If you no longer see any prospects for your career, continuing education is often the last chance. And she is usually the right choice and opens new paths with mostly much better earning potential. But a training is not cheap and can cost several thousand USD. A credit for a further education is therefore often the last resort.
The financing must be reconsidered
In some cases training is needed because the company you work for would like to have one. But they do not always want to pay for the costs. Before deciding to pay by yourself, you should talk to the employer about partial financing.
However, if this takes place unilaterally and without the participation of third parties, then only the bank is to be convinced of the usefulness of continuing education. Further education does not always have to take place at an evening school, but can also be supported by the state.
For example, a credit for a further education can be a common student loan, provided that the study is a full-time study and the study program or the university receives state support. With a student loan you can enjoy special advantages and thus very good conditions. As a rule, no security is required for the grant.
The risk determines the interest
However, a loan for continuing education can also take place, for example, at an evening school and can not therefore be fully financed. The usual banks are based on the usual conditions and the credit for further education falls under no specific classification. Mostly he is considered a loan for “other”.
A further education can cause costs, which one can finance comfortably with a small loan up to 5000 USD; but it can also cost tens of thousands of USD quickly. Of course, the amount of interest is always based on the risk borne by the bank.
The more collateral you can raise – this includes, for example, an income that you have next to the training – the lower the interest will be synonymous and you can look forward to a good offer from the bank.
You should still get as many as possible at least two different offers, in order to have an alternative and better assess the benefits.
To repay the loan a installment loan is recommended. However, it must be decided individually, when the repayment can be started. Because only very rarely succeeds during the training – especially not when no income is recorded during this time. Nevertheless, a credit for continuing education later leads to many lucrative job offers are available and thus leads to an increase in income in the long run.