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Funding your education
Investing in higher education brings both personal and professional gains. Obtaining a higher level of education is one of the driving forces in personal fulfillment. Learning is a continuous process that is fundamental to an individual’s personal growth and development. Lifelong learning, though, not a new concept in the education circle, has finally gained popularity with many Jamaicans who are actively trying to improve the quality of their lives. In addition, globalization has created an increase in the demand for certified persons in the workforce.
In Jamaica, it is a fact that education, particularly at the tertiary level, is quite expensive. Unfortunately, tuition and other related fees continue to increase as a result of inflation. The current economic climate dictates that you save towards your education. This should be seen as a long term investment, because of the endless possibilities and benefits you will have over the duration of your personal and work life.
Funding your education is just as important as choosing the area of study itself, thus you must examine all the factors which may affect your ability to finance your studies, as well as, the different sources of financial aid available locally and internationally.
Steps to achieving your career goal.
Examining these steps will allow you to plan how your career goal will be reached and measure your progress.
- Have a clearly defined career goal.
- Check your qualifications to identify if there are other courses that you may need to pursue to achieve your career goal.
- Make a commitment to act in pursuit of your career.
- Look at the crucial factors that may affect your ability to achieve your goal; such as amount of money and time that you have available, crisis situations and other financial obligations and responsibilities.
- Identify your financial goal and decide how the amount of money you have to save and the time frame that you are working with.
- Identify the relationship between your financial goal and your career goal. The money spent on your education is an investment, because will get a better paying job which will improve your finances.
There are different ways to fund your education. These include:
- self-financing
- student loan
- work and bank loans
- awards, grants and scholarship
- sponsorship
- employer funded study
The criteria for each vary depending on who the donation is intended for, for example, persons who are visually impaired. Funds for financial aid are limited and as a result candidates often have to compete for scholarships and grants. Only persons meeting the full criteria are considered. One should note that not all sources of funding are able to cover all associated fees. In many cases, persons apply for a loan and may still self finance a smaller portion of the total costs, so plan well in advance and sort out your funding at least a year before your course starts.
Sources of funding your education
Self-Financing
When should you start saving?
There is no time like the present to start saving, even if it means saving $50 or $100 each month. Remember every day that you procrastinate it means that you have to save more and save longer. Time waits for no one!
How do you save?
- You can start by cutting back on a few items (entertainment, fashion wear, fast food etc….) per week and putting away that money. If you want to achieve your goal you will have to adjust your spending habits and commit to saving money.
- Balance your income and expenses each month and account for every dollar spent.
- You might want to consider not getting a credit card. It will only increase your expenses and the money you spent on late fees and interest payments could be put to your savings.
- Ask for direct deposit if your workplace offers it. Request that a portion of your salary to go directly to your savings account.
Some individuals work for a period of time between a first degree and a post graduate degree to help finance their studies. You may choose to work and study; work full-time and study part-time or vice versa. You must critically examine whether you can balance your work with your studies.
Consider seeking financial advice from a financial institution Jamaica Money Market Brokers www.jmmb.com Jamaica National Building Society www.jnbs.com or from your learning institution of choice; this may help to make you aware of other variables which may affect your goal of funding your education. You must shop around to the various institutions where your course may be offered, because you may be able to save as fees will vary from one institution to the next.
It is quite possible that you may start your studies and crisis situations, such as death and sickness may leave you with little or no money to continue funding your academic career. You may consult your learning institution so that they may put you on a payment plan or to advise you of possible grants and scholarships that may be available and the closing dates for these applications.
Student Loan Bureau
The Student Loan Bureau offer loans to young Jamaicans wishing to further their tertiary level education http://www.slbja.com/about.us.aspx.
While a loan is seemingly an easy way to further your academic career, you must remember that student loans must be repaid. If you are not carefully at the end of your studies you may find yourself in debt. You will be obligated to pay substantial amounts on a monthly basis.
Work and Bank Loans
Check with your employer as to whether you would be eligible for loan. An agreement should be made as to the period of time over which you would be expected to repay the loan.
You may check with your local banks and credit unions to see whether there are loans which you could apply for:
- Bank of Nova Scotia: http://youth.ednet.ns.ca/Education/funding.htm
- National Commercial Bank of Jamaica : http://www.jncb.com/
- Churches Corp. Credit Union : http://www.churchescreditunion.com/index.php
- City of Kingston Credit Union : http://www.cokcu.com/index.php
Awards, Grants and Scholarship
They may be advertised in the media seasonally. There are awards, grants and scholarship for athletes, gifted children, disabled persons and so on.
Entities that offer awards, grants and scholarships
- Private and Government entities.
You may visit the Ministry of Education and the cabinet website for a list of these entities and scholarships available: http://www.moeyc.gov.jm, www.cabinet.gov.jm
- Communities
- Churches
- Service clubs and sports clubs
- Pageants and talent competitions
- Embassies and consulates in Jamaica.
You may visit the Japanese embassy’s website for scholarship details:
http://www.jamaica.emb-japan.go.jp/en/html/government_scholarship.html
Remember that criteria are at the discretion of the donor. Check you local listing of universities for grants and scholarships. Make sure that the grant and or scholarship is relevant to you and that you are eligible to apply. Listed below are the major accredited institution which my offer grants and scholarships.
- The University of the West Indies
- The University of Technology
- Mona School of Business
- The University of the West Indies School Continuing Studies
- Short wood Teachers College
- Mico Teachers College
- University of New Orleans
- Northern Caribbean University
Sponsorship
Some employers will pay course fees while you study. They tend to be employers who need research carried out in a particular area of interest. This often leads to employment afterwards. Sponsorship my also come from family members and friends.
Employer Funded Study
If you are working ask your employer to pay for your course. Be sure to point out that the skills you learn will add profitability to your employer. Should they agree, they may ask you to sign a contract committing you to work for them for an agreed period of time, usually about 5 years.
How to apply for funding
One of the easiest places to enquire about scholarships and grants is your institution of choice.
- You may consult learning institution notice boards and websites.
- You may seek counseling assistance from your school, community and or church guidance counsellor.
- Check for scholarship and or financial related seminar and workshops to acquaint you with application process.
- You may consider speaking with a peer who is familiar with applying and has been successful.
Always focus on the eligibility criteria for each source of funding. It is important to find a source of funding that suits you and your needs.
The application process for funding will vary greatly for one source to the next. Take care to check the following:
- The duration
- The amount
- Whether the award covers all fees
- Whether it covers part-time or full-time study over the duration of the programme
- Whether it covers Maters Degrees or Doctorates
- What is the Interest Rate
- What Groups are eligible
- How long do you have to repay the loan?
Remember that all factors above do not apply to all sources of funding. How you fund your education depends on the options available to you. These include the Student Loan Bureau, Financial Institutions, Private and Public Entities, Competitions, Award Ceremonies, Scholarship and Grants. Remember, it is very important that you save, because financial institutions do not always give 100% financing and funding from other sources will not always be available to you.
Saving for your education is the key to your success
