How to Pay for Your Studies: Loans, Scholarships and Instalments
Last updated: November 2026 · Written by the StudyWay Editorial Team
Quick answer
The main ways to pay for higher education are:
- education loans from banks,
- scholarships and fee discounts,
- instalment plans offered by institutes,
- studying while working,
- and family savings.
Most students combine more than one. Start by working out the total cost of the course, including everything beyond tuition, and then compare your options.
What are my options?
| Option | How it works | Things to check |
|---|---|---|
| Education loan | A bank lends money for your studies, which you repay over time | Interest, repayment period, guarantor and documents needed |
| Scholarship or discount | Full or partial fee reduction based on merit, need or other criteria | Eligibility, deadlines, conditions to keep it |
| Instalment plan | Pay course fees in parts instead of all at once | Number of instalments, any extra charges |
| Study while working | Part-time, weekend or online study while earning | Course schedule, workload |
| Family savings | Using savings or family support | Planning for the full course length |
How do I work out the total cost?
Include everything, not just tuition:
- registration and exam fees,
- books, equipment and software,
- travel and, if needed, accommodation,
- and for study abroad: visas, flights, insurance and living costs.
Ask each institute for a full fee breakdown before you decide.
How do I find scholarships?
Many institutes and universities offer scholarships or discounts, especially for strong results or early registration. When you send an inquiry, ask each institute directly about scholarships and payment plans. For study abroad, check each university's scholarship pages.
Tell us what you want to study, and institutes will contact you with options
Can I study while working?
Yes. Many diplomas, HNDs, professional qualifications and postgraduate courses run on weekends, in the evenings or online. Some routes are designed for working students, such as professional qualifications and top-up degrees. See accounting qualifications vs degrees and HND vs degree.
Planning to study abroad?
Studying abroad usually costs more, so plan early. Compare countries, check scholarships, and work out living costs as well as tuition. See our study abroad guide and studying medicine abroad guide.
Tips for borrowing wisely
- borrow only what you need,
- understand the full repayment amount, not just the monthly payment,
- choose a course with clear career outcomes,
- and ask questions before you sign anything.
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Frequently asked questions
Can I get an education loan for a private institute?
Many banks offer loans for a range of courses. Check each bank's conditions and the courses they accept.
Do institutes offer instalment plans?
Many do. Ask each institute about payment plans when you inquire.
Can I get a scholarship after A/L?
Some institutes offer scholarships or discounts based on results. Ask when you inquire.
Is it better to work and study part-time?
It lets you earn while you study and gain experience, but it takes good time management.
How much does it cost to study abroad?
It depends on the country, university and course. Include tuition, living costs, travel and visas in your plan.