How To Finance Your New Career
February 22nd, 2010 |
Many people are opting to change career paths. Whether forced to through job cuts or choosing to in order to provide a better live, changing paths mid-career can be exciting, fun and expensive. The pressures of mortgages, utilities, car payments and groceries often make paying for classes or certifications seem like a pipe dream. There are several options available to individuals hoping to prepare for a new career if you just know where to look.
Many people choose to use traditional student loans to finance their education. This can be an excellent option for those with good credit ratings who believe their new career will provide adequate money for paying back the loans. Student loans typically offer lower interest rates than traditional loans. In some cases, students may be approved for governmental assistance.
Another option is governmental grants. There are many different types of grants available. Many educational institutions will assist you with finding grants that are applicable to your particular situation. Finding and applying for grants can be time consuming, but as they do not have to be paid back, they are an excellent option for those that qualify.
Some returning students choose to refinance their homes in order to finance their education. This can be an excellent option for those who have sufficient equity built up. This option works well, especially for those with good credit ratings.
In some instances, it may be possible to have your current company partially fund your education. This is particularly helpful for those looking to change careers within the same company, but it sometimes a possibility for anyone looking to continue their education.
Improvements in technology have made it easier to take classes from the comfort of your home using the Internet. These classes are sometimes more economical then typical classes and should be carefully reviewed.
Financing a new career can be difficult. Remember, that even if you can only afford a class at a time, it is an investment in your future.
2 Responses to “How To Finance Your New Career”
By Brooke @ NoShortageOfWork.com on Mar 4, 2010 | Reply
While I am 100% in favor of education, I think that, particularly during these tight times, it is important to make every education dollar pay. Here are some ideas:
One course at a time might be ideal. I worked as a programmer full-time while I worked on an MBA in Finance part-time. The education and interest in Finance put me way ahead of the other programmers. However, when I graduated, the school did a salary survey and my number was the highest by far of all, so I took my degree off my resume for 3 years – I didn’t want to be lumped in with all the other newly minted MBAs. The week after graduating, my employer offered me a new job created just for me!
See if you can get an intense education for free from someone who is unemployed. A friend had landed a career changing interview in a financial firm. She asked me if I could tutor her on derivatives, but I was super busy, so I introduced her to Wayne, a senior exec who had been recently given a package. He spent four intense 8-hour days with her. She landed the job – 20 years ago – and she’s still going strong – all due to Wayne (She had a degree – but it was Wayne who gave her what she needed.) His fee? A heartfelt, “Thank you.”
Last April I was speaking about the economy at a conference of peers in Quantitative Finance when I said, “There is no shortage of work. And, during hard times, when there isn’t enough money to pay salaries, the work piles up.” A bunch of us formed http://www.NoShortageOfWork.com to explore how people can help educate each other and collaborate on projects. I hope you’ll check us out (we’re entirely non-commercial).
Regards,
Brooke
By admin on Mar 5, 2010 | Reply
Brooke thanks for your insight. I’ll check out the noShortOfWork site too.