Students may get loans for their study and enjoy the benefits they furnish to ensure their studies are completed as scheduled. Nevertheless, there are down sides to this arrangement that they may find unpalatable in the long run.
Getting such loans are usually easy and students most times don't even care to go into details as to what is complex in the repayment. They later discover that their comprehension of the whole box is not exactly what it is. Some discover they had rushed into getting the loan without first getting a clear photograph of the terms of repayment. They absolutely have to meet the terms as ignorance is not an excuse under the law.
Students' Loan - The Downside Of It
One of the downsides is that definite factors are carefully before one could access it. The wage level of the parents of the student seeking the loan may be considered. Past financial records may also be considered. Whereby these are not good enough, it may affect the someone seeking the assistance.
In addition, the repayment burden is much: the borrower is made to pay up to half of his monthly take home wage thereby making his ready at the end of each month very small. This invariably affects his purchasing power.
One other problem the borrower encounters is lack of notice for him should he be befallen by a natural disaster or when he becomes disabled. He is made to pay back his loan irrespective of what has happened to him. The debt cannot be expensed off in the bankruptcy process as obtains with credit card balances and mortgages.
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