Is a Student Loan worth years of horrible debt and stress?

Mar 07, 2016
Author: Ean Barnard

Doggone it, more costs… do they know you’re a student and not the offspring of some rich king? We know the feeling; may your university memories last as long as your student loan payments do.

Wait a minute, that’s not the case, you have set your mind to obtaining your qualification and you want to become whatever it is you want to become. You’ve got something on your mind, that’s why you’re reading up on student loans. Good, if you have decided that you are going to commit and you have no other means of financial backing, then go ahead and get that student loan.

Honestly, you find it stressful when you think of getting a student loan to get yourself educated. The thought of paying off debt just as you’ve graduated and start to earn your own income is quite unnerving. Though, when you’re up for the task, your perspective changes. If you’re not like the thousands of South African students out there that don’t really have a clue as to why they are studying what they are, because that’s what you do after school or some other silly reason, the thought of a student loan changes from an obstacle, to an opportunity to reach your career goals. Most career paths require formal qualification, and you need to qualify yourself. Would you go to a doctor that only has experience on resuscitating frogs? The answer is simple, no you won’t. They need to be qualified, thus there is no definite answer to the question of whether you should go for a student loan or not, it depends on your specific situation.

It remains that there are certain careers within South Africa that you just can’t get if you don’t have a formal qualification. The student debt crunch is as bad as ever, making many South African students’ financial lives a nightmare. Even though recent graduates are struggling to pay off student debt, the statistics still show that a formal qualification is worth it. Obviously, depending on where you want to go in life and what your career plans are.

Here at Fincheck, we recommend not viewing education as a means to get the carrot at the end of studying or to get the job on the other side of the hill. We advise that you be real with yourself and decide if it is worth it to get a student loan. Do your best to apply for scholarships or bursaries as there are many companies within South Africa that are most willing to help you study and provide you with a job opportunity.

If you decide to get a student loan, chin up, and remember:

Look for internship opportunities throughout your studies. This is a great way of getting experience and skills and making extra cash to help cover your fees.

Do your best to start paying the interest on your loans whilst you are studying to give you a head start after graduation. Also, estimate your future payments with your expected future income to give you clarity.

Graduate on time. Study hard and commit to your education so that you don’t cause any unnecessary hurdles for yourself and funding inadequacies.

Remember to make use of the Fincheck student loan page, we are here to help and we want you to get the most out of your loan.

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