Financing Your Further Business Studies   

Choosing to undertake a masters or any sort of further education in business is the perfect choice for people who want to move their career forward and become industry leaders. After all, knowledge is power and in the business world that definitely holds true. However, while the decision to pursue higher education in the field of business might be a no-brainer, financing your studies isn’t always as smooth sailing. That doesn’t mean you should give up though. In fact, there are many ways to fund your future – we’ve compiled some of the most reliable options below.

Scholarships

Check to see if there are any scholarships available at the institute of your choice and find out if you’re eligible and how to apply. Even if you’re not sure about succeeding you should still give it a go – because you can’t win if you don’t play the game. You’ll find that several scholarship criteria are more directed at people with potential or who have experienced hardship in some way, so it’s not all always about your grades. Also, in case you aren’t aware, many education providers offer a variety of scholarship options. These include options like one-off payments that may seem small, but they can go a long way towards carving a path for your dreams when combined with other financing options like a business student loans.

Loans

A business student loan can be obtained in a few ways but the two most common options are either a private loan or a FEE-HELP loan.

Private loans

If you’re unable to fully finance your education though scholarships, government support or employer funding then a private loan is a great option. A good provider may be able to offer you options that allow you to fully fund your degree or simply make-up for whatever additional costs you aren’t able to cover. The important thing when choosing to take out a private loan is ensuring that the provider is trustworthy and offers reasonable payback rates.

FEE-HELP loans

FEE-HELP a government scheme that, if you’re eligible, can be used to finance all or part of your education. This will be accumulated as HELP debt, which you will then be required to repay through the tax system once you meet a certain salary threshold.

To get a FEE-HELP loan, you must:

  • Be an Australian citizen and study at least part of your course in Australia
  • Be a New Zealand Special Category visa (SCV) holder or permanent humanitarian visa holder and meet the residency requirements – permanent residents can only get FEE-HELP for approved bridging studies
  • Be enrolled in a fee-paying place at a provider that offers FEE-HELP loans
  • Be enrolled in an eligible course at your provider by the census date (your provider can tell you if your course is eligible)
  • Submit the Request for FEE-HELP loan form to your provider by the census date
  • Maintain a pass rate of more than 50 per cent
  • Have an available HELP balance.

Employer support

In some cases employers will choose to send people to receive further education for the good of the business. If you’re interested in pursuing more of your studies, it’s a good idea to ask your employer if this is an option for you and what you need to do to qualify for funding if it’s available.