Education Debts – Personal loan
Our country is going through a complicated situation in different areas, but it highlights the issue of education. The lack of enrollment, the poor use of the budget and the lack of updating of school programs, oril people to believe less in public schools and look for other options such as in the private sector or studies abroad, no matter how The economic situation at home.
Is education equal to debts?
Of the people who enter the Debt Solve program, 17.08% explained that paying for their children’s education or even their own was the main reason for their indebtedness. The concepts that represented a strong expense for their cards were:
- Tuition payment.
- The purchase useful: books, study material, practices, etc.
- Send your children to study abroad.
According to the Central Institute for Competitiveness , among the most popular careers are: medicine, nursing and care, dentistry, audiovisual techniques and media and veterinary production. But by analyzing the total cost of each of them, which includes enrollment, tuition, books and other materials, we can see the great difference that education has in a public and private school.
Choosing a career depends on our skills and tastes, but it is not bad to take into account which careers are the best paid.
And how about studying abroad?
Analyzing the prices of several sites that offer to facilitate the procedures for education outside the country, we find that if we choose a private school a year it gives a minimum total of 5,000 USD and a maximum of 18,000. At the current exchange rate, one could be paying between 111,550 and 401,580 pesos a year, would you be encouraged to acquire any of these debts?
How do parents pay?
A study conducted in June this year by Lite Lender mentions that 96% of parents help their children financially to complete their education. They also highlight that 8% decide to acquire a financing plan to cover that need.
Understanding how to manage our income, expenses and even debts is essential for the development of our personal and professional life.
Avoid falling into debt for paying for your children’s education:
It is important to have a timely financial planning for each stage of our lives. I know that we cannot predict the future, but we do have the freedom to choose what we want. Some recommendations to avoid borrowing from education expenses:
- Educational insurance This type of products is recommended to occupy them as soon as possible, that is, the younger your child is, the cost of the policy will be lower. The purpose is to protect the education of your children up to 18 or 22 years, depending on the plan acquired.
- Invest your money. We currently have many options to make our money generate returns by simply providing accessible amounts of money. An alternative is DE Tala, a peer to peer model that provides 15% annual yield.
- Savings plans They are also provided by insurers, it is similar to saving for retirement. In some companies you have the freedom to choose the amount and term. In addition to accumulating your money, returns are also generated.