If you think about it, student loans are not so much of a trend in the financial services industry in Nigeria. They’re not exactly splashed across social media newsfeed either and they can be a heavy burden on the benefactors after graduation.
Regardless, when it comes to your education, especially amidst serious financial constraints, should you ditch the “cool factor” and embrace the loan route? Let’s break it down, to help you decide what’s right for you.
The Not-So-Bad Side of Student Loans:
• Investment in Yourself: A college degree can be a valuable investment, opening doors to higher-paying careers and increased earning potential in the long run.
• Building Credit Power: Responsible loan repayment can help you build a strong credit history, which is crucial for securing future loans like mortgages or car loans.
The Not-So-Hip Side of Student Loans:
• Glorious Debt: Student loans can saddle you with a significant amount of debt, impacting your ability to save for other goals like a dream vacation or making a down payment for a property.
• Budgeting Blues: Loan repayments can eat up a big chunk of your income, making it tough to maintain a comfortable lifestyle and explore financial independence.
• The Pressure Cooker: Feeling the weight of debt can be stressful, impacting your mental well-being and overall financial outlook.
If faced with the task of joining a debate for or against student loans, which side would you take? We’d like to share your thoughts and opinion about this crucial topic. Send us a mail today contentmgt@firstbankgroup.com
Remember, good education is the key to unlocking a bright future!
References
https://statehouse.gov.ng/news/in-detail-the-student-loan-access-to-higher-education-act-2024/
