I will know be looking at the finance I require for my chosen pathway. The exact value which I will be charged, will depend on the university I am going to attend, as well as the course itself. With my own savings I will not be able to afford this, and instead, I will be required to get some other source of funding. There are a number of funding methods available including student loans, government grants and learner support fund. However I believe the most suitable method would be to take out a student loan.
The reason I think this is because money can be borrowed and is paid back at a later date with very low interest. This would be useful for me as I can pay the money back when I have a full time job. This would mean I don’t have to worry about paying back the loan throughout my educational year but I have to pay it back when I graduate. The student loan would be paid monthly instalment which would suit me as I would experience shortage of cash if I pay back the loan all at once. As well as a student loan, I am likely to find a part time job to reduce the amount of loan I take out.
My parents are also going to give me allowance in order to support me through university. I will be roughly getting 10 a week allowance ( 520 a year) and will be getting a weekend jobs which means I would be getting 5. 27 an hour (91. 52 a week = 4,759 a year). The finance will be required for various things including university fees, training, equipment, rent, food, laptop and internet. The total cost of this equates to 11,894. Therefore I am required to take out a student loan of 6,700 as the rest will be paid using the money received from allowances an well as the part time job.
The total amount needed for the remaining years will be roughly reduced by 700 as I can re-use the laptop throughout the years. The student loan has a current interest rate 4. 4%.
I believe I will be able to pay the student loan back because after graduating I will have a degree and with this I will have a high chance of getting employed therefore, I will be able to get the necessary funds to pay it back. If I am not able to get the necessary fund to pay for my courses and university, then it will result in me taking a gap year and find some sort of temporary job. The advantages of doing this is that the amount needed for the student loan would be decreased as I will be using my own money. It will also mean that also I will be more mature and will be more prepared than before.
I believe that the student loan would motivate me to accomplish my career pathway as I would have the required funds for my courses. This would mean I would work to the best of my ability as I wouldn’t want to waste my time at university and let all that money go to waste. In conclusion I have set on my career I wish to take. Setting out my pathway would allow me to stick to it and complete it to the best possible manner. Completing this pathway would allow me to successfully enter the teaching sector and would allow me to teach as a secondary school ICT teacher.