Is taking a loan to pay tuition fees really worth it

Since 2020, many Nigerians have relocated to the United Kingdom in pursuit of better educational opportunities. A common challenge among my friends in the UK is the accumulation of debt to finance their education. While some have managed to repay their loans, others have struggled due to the high interest rates. Those who didn't take out loans have had to sell their properties or businesses to make the move. This raises the question: is it worth it?

Before, I used to judge my friends for making what I thought were terrible decisions. However, after looking at the data on American students who go into debt just to pay their tuition, I realized the numbers are staggering. When I examined the loan data, I discovered that the amount is higher than the GDP of most countries in the world. Many young people are in debt because of school, and what's even more frustrating is that salaries are not increasing in almost every part of the world, while tuition fees are increasing every year. Despite this, people are still taking out loans to go to school, so I've stopped judging my friends who took out loans.

The goal is to improve yourself

I don’t like the idea of getting into debt for anything, but as I mentioned in most of my previous posts, we have good debt and we have bad debt. If what you are collecting money for will improve your life in one way or another, it is good. At least we have people that go into debt just to pay tuition fees. After they graduate, they secure better jobs and can pay off their debt, but this might not happen for everybody. Some people may not be able to pay their debt. Sometimes you might be doing things for a good reason but they don't turn out the way you expect them to, but that doesn't make it a bad decision that is life. When you can go into debt for things that will improve your life for the rest of your life, I think that kind of debt is worth it.

There is a popular saying in Nigeria that claims "education is a scam." This saying stems from the belief that education does not guarantee wealth and is becoming increasingly expensive each year. Some people argue that becoming an entrepreneur or acquiring a specific skill is a more effective way to become rich. However, I believe that education is not a scam. While it may not necessarily lead to wealth, it does provide a means of sustenance and can help in paying off debts. Ultimately, becoming wealthy requires more than just relying on a salary. It involves continuous personal development and growth.

A perfect entry

Education provides a solid foundation for earning money and makes it easier to find a job that can support you. However, having a job may not necessarily make you rich. Nevertheless, education can provide you with the platform to build something tangible for yourself. With a well-paying job and extra savings, you can start a business and become an entrepreneur. This financial stability allows you to explore different business opportunities. On the other hand, without education and the necessary skills, it can be challenging to earn money or start a business. It may also be difficult to recover from a failed business without the support of a job.

Thanks for your time.

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