Continued education could be a dream that you have wanted for your children, or perhaps even yourself at some stage in your life. Maybe wanting to gain a degree to help you on your chosen career path, or even to experience that element of independence moving schools and living on your own can give you. Further education can be so much more than a diploma, it’s a life changing experience. However, with that comes the hurdle of funding the additional education, after all, books don’t come cheap, and there may even be accommodation and living costs to consider. With that in mind, here are some of the options you might consider to help and encourage your child (or yourself) to further their education. Don’t let money dampen the dream.
Put your own savings to good use
Saving up any money you have would be an excellent idea. It might be that you set up a savings account for your children from a young age, and consistently make deposits. Or maybe invest some money wisely to help fund the education prospects in the future. You could also encourage your children to save, this can be a great lesson to teach them in terms of the value of money. Whether that is wages from a Saturday job they have or even birthday and Christmas money they received from relatives, saving it up could all mount up over the coming months and years. Combining savings that you have made, along with anything your children can contribute, may help to alleviate some of the bigger costs in the future such as accommodation and tools for the course.
Student accommodation versus staying at home
Sometimes accommodation can be the biggest cost element when it comes to the money spent for higher education, especially as your child may choose to study far away from home in another town or city. This is when you may need to consider the options, for example looking online at providers of accommodation such as Fortis student studios can save quite a bit, and be close to all of the action and educational environment. However, there is nothing quite like being at home and this can be a great saving if you plan on studying close to home. There are many different options available so researching the best ones for you and your children will take time, but will be worth it in the long run.
Use any inheritance you may have been left
Some people may have been in the position of receiving an inheritance from a loved one who has passed away. This may have been put away in a savings account until your children reach a certain age. Whatever the circumstances, using this sort of money and putting it good use could be life changing and an excellent way of honoring the memory of a loved one.
Consider funding options to help you through your education
Thankfully, many universities and campaigns will offer student loans that you or your children could be entitled to that will help fund education. Some people might even be offered grants to help aid their student journey, often with criteria of financial circumstance. A lot of the time these grants and student loans don’t need to be paid back until in full-time employment, making it a much more cost-effective way to continue with studies. However, there are also some methods in place like grants for student loans that will help pay off any student debt acquired throughout studies. Some of these options are well worth the research to see what you or your children might be entitled to and when.
Take up a job in your spare time
While it may not be ideal, some degrees and diplomas might require little time spent in the classroom, so it could be worth taking on a job in their spare time to help fund their educational journey. This might be in a local store or restaurant. However, some people are now taking to the online world and creating blogs and YouTube accounts to earn money through advertising content.
Let’s hope this has offered you a bit of insight into the options available when it comes to funding education.