How to study osteopathy with no savings
June 27, 2005 5:42 PM Subscribe
I am considering a career change, and need advice. I am thinking of going back to college to study osteopathy. Am I making the right choice? What sort of financial arrangements can I make to avoid massive debt?
posted by ajp to Work & Money (7 answers total) 1 user marked this as a favorite
My current career is in I.T. management. I find it, and where it would lead, stultifying and completely uninspiring. I've always wanted to "make a difference", although I've never been sure how. Money isn't hugely important to me, but I couldn't spend my life volunteering.
Osteopathy seems a potential good choice. Colleges I've looked at do work with HIV patients and geriatric people, which I would enjoy. It would also tie in well with martial arts, a hobby of mine. (A career in standard western medicine doesn't appeal, for lots of reasons). I am qualified to get onto an osteopathy course. I live in London, England, and the course would be in London.
The one thing that really worries me is the financial side. I'm 32 and don't have much in the way of savings. I would hate to be approaching 40 with nothing under my belt but a huge debt. My plan is to start a 5 year, part-time osteopathy course next year, and in the mean time, save up to put down a deposit on a 2 bed house. I plan to live in it during the course, and rent out the other bedroom to help with the mortgage. I'm hoping that student and bank loans would cover the mortgage and other living costs. I could live in shared accomodation, but I've been doing this since the age of 17 and I've had enough of it. I also think that I couldn't study effectively in shared accomodation.
The Student Loans Company will lend me a large amount of cash, but I estimate this to be less than half of what I'd need to live on. The bank would probably lend me the other half, but would be far happier if I had something like a house as security. I presume this means they'll be happy giving me a loan, even if I use it to keep up mortgage payments, and even if they are providing both the loan and the mortgage. I am nervous about asking them this question directly!
I suspect there are holes throughout this plan. Can anyone point them out, and help me to plug them? Or better still, suggest ways of ensuring it would work? I don't need general advice like "investigate other career options", since I've been doing that for a while. Any thoughts or similar experiences would be greatly appreciated.