future.
Another good way to cut the cost of your degree is to share it with your employer. If you’re working in the field, then approaching your employer with a proposal for studying professional development is great.
Often, employers are keen to do this as long as you are willing to work for them after you have earned your degree.
Learn about student loans
University fees can be complicated. You need to figure out the postgraduate payment options as to whether or not you can put them on the loan, or whether or not you have to pay them up front.
Once you’ve learned about student loans, you’ll better understand whether you can even afford to go in the first place.
Access government support
You may be eligible for government support depending on your age and your work circumstances if you’re young, Bursaries can help, and if you are older you might be able to get some student support as a returning learner.
Start budgeting now
You should start budgeting now before you go back to uni, so that you can determine whether or not you can afford to continue. Planning a budget for your expenses, along with your additional cost of study, is important. There will be textbooks and study resources or any travel plans that you might have to pay for, and all of those should be budgeted for properly.
