Learn—Maximum Time: 45 Minutes

Read:Last week you selected a school or training program that you think is best for you. During the week you spent time learning more about the school or program. Today you will explore the many ways that are available to help pay for your training.

1. Education requires sacrifice.

2. Review your training costs.

3. Consider options to pay for your training.

4. Use student loans carefully and as a last resort.

5. Know who to talk to.

6. Update your self-reliance plan.

1. Education Requires Sacrifice

Read:President Gordon B. Hinckley admonished us to make sacrifices to make our education possible. He said: “You must get all of the education that you possibly can. … Sacrifice anything that is needed to be sacrificed in order to qualify yourselves to do the work of the world” (“Words of the Prophet: Seek Learning,” New Era, Sept. 2007, 2–4).

We have also been counseled to not delay other important things in our lives while we pursue our education. Don’t postpone getting married, receiving temple ordinances, and having children while going to school.

As you maintain your priorities and sacrifice less-important things, you will find that the Lord will bless you.

Discuss:Why are education and training worth the sacrifice?

2. Review Your Training Costs

Read:For the past two weeks you have explored your education or training options. Part of that effort was to learn how much your program would cost. These costs include things like tuition, books, fees, living expenses, transportation, and anything else associated with your education or training. It is important that you have an accurate estimate of these costs so you can plan how to pay for them.

For example, Juan found that his welding certificate would cost this much:

TYPES OF Training Costs	Amount
Welding certificate program	4,000
Tools, books, and supplies	1,000
Exam fees	300
License fee	300
Transportation	400
Total	6,000

Also keep in mind your costs of living, such as food, rent, clothing, family expenses, and debt.

Activity (5 minutes)

Step 1: Fill in your training costs or your best estimates.

Step 2: During the week, find out any remaining details.

TYPES OF Training Costs	Amount
Total

3. Consider Options to Pay for Your Training

Read:There are several ways to pay for an education. As much as possible, pay for your education with your own savings or income. Work while going to school. You may need to spend less and take on additional work to provide more income.

Other finance options are available if you don’t have enough savings or income. Private organizations, individuals, and governments have established programs that can help you pay for your training.

“For the earth is full, and there is enough and to spare; yea, I prepared all things” (D&C 104:17).

Discuss:How does the phrase “for the earth is full” apply to money to pay for your education?

Activity (15 minutes)

Step 1: Assign each member of the group to read silently one of the finance options below and on page 104.

Step 2: Take turns explaining the option you read, including its strengths and weaknesses.

Step 3: Put a check mark next to the options that seem best for you.

Finance option	Definition	Strengths	Weaknesses	Best for me
Income and Savings	Money earned by working while going to school, or money used from savings. Can be used for any school expense.	No debt or interest. Learn skills and make important contacts while working.	May be difficult to work and go to school. Could take longer to finish school.
Scholarship	An award of money based on who you are and what you’ve done. Typically used for certification or a degree.	No debt or interest. Could reduce the need to work while going to school.	May require planning ahead and a lot of effort to apply. Could be competitive.
Grant	An award of money typically based on financial need and used for a degree.	No debt or interest. Could reduce the need to work while going to school.	May require planning ahead and a lot of effort to apply. Could be competitive.
Apprenticeship	A job in which a person works for an employer while learning a trade or skill. Typically for certificates or licenses.	Learn job-specific skills. May get paid to learn. May lead to a job.	Takes effort to find a willing employer. May be difficult to study and work.
Tuition Reimbursement	An award of money provided by an employer to employees to develop their skills. Can be for degrees, certificates, licenses, or specific classes.	An award of money provided by an employer to employees to develop their skills. Can be for degrees, certificates, licenses, or specific classes.	Must meet employer requirements. May be difficult to study and work. Employer may require you to stay with the company or pay back the money if you leave.
Money Borrowed from Family	Money from family with or without an expectation to pay them back. Can be used for most education expenses.	Money from family with or without an expectation to pay them back. Can be used for most education expenses.	May strain family relationships. May be difficult if a family emergency arises.
Loans (banks, governments, non-government organizations, Perpetual Education Fund [PEF] where available)	Money from lending institutions with the expectation that you will pay the money back, typically with interest. Can be used for most education expenses.	Money from lending institutions with the expectation that you will pay the money back, typically with interest. Can be used for most education expenses.	Must pay back debt plus interest. May be in debt for a long time. May not find work; payments then become difficult to make.

Read:On your own this week, you can also read page 111–16 for more information about scholarships and grants, student loans, and Perpetual Education Fund loans.

4. Use Student Loans Carefully and as a Last Resort

Read:“Many [people] in the world are going into debt to get an education, only to find the cost of school is greater than they can repay. Seek out scholarships and grants. Obtain part-time employment, if possible, to help pay your own way. This will require some sacrifice, but it will help you succeed” (Robert D. Hales, “Meeting the Challenges of Today’s World,” Ensign or Liahona, Nov. 2015, 45).

Student loans are debt. Unlike grants and scholarships, they must be repaid and typically cost you interest. If you are unable to pay, you could hurt your credit or your ability to move forward in life.

Discuss:Why should student loans be a last resort?

Read:The “four rights” can help you decide if a student loan might be right for you.

1. Right reason: You are working while going to school, you have worked very hard to get scholarships and grants, and a loan is just to repay the remainder (not the whole expense) of your education.

2. Right expectations: You have verified that placement rates are good in your area for the work you are studying for, and you are justifiably confident that you will get a job with high enough wages to pay back the loan in a reasonable amount of time.

3. Right terms: You have compared different loans and have found the best rate and repayment terms from a trustworthy lender.

4. Right amount: Your loan amount is small enough to pay back in a reasonable amount of time.

Discuss:How will following the “four rights” protect you when paying for your education?

Ask your stake self-reliance specialist about useful websites for finding and comparing student loans in your country or area. On your own this week, you can also read page 113 to learn more about how to compare student loans.

Also, if available in your country, a Perpetual Education Fund (PEF) loan might be appropriate for you. To learn if PEF loans are available in your country, how to qualify, and how to apply, see page 114–15 or go to srs.lds.org/pef.

5. Know Who to Talk To

Read:Part of your commitments this week will be to explore the best options to pay for your chosen education or training program. Do your research and talk to people who will be able to help you. Many schools have someone who can help you. Try reaching the financial aid office, or contact the school, training provider, or business and ask to speak with someone who can answer your questions about paying for your training.

Activity (5 minutes)

Step 1: As a group, list the people and organizations you could talk to about scholarships, grants, apprenticeships, and tuition reimbursement.

Step 2: As a group, suggest questions you should ask these people about financial aid. Write down at least three that you will ask this week.

6. Update Your Self-Reliance Plan

Read:In the next group meeting, each of you will make a brief presentation to the group about your self-reliance plan. You will describe your plans, and the group will give you feedback and suggestions.

Activity (10 minutes)

Update your self-reliance plan as needed. This week, talk with others and do your research to complete the “My Financial Plan” section on page 108.

My Self-Reliance Goal (chapter 1)

I will

so that I can .

My Job Plan (chapters 2 and 3)

I compared these three jobs:

The job I chose for me is because of the following things I learned from employers and others about the job realities in my area:

.

Continued on next page.

My Education Plan (chapters 4 and 5)

I compared three training options:

The training option I chose is because of cost, quality, placement rate, and other things that are important to me (write the reasons below):

.

It will take (days, weeks, months, years) to complete this training.

My Financial Plan

I found that my training will cost me , or per month.

After comparing various options for my training and looking at my own finances, I found that I (could / could not) pay for my training on my own. I will need an additional .

To pay for my training, I will seek (work, apprenticeships, scholarships, grants, tuition reimbursement, loans)

.

Read:Next week you will present your self-reliance plan to the group (page 107–8). You may want to practice giving your presentation to family members and friends. Come next week prepared to share your presentation.

Discuss:What are the most important things you learned in today’s group meeting?