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Funding Your Education - Student Loans

Most career change involves an element of retraining and, in some cases, taking on a major commitment such as a first or postgraduate degree. Whatever stage of your life you are at, funding extra study can be expensive and this is particularly the case if you are a mature student with responsibilities such as a family and mortgage. Often, any form of study involves taking out a student loan and it is important to be sure this will be worthwhile in the long run.

How can you ensure that further training is cost effective? The first thing to do is to research your intended pathway with great care. You don't want to get into debt and then find the qualification you've worked hard for is worthless. I've made this point elsewhere, but it's so important it's worth repeating.

Contact employers, professional associations and your local careers guidance service to make sure the course you are doing is recognised and relevant to what you want to do.

Once you've established that you're on the right track, work out approximately how much the course is likely to cost. You probably won't be able to come up with an exact figure, as the cost of living will change and you may take longer than anticipated to complete parts of the course, or decide to study additional modules as you go.

Then look at your income and outgoings. Will you have to cut back on the number of hours you work to make time for your studies? Do you have a partner who can take over some of the responsibilities? Make a list of outgoings and income and get a realistic picture of how much extra cash you need to fund your studies.

Now that you know what you need, how do you get your hands on it? This will depend on your individual circumstances and where you live.

I'll be adding more information on how loans and grants work in different parts of the world, but to get you started, here are a few links:

For information on student loans in the US:

US Loans

This site also offers a book which you can download free (English and Spanish versions) giving information on different types of loan, amounts available, how to apply, and repayment details.

Guide in English

Guide in Spanish

If you live in Australia, this website will provide more information:

Australia

Studying In Australia

And prospective students in the UK will find information on student loans here:

Student Loans in the UK

And Career Development Loans here:

Career Development Loans in the UK

Once you've sorted out your finances, you can concentrate on your studies. Here are some study tips to help you get your career as a student off to a good start.

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