Funding your Tuition

The joy of learning is often accompanied by the challenge of finding the funds to pay for it. The good news is that there's a range of options available to students, from banks and credit cards, to payment plans and even assistance from an HR department. Read on for some great advice about how you can best finance your learning -there are several options to ensure that you can pay for the qualifications that you need to advance your career.

Cash is best
If you have it, cash is always the best method of paying. Paying up front will save you money in the long run because any sort of credit costs a little more in terms of interest and fees charged.

Use your card
If you don't have cash available, you can use your credit card, if you have one. All credit cards have terms according to which your study fees can be repaid, in other words, how long you have to pay the fees off and how you will do it. The straight facility generally charges less interest than the budget facility, but it will require you to repay the amount faster. Budget gives you access for up to a 24-month repayment period.

Ask your boss
Most companies are prepared to help their employees gain further skills and education. In fact, the government has produced legislation, such as the Skills Development Act, to ensure that companies invest in and develop their staff. If you are employed and are studying further, chat to the human resources director or your manager to find out how you can get some financial assistance.

Go to the bank
South Africa has one of the most advanced banking industries in the world. All the large banks have student loan facilities available. When you get to the bank, they will need to know where you are studying and you will need somebody to sign surety for you (in other words, this person will be legally responsible for repaying the loan if you can't). If you are studying full-time, you will only have to repay the loan when you start working, but you will have to make the interest payments monthly until then. Before you go to the bank, first call and make an appointment. Ask if there's anything or anyone you need to bring with you, such as legal documentation or someone to sign surety.

Help from your institution
Since Educor is in the business of helping you to further your education, its colleges, including INTEC, Damelin and Lyceum, also offer 24-month payment facility. When paying by terms, we suggest paying a deposit and making use of a debit order facility. This option will reduce your monthly installment, while adding convenience to honouring your financial commitment.

For further flexibility, Nel says Educor is working on introducing a facility that will meet the requirements of learners who prefer taking out a study loan from an independent finance house.

Time to start studying
Once you have chosen the payment plan that suits you, you will typically have all you need to start studying. For most courses, the price includes all the study material and apparatus that you will need to begin learning and to complete the course.