?Young men think that old men are fools, but old men know that young men are fools? the wise saying by George Chapman is a clear indication of how ignorant the young people can become.
The young individuals in our universities need financial advice. When it comes to managing personal finance, proper counseling is required as charity begins at home.
There is no way a student can learn to manage the money given to him or her in form of a student loan before learning to manage the small amount of money he or she is given inform of student?s pocket money.
Most students don?t even know how to go about the money i.e. the student?s loan as often the amount is usually too much for them. Student?s loan is a project that was established to assist the needy students accomplish their educational goals, but how well do student go about the student loan?
Who guides them on how to manage the student loan? The students need to understand that the amount is loan money only that this time is being given to them and not their guardians or parents.? One key characteristic about a loan is that a loan has a time frame to which it should be repaid back and the student loan is no exception.
The only key difference between a student loan and any other ordinary loan is that a student loan is repaid much later after a student starts earning and here it is deducted directly from the student salary.
If the student misuses and mismanages the amount of money given to him or her inform of a student loan this means that the student will be regretting much later as he or she will be paying for money that was not well managed.
There is nothing as painful as paying for money that one knows very well that he or she mismanaged.
Repayments of a loan means that the loan has to be repaid back in full and also with its entire interest; this means that the student will have to pay more at the end of the designated period.
One thing that I am concerned about is how well the student loan is managed. Who manages this money, do we have some external forces coming on board or do the students just misuse the ?huge? amounts only to end up being broke?
What is this cause that eats the student?s loans to extinction is it leisure and luxuries and fashion or is it the family needs? Is the student loan directed to other non beneficial projects.
If the amount of money ??is well managed, it can still be used to help the student his or her other undertaking as he or she starts his/ her life after school without necessarily having to bother the parent.
Students should learn to manage their personal finance and in turn be taught to manage other kinds of money that come to their way for a better tomorrow.
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