Want to study but need to work? We look at the financial pros and cons of juggling both, and why a student loan is not the end of the world.
Thanks to the global pandemic, we’re spending a lot more time at home. While this change may have been easier for some, we are all learning to live in this new way. Perhaps the shift has made you realise that you want to finally get that qualification you’ve been dreaming of, or you would like to further your studies to earn better. There’s just one problem, you can’t afford to quit your job for this dream. Here’s the good news… it’s possible to do both.
There are pros and cons to everything. We’ve weighed up the financial aspects to make it easier for you to decide…
- If you are now working from home, you may have more time on your hands due to the fact that you’re not commuting, as well as a bit of extra money that you would otherwise have spent on petrol or transport. Many tertiary institutions now also offer online courses and distance learning. This will help you save money and time too.
- You will be earning and learning – what’s not to love about that?
- Have you ever heard of smart debt? We like to think of study loans as smart debt. Yes, a loan will set you back but you have to look at the bigger picture – if you’re working and studying simultaneously, you’ll be able to pay your loan back quickly while getting your education.
- You’ll have less time for socialising, which is a sacrifice you’ll have to make for a while, but the upside is that you’ll be saving money that you’d otherwise have spent on entertainment.
- When you do qualify, you’ll already have a few years’ work experience. This will enable you to potentially earn a bigger salary than someone with no previous experience.
- If you’re not working from home and you’re still commuting, you’ll need to seriously weigh up your availability and any extra expenses that you may incur if you begin studying.
- You may lose your job due to unforeseen circumstances which will put extra pressure on you to find another job quickly in order not to fall behind on your loan repayments.
As you can see, the pros far outweigh the cons, so what are you waiting for? Sign up to that course and get studying!