The first question I see is “how much money do I have to repay from my grant?” I answer it this way: $500.00.
“That’s an awful lot” I thought after I was told that.
I thought that, in one fell swoop, I’d become a loan shark.
What’s the point?
There is no point in getting a grant from a university when students don’t pay any back. I’m not doing any work, at least not yet. The university has no right to get the money back, as they are not the government, and there is no need to repay it.
You’d be more educated in my view if you paid it back.
The other thing I asked is “what does a student have to do in order to repay his grant?” Well, there are three options:
1. Take a fee rebate with the department and get an interest-free loan.
2. Pay back the grant with a personal loan (and repay the personal loan only when you’ve finished your course).
3. Pay back your grant in full by taking out a personal, money-transferable loan.
I chose option 1.
There is a catch – you have to do this before the end of your term. There is no grace period.
How bad do you want to sound?
What about option 2? If you don’t pay off your grant the minute you finish your course, your loan won’t be repaid. Also, your loan won’t be repaid in full.
What if you take a personal loan and finish your course in December and go on payback after? Well that’s not going to work either. After it’s paid off and you’re eligible for the grant, the loan won’t be repaid in full either. You’ll still have to repay the loan. How could that be bad?
I think the government is not taking these things seriously – the answer is yes.
At first the idea did not seem too bad, so it didn’t bother me too much. My parents told me what I was about to do to myself would be bad. I figured no one was going to help me out, so I’d just do what I had to do to pay it off.
That was the case for a while. Now that I’m on my fourth year in Higher Education and I know this is bad, I can no longer be
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