The Pros and Cons of Student, Personal, and Government Loans
There is a popular saying that quotes, Hope for the best but prepare for the worst. When it comes to personal finances, this adage serves as a great reminder. These days, keeping extra cash on hand simply makes life a lot easier. Having more than what you need will enable you to handle multiple obligations while allowing you to manage through unforeseen expenses that can cause a great deal of stress.
Pagdating sa malaking gastusin tulad ng tuition, importanteng magplano nang maaga to keep your accounts stable. Despite these dues still being some time away, you should reflect on how you want to settle your balances. Para makapaghanda nang maayos, it is always best to compare and contrast different funding options. The more you know your options, the better decisions you can make.
In the Philippines, credit providers are becoming more inclusive, giving more Filipinos access to financial assistance. Thanks to this development, you, along with millions of Filipinos now have several financial options to make use of. Oras na para gawing realidad ang magandang kinabukasan! Check out the infographic below for an in-depth look at student, personal, and government loans.
Student Loans, Personal Loans, and Government Loans: A Comparative Analysis
Many Filipinos typically avoid looking for financial assistance out of fear of falling into debt. Rather than looking at it as a strain on your financial capabilities, try to look at loans in a more positive light! These financial tools are meant to help you by giving you more opportunities to improve your future. Think of it as a good investment.
Huwag kang matakot mangutang! Para malaman mo ang funding option na nararapat sayo, we’ll teach you all you need to know about student, personal, and government loans! Ano nga ba ang pagkakaiba nilang tatlo? Ano ang tama para sa’yo? Let’s dive in!
Student Loans
A student loan is specifically designed to help you pay off education-related fees. Bukod sa enrollment costs, it can also cover certain expenses to help you get situated on campus. Beyond tuition, student loans can help you pay off lodging, commute allowance, and learning devices (computers, laptops, etc).
Pros
Student loans have cheaper premiums as compared to most financing options from private companies. Especially if you’re working a part-time job, their flexible payment options will make it easy for you to budget and save up. Since you’ll need to make periodical payments, applying for one will also motivate you to stay disciplined and frugal.
Student loans offer you more opportunities to attend better colleges by making tuition and other school fees more manageable. This will especially be useful for incoming freshmen, since this opens up the number of institutions they can attend to. Kapag mag apply ka for one, you’ll have a much easier time selecting the right course and mas makaka-focus ka rin on your academics.
During these difficult times, it’s good to know that many academic institutions in the country have become more generous. By partnering with institutions such as Bukas, students who require financial assistance have more options to pay for their studies without the worry of quitting school. Take a look at our partner schools and attend your dream college today!
Cons
Taking on a student loan means that you’ll immediately be incurring debt. For some people, pwede silang mahirapan if they are unable to find employment after getting out of school. If you’re currently working part-time or have a way to generate income after graduation, then you can easily avoid this dilemma.
If you’re attending a school with high tuition and school fees, paying off the loan can take a long time to complete. In many cases, those who take up these loans without proper planning are unable to pay them off even in their adult payday loans in Bedminster years. Para hindi ka stressed out, strategize and make a detailed repayment plan bago ka mag-submit ng loan application.