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Career Enhancement - Show Me the Money

Mar 10, 2008
You can consider both the traditional methods as well as the non-traditional methods to gain funds in order to have the money to complete the education needed. Some of the popular methods are:

Grants

Grants are available for nearly everyone. The government, in support of education, provides many grants - did you know some schools gave grants to those students who submitted their financial aid paper early and are eligible for financial aid? Apart from the government, there are many private organizations and groups that provide grants. This is an ideal option if you have already been declined for the government grants. The local library generally provides information regarding the different groups that provide grants.

Student Loans

The government, in its endeavor to support education, provides student loans. These are granted easily compared to other types of loans and have a lower interest rate. The government guarantees the lower interest rates on these student loans. They often do not require any payments until six months after the graduation of the student. They also provide subsidized and unsubsidized loans, i.e., loans that do not accrue interest and those that do.

Corporation Funds

There are many companies that offer education assistance to employees. This is usually referred to as the educational assistance program and is often under the direction of the human resource department. The employee benefits from this company policy. The organization offers to meet the training expenses provided the employee fulfills certain conditions like maintaining a minimum performance level or time period.

There are other companies who will pay for the training as long as it is work related. In this way, both you and the company will benefit with the extra skills that you acquire. This does not mean that you can undertake as many courses as you like as long the company may be willing to pay. There are many others who can also utilize this facility to expand their knowledge and in turn push their career ahead.

Family Loan:

Discuss with your family the need for you to study more and the effect it will have on your career. If your family, including your extended family, contributes a little, then it may be enough for you to complete your education. If this is possible, then you can avoid extra expenses like payment of interest. As it is your family, make sure that you have a plan for repayment ready and the specific time within which you will repay. It may also be required for you to decide and agree on the period of payment, i.e., whether repayments will be bi-weekly or monthly.

Savings

Saving money is one of the best solutions to fund your education. If you know that you would need to study later, it is best to set aside money for this purpose. In this way, you do not have to be dependent on anyone else for help and also remain free from debt. One method of saving is to have a fixed amount taken from your salary every month. This can be used to pay for your education. Another method is to take a part-time job and the money you earn from this can be used for education.
About the Author
Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solution's Six Sigma Online offers online six sigma training and certification classes for lean six sigma, black belts, green belts, and yellow belts.
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