How To Cut the Cost of Further Education

Read Time:7 Minute, 42 Second

If you want to get ahead in your career, you may well find yourself needing to go back to education.These days, getting your bachelor’s degree is considered standard and there will be lots of competition for jobs among graduates. However, if you want to stand out from the crowd or specialize in a particular area, then prospective employers will want you to have got further education qualifications too.

For many, the cost of further education is prohibitive.Millions of graduates are still trying to pay back the loans they took out to obtain their bachelor’s degree and some of them will never be debt-free.The idea of having to take on further debt stops them from realizing their dreams.However, further education may not be as expensive as it looks.Here are some ways of cutting the cost.

Earn Credits

Community colleges are a lot cheaper than Ivy League colleges.You may prefer the Ivy League certificate to the community college one but were you aware that you could have both and save yourself a fortune in the process?Find a college course you like the look of that is offered at both types of college.You can then start at the community college and complete the first couple of years of your qualification before transferring to the Ivy League one for the remainder of your course using your credits from the community college.You will still receive the Ivy League qualification but as you have not had to pay for an entire Ivy League education, you will be able to save yourself a lot of money.This method works best for a longer college course.

Study Online

Studying online is a great way to cut the cost of further education.They often cost a fraction of the price that bricks-and-mortar colleges do and at the end of the course, you will get the same qualification.

Online colleges can afford to be cheaper because they don’t have to pay for the building, the utilities, or the same number of teaching and support staff that bricks-and-mortar colleges do. The money they save can be passed on to their students meaning that online courses are a lot more cost-effective.

You can also cut the cost of commuting or moving to another town if you study online because it doesn’t matter where you are based.This can save you a considerable amount of money, especially if the alternative is a long commute or needing to move to a town where living costs are a lot higher.

Another benefit with online studying is that because you can learn in your own time it is easier to work while you are studying. This means that you could keep your existing job and have somewhere to go back to once you have finished studying.If this is not possible then picking up some casual part-time work will keep some money coming in while you study. This may not cut the cost of further education, but it will make it easier to fund your studies.

Apply For Funding

Attending an online school such as St Bonaventure University Online and applying for grad school financial aid through them could save you a fortune, so it is worth looking into.Depending on your background, circumstances, and the course you want to study, there could be at least one grant available for you.Many grant providers allow you to apply for more than one type of funding so uncovering all your options could make further education a much more affordable option.

Ask Your Employer for Funding

If you work for a big company and you want to achieve further qualifications because it is part of your career plan, then it is worth approaching your HR department and asking them to fund all or part of your course.If you can show why having that qualification would be beneficial to the company, then you at least have a starting point.Then all you need to do is convince your company that funding you is a good idea, and they could be surprisingly generous.

This could work especially well if you have been working for your company for a few years and you can prove your merit or if your industry has a shortage of workers or specialists.It may be that their agreement to fund your course has clauses attached, for example, they might make you agree to work for the company for a few years after you have your qualification so that they can recoup the money they have spent on you.However, if you are happy to accept their conditions this could save you a fortune.It may be nerve-wracking to ask your company for money but if you don’t ask you won’t get.

Buy Pre-Owned Material

If you need to buy textbooks for your course, they can be expensive.However, students who have finished the course might be willing to sell these books on or even give them away for free. It is worth asking online to see if anyone has any books you might want.Even if you are mainly working online having books for research or background reading is always useful and could help to contribute to your grade.

Save In Advance

If you don’t have to rush off to further education straight away, you could spend a few years planning and saving so that you do not run up as many debts once you are studying.If you are working full time, then concentrate on putting as much money away as possible to save for your education.

Planning your budget well in advance gives you plenty of time to prepare so once you have decided that further education is an option start saving.Take a look at your outgoings and decide what you can cut out.For example, you might have an expensive gym subscription but if you don’t actually go to the gym, then it is a waste of money. Cut everything you can from your budget and put the money into savings instead.

Look at your monthly outgoings such as utility bills.If you haven’t reviewed these for a while, then the chances are you are paying too much money for them.Different deals come out all the time to help you save money on utility bills, and if you shop around regularly, you will find them and be able to take advantage.This then gives you savings to put towards further education.

The benefit of having all these savings when you return to studying is that you don’t have to rely on loans and credit cards to pay your bills for the duration of your studies.If you don’t have to take on debt you won’t have to pay interest on it, and this will make your further education a lot cheaper.

Stick To Your Budget

You will need to set a budget and stick to it once you are studying.Set aside a sum of money for emergencies and events such as Christmas and birthdays. If you budget for every eventuality, you won’t be caught out and forced to blow your budget when the unexpected happens. It can be very difficult to get back on track once you have gone into the red.

Loans

Taking on debt is always going to be more expensive than funding your further education from your savings as you will have to pay interest.However, if you are short on savings then taking out loans means that you don’t have to pay the money back straight away and you can set the loan up so that you can get qualified before you have to repay.Some loans don’t expect you to repay anything until you are earning a certain amount of money, but other loans will require monthly payments immediately.

You can reduce the cost of your loan by shopping around to get the best interest rate you can.However, the best loan rates on the market are given to people with the highest credit scores. Download a copy of your credit report to see what loan rate you might be eligible for.Don’t worry if your credit score isn’t perfect as there will be loans available to you, even if they don’t have the best rates.

If you are not returning to education straight away, you have time to repair your credit score and hopefully qualify for more attractive rates by the time you start studying. Make sure that your payments on loans and credit cards are up to date and you have not forgotten to pay any bills.Settle any judgment orders you have as soon as you can.This will improve your credit score and save you money on your further education loan.

If you would like to return to further education but have been put off by the cost, then look again.Follow these tips and further education may be not as much as a pipe dream as you think.It will be worth all the work when you have your dream job and pay check.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Previous post What to Pack for the Perfect Beach Vacation
Next post How to Stand Out in Comicon This Year
error: Content is protected !!