There’s no doubt that the times are hard and the economic situation in the country is volatile. September is a month that marks the beginning of a new academic session in most parts of the country.
During this period, parents are often caught in the web of expenses that hit them. This means an increase in your expenses as, as expected, your child is moving to a higher class, which comes at a higher cost. Despite this, parents are often resolute to ensure their child gets an education.
Tuition costs, textbook costs, and requirements for education could present themselves as financial obstacles, which makes it crucial to prepare carefully and make prudent decisions.
This calls for a decision to be made over selling your assets or taking a loan to get your child’s education running.
Selling your assets can help provide a lump sum for you to pay for your child’s fees and have some other amount left to cater to other expenses, among others.
However, selling your assets means you no longer own them, and you could need them for other purposes.
An option to consider is taking out loans to fund your child’s education. Here are some loan options you can consider:
Bank loans
In Nigeria, a lot of banks provide loans for education that are especially intended to pay for tuition and other connected costs. To rely on this, you have to compare the conditions and interest rates of the educational loan programs offered by different banks.
Also, look for loans with flexible payback terms and affordable interest rates. This is important so as to help you create a comprehensive plan that will be in line with your budget.
Similarly, banks offer options where you pay a certain percentage of your income into a dedicated account that is directed towards funding your children’s education.
A transfer to a ‘cheaper’ school
This is one option that must be considered with the current economic realities in the country.
Enrolling your child in a cheaper school helps with costs and leaves you with no financial strain or burden, which frees up funds for essential family needs.
Also, it helps you avoid debt and maintain a detailed plan for your child’s education as you do not have to change their school every time, which affects their learning process.
Cooperative loans: low interest
Cooperative loans offer you a much more flexible and affordable way to finance your child’s education.
Cooperatives are organizations that put together resources, especially funds, to help out members who are in need of money. They are quite popular in many places across the country.
All you need to do is do a check on cooperative societies you can join to benefit from the community support they provide to finance your child’s education.
Grant/scholarship
While this option is not very popular in the country, it is a viable way to fund your child’s education in Nigeria.
There are organizations and NGOs in the country that offer grants tailored for educational purposes. This can be need-based (financial situation) or merit-based (through an academic test). You don’t need to repay grants or scholarships, which makes it a great option to consider.
Government schools
Another option you can consider is enrolling your child or children in government schools where no tuition fee is paid.
This could be an option for you to ensure your child gets educated, as there’s affordability and government schools follow a national curriculum created by the government itself.
Taking a loan to fund your child’s education can be a good option; however, it’s important to consider your financial state and pick the options that best suit your budget.
