As what the quote says, “Education is the most powerful weapon which you can use to change the world” thus it has been essential to everyone. One of the biggest investments we can give ourselves is our education that’s why a lot of us do everything to get the degree we dreamt of.
Not everyone who wants to go to college will be given a chance to enroll and one of the reasons why is the lack of resources, but it doesn’t mean that because you don’t have the money, then you would give up on your dreams.
There are many ways on how you can go to college even if you don’t have the money yet such as getting an education loan but what saddens some applicants is not everyone can avail this loan. Education loan has its requirements and qualifications which some cannot reach thus they have to look for other sources like getting a personal loan.
When to Get a Personal Loan?
● Doesn’t Qualify for an Education Loan
When applying for an education loan, the bank has its requirements and qualifications that’s why many students who try to apply for an education loan have difficulties getting the loan.
Qualifications for the education loan depends on the bank or financial institution but most only accepts applicants who are 21 years of age and above, but there are also some who accepts applicants that ages 17 years old and up like the OCBC.
There are some who would want to apply for an education loan that would ask for a family or friend to be their guarantor so that the bank would accept them, but if your guarantor is also not qualified, you don’t have any other choice but to get a personal loan instead.
Personal loans have lesser requirements thus applicant who can’t get an education loan chooses personal loan as an alternative. You have to take note as well that some moneylenders who offer personal loan have an age requirement hence make sure you can inquire first and look for a lender that accepts applicants who are below 21 years old.
● Course Doesn’t Qualify for Education Loan
Education loan is limited to some courses, and there are a lot of applicants who wanted to get an education loan that has difficulties looking for a bank that would finance their studies because their chosen course is not included in the approved list of courses qualified for education loan.
When it comes to this situation, some applicants will choose over the courses that are qualified and get the education loan, but there are also some who would choose to look for other options and take the course that they wanted.
If ever you wanted to continue your dream and you want to look for an option on how you can have the course that you want, you can opt to have a personal loan instead. Through a personal loan, you can now have the funds that you needed to pursue your dreams.
● Reached Education Loan Limit
Education loans also have a limit where they can only give you between $80,000 and $200,000, but some courses are too expensive and exceed this loan limit. If your education loan isn’t enough to pay for your studies, there are other options you can get to acquire the money you needed.
Going for extra work this coming summer is already a good way for you to come up with the money you need for your education or you may also change your monthly budget and try to save money out of it.
If going to part-time jobs and your savings isn’t enough to pay for the lacking money, you can now then have to get a personal loan. Through a personal loan, you can choose how much money you will borrow, and they also have flexible repayment terms so that you won’t have a hard time paying your loan.
● SkillsFuture Credit is Not Enough
The government of Singapore has been very helpful for those students who wanted to reach their dreams and finish their studies thus they have made a bill where they give Singaporeans who ages 25 years and above $500 which they can spend on SkillsFuture workshop and courses.
With this amount the government will be giving the students, it will surely help them to be enrolled in workshops and courses available in the country but there are some students who had courses or workshop that costs more than $500 that’s why they have to find a way to accumulate more money to sustain their education.
Some students who can’t find alternatives to how they can sustain their education would opt to get a personal loan. Having a personal loan would give them a chance to finish their studies.