Mature student funding

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Geektastic

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Topic # 162204 2-Feb-2015 09:50

When we move up to Auckland, I am considering going back to school for a while to do some post-grad study.

I'm 47 and have never been to school in NZ. I have NZ citizenship.

The funding arrangements appear to be along the lines of either I borrow from Student Loans or pay for it myself and no form of allowance for lost income is available.

Has anyone studied under similar circumstances? Is that more or less how it works?

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Reply # 1227461 2-Feb-2015 10:06

You migh be eligible for a student allowance, but that will depend on your (or your partner's) income while you are studying,

http://www.studylink.govt.nz/student-allowance/

nickb800

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Reply # 1227463 2-Feb-2015 10:10

That's pretty much how it works.

What degree are you planning on going for?

There's a student allowance of around $200 per week but is income and asset tested so you're unlikely to be eligible at your stage of life unless you're a discharged bankrupt or have your assets shielded (IIRC something less than $5000 savings was over the threshold).

You can borrow the course fees (paid directly to the tertiary institute) and borrow the optimistically named living costs which is worth around $170 per week (paid weekly). You can also claim $1000 for course related costs per year.

It's worth having a look at scholarship options, particularly if you will be doing research

YJ

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Reply # 1227466 2-Feb-2015 10:15

You may ask your employer to pay for it, I know some organisations do, unless the subject you choose it is not relevant to what you doing now.

Geektastic

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Reply # 1227467 2-Feb-2015 10:16

YJ: You may ask your employer to pay for it, I know some organisations do, unless the subject you choose it is not relevant to what you doing now.

I've asked myself already...! ;-)

Geektastic

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Reply # 1227469 2-Feb-2015 10:17

wellygary:
You migh be eligible for a student allowance, but that will depend on your (or your partner's) income while you are studying, http://www.studylink.govt.nz/student-allowance/

Yes that is out. Apparently I do not exist as an individual despite paying tax and my wife must support me.

Geektastic

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Reply # 1227472 2-Feb-2015 10:20

nickb800: That's pretty much how it works.

What degree are you planning on going for?

There's a student allowance of around $200 per week but is income and asset tested so you're unlikely to be eligible at your stage of life unless you're a discharged bankrupt or have your assets shielded (IIRC something less than $5000 savings was over the threshold).

You can borrow the course fees (paid directly to the tertiary institute) and borrow the optimistically named living costs which is worth around $170 per week (paid weekly). You can also claim $1000 for course related costs per year.

It's worth having a look at scholarship options, particularly if you will be doing research

Thanks; no it wouldn't be research. It will be based on photography.

There was a course here at Vic but it was too hard living in Martinborough and travelling all the time and I wasn't able to do it part time. Hoping to find something similar in Auckland.

MileHighKiwi

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Reply # 1227489 2-Feb-2015 10:46

I completed a management certificate at Vic Uni last year; I'm 35 and studied part-time with classes on Tuesday nights and the rest at home. I got a student loan and my employer covered the costs of 1 of the papers. Thankfully due to my income being reasonably good the loan only has a few grand left and will be re-paid in a few months. I really enjoyed the challenge, although there were times when I absolutely hated it. Good on ya!

BTR

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Reply # 1227571 2-Feb-2015 11:50

Givealittle.co.nz?

jonathan18

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Reply # 1227611 2-Feb-2015 12:22

Student loans won't be available for every course either - the course needs to be approved as such by the TEC. This will be more common for some courses operated by PTEs (private training establishments) - although many if not most of their courses will be SL (and SA) approved. Student loans are inevitably available for courses at polytechs and universities.

I went back studying about four years ago in my mid-30s - I too wasn't able to access a Student Allowance (had used my quota first time around), so took out a student loan for fees and living costs (to help support the family, considering we had/have young kids so my wife was only working p/t). While it's frustrating to lose that level of income while paying it back (12% of income over the threshold of c. $20k) finally paying it off in the middle of last year was a relief (given it's interest-free, there's usually no point hurrying to pay it back).

I'd use the loan scheme again if I needed to go back to study, though I'm glad I'm not a stay-at-home parent (eg, my wife's still paying her loan back 20 years on, given the inevtiably slow repayment schedule when taking time out for raising kids).

Geektastic

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Reply # 1227660 2-Feb-2015 12:59

I'm feeling very jealous of a friend of mine who, about 20 years ago, was sent to Hull University for 2 years to do an MA ON FULL SALARY by his employer!!

He was effectively a student with a grant of (in today's money) at least $100,000 a year equivalent. B*****d!!

wasabi2k

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Reply # 1227679 2-Feb-2015 13:16

Geektastic: I'm feeling very jealous of a friend of mine who, about 20 years ago, was sent to Hull University for 2 years to do an MA ON FULL SALARY by his employer!!

He was effectively a student with a grant of (in today's money) at least $100,000 a year equivalent. B*****d!!

Going back Uni used to be entirely free - there were even incentives for some courses.

Of course back then the industry I work in didn't exist so....

I spent 6 years doing my BBus (Mgmt) through Massey Extramural/Distance part time (2 papers a semester) while working full time.

Graduating debt free felt AMAZING.

Geektastic

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Reply # 1227696 2-Feb-2015 13:20

wasabi2k:
Geektastic: I'm feeling very jealous of a friend of mine who, about 20 years ago, was sent to Hull University for 2 years to do an MA ON FULL SALARY by his employer!!

He was effectively a student with a grant of (in today's money) at least $100,000 a year equivalent. B*****d!!

Going back Uni used to be entirely free - there were even incentives for some courses.

Of course back then the industry I work in didn't exist so....

I spent 6 years doing my BBus (Mgmt) through Massey Extramural/Distance part time (2 papers a semester) while working full time.

Graduating debt free felt AMAZING.

Yes I never paid a bean for my original degree, which I did full time for 3 years.

I could not claim a Student Grant for living allowances though. It was means tested and my father's response when I showed him the lengthy 40 page or so form required of him was "I'm not telling any ******* civil servant what I earn!" which rather left him with no choice other than to pay my living expenses himself. Sadly he died 2 years ago, so I cannot see if I can pull that trick twice..!

Lias

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Reply # 1229075 2-Feb-2015 23:00

Geektastic: I'm feeling very jealous of a friend of mine who, about 20 years ago, was sent to Hull University for 2 years to do an MA ON FULL SALARY by his employer!!

He was effectively a student with a grant of (in today's money) at least $100,000 a year equivalent. B*****d!!

I am currently employed by a Tertiary education provider, and while I don't get to study full time on salary, what I do get is pretty damn generous. Help's make up for the lousy pay packets in the education sector :-P

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Geektastic

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Reply # 1229086 2-Feb-2015 23:11

Lias:
Geektastic: I'm feeling very jealous of a friend of mine who, about 20 years ago, was sent to Hull University for 2 years to do an MA ON FULL SALARY by his employer!!

He was effectively a student with a grant of (in today's money) at least $100,000 a year equivalent. B*****d!!

I am currently employed by a Tertiary education provider, and while I don't get to study full time on salary, what I do get is pretty damn generous. Help's make up for the lousy pay packets in the education sector :-P

It's still fairly common for employers to pay generously towards study where it is related to work, in the UK anyway.

The only place I have really seen it here is in the Defence Force.

Handle9

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Reply # 1230144 3-Feb-2015 07:29

Geektastic:
Lias:
Geektastic: I'm feeling very jealous of a friend of mine who, about 20 years ago, was sent to Hull University for 2 years to do an MA ON FULL SALARY by his employer!!

He was effectively a student with a grant of (in today's money) at least $100,000 a year equivalent. B*****d!!

I am currently employed by a Tertiary education provider, and while I don't get to study full time on salary, what I do get is pretty damn generous. Help's make up for the lousy pay packets in the education sector :-P

It's still fairly common for employers to pay generously towards study where it is related to work, in the UK anyway.

The only place I have really seen it here is in the Defence Force.

It's available in a lot of corporates. My employer will pay 80% up to a cap per annum with time off to attend lectures. It doesn't get you any relief from hitting your targets though ;)

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