6 Ways To Fund Your Education

3 Mins read

Whether you’re trying to raise funds to send someone to university or you want to further your own education, it all costs money. Education is an investment, so it’s worth finding ways to fund it no matter what you have to do.

In this article, we’ll take a look at some ways you can fund your own education or the education of a loved one.

1 – Is There the Possibility of a Scholarship?

Many Australian education institutions offer scholarships for people who show merit, both academically and in other key areas. Along with this, some private organisations and businesses also offer scholarships for promising students.

A scholarship may cover the entire cost of the course, or at least fund a portion of it, making it far easier to afford.

If you plan on attending a university, check to see if they offer any scholarship programs and what’s required to be eligible to apply. Also look into scholarships offered by the private sector or non-profit organizations, as you may just find something you’re eligible for.

2 – Education Loans for Australia

It was mentioned in the introduction that funding your education is an investment in your future, so if you need to borrow money to do it, it’s not going to be wasted cash.

If you’re looking for an Education Loan in Australia, you’re in luck, as there are numerous student loan lenders offering deals. It’s wise to spend some time shopping around for an Education Loan, so you can find one that suits your individual needs and circumstances.

Go online and do some research. There are a number of Australian websites that allow you to compare the latest deals from banks and other finance companies. When you find a few deals you like, take some time to study the terms and conditions on their respective websites before making a commitment.

3 – Do You Know Someone Who Would Fund Your Education?

This could be in the form of a loan that you will pay back over a specified period (or after you finish your education and get a job), or you might have a friend or relative who is willing to, and has the capacity to fund your educational expenses.

Not everyone will have the luxury of an option like this, but it’s worth putting some thought into. Maybe there is someone you do know that you can call on for the necessary cash, enabling you to get started on the next chapter of your life.

4 – You May Be Eligible for Income Support

While it might not be a direct way to actually fund your entire education, government-funded income support can certainly help relieve some of the burdens financially.

Some students are eligible for a fortnightly payment from Centrelink. It’s not a lot, and if you find part-time work while studying it will reduce the amount of support you receive, but it’s an option to consider.

For example, to be eligible for financial help from Austudy, you must be over the age of 25, fit within the income test limits and studying full time in an approved course or Australian Apprenticeship. If this doesn’t suit your requirements, there could be other options available to you.

5 – You Might Be Eligible for a Government Loan

Often referred to as the HECS scheme, when you borrow money from the government to complete an approved study course, you often don’t have to start repaying the debt until you’ve completed your studies and have landed a job.

Many students take advantage of government loans to acquire university degrees, so this is an option you might want to take up if you’re eligible.

6 – Defer and Save First

You could spend a year or so simply working hard and saving as much money as possible. Then, when you have enough to cover the cost of your tuition, you could go into a part-time work role to cover your living expenses while you undertake your study course.

With this option, you can reduce your debt and start your education in a better financial position.

In Conclusion

There are many ways you can come up with the money to cover the cost of education in Australia, from scholarships to Education Loans to government assistance programs. Just do your research and find the best option for you.