You think we should have a student loan program here?

Philippines
November 4, 2012 6:56pm CST
Hello Lotters, I don't know if there's a trend like that here in the Philippines. but in the US i found out that most students who graduated from College or Highschool are due to have their student loan program. though there's a lot of scholars out there, it's not enough because school expenses are too high. though I don't think school loans are important because most students in US are protesting or having trouble So far there hasn't been any proposal regarding this one. but i guess it's a bad idea now because it can cause a local filipino to be indebted deeper than they should. What do you think?
1 person likes this
13 responses
• Philippines
5 Nov 12
i'm not entirely sure if the young adults here are ready now for the idea and responsibility of a student loan. i think they have to be financially educated to handle such program. coz it is still a loan and must be repaid. if ever a program should be given to assist financially-challenged students, i'd rather propose schools and companies to have a joint program where students can study and work at the same time. (some technical courses of tesda offer that kind of assistance.) most universities offer student assistance program and scholarships. if they can expand it to cover other financial needs of the students, that would be great.
• Philippines
5 Nov 12
That's true and student loan are talking about hundred of thousand and not just few thousand, Imagine with the interest that accumulates for many years as for sure you can just pay off the debt after graduation and college itself is already 4 to 5 years and if you work it will takes another years or probably decades to pay the debt and imagine the interest every year as it might double the loan you applied for. Its really easy to talk about loan if were talking about small money matter but if were talking about hundred thousand plus the interest whew think it over as we might ended paying just the interest every month and we might be old already and still paying the debt
• Philippines
5 Nov 12
accumulated interest over time is really a large sum of money especially if they have about a hundred thousand dollar loan to start off with. some takes several years to pay-off that amount.
• Philippines
5 Nov 12
Hello mylesnarvaez, It's a good thing that i got paid for the school that attended to with out the risk of loaning or being in debt. well, i guess the real solution is job opportunities for parents so that they can give their children some good education there. this loan will trap people into paying debt forever
@jenny1015 (13394)
• Philippines
5 Nov 12
A Student Loan Program in the Philippines can be a great idea. And it would surely help encourage a lot of students to pursue with their students. The government just needs to polish the rules and regulations on this kind of program so that a lot would benefit from it.
• Philippines
5 Nov 12
You have no idea how the loan works, same as having credit card. If you have credit card then you will know that most of the time your only paying the interest and you will be ended in great debt to think that it will cause hundred of thousands of loans and together with the interest so you think you can pay for it even if you have good job and what will left for you after the salary, not even enough to pay your house rent unless you already owned a house. It's only good in other country compare to how they earn there. I heard a lot in the US with those student loan as i work in US based Financing loan and credit cards, a lot of them cant even pay their loan as they also need to pay other mortgages like house, car, and when they got married with their own kids who also need to study. In the US they need good degree to have good and high paying job but in the Philippines either you are a degree holder its not an indication that you will earn a lot. I'm not sure if your working right now but those who work even in the office even ask for more money as their salary will not be enough for their basic needs what more with salary loan.
• Philippines
5 Nov 12
Hello Jenny, Maybe it's not such a good idea after all that loans are a possibility for the students or collegiates of tomorrow to be loaning for education.unfortunately i think our GOvernment hasn't reach that level were the company can have a partnership with the government with regards to this issue. maybe one day we can have a better education program.
@jenny1015 (13394)
• Philippines
5 Nov 12
Yeah, I figured. The program/system should be something that can be adapted in our own setting.
• Philippines
5 Nov 12
It's so scary somehow as were not sure what will happened to us after graduation, as in our country its so hard to find job after graduation and with good salary enough to pay the loan and with other expenses, imagine that right now salary is already not enough for our monthly expenses unlike in US or other country that salary there is actually high compare to here which will be enough for them to pay their loan. I would rather go for being a working student and work hard than to loan as i might only ended paying my debt my entire life and what if i already have kids. Or probably i might just be paying interest my whole life. Its not really recommended in our country, there's other loan we can apply for like SSS or Pag-Ibig so i guess that will be enough.
• Puerto Rico
5 Nov 12
I agree, loans are always a bad idea and student loans have a high interest rate, at least in my country, that make them a life long debt. Even if you manage to find a job immediately and by pure luck it pays well, you also will find yourself with new responsibilities like getting a house or a car, which are almost impossible to fulfill with a student loan sucking your income. Even if they were offered in your country I wouldn't recommend anyone getting them, since in the end they will lower your credit score and hurt you a lot more than not having a degree. I was lucky and managed to study without them, but my friends that took them now regret it.
• Philippines
5 Nov 12
@flamez that's true its only added responsibility once graduated even if we already have job imagine the high interest thinking that we also have other things to pay specially if we already have our own family. It's better to be a working student and be in grave for at least 4 years as after 4 years whatever you earned with your job after graduation will be purely a salary and not almost half of it will go to the loan than be in grave my entire life because of that loan
• Philippines
5 Nov 12
Hello homeshoppers, it's actually even scarier if the person couldn't find a job immediately and ends up thinking how to pay their student loan. I guess we are lucky no one has gone to this method here in teh Philippines. some of us maybe unemployed but at least we don't have to think of paying our debt because i have paid mine during the schooling itself.
• Philippines
5 Nov 12
I don't like the idea of student loans. Although I wish that the educational system will be reformed in one shape or another, I don't the idea will be welcomed by the youth. Without even the student loans, parents are already asking for loans for their children, especially private educational institution. Also, remember CAP. It's like an investment that went bust. Reliance on plans and loans isn’t exactly security. You have to remember that a student loan is still loan. Students on loans might be financially responsible but it will haunt them still even if they are working. If they felt that their education wasn't worth it (a change or course, for example) you have to apply for another loan and explain to the elders why the sudden change of heart. If the lenders believe, fine. But if they don't, you are in deep trouble and have to finish school as well assuring the lenders that you pay back the loan.
• Philippines
5 Nov 12
I will rather want to enjoy my salary to buy stuff for myself and other needs than pay half of it to the salary loan as for sure it will take decades before i can payoff that loan if ever and its like slashing half of my salary every month. Imagine just for a year how much is the tuition fee plus interest and if you have like 4 to 5 years course then that brings you to more than half million pesos or even million and how can we pay that money with the salary we have in the Philippines? it feels like im paying a house and lot loan for 35 years I might be old already and im still paying my loan instead of enjoying my salary to the fullest without thinking of that loan. Imagine the ordinary small balance loan were getting compare to the interest for a year is already a head ache than talk about the hundred thousands of loan and interest might be half of the entire loan if accumulates for decades.
• Philippines
5 Nov 12
Hello Jeanneyvonne, Yeah I remember that company, i didn't realize that happened because there wasn't enough people loaning for them. maybe that kind of educational system isn't really that good at all. i bet my cousin who lives there might take a few more years before he can pay it all up
@dragon54u (31183)
• United States
5 Nov 12
When I was in college in the 70s it was expensive. I paid for it by working my way through the year I attended then dropped out because I was disillusioned with the world. I could have continued to work my way through if I'd been more decisive and had better coping skills. I wish I had. Later, in my late 20s I got a student loan to go to a medical tech school and couldn't cut it because of the math. The school kept my money and I was too stupid to know how to fight that. Anyway, paying it back was a real trial. I could have worked my way through that school but student loans were being pushed pretty hard and it seemed easy. I do not think anyone should take out a loan, especially a student loan, when they can work their way through a thing. It's just as ridiculous as a couple spending $10,000 on a wedding---you start out your life in debt and in doing so, you're likely never to be free of it! I don't think students should borrow money to get through college, at least not the vast sums that are allowed now. Sure, it's hard to work your way through--it takes longer and it's tough. But graduating free of debt is much better than spending years paying off debt and living like a pauper to do so after all your hard work in school.
• Philippines
5 Nov 12
Hello Dragon54u, unfortunately in my country only a few gets a shot in education. too crowded in highschool and little population joining for college education. not to mention the GOvernment is downsizing it's subsidy to the University States here in our country. well, I guess I was lucky enough to pay all of my tuition during my school days. i wonder what could have happened if it was on loan
@papskie (86)
• Philippines
5 Nov 12
I like the idea, but I don't think it will be a good thing here in the Philippines though. I'll be following this post. I really like the idea. I'm just not sure it will work. But i hope it would.
• Philippines
5 Nov 12
Hello papskie, how can you say you like the idea when you're not sure is it gonna work? is there a difference to that? I just thought about it to those people who wanted to study but don't have access and don't have the resources to do so. well, maybe when our country is in better shape than before.
@obe212003 (2302)
• Philippines
5 Nov 12
I think it would helpful in some way especially for those who really deserve it, desires to have a good education and would be responsible enough to handle such program. If it's a clear of way of achieving education, then it should be endorsed, but then again, the parameters of the program should be very well explained and the recipient of such would be responsible enough to abide by it.
• Philippines
5 Nov 12
Hello obe212003, We have a lot of people who desires good education in this country and most of them are hard working students who simply wants to pass their exams and get a job as soon as they graduated. well, if the governmetn has proper law regarding this which is very complicated, then student loan can be allowed
@asliah (11149)
• Philippines
1 Dec 12
hi, when i was in college i think i was a second year student during that time,the University where i studied has a student loan program and it is payable after 10 years,and the loan amount is 5000 in Philippine money,this program is really good especially to the student who can not buy things for there projects.
• Philippines
6 Nov 12
I think so because we might never know, those students that are not present at schools are those that can really help our country. There are lots of talented people and young ones here in the Philippines, if they are inside the schools it will get develop further and we can use their talent to help our country improved (if those people in the government who have strong power will not get in the way). If the government will help them to get in the school, they can finish their study. I just hope they allow to pay them in return after they get regular jobs and they can pay it within 36 months or more. That kind of agenda is good. It is like helping the economy too. I just hope government give them student loan and help them to get a job too so they have the assurance that they can pay them back. Of course it will be impossible, politicians much likely to buy new model of cars and condominium than to help those students.
@aabuda (1729)
• Philippines
5 Nov 12
I think if you are really determined to finish your studies, you can actually do it...because there are lot of things to do...schools have scholarship grants for well deserving students...you can even apply as a student assistants and you can be a working students...I think if it will be implemented in our country, we will again be noted that we are only giving hope to the lazy people to just sit and relax and not look for work like what the 4Ps is advocating, because you will just be waiting that the government will give you money....well, that's my opinion.
@yahnee (1250)
• Philippines
5 Nov 12
Years ago, there was an educational loan program provided by SSS for members and their beneficiaries or children. However, it has been phased perhaps due to lack of funds. If a student is indeed interested in gaining education,there isn't an option of being able to secure an educational loan as it is not provided by the government however, there are many scholarships available from NGO's and politicians. A disadvantage of study loan program in the Philippines is the difficulty of making payments. Ours is a poor country and a college education does not guarantee a high paying job. Not every borrower will be able to repay the loan as he needs to prioritize the basic needs of the family before paying an indebtedness.
@rsa101 (13337)
• Philippines
5 Nov 12
For as long as there are assurance that the loans will be paid. I think that is a risky part of it. We cannot be assured that when government loans a student he will be assured that he can find a job that can very well afford to pay back its loan. In our country unemployment is still high that is why it is highly risky to put money on them if we cannot assure them of a good job to afford paying the debtor back.
@lady1993 (13049)
• Philippines
5 Nov 12
I think it is a good idea, but that is the problem, since it is a loan, the interest may be great, so it may be a bigger problem later on... Maybe if the interest is just really small, then it would help students to continue their studies and just pay for it when they have a job. Or they can also pay for it by working in the office that gives loans, just for a while.