When you’re a student money can be a tough subject for many of you to talk or even think about. Whether your family are funding your studies or if you’re self funding your education, there are plenty of challenges to face, however, with the right planning and finances in place, investing into your education can lead to a life free of financial strains and happiness. In this article, the Loan Me Finance Team takes a look at some top tips to help Sri Lankan students fund degrees and start the pathway to a better life.
Financial tips to help you fund your degree and improve your life
In this article:
- Avoiding financial difficulties created by higher education
- How to secure scholarships in Sri Lanka
- Securing a student “Education Loan” to fund your degree
- Work hard and use your personal savings to fund your education
- Getting your family support to fund your education
- Secure a job and self-fund your degree
Avoiding financial difficulties created by higher education
For many students, obtaining a degree could present a financial dilemma as you may build up some debts during this time in your life. While a graduate degree will ultimately improve earning power in the long run and make an individual more competitive in the job market, graduate school can pose a financial burden in the short term. It’s important to try and make smart decisions and learn to work smart. Poor decisions can lead to you building up debt which can have a negative effect on your credit rating and impact your eligibility for loans later in life. Follow some of our tips while we help you to understand ways to fund your higher education so that you can appreciate the long-term advantages of a degree.
How to secure scholarships in Sri Lanka
If you study hard and have a good personality and attitude to life you could secure a scholarship to a top university. Studying at a top university is always an expensive decision to make, university expenses can seem very steep and expensive, not just for tuition but for housing and other living costs as well. However, almost all of the top colleges in Sri Lanka do have scholarships available. Spend some time doing your research and be proactive. You could consider contacting your University or college of choice and asking if they run scholarship programs. Keep in mind that putting together a good scholarship application does take a considerable amount of time so it’s worth planning well in advance and being prepared to work super hard. If you do manage to complete this pathway, it can save thousands of rupees / dollars and your efforts will be well worth it.
Securing a student “Education Loan” to fund your degree
Student loans or as we call them in Sri Lanka “Education Loans”, work like every other loan (with a few variations). You can get a government or a private bank student loan; it can be a bank from your home country or a foreign bank in the country you want to study. For private student loans, co-signing (along with parents or legal guardians) is very common, as most adolescents do not have the credit history to get a loan of such a scale. However, student loans that you can get from the government can be more favorable since the rates are typically lower.
Work hard and use your personal savings to fund your education
Don’t underestimate the power of personal savings. If you’re planning on starting to save for your education don’t wait, start now. If you can put something aside every month for 5 years you’ll soon build up a small savings that can be used to fund your education. Now imagine if you did that for 10 years. Even as a teenager, you can start saving for your education so don’t delay and get yourself a bank account set up so you can start putting something away.
If you have dreams of an overseas education, learning this discipline at an early age will help you navigate through life. If you’re also looking for online loans or mortgages later in life, banks or lenders will be much more likely to loan you money if you can show that you have a solid record with positive finances.
Getting your family support to fund your education
If your family is in a position to help, the “family bank” can be an ideal way of supporting your degree. Again, it’s worth having this conversation with your family early as collectively you will be able to save more together. After all, you’re their biggest asset and investment in life so they can look at this like their retirement fund. Just remember, don’t take your family for granted and make sure you spend any investment they make wisely so you can repay them one day.
Secure a job and self fund your degree
Financial freedom will allow you to be less stressed and spend more time focusing on your education. You need to set specific goals and find a balance between working and studying to be successful. If you are on a full time degree course, it’s realistic to aim for a maximum working week of 20 hours. This will likely mean some evenings and weekends.
With 24 hours in a day you could be at Uni for up to 40 hours but guess what, there are 168 hours a week for every person so if you manage your time well, you’ll have plenty of time to squeeze in work and commuting to University or College.
Alternatively, you may choose to do a part time degree so you can work full time and then educate yourself on weekends or evenings.
Whatever way you choose to fund your higher education, be sure to think about your finances carefully. Plan, prepare and live within your means.
This article was produced by Loan Me Finance Team
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