If you don’t have the finances to study, getting your work to help you out may be the best idea for you. Many working people want to further their education but simply don’t have the finances. In cases such as these, most employers don’t mind providing the funds for their staff to study again.
By Craig Falck for Africa Report
Photograph: © Stephen Coburn | Dreamstime.com
But nothing is for free and you’ll find yourself committing to your employer for a number of years. And that’s definitely not the worst decision to make… especially in a world with so many retrenchments and economic uncertainty.
First things first, you need to be 100 percent sure that you want to study further. There is no point starting something like this not knowing if you re going to manage or if you’re going to give up. You’re asking for a lot of money that is going to be invested in you for a reason; it’s not your money to play around with. Once you’re sure that you want to further your studies, it’s time to get all the details about the course. Every single piece of information needs to be accounted for… the institution, the course, the subjects, the times of classes, exam schedules, the cost – your employer and their finance departments will need all of this information so that they can decide whether or not to sponsor you (if it’s within their budget or not), as well as work out a contract regarding regulations or rules.
You will probably need to write a letter of motivation, telling your boss why you want to further your education and why you want them to pay for you. Remember, they more than likely won’t want to sponsor your studying if you give them the feeling that you’re going to run off and join another company the second you finish your course. Likewise, they definitely won’t allow that and will want to bind you to their employee as payment for the financial aid.
Some companies prefer that their employees pay back the loan as though it were an actual bank loan, while others prefer their employees to use their newly learnt skills and apply them to the business for a number of years. The latter is obviously the more favourable option for a number of reasons. Firstly, you don’t have to pay back the loan and can continue receiving your regular salary every month. Secondly, you’re bound to the company for a determined period of time – they won’t fire you during this period, so you’re at least guaranteed a job. Thirdly, you gain more experience applying your new education and knowledge to real-world transactions and business operations. These alone should persuade you to select the second option, given the choice.
Securing long-term study bursary assistance from your employer is a lot easier than you think. All you have to do is prove yourself to your employer and you could find yourself studying the course of your dreams, as well as finding job security with your employer. Just make sure that you’re serious about studying and serious about the enterprise that you work for.
