Getting a Loan For Education

[Mika]

Do you know you can also get a loan to fund your education (when you need a lot of money to fund your abroad education, go to a medical school, or an engineering college, etc.)

When you get a loan to fund your education or your kids’ education, it is normally referred to as an education loan, but in fact, it is a personal loan (because you are not using the loan money to invest in something they will start giving you return on investment immediately).

In our home country, you can get an education loan by using your certificates as collateral. For instance, if you have good grades in high school and if you have passed exams in a medical school and you need money to enroll in the medical school, you can apply for an education loan and fund your education. The interest rate on education loans is relatively low and you get a longer payment term.

If you are a parent and if you need money to fund your child’s education, you can also apply for an education loan.

There are a lot of benefits to getting an education loan. If you are a talented student, if your kid is very talented, and if you do not have money to fund your, or your kids’ education, education loans come very handy.

 

[Abigael]

Education loan here in my country is very common. It is usually given mostly to students joining higher learning institutions. If you performed well in your high school, then you are allowed to apply for education loan to aid your studies. Which you will pay later on when you are employed.

It is true that this education is a personal loan because you actually don't invest it somewhere so that you can start earning profits out of it. But it is bette than those personal loans that you take for luxury. At least this will aid your education of which you will come out with skills needed in the market for you to make money.

The education loans are given by the government. So they come with low interest rates and you don't have to pay it back immediately. Most governments will wait till you have a salary then they will deduct a small amount from it monthly.

This shows that it is a great loan to take. You benefit from it because it enables you to pay for your school fees. Moreover, the extra amount that remains can bee used by students to start a small part time business. I used to see students form groups in my campus to start a business using the loan and it was so great for them.

 

[sincerem]

Here in my country, no one grants such loan as a student, if not we could've seen more people who couldn't go to school due to financial challenges, going to school without obscurity. But due to the fact, they don't have money, and no mortgage banks are willing to offer them loan, made it hard for them to go school.

Mortgages here in my country can only offer you loan when they see fit that, you can cover up the loan with your earnings or collateral. You must have a collateral and a high credit score, basic salary that keeps you in a good position, if not, you aren't going to get the loan from them. When I was in 300 level in college, I was left frustrated due to lack of money, my parents left me halfway due to lack of money. I tried getting a loan from the mortgage bank, such didn't work out, I was left helpless, without being granted loan. Because, I lack what it takes in my country to get the loan. Had it been my own country is like yours, I could've gotten the loan, because I scored a high grade in my high school certificate.

 

[Jasmine]

Education is becoming very expensive. Parents can no longer afford to pay tuition fees for their wards, the students, on the other hand cannot afford to cover their educational expenses even when they try to earn money by working in spare time. Therefore, in many countries, there is less attraction for higher education due to the high cost of education in colleges and universities. Education is very important for personal and professional development, a person can earn well and improve his lifestyle only when he is properly educated, yet because of the cost involved very few people go to college and university. That's why there is a great demand for skilled based training. Instead of going to college for 4 years people are preferring to enrol for 6-8 weeks course and then start working on the chosen niche. You might get an education loan to pay the tuition fee but the job market is very competitive and there is no surety that you will get a high paying job once you compete your education, if you cannot generate income, your outstanding loan will continue to grow and there will be day when you will be in hot waters for not paying the loan.

 

[Ithedicious]

If there is a way I can be able to get a loan to study abroad that will be the most preferable because at least you are very sure of immediate employment after graduation but this may not really be advisable in most Nigerian universities or in some African countries because of the high level of unemployment.

Not only that , even if I am to get a loan to start up anything in the Nigerian university, it must definitely be something I can do on my own or something that is on high demand such as medical field because here you are very sure of immediate employment when you graduate from this area .

But a situation in which you are getting a loan to start up something that won't even help you get a reasonable employment then that's just a pure waste of resources because I don't just see the need for people to study something that won't likely give them anything in return even money to pay back the loan you have collected.

In most cases it's not really be profitable depending on what you are studying in school because some courses are as useless as not doing it because of lack of employment.

 

[Sotherefore]

A lot of people might actually be interested in this but I don't even know how people can get the loan like you are saying especially here in Nigeria because if you are getting a loan to start up anything you must be able to present a an acceptable collateral which a lot of people do not have.

You should also help us to mention some of the condition and things that must be in place before we can access this loan for education and how can we pay back this loan, is it after we are done with education or during our educational period ?

Anyone that is interested to get a loan to go to school must try as much as possible to study what he or she can benefit from because in Nigeria it is easier for you to study anything but sometimes getting employment in what you studies is always the most difficult thing.

Okay , if I may ask , do you have any idea of where we can apply this loan especially here in Nigeria because it seems like this may not be possible in most Nigerian institution because I don't know of any loan giving organisation that can help us with loan to start up any business

 

[Lens1000]

I understand that it is very possible to get a loan to fund the kids education inline country too. The major challenge is when to have access to such kind of loan because the requirements are always very high and very difficult to meet. It is perhaps the major reason why I don't like taking so loans to do anything at all. I quite understand that sometimes it might be of great help when there is no money to carry out certain things , on the long run you might be at the losing end if you depend so much non loans to carryout some responsibilities. I have seen the Friend that took education loan to fund his kids education but at the end, he ended up paying more when he was unable to meet up with the loan repayments as usual. This is a major reason why I detest taking long to do certain things. At certain times, I understood that needs will be staring us at the face what will be left with no choice other than to take loan. in such case , I will advice us to think always another way out of this instead of taking a loan.

 

[Ayuba Ernest]

Education is one of the most important investments a person can make in their life. Unfortunately, the high cost of education can be a major obstacle for many people in developing countries. This is where education loans come into play.

There are a variety of education loans available, and it can be difficult to determine which one is right for you. The best way to start is by evaluating your needs and researching your options. There are a variety of factors to consider, such as interest rates, loan terms, and fees.

There are a few different ways to get a loan for education. The most common way is to get a loan from the government. You can also get loans from private lenders, or you can use your credit cards to pay for school if the option is available.

The best way to get a loan for education is to get a loan from the government. The government offers low interest rates and a variety of repayment options. You can also get grants and scholarships from the government to help pay for school.

You can also get loans from private lenders. Private lenders offer high interest rates and less flexible repayment options. You just need to figure out which is best for you.

 

[Caramelle]

Student loans are not that popular in my country simply because college education is free for those who can pass the entrance exams given by state universities and colleges. Even post-graduate students can avail of scholarships. Some grants also come with allowances. Technical courses are also free for secondary schools graduate. Even private universities offer free tuition and allowances to their top students.

Despite the free tuition fees in state universities, some parents still prefer to enroll their children in private universities. However, many private institutions have lost a large chunk of enrollees in recent years. To attract enrollees, some private schools offer low-interest financial assistance loans with low monthly payments in partnership with financial institutions. Some schools offer free tuition fees and only charge miscellaneous fees. Employed parents may opt to borrow from government agencies that charge 10% per annum interest. Credit cards sometimes offer cash loans with relatively low interest, like .57% monthly add-on interest.