Funding fees: what is the best option to fund your education?

So, you’re ready to enter higher education, that’s awesome! It’s an exciting time of life, especially if you’ve found your calling and know you’re on your way to great things! This being said, at some stage you will have to be able to fund your education and its expenses. Although some courses are inexpensive, following longer degrees can become more expensive.

Thankfully, there are a number of ways in which you can fund your education, regardless of whether you’re looking for Australian National University, Melbourne University or Australian Institute of Business loans.

Let’s take a look below.

Are you eligible for a scholarship or study grant?

Universities, private enterprises and the government all offer scholarships and study grants for eligible students. It takes some time to research these scholarships and study grants to understand whether you fit the criteria, but it could be totally worth the time researching and understanding your eligibility.

Even if you think you are ineligible, you should still see whether you are, as you may be surprised to learn that you are, in fact, eligible for a scholarship or study grant. One place to check is the Australian Government’s StudyAssist website, but be sure to check out university and private enterprise scholarships and grants as these may not be as sought-after and could be more attainable.

You can even ask your fellow students, existing students about any paths they took for study grants or scholarships.

Can you receive a study loan?

Another way you can fund your tuition fees is to receive a student loan from a registered loan provider. Each loan is dependent on the loan provider, but they are a form of personal loan that can help you cover things like tuition fees as well education-related expenses like amenities fees, graduation fees, technology and more.

It’s a good idea to work out exactly how much you will need to borrow, then find out the repayment terms of the various loan providers available. This way you will be able to determine what you can afford to pay back and whether the student loan is right for you.

You should take your time to read the loan provider’s website to ensure the terms are right for you, and this includes the application requirements. You may have to have some form of employment to be able to receive a loan as some loan providers won’t loan to students who receive their income through a Centrelink study assist program. You should also be aware of any hidden charges or fees that might come with the loan.

This being said, most student loan providers are happy to help out with providing Australian students with loans. If you think a student loan is right for you, simply check out all the guidelines from your prospective lender and you should be able to acquire one without any trouble!

Finding part-time work

Oh yes, the dreaded part-time work/full-time study situation. Whilst it’s not the most enjoyable aspect of studying, having to work whilst focusing on getting your degree, it’s certainly an important part of any student’s life, especially if they want to earn a little more than what government funding can offer and build a career.

If you are able to find part-time work at a cafe, bar, supermarket, or even a place directly related to your industry, this could be a good way of keeping a steady income stream whilst even being able to save for things like semester break vacations.