This is one of the best ways to finance your education. You gain experience while working in the field. You finish with an education and experience and no debts and you have a career to boot. Does it get any better than that? The one problem is that you may be burning the candle at both ends and won’t have much of a life outside of studying and working. The other catch is that you usually have to be in the profession already and be someone that the firm wants to make a long-term investment. In other words, it is a difficult position to find yourself in. But if you are networking and calling up people in the field you hope to join, these opportunities may arise.
If you can manage to save for your education on your own, you will minimize or eliminate the burden of debt. The difficulty is that you may be saving for a long time before you can go to college. The more you work in your chosen profession, the more experience you get and the greater chance you have for advancement. Also, the longer you spend at earning a higher wage, the faster you will attain other financial and lifestyle goals. This is very important to remember if you are taking the education so that you can improve your earning ability.
Borrowing from Personal RRSP
You can borrow from your RRSP to help pay for your education tax free. Click here for more information.
Borrowing from Friends or Family
If you can make an arrangement with friends or family, it is a good way to go. The interest rate should be better and payment terms will be more flexible. The downside is that it may place stress on your personal relationships.
Stenberg College is a participating institution of HigherEdPoints.com which allows students to fund their education with loyalty points such as Aeroplan.
For information regarding tuition rates, please click here.