Planning how you are going to pay for your studies is very important. The last thing you want is to have to stop studying because you can’t afford to pay for your studies.

So choosing the right finance plan for your studies is very important. It is very important that you understand the different ways in which you could finance your studies. There are five key things you should consider when thinking about how to finance your studies.

• If you have the money, or if you have a bank credit card, or bank loan, you can usually negotiate a discount when you register for a course. If you already have a credit card or bank loan, you should understand that the bank will charge you interest on the money they lend you, and you should understand what the interest rate is that they are charging you.
• If you don’t have a job, most educational institutions will not give you a study loan. So if you are still at school, or if you are unemployed, you will most likely have to get someone else to pay for your course, or to guarantee that they will pay for your course if you cannot pay for it. A person who undertakes to pay on your behalf is usually called a guarantor.
• If you are employed, you might be able to get a loan from a bank or other financial institution to pay for your studies. Usually you will then start paying back this loan as soon as you start studying. There are also financial institutions like RCS who might give you a credit card, which you could use to pay for your studies. To get such a loan or credit card, you usually will have to pass a credit test and an affordability test. Loans like this are linked to an interest rate, so you should ask what interest rate you will be charged.
• If you are employed, your employer might be willing to pay for your studies. So if you plan to study to improve your career, make a point of discussing this with your employer. Usually your employer will require that you undertake to repay them, or that you undertake not to leave your job for a certain amount of time after completing your studies.
• Some educational institutions will give you an educational loan. This means that you pay a registration fee, and then pay them back monthly, while you study. To qualify for such a loan, usually you will have to pass a credit test and an affordability test. Loans like this are usually linked to an interest rate, so you should ask what interest rate you will be charged. To get such a loan you will have to pass a credit test and an affordability test.