Studying can have many benefits at every stage of your career, whether you are just starting out, or an established executive. However, there’s no doubt that university can be expensive, and being able to fund your studies is always a concern. For many, their choice of subject, school, and educational institution depends largely on their finances.
It isn’t only tuition fees that need to be paid for, but also the books and resources, as well as accommodation, food, and travel if you need to relocate to study in person. This leaves many students wondering how to pay for college when they don’t have the money to finance these expenses.
Thankfully, there are many ways to pay for college and university, so you don’t need to sacrifice your education just for financial reasons.
Ways to pay for college to further your education
Not everyone has the finances to easily fund their studies, but that doesn’t need to stop you from enrolling in your dream course. There are many options for financing your tuition fees, study materials, and other expenses. From getting a loan to applying for a scholarship, there are a range of ways you can pay for your higher education fees.
1. Personal financing
- Loan: Many students complete their higher education with the help of student loans. It’s worth looking into this as many banks offer educational loans that are designed to help you cover the cost of your tuition and other expenses. As with any kind of loan, it is important to consider this carefully and not be reckless in getting yourself into debt, but it can be a good solution if you take a balanced approach.
- Savings: If you are returning to education in the middle of your career, you may be able to rely on your personal savings to fund your studies. Again, it is important not to be reckless in draining your savings, but education can be a strategic investment in your future that could repay you many times over in future investment. If you don’t have enough savings to finance your studies alone, a combination of savings with a loan can be a good solution.
2. Employer
Going back to college is never an easy decision for any employee, especially if you have a full-time job. Balancing your work commitments with study can be very challenging, but further education has many advantages for your ongoing career. Additionally, you should keep in mind that your studies can also have benefits for your employer.
Therefore, when presented with the right arguments, some employers are willing to finance their staff member’s further education. It is worth asking your employer if they will help you finance your studies, but make sure that you prepare this conversation well.
Before you talk to your employer, think about:
- How will it benefit them? For example, education could let you bring in new knowledge that is directly and immediately applicable to your current position, and some programmes include projects that can be executed within the company.
- How will your studies work in practice? Plan how to balance work hours with study, how long will it take, and so on, so you can immediately address any concerns your employer may have.
If you prepare well, there is a chance that your employer will gladly assist you in financing your tuition fees, as long as you can show them how you can use these skills to contribute to the company.
3. Scholarship
One of the best ways to finance your higher education, if you can, is by securing a scholarship. There are a range of scholarship options available, and many students are not even aware of the various scholarships they may be able to access.
Each programme and institution may have its own scholarship options, between 15% to 100% of the cost of your higher education. Additionally, you can also find international scholarship programmes, such as the Eiffel Scholarship to help you to fund your studies. EDHEC Business School has developed a specific scholarship system for its online programs and diplomas. These cholarships can offer up to -40% on tuition fees.
Some students apply for only one scholarship programme, as they have the misconception that their application will not be accepted. Applying for a scholarship programme will not cost you anything. It will rather increase the chances of your application getting approved for at least one programme.
4. State financing programmes and bursaries
Another way to finance your tuition fee is by using state financing programmes or local bursaries. You don’t have to repay these grants, as they are considered a gift from the financial institution. The value of these grants can range from £350 to £2,000.
Embark on your further education
If you’re struggling to work out how to pay for college, you can contact EDHEC’s admissions team for advice. They will help you to navigate options and determine the best way to finance your studies. EDHEC has a transparent scholarship policy that gives you a clear view of what financial aid is proposed if accepted.
Our team can also guide you in presenting the study programme to your employer in a way that will encourage them to support your further education.
