Students worry about loans and repayment

Education is seen by many as the key to improving society, and also to helping students see the options for repaying loans.

11:13 02 June 2013

The cost of university fees is a concern for many students who fear they may be paying off loans for a good part of their life. The concern is definitely a valid one, especially for families who might not be able to contribute much towards their children learning a degree.

 

There may be a few things that help make the payments of a loan more manageable, or give students more confidence in their ability to repay them once they have a degree. 

 

• Education-it may seem redundant, but educating students about loans and the repayment options which are typically available and also about any scholarship and grant opportunities could help bolster enrolment and attendance at universities. 

 

• Global thinking-it’s difficult sometimes, regardless of how many hours we spend online, to remember that we aren’t limited to the neighbourhood we live in. Technology allows us to try and find jobs all over the world, or to find ones which we can do remotely. Broadening the horizons might increase students’ confidence in their ability to repay loans. 

 

• Refinancing-if loans are difficult to repay, it’s worthwhile to compare interest rates and see if better terms and interest can be obtained. If so, monthly payments on loans could be a lot easier to make. 

 

• Repayment-rather than waiting until something unfortunate happens, students might be able to obtain information about all their different repayment options. The main concern is that they won’t be able to manage the payments on the loans, so giving them information about repayment options might help ease anxiety.

 

• Resources-students from all walks of life may need the help finding resources once they have obtained their degrees, but also before attending university. Informing students of potential resources either to obtain loans or to pay them could help tremendously.