Financing university is expensive, for the majority of students they will find the finances to do this through mum and dad, Centrelink, scholarships, HELP loans or just working really hard by doing several jobs. These are just a few of the most common options but many students find that some of these will not be available to them. In fact even when some students are taking full advantage of all of these sources of financing university they find that its simply just not enough to cover the bills and enjoy themselves without becoming a complete “shut in” and staying at home all the time to avoid spending. The grimm reality is students often suffer in the present to build a better future for themselves.
Borrow to finance your future?
If your going to make really good money after finishing University then does it not make sense that you would borrow some of this money in the future to finance your study now? There’s a very good chance that by doing this it will free up your time to help you focus on your grades and improve your chances when you complete study. Merit Equity is trying to set up student Loans in Australia so you can do just this.
What is Merit Equity?
Merit equity is a company set up specifically for finding finance for students in the form of student loans. Now at this point I will note that unfortunately student loans were made illegal in Australia a few years ago as the legislation was changed. However Merit Equity is currently investigating the feasibility of introducing their own program to assist students through loans.
The problem and a major reason why student loans are no longer available in Australia is because many students don’t understand debt and see it as easy free money. Many of these students don’t read blogs like this one! But what had been the end result for these students is they took huge loans and lived through university like it’s a big holiday and spent like crazy. Some came out of university with upto $75,000 and found that they could not afford this crippling debt. Unfortunately these people ruined it for the rest of Australia.
What is the proposed Merit Equity Program?
What’s being proposed by Merit Equity is a little bit more than just a Student Loan offered by a bank. They are providing a program where the loans are lent far more responsibly so that students do not take on too much debt unnecessarily.
I think student loans are not a bad thing as they can for some students be the difference between becoming degree qualified or not. If done in the right way they could make a difference. However the money should be lent responsibly and only for students who can prove they need it. If you would like to register you interest for Merit Equity you can look at it www.meritequity.com.au