Is it wise to use a loan to pay the fees of kids?

[Kross]

Some unforseen financial situations can occur and someone can't afford to pay the fees of their kids as at when due.
It could be a really traumatic experience for a responsible parent.
Is it wrong to get a loan just to pay the school fees for the kids?

 

[eLdavis]

Though it is not advisable to do so but in a situation where there is no other way to get the money, then taking a loan is the only option.

 

[King Belieal]

It can easily become very difficult and debts accumulated if you use loan to pay the school fees of your kids.

 

[Augusta]

Well, it depends on the individual situation if you can get it right with repayment. Let nothing wrong with it

 

[Springtime]

If you cannot afford to pay the fees of kids, better seek government subsidy instead of taking out a loan. Taking out a loan is the last resort.

 

[Tray59]

if you are a salary earner and see that your potential is up to the task then you can get a loan to start your business it's going to aid you relief some thinking but ensure you have the right source to pay it back so you won't be affected

 

[Augusta]

Yes the best bet is to weigh your options very well and be sure that you can pay back the loan when you should

 

[eLdavis]

At the end of the day, taking a loan is not a wise choice, but it all comes down to you if you feel you will be able to pay back, and there is no other option then go ahead.

 

[Fidelia]

When there is no option, you can resort to taking loans for your kids fees. Just take what you can afford to pay back. And it should be the last resort.

 

[freelancermaria]

If you're confident you can repay the loan by the due date, then take out a loan. However, if you're unsure, consider alternative ways to cover the kids' fees.

 

[Kera]

I won't advise anyone to use a loan to pay the fees of kids. It just makes you to enter unnecessary debts. Plan and pay your child's fees.

 

[Augusta]

You would be a debtor no doubt but if you don't have another option you need to go ahead with it.

 

[kit_hung]

Everyone experiences financial challenges and often learns from them. It is important to plan well and save to avoid stress during emergencies. Financial discipline builds the foundation for a better life and helps achieve long-term goals. Even if challenges come suddenly, a person with a solid plan has a better chance of winning. As the Swahili proverb says, savings do not rot.

 

[Suba]

In my country, public schools are free from elementary school to high school, so parents don't need to borrow money. However, when it comes to higher education, parents often sell their belongings to pay for their children's tuition. If necessary, they also take out loans. Although there's a high risk of not paying on time, a parent's love for their child will never fade, even if they're willing to sell their life.

 

[Tobi]

In all reality you shouldn’t loan money if you cant afford to just give the money to them. I am not just talking about kids, but to anyone.

If you loan the money and they dont or wont pay it back then the next time they ask you tell them no and remind them about the money you loaned them before and that their lack of repayment is why they are not getting another “loan”.

 

[Kross]

Taking loans to pay school fees for kids is the very last option for a responsible patent. When such a parent does that, it is worth it.

 

[Augusta]

One of the primary reasons to consider a loan is to ensure that your child's school fees are paid on time. Delayed payments can result in penalties, disrupt your child's education, and cause unnecessary stress