Financing your further education
Published on: Monday, June 07, 2021
By: K Krishnan
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WHEN you consider higher education, it is going to cost you money. Many of you are already used to free education from standard 1 right up to Form 6. 

You have been enjoying free education offered by the government. In fact it is tax payers’ money that the government is giving it to you. 

However, after completing your secondary education, you need to plan your future very carefully. 

Times are very bad. Businesses are down. 

The whole economy is struggling. Take a walk around town and see how many shops are closed for good. 

Even small stalls and food outlets are unable to sustain. The man on the street has no money, no job, no savings and no income. 

Have a chat with your parents, relatives and friends. You must be very careful with how you are going to spend your money. 

The amount of money you need for your further education depends on what you want to study and where you want to study. 

Public Institutions

There are thousands of courses around you. If you have the academic qualification, you can pick the course of your choice. 

Courses are offered by Public institutions such as Universities, Polytechnics, Community Colleges, Skill Training centres, etc. Sometimes you need to compete with others to get admission into Public institutions. 

However, if you get to study in these institutions, the tuition fee is very low. Often an allowance is provided for your tuition fees, food, accommodation, travelling, books and for your pocket money. 

There are many sources where you can get financial aid. 

Many of the institutions provide financial aid or they can guide you to get financial aid from other government agencies such as Mara, PTPTN, JPA, Ministry of Sports, Ministry of Labor, HRDF, etc. 

If you are in need of financial aid, it is best that you take this route. 

Private institutions

Some of you may have the money to spend on your education. 

Perhaps your family has savings, assets which they can mortgage, EPF or insurance money.

If your family can spare the money, you can consider studying in Private institutions locally or go abroad. 

The tuition fee depends on the type of institution you choose. 

There are good universities and colleges which have the state of the art buildings, lecture theatres, labs, environment and good quality programmes. 

The tuition fee would be higher because of the facilities they offer. 

At the same time the same course would also be available from smaller private institutions. 

They may be owned by religious groups, Associations, Political parties or non-profit making bodies. 

They may not be money minded and would want to help the community. 

Such institutions may offer cheaper tuition fees. If you are exploring private institutions, compare the tuition fees they charge. 

Going Abroad

Those of you who have the means and want to study abroad can also explore and compare the cost of education.

 There are countries which may charge a lower tuition fee. There are also countries where the cost of living is cheaper. 

For instance you can study Medicine in India and you can also study medicine in UK. 

Definitely, the tuition fee and the living cost can vary a lot. 

If you have decided to study abroad, do a research and find out the average tuition fees and the living cost. This will give you an idea where to apply. 

Work and Study

Another option for those who do not have the money to study can consider the “ Work and Study “ option. You have already experienced “Home Schooling” over the last few months. 

Some of you have done “Home Schooling” and sat for your SPM and STPM. 

If you want to study, there are many ways to study. You can work and study too. 

There are many people who do not have the opportunity to go to universities. 

However, with new technology you can study from home. At the same time, you can work and earn some money. You do not have to waste your time and energy looking for financial aid or scholarships. 

Career Tips

Money is difficult to come by especially at times like now. Do not spend all your savings on education. 

Do some research and find the best course to study and where to study. 

Start comparing tuition fees and living cost. Choose an option that best suits you. 

If you have a question on financial aid/scholarships, send to [email protected] 

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