student loans

We are fortunate enough to be able to cover my D’s undergraduate degree, but now she’s toying with applying to graduate school. We have made it clear that anything beyond an undergrad is on her dime. Unless you are pursuing a career that absolutely requires additional credentials to gain employment, WHY would you saddle yourself with debt? I think it will take being out in the work world with her peers who are struggling to pay loans while trying to feed, clothe and house themselves before she realizes what a gift she’s been given. And what do you think?

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Comments: 3
  1. Pavlinka (author)

    I keep asking myself if education loans are good or bad. I wonder why so many people are clamoring for a high education when some people have poor financial assistance. Why are some people not knowledgeable enough to go to higher institutions because of their poor academic performance? Some of them are using the money to buy certificates from secondary schools. This means some people have to get loans for education. When they graduate, they are nowhere to be found.

  2. Sassy

    There are a couple of caveats which have made me less comfortable about my student debt. The main one is that the government have decided that they can change the terms and conditions, and make those changes retrospective. So the SF contract I signed up to, may not be the one I end up with. Interest can be increased at any time, and how/when I make repayments could become much less favourable. This will be especially true if the government sells the student loan book to private finance companies.

    However at the moment, it’s a very benign debt. I earn very little, usually on zero hours contracts, so I make maybe one or two payments a year as I rarely earn over the monthly payment threshold. It certainly isn’t a burden to pay when required.

  3. Billy

    Education loans are only great if you have a plan on how to pay it back. Most people usually take such loans without a good plan of paying it back. Which only ends up causing them more financial harm than good.

    Look for example those who take higher education loans with the promise of paying it back when school is over. Only to finish school and not get employed since employment is very scarce in most nations. At the end of the day, they end up with so much stress and anxiety due to the unpaid loans.

    Personally, I think that education should be treated just like any other basic need. That requires you to have a source of income that enables you to afford it. That way, you can pay your school fees while you study. Even parents should never depend on loans to educate their children. They should plan their source of income well so as to include their children’s school fees.

    In the instance where the only option you have is to take the loan, then make sure to have an earning plan to pay it back. For example you are in the middle of your education and end up lacking school fees, it is best to take the loan but only with a good plan.

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