HNC manufacturing Engineering

[spongy]

I'm after a little advice please chaps if you could be so kind.

I work at a small engineering company that primarily does laser cutting, waterjet cutting, CNC milling and BrakePress folding along with associated metal finishing work.

For the last 3 years I've been studying day release at college so far I have completed a Level 2 btec diploma and nvq in manufacturing engineering with distinction and just finishing off a Level 3 btec diploma and nvq with double distinction grades.

My boss has also said yes to going further and now doing an HNC in manufacturing engineering BUT.....

He wants me to pay for half of it as there is no government funding available for higher education.

The course costs £6k (8 units @ £750 per unit) he has offered to either

A) pay 2k of the cost and continue to pay me expenses for travel @ £13.20 per day.

B) pay 3k and stop the expenses.

I am going to confirm today how many days I need day release. If it's one day a week then I'm financially better off with option B as travelling from Hassocks to Crawley is OK. If it's option A then expenses will double with a 2 day release but will have to pay 4k for the course.

I am going to have to apply for a student loan to do this obviously so am working out the costs of repaying it as I earn a half decent wage as it stands. Which I think I can afford.

But doing this course will enable me to move into programming the machines not just setting/operating and get me at least a 5k pay rise p.a.

I already earn the extra 5k now in over time a year working 7am -7pm shifts so would like to earn the same money for working 8am-4.30pm as I have a 2 year old daughter here at home that I haven't seen all week as she's back in bed before I get home.

Is it worth it? Shall I take a loan? If I do repayments will about £80 pm until paid off but can't start repaying until the course has finished. I'd rather start repaying now but that option doesn't exist.

For those that have studied part time does studying an HNC part time involve a lot of work at home, I have no idea what to expect and would like some of your thoughts please....

Enrolment day is today so need to make up my mind before 4pm!

 

[ropey9]

Regardless of what you pay, surely your boss / company will loan your side of the cost, rather then having to get a student loan? I would also expect this to be interest free.

If it was me, I would come to an unofficial arrangement where you take a £4000 / £3000 pay cut temporarily to cover the course cost whereby you save tax / NI and the company saves the NI.

 

[Westdene Seagull]

As I've moved through my career I've discovered work / life balance is far better then extra money so I say go for it. Personally I'd take option B. It means your student loan is less and you can spread the payment for travel costs over multiple pay packets.

As for not being able to repay the loan as you go - just open a savings account and set up a standing order to move £80 across each month. You could even try and up it to £100 which means you'd have nearly half the loan payment required at the end of the years course.

 

[spongy]

To be honest I'm very nervous about asking the boss for a loan. He is somewhat "difficult" to deal with at the best of times and getting this far has taken a LOT of negotiations. Option B seems like a good idea and start saving loan repayments now.

 

[grubbyhands]

To be honest I'm very nervous about asking the boss for a loan. He is somewhat "difficult" to deal with at the best of times and getting this far has taken a LOT of negotiations. Option B seems like a good idea and start saving loan repayments now.

Christ, I hope he doesn't read NSC.

 

[Goldstone1976]

Good advice already offered to deal with the financial side of things. In such circumstances, as an employer I always seek some financial contribution from the employee as it shows they're serious about working for the qualification. However, if they pass their exams at the first attempt, I re-imburse the fees they've paid at a multiple of 1.0 for a pass, 1.5 for a merit and 2.0 for a distinction. We also provide an interest-free loan for their financial contribution, repayable in full immediately if the employee voluntarily leaves employment during the course, or over a year if they don't pass their exams. Finally, we seek a continued employment commitment from the employee after gaining their qualification on a "one year commitment for each year of the course" basis.

As to whether you should go for it, only you can make the work/life balance decision you refer to, but I would observe that you only refer to the immediate cash/time implications. Don't forget that a higher qualification should, everything else being equal, translate into higher pay for the rest of your working life. Also, an HNC is a qualifier for an HND, should you decide to do yet further qualifications.

Very best of luck!!

 

[Thunder Bolt]

My husband was a mechanical engineer, but today's job market needs electronic engineering so his firm paid for him to do his HNC at Crawley. He didn't get day release, but went on a Tuesday afternoon, making up his hours on the other days.
He had a lot of work to do to get his assignments done, but the course is worth it. He switched to HND after 1 year, so went for four years in total.

 

[spongy]

There would be absolutely 0% chance of a financial reward for passing well at this place. My boss is extremely frugal and the company doesn't make massive profits. It just ticks along nicely apparently according to our accountant lady.

I'm 37 now so I'm not sure if I will go on to HND if I do well enough, I like my job, strange as it may sound, as I get to make things with massive cutting edge machines, I am at the top of the tree when it comes to latest technology and we're always upgrading machines every few years to keep up with it all.

I'd like to move into programming them and the door has been opened so I am willing to walk through it, just trying to do it the most affordable way.

Since we had our daughter the now wife (2 weeks married!) has dropped to part time work so I have been relying on the overtime to keep our finances on a level.

We don't do badly as I can just about afford to keep my ST but sometimes things do get very tight (this month I've had to shell out on 4 new tyres for my car).

I've been looking at the details of student loans and I will have to repay 9% of income over £21k. So it would cost me about £80 a month providing my overtime doesn't dry up. If it does then I might be in trouble but we are always busy here so I think I shall be ok.

But should I be spending 3k of my own money to do a job I already do? My boss doesn't like moving people up if they're not qualified and will only take on qualified people. So in a way I have to do it to carry on.

Argh. Big decision to make in less than a day.

 

[SUA Seagull]

There would be absolutely 0% chance of a financial reward for passing well at this place. My boss is extremely frugal and the company doesn't make massive profits. It just ticks along nicely apparently according to our accountant lady.

I'm 37 now so I'm not sure if I will go on to HND if I do well enough, I like my job, strange as it may sound, as I get to make things with massive cutting edge machines, I am at the top of the tree when it comes to latest technology and we're always upgrading machines every few years to keep up with it all.

I'd like to move into programming them and the door has been opened so I am willing to walk through it, just trying to do it the most affordable way.

Since we had our daughter the now wife (2 weeks married!) has dropped to part time work so I have been relying on the overtime to keep our finances on a level.

We don't do badly as I can just about afford to keep my ST but sometimes things do get very tight (this month I've had to shell out on 4 new tyres for my car).

I've been looking at the details of student loans and I will have to repay 9% of income over £21k. So it would cost me about £80 a month providing my overtime doesn't dry up. If it does then I might be in trouble but we are always busy here so I think I shall be ok.

But should I be spending 3k of my own money to do a job I already do? My boss doesn't like moving people up if they're not qualified and will only take on qualified people. So in a way I have to do it to carry on.

Argh. Big decision to make in less than a day.

I have just sent you a detailed PM Spongy. Good luck with all of this

 

[Gary Hart's Stalker]

Christ, I hope he doesn't read NSC.

Cue Ernest!

 

[Blue3]

Getting an HNC effectively for half price great deal go for it well worth it in the long run not many out there with an HNC in mechanical engineering

 

[spongy]

Christ, I hope he doesn't read NSC.

He calls himself a Spurs fan and thinks of us "little old Brighton" as nothing more than algae trying to steal premiership riches.

Even if he did know about this place he certainly wouldn't visit!

 

[MattBackHome]

Nothing to add other than to wish you all the very best. (And I would go for option B)

 

[spongy]

I enrolled yesterday

Got the 5 optional units I wanted so I'm very happy, one day day release but a long day from 09.00-20.00 but will be well worth it!

A massive thankyou to @SUAseagull for all his help over PM and compiling a very detailed spreadsheet detailing all costs and scenarios and which is the best for me financially. I shall see you in The Hassocks Hotel for a pint before you jump,on your coach

 

[ofco8]

Feel sorry for the predicament you were in.

Many years ago I did an HNC in Building and my firm, as they all did then, paid all my fees. Cost me zilch.

How times have changed!!!

 

[dazzer6666]

I enrolled yesterday

Got the 5 optional units I wanted so I'm very happy, one day day release but a long day from 09.00-20.00 but will be well worth it!

A massive thankyou to @SUAseagull for all his help over PM and compiling a very detailed spreadsheet detailing all costs and scenarios and which is the best for me financially. I shall see you in The Hassocks Hotel for a pint before you jump,on your coach

Right decision I'm sure, good luck with it. If the worst happens with your current firm you'll also be more employable elsewhere

 

[basque seagull]

I enrolled yesterday

Got the 5 optional units I wanted so I'm very happy, one day day release but a long day from 09.00-20.00 but will be well worth it!

A massive thankyou to @SUAseagull for all his help over PM and compiling a very detailed spreadsheet detailing all costs and scenarios and which is the best for me financially. I shall see you in The Hassocks Hotel for a pint before you jump,on your coach

Right decision IMO! Good luck and hope it goes well.

 

[whitelion]

I enrolled yesterday

Got the 5 optional units I wanted so I'm very happy, one day day release but a long day from 09.00-20.00 but will be well worth it!

A massive thankyou to @SUAseagull for all his help over PM and compiling a very detailed spreadsheet detailing all costs and scenarios and which is the best for me financially. I shall see you in The Hassocks Hotel for a pint before you jump,on your coach

Glad you've managed to make the right decision and it never ceases to amaze the help that NSCers give to requests for help. Well done to @SUAseagull.

 

[portslade seagull]

Got mine many years ago at KTM who then went eastward and practically closed down.

 

[spongy]

An HNC in manufacturing engineering or something else?

KTM? As in the motorbike manufacturers or an engineering firm?

Loads of small engineering firms have closed down that I know of, only the best seem to be surviving, glad I'm at a good one!