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Bayport Blog

Advance your future with an education loan

Published: January 14, 2020
Categories: Educational loans
Tags: Invest in Self Development

Invest in yourself with an education loan

Are you ready to expand your boundaries, explore new opportunities, and enrich your life? The right education loan can make all this happen.

Former President Nelson Mandela called education “the great engine of personal development”. He went on to say that “It is through education that the daughter of a peasant can become a doctor, that the son of a mine worker can become the head of the mine, that a child of farm workers can become the president of a great nation. It is what we make out of what we have, not what we are given, that separates one person from another.”

These powerful words illustrate the importance of not only formal education, but the overall expansion of our minds. As we stand at the start of a new year, probably the best resolution you can make, is to invest in yourself through education.

Maybe you need a formal qualification to get a promotion at work, or to put you in the running for the alternative career path you want to pursue. Or maybe you discovered a new interest and simply want to know more about the topic. Or maybe you want to learn a new skill – cooking or meditation, running a small business or basic vehicle maintenance.

Whatever your education and self-development goals might be, you will need money to achieve them. You might be lucky enough to work for a company that would sponsor academic studies related to your job. Or if you plan to study fulltime, you could qualify for a student loan or a grant from the university. But even if neither of these options apply to you – because you want to do a qualification that is unrelated to your job, or a course that is presented by a non-academic institution – you have options.

One of these is to take out a personal loan for students. For a person with a healthy credit record, a personal loan is a good option. Your track record for managing your finances gives you access to preferential interest rates, and by sticking to the instalments in the loan agreement, you will avoid any additional fees and charges.

You might be wondering how you would know if you can afford a loan, and if you can, how big a loan. The answer to these questions are at your fingertips.

Simply click here [hyperlink] to access Bayport’s personal loan affordability calculator. Play around with amounts and repayment periods to get a very good idea of what the monthly instalment would be.

Now you can plug this instalment estimate into your budget to see how it fits into your income-and-expenses picture. If you already do a budget on a monthly basis and keep track of your expenses, you will have an answer immediately. If you don’t do a budget regularly, it is a good idea to start and to track your expenses for a month or two before you decide if you can afford a loan or not. It is vital to fully understand your financial situation before you commit to a personal loan for students.

In order to afford a loan, it might be necessary to review your expenses and cut out any unnecessary expenditures, such as getting takeaways or driving your car needlessly. It will be a sacrifice, but you are investing in your future, which makes it worth it.

An investment in your education and self-development can be the first step towards discovering and realising exciting new opportunities for yourself and your family. Don’t let worries about money hold you back: an education loan from a trustworthy company is the key to unlock your future.

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