Student Loans and
Most students graduate with a huge student loan to repay and
so it is a very good idea to start out by investigating the types of educational funding available to you before
you start. this could include student grants, students loans and scholarships.
If you do end up taking out a loan, you want to make sure
that you get the best possible terms and conditions. So it's important to understand the different types of student
loan in advance and to understand the process of loan repayment.
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 your college
education 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. so whether you are starting a college
course yourself or a parent helping to fund your child's education, you need to do your background research on
student loans and student loan repayment.
How can you ensure that further training is cost effective,
that taking out a loan is the right thing to do and that you will be in a position to repay your loan once you
complete your studies? The first thing to do is to research your intended pathway with great
You don't want to get into debt
and then find the qualification you've worked hard for is worthless. 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. This includes all your
expenses. So not just college fees, travel and books - don't forget about living expenses: accommodation, food,
other necessities and some money towards entertainment.
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. However, you should be able to come
up with an estimate for each year of your course.
Then look at your income and outgoings, if you are in work or
will have a part-time job. 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 or contribute to your college fees or living
costs? Or are you still dependent on your parents and will they be able to help fund your
Make a list of outgoings and income and get a realistic
picture of how much extra cash you need to fund your studies.
First of all you need to be aware of the differences between
student loans and scholarships and grants. Like any other loans, student loans have to be paid back, but
scholarships and grants do not. So it's a good idea to start looking for any scholarships or grants you might be
entitled to and to get your application in early.
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.
US College Scholarships
UK Student Loans