Loans Taking loan to pay one's tuition fee-Is it advisable?

[Bookwormlux]

There are times when students get trapped in a very difficult situation that makes them to find paying their school fees difficult. A lot of them try to seek help from friends and family members who may or may not agree to support them depending on their convictions.
However, there are other set of students who may not have someone close that would render help or they are not confident enough to ask others to help them in this situation.
A seemingly better option would be for them to take a loan and pay these fees with the hope that they could repay when things start moving fine with a business or other hustle that they are involved in to make money and sustain themselves.


Do you think it is a wise thing to do?

 

[sincerem]

It will be better you took the loan from a trusted source that won't put a high repayment interest to the loan amount you borrowed. If you borrow from the mortgages you'll find yourself paying high interest when you're repaying the loan you borrowed to clear your burden. And you know when you fail to meet bank repayment deadline, it comes with penalty.

 

[Chibson]

In countries like America most of the students take loans in order to finance their education but I can't really say the same for Nigeria because the condition that will be around the loan granted to you maybe unbearable. If it is a Federal government loan, then I think you should definitely go for it but if it is not especially private companies then I would not advise you to take such loans because you may regret tomorrow.

 

[Mika]

I do not know how it goes in your country but in many countries education loan is one of the common loans. In my home country, you can even use your educational certificates as collateral for a loan. If you are a bright student and if the subject you are studying has a great demand, I think an educational loan is a good idea.

 

[funmi]

Well, as far as you know how to pay back gradually, no money is too much for education. If the student is smart enough to know how to work per time to get the loan pay back, then it is not a bad idea to take a loan for tuition as a student. So I will advice students to take a loan to pay for their school fees in order not to drop out of school.

 

[Good luck]

Taking loan for such task is not a bad idea.Education is a legacy one can ever achieved and achieving such can warrant one to go bankrupt or sort for alternative like applying for loan in Bank or an organization where one is working.Such loan can be paid in instalment.

 

[Lens1000]

You can obtain a load to pay your school fees but you should make sure not to take a loan with high interest rate and ensure that you have plans of taking up a job to settle it because you will not want to pay for penalty when you can't meet up
There are numerous loan shark online but 90% of them come with killing interest rates

 

[Bookwormlux]

I do not know how it goes in your country but in many countries education loan is one of the common loans. In my home country, you can even use your educational certificates as collateral for a loan. If you are a bright student and if the subject you are studying has a great demand, I think an educational loan is a good idea.

That is really nice for people studying in your country then, but the case is not same here in Nigeria. There are no such things like education loans and this makes schooling really frustrated for those who are not of the elite group. I am considering some scholarship programs that would serve as a better alternative to taking a loan.

 

[Sherman198]

I won't advise anyone to take a loan for education....I don't think that's encouraging because how would you intend to pay the loan back.

The only way is if, after the loan you enroll yourself in a part time education that will give you the chance to work and school at the same time. So you can be paying your loan back with the money you are earning with the job. Or get a payable online job to pay the loan back as you are schooling.

 

[Augusta]

I think this depends on the location like in the developed world there is no big deal with this but in Nigeria it's a big deal. I doubt this will even be easy when it is even difficult for businesses to get a loan. But it still good if you can get with good conditions attached to it

 

[Alexandoy]

In the US the student loan is very common for college students. They are given a long period for repayment. My niece who is in the US took a student loan when she was in college. Fortunately she was able to repay the loan when she got a job. Now she is taking a master's degree and I think she again had taken a loan for her studies.