Students may get loans for their education 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 commonly easy and students most times don't even care to go into details as to what is involved in the repayment. They later study that their comprehension of the whole holder is not exactly what it is. Some study they had rushed into getting the loan without first getting a clear photograph of the terms of repayment. They certainly 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 inescapable factors are considered before one could access it. The revenue 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 influence the man seeking the assistance.
In addition, the repayment burden is much: the borrower is made to pay up to half of his monthly take home revenue thereby development his ready at the end of each month very small. This invariably affects his purchasing power.
One other qoute the borrower encounters is lack of consideration 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 charged off in the bankruptcy process as obtains with credit card balances and mortgages.
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