Going back to school to expand your horizons is a great step to take. Yet the financial impact of further education might be enough to discourage you from even thinking about returning to the classroom.
Most college and grad school students need support to fund their studies, so here are a few options for finding the money you need in this scenario.
Take out a private student loan
A private student loan functions like any other loan product, in that you’ll borrow the lump sum you need to cover the costs of your education up front and then repay the balance, plus interest, over time.
There are a whole host of excellent lenders out there catering to this market, with products like the SoFi student loan offering an affordable route back to college.
You don’t even need to use a private student loan only for tuition fees, as it can encompass all sorts of other expenses, from accommodation and transportation to the books and materials you need for your course.
The best packages will even allow you to defer repayment until after you’ve graduated and are in a stronger financial position. That’s the kind of benefit you need to look for in a private student loan.
Seek out employer sponsorship
If you’re already employed and you want to go back to school, your employer might be willing to partly or wholly fund your studies.
This is not a given, and it depends not only on the industry you work in but also the job you occupy and the size of the organization that employs you.
Even so, you’d be surprised how many businesses are happy to do this, so long as the team members they support commit to sticking with them for a set period after they graduate.
It makes sense that this would be a two way street, and it’s also worth noting that an employer might only partly cover your costs, so you may still require a loan to bridge the gap.
Split your time between working and studying
Another common solution to the conundrum of how to get educated without losing income is to divide your time between learning and earning.
All good educational institutions offer part-time degree courses that you can complete in conjunction with retaining a job as well.
If you don’t want to go the part-time studying route, which of course prolongs the time it takes for you to get qualified, then you could always opt for a full time degree while working a job in the hours you have available outside of the classroom.
Having a job and studying at a college-level facility is definitely more intense and challenging, so it’s not for everyone. If you aren’t up to the task of balancing both school and work responsibilities without compromising in either context, don’t make this commitment.
Apply for grants and scholarships
There are all sorts of funding options out there for gifted, determined individuals who don’t have the means to finance their education on their own. And as long as you take careful steps when applying, it should be possible to partly or wholly support yourself using grants or scholarships.
The good thing about these schemes is that they generally do not require the recipients to repay any of the money they receive.
Final thoughts
Be prepared to combine several different strands of funding if you’re going back to college or grad school, as this is the only way to make ends meet without pushing yourself towards burnout.