Is it good to take loan to pay for your children' school fees?

[funmi]

Now a days, many parents find it difficult to pay the tuition fees of their children due to the hardship and economic down turn of the country, especially in Nigeria. Many children had to drop out of schools since they can not afford the cost of sending their wards to schools. So, of resent, many parents started applying for loans in other to pay their children's school fees. Parents that really love to send their children to school where left with no choice but to use loan to finance their school fees. After doing so, I observed that many of them will not be able to pay back the huge amount of loan collected and the interest that will be paid back. This has caused a lot of rancor because when they refused to pay,some of them will be arrested, embarrassed, disgraced and so on. To me this act is not healthy at all for people. My candid advise is to sent your child to a school that is affordable by you in order to avoid shame and embarrassment.
Is it really good to take a loan to pay children's school fees?

 

[Sotherefore]

There are sometimes in which the money you were expecting is not coming at that particular moment and you are very sure that the money will come but later in few weeks time then in this case it is advisable for you to get a loan to pay their school fee, if you didn't even have plan for any incoming money then it is not the best.

 

[btaliat]

May God bless us and make us comfortable. Though it is bad taking loan to sponsor children education but it is only bad in some parts of the world like Africa and Asia. In some saner countries, educating children is seen as an investment and the sure one that will later yield much money. That's why they can do anything to even fund their children to school.

 

[Abigael]

Taking loans to pay school fees is not a good idea at all. It will only lead to problems because most times you may not have a good plan on how to pay back the loans. So you should start by first having a source of income. That means you must wake up every and strive to work and earn money. Then take your children to a school that you can afford to pay with what you earn.

 

[Alexandoy]

Having too many loans can ruin your budgeting. But in fairness to parents it is best to give your child a good education from an expensive school. Yeah, it is difficult to take a loan for the education of the children but that is the best investment. However, you have to balance your finances because being deep in debt is not good.