Funding your studies

So you’ve decided to go to bible college? Great news! Now you just need to think about how to pay for it...

Everyone knows that education isn’t cheap, but there are some great tools at your disposal to help you raise the funds and budget effectively. Before you start to plan, take a look at someone who’s done it before, and be encouraged by Ali’s story.

Before you go...

Ready to get started? Before you go to bible college, take an honest look at your finances. Whether you’ve got a year or just a few months to save, it’s worth taking the time to work out your income and expenditure, so that you have a realistic picture of your finances. Identifying a sensible goal from the start will help you to stay on track.
Check out this great Budget Builder tool. It’s built with the Christian lifestyle in mind, and takes into account all kinds of expenses: from tithing to utility bills, entertainment to childcare costs.
Once you’ve worked out your budget, you can begin to think about short and long term ideas for raising support – have a look below for some ideas.
It’s important to think about updating and maintaining your budget once you’re at bible college, too.

Two-Step Process

In the short term, before you start bible college, it’s worth thinking about the different grants, loans, gifts and fundraising activities available to you.
Here are some ideas to get you started:
• Check out the Directory of Grant Making Trusts at your local library and look for potential trusts who might be willing to support you.
• Ask your church if they would be willing to fund part of your studies, or if they could consider letting you give a short presentation on a Sunday morning to help raise funds.
• Do fundraising activities; a sponsored walk, run, sky-dive or climb. Or, for those less willing to jump out of planes, why not bake cakes, wash cars or hold a computer gaming marathon? There are thousands of fundraising ideas on the internet, so there will be something to suit you. Advertise your event on your Facebook profile, or via Twitter; you never know who may be willing to help you out.
• Apply to your Local Education Authority (LEA) for a financial assessment – you may be eligible for support or a student loan. Have a look at the Student Finance website, and be sure to ask them about any extra allowances you might be eligible for.

Once you’ve raised some initial funds, unless you’re blessed with a rich Uncle who will sponsor you through college, you’ll need to think about maintaining your support.
Your long term plan should include setting up a dedicated account, so that people who want to support you regularly can do so easily. Stewardship offer a fantastic online account for bible college students, which means that your friends and church family (but not your close relatives) can give tax-efficiently and regularly (or just a lump sum at the start of term if they like!) to help support you in your studies.
There is no charge to open an account, and because Stewardship can reclaim tax on your supporters’ gifts, you could potentially receive even more support. Have a look at the Stewardship website, or give them a call on 0208 502 8566 to find out if a Stewardship account might be right for you.
Another long term consideration is part-time employment, or full-time work during school holidays. Perhaps look at job boards at your college, or look online for local vacancies, but be realistic about the amount of time you can spend working while studying. It’s worth bearing in mind that some colleges discourage working alongside your studies, so check with your college before you pursue this.
Using social media, you can keep people updated on your progress at bible college. Perhaps you could consider starting a blog, where you can keep a public journal and provide information about how people can support your studies. You can also use Facebook to organise events, start a group or discuss fundraising ideas.
Ultimately, remember that God equips those that he calls. Don’t be discouraged into thinking that you can’t afford to go to bible college before you’ve explored the options available to you. Instead, pray, plan and be pro-active in your approach to fundraising, and you’ll be sure to see results.
For more information, tools and help, look at the resources below.

Stewardship – Click on ‘Receiving Funds’ and follow the links to discover how Stewardship can help you while at bible college.
Funding the Family Business - Myles Wilson distils his extensive experience of training people to raise their own ministry support in this comprehensive manual, including a section on bible colleges.
Credit Action Student Manual – a must-read guide for all students, covering everything from budgets to benefits.
Student Finance Website – a government website with the latest up-to-date information about loans and grants.