The first school term of 2020 is almost over. Have you already paid school fees for the second term? If not, a school loan could be the way to go.
Michelle Obama, former first lady of the United States, is quoted as saying: “Empower yourselves with a good education, then get out there and use that education to build a country worthy of your boundless promise.”
These inspiring words remind us of the power and importance of education, especially a good education that prepares a child for the future. A good education does not necessarily mean an expensive education, but it is often true that when you pay a bit more for a school or a university, your child (or you yourself) get a better education.
But often paying that little bit more can be difficult. This is where a school loan, or an education loan, can help you make ends meet.
Some financial institutions offer specific education loans, while with others you can take out a personal loan and use it only to pay your child’s school or university expenses.
While a student loan can offer benefits like paying the school or university directly, a personal loan has other benefits, such as giving you the freedom to decide how to spend the money. For instance, you might want a lump sum to pay school fees upfront for a term or even a year, or you might need money to pay for your child’s transport to school and back every day.
As with any other loan you take out, it is very important to do your homework before you commit to a school loan.
Here are the steps to consider:
A school loan can make your life as a parent much easier, but to get the full benefit you have to do your homework properly. Then you can set your child on the road towards building a country that is worthy of her boundless promise, just like Michelle Obama says.
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