Investing in Education

You are on: tab

Your salary is a major contributor to your standard of living. You want your salary to be enough to:

• Help you meet your basic and future needs
• Improve your standard of living (buy a home, new car etc.)
• Live your dreams
• Take that dream vacation
• Contribute to charity
• Ensure your parents receive the best care available as they grow older

Furthering your education (degrees, certification courses etc.) makes you more attractive to the job market or to your current employer and increases your chances of earning a higher income.

You are on: tab

Are you going to further your studies locally or abroad? Things to consider are:

• Do you know how you're going to fund your education or your child's education?
• Are you going to pursue studies locally or abroad?
• Do you have a savings plan for semester expenses?
• How much of the costs will you fund from savings and how much do you need to borrow?
• How do you plan to pay rent and other bills? Cash, Cheques, Standing Order?
• Do you need a computer? If you have one, is it ‘protected’?
• Do you have to save for your child’s education? Have you started?

You are on: tab

Funding your education

Option 1 – Existing Savings: If you have enough cash set aside, you can use your savings. However, for most of us, that may mean using all your savings to use for only one life goal.

Option 2 – Set up a Savings Plan: If you have the time, you can set up a savings plan specifically for this goal.

Option 3 – Loan: Most of us would need a loan when we’re ready to further our studies. There are loan options for all your education expenses. Just ask one of our representatives today.

Option 4 – Part Loan/Part Savings: Many people choose to use some of their savings to reduce their borrowings

Before considering these options, you should explore:

• The government and many private companies have excellent education programs through which you could apply for scholarships and save on expenses (only applicable by country).
• Seek expert guidance; we have experts who will be pleased to walk you through both your government options as well as the part we can play in helping you to further your education (only applicable by country). 

You are on: tab

The best way to save towards a specific goal is through Automatic Savings. Follow these simple steps:

1. Work out how much you need to save for your studies
2. Divide this figure by the number of months you have before the education spending begins
3. Set up a monthly recurring transfer via Digital Banking to automatically
4. Debit your salary account for the figure calculated in Step 2, and
5. Credit a separate savings account to be used specifically for education expenses

Saving for your child's education:

You should set up a saving plan for this as early as possible to avoid having to go into heavy debt between 40 to 50 years of age, as happens to many parents. By the time your child reaches 18 – 20 years old, he/she can have significant cash holdings which can be used for education. Even if he/she does not choose to pursue further education, the funds could be used to buy land or anything else you and your child decide at the time. However, to make this a reality, you have to start immediately. Ask for automatic savings plan to high-interest yielding account and other investment options.

You can borrow for all your education needs including: Tuition fees; Books; Boarding; Computer purchase. Account for everyday transactions; set up a basic chequing account as your main transaction account get an ATM debit card to easily access your funds; and more…

You are on: tab

If you are studying abroad or renting close to your school of choice you should consider methods to simplify the rent paying process and track your other school expenses such as loans or fee payments. You should:

• Set up a recurring transfer via Digital Banking to automatically debit your transaction account and credit your landlord’s account on the day that rent is due.
• Also, you can utilize Internet, ATM and Telephone banking services to: Easily pay utility bills; Monitor your accounts and keep track of expenses; Ensure that you have enough funds to cover rent; Confirm loans and standing orders are being paid on time. Ask one of our friendly representatives which one of these services is available to you.

Computer Investment:

A computer is a must-have resource for completing assignments, doing online research and taking notes…for those who can type fast enough.
If you choose to invest in a computer for studies, you should know that it costs very little to insure it for its replacement value. That way, if your computer is lost, stolen or damaged, you can quickly buy a new one. Ask about our computer insurance coverage and computer loans.

Financing studies abroad:

A three-year degree could cost over USD$100,000 depending on the duration of the course, the University and even the level of comfort away from home. Government assistance and private scholarships are sometimes available but, financing may have to be sought privately from; parents, guardians or other sponsor. Distance learning programs are becoming increasingly popular. This is a cost effective alternative to studying abroad.

If you take this route, you may wish to consider getting a credit card so you can pay your tuition and other expenses online. There are several options available for sending funds abroad ranging from bank drafts, bank to bank wire transfers and remittance money transfers. Discuss your options with us so we can work out the best plan for you to send money safely, quickly and conveniently.

Checklist:

• Call us to discuss and explore Government education programs, scholarships and incentives (only applicable by country)
• Come to us for financing your education expenses (tuition, room and board, computers, books etc.)
• Ask for one of our Credit Cards to pay tuition online for distance learning programs
• Start a savings plan for your education expenses (tuition, room and board, computers, books etc.) 
• Open an account for everyday transactions (groceries, rent etc.)
• Use recurring transfers via Digital Banking, ATM Cards, Internet and Telephone Banking (where available) to easily pay rent, bills, track expenses and monitor accounts
• Protect your computer investment with computer insurance
• Start saving for your child's tertiary education plan as early as possible (the day your child is conceived would be a good time!)
• Ask for loans with longer terms - special payment options during the study period for study abroad
• Explore wire transfers, remittance transfers and joint credit cards