When you’re working your way through primary and high school, your parents are usually the ones financing all your school fees, tuition fees and study supplies. But what about when you’re an adult? If you want to further your education when your parents are no longer responsible for you, where can you find the money you need?
In this post, we’ll take a look at some ways that you can come up with money for adult education, whether it be a TAFE course, a university degree or an online study course. We’ll also answer the question: “How can I get an Education Loan in Australia?”
Does the Course Offer a Payment Plan?
Depending on the study platform, you might be able to find a course that offers a payment plan. This is sometimes the case with courses that are offered online, particularly by private sellers.
No matter what course you’re looking to do, dig deep and see if there is an option to pay the cost of the course off in instalments. A payment plan allows you to get started without the burden of needing all the money upfront.
You May Be Eligible For Government Assistance
In order to embark on the career of your choice, the Australian Government offers initiatives and assistance programs. Not everyone will be eligible, but the only way to know for sure is to check out a resource such as the government’s StudyAssist page for further information on funding and eligibility criteria. Officially-recognised degrees and diplomas are generally eligible for government assistance.
Typically, when you receive study assistance from the government, you won’t have to start repaying the loan until after you’ve completed your studies and have landed a job.
Look Into An Education Loan From Banks and Private Lenders
Many lenders offer Study Loans, or Personal Loans that can be put toward the cost of enrolling in a course or officially-recognised tuition. It’s a good option if you need the money upfront to pay for the course, but are not eligible for government assistance.
For an easy approval loan, try a private lender. They generally have less stringent criteria than a bank, offer fast approvals, and you can borrow smaller amounts if you don’t require a loan in the $1000s to cover your tuition costs.
Take a bit of time doing your research to find the best deal. It may end up being with a bank, depending on your requirements, but private lenders are well worth contacting when it comes to Education Loans.
If You Have the Time, Work Part-Time
One advantage of being able to work at least part-time while completing a university degree, is it gives you money for your living expenses (which can really take the pressure off), and it also allows you to save money so that when you do have to pay back a government assistance loan, or money borrowed from a lender, you’ll have the funds to cover it.
It can be hard work having a job whilst studying, but it’s not forever. You’ll also gain some valuable work experience and life skills at the same time. You can add your employment details to your resume and potentially make some handy contacts for the future during the process of working.
Are You Eligible For a Scholarship?
You can find study scholarships offered by educational institutions, private enterprise, as well as government departments. Even some charities will offer scholarships. While not everyone will be eligible for a scholarship, you won’t know for certain unless you look into it.
Scholarships often cover a significant portion of your tuition and sometimes the entire cost.
There is no one set of eligibility criteria to receive a scholarship, as it will be different for every organisation. The only way to determine if you’re eligible is to study the criteria of each scholarship offered. It’s worth taking some time to research this, as you just might find something you can apply for.
So, there are a few options for you to think about when it comes to finding the money you need to cover your adult education expenses. If you do choose to pursue an Education Loan with a private lender, think of it as an investment into your future employment chances. Rest assured there will always be a way of raising the cash you need so you can further your studies.