Students should be able to learn everything needed for success

Schools are trying to revise the expectations of students to improve results in learning.

07:49 15 June 2013

There has been a lot of concern recently with regards to schools and the brightest children. Low expectations were recently cited as one of the ways students were being let down.

It is important to have expectations for students to give them a fair chance at reaching their full potential, and to give them the best chance to succeed in their lives, both scholastically and financially.

Here are a few things that students should learn about loans and what to expect when trying to obtain them.

• Credit rating—students need to know the significance of a credit rating and why learning to manage money properly will either have a positive or negative impact on their entire future. One of the most relevant things that students should know about is how the ability to obtain loans is directly affected by their credit ratings. They should also be taught how to properly manage finances and how to protect their credit ratings.

 

• School loans—many students will end up needing school loans, but there should be interactions and help with the differences between scholarships, grants and loans. If students have been treated well, they should consider more frequently applying for scholarships and grants.

 

• Repayments—as part of the education, students can be taught about repayment, how interest is calculated and that there may be different repayment options available if unexpected occurrences make traditional payments difficult or impossible.

 

• Term lengths—talking to students about loans and how term lengths work in conjunction with interest rates, can illuminate how making more than the minimum payments can positively affect the loans. Students can learn about reducing the amount of money they are spending over the life of the loan.