Student Loans: A Lifeline or a Debt Trap?

Students' loans, just as the words said, literally mean loans given to students to fund their education, and to be honest, in my opinion, it's a great initiative that helps everyone regardless of their parents' financial capability to get access to getting educated and ultimately gives them a chance at life. Yes, I understand that many don't buy this ideal because they feel education ought to be free through all levels of education, and I concur with that, but then, beggars are no choosers. If the government are unwilling to make education free, then we shouldn't deprive ourselves of the loan opportunity present to get educated. I know the term loan is scary, especially when we think about the interest and how to pay back when you've graduated.

The truth is that I've heard a lot about student loans, especially when I was an undergraduate. I read about them being established in different countries, even top world nations like the United States, and then I used to blame our government for now introducing the same in the nation to give every child an opportunity to get educated to the highest level without facing the drawbacks of financial support from their family. However, despite how amazing it seems to the eyes, I can't forget that I also read about its downside and read a lot about how many in the United States end up using their whole life paying back the loan, long after they've graduated, and to be honest, this is quite discouraging.

Fortunately, the same was introduced in Nigeria two years ago, and lots of students have benefitted from it. I remember seeing lots of graduates print on their t-shirts after signing out, appreciating their parents and net fund for the privilege to graduate without worrying about the financial aspects of getting educated. To be this amazing, because I can vividly remember lots of my friends and coursemates who had to withdraw from school back in the day because they nor their parents had the financial capability to sponsor their education, so if the government is eradicating that financial barrier through loans, then I think it's a plus.

However, the biggest concern is the term loan and the repayment, because it won't be ideal for the government to say they provide solutions, and in the end the solution is becoming a trap that holds one in a circle of loan repayment for years. Well, the good thing about that od Nigeria netfund is that the policy said it's an interest-free loan and that you only need to start paying back once you start working, and thirdly, it's only 10% of your salary that'll be deducted monthly until you've paid everything off, and in my opinion, I think that's a reasonable means that shouldn't burden one after graduating from school.

But in the advent that such students loan compound interest, then I won't buy the ideal, and in the advent that the government promised to clear off all my debt, but I just agreed to an increase in tax for everyone including myself, then I'll say, 'Know, it's my responsibility, and I must be accountable for the loan I took. 'It won't be reasonable for me to want everyone to suffer just because I don't want to be accountable for the loan I took to sponsor my education. After all, no one forced me to take the loan in the first place, so also I shouldn't make everyone pay for my inability to pay back my loan by making them pay more tax as the consequences of my own inability.

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