Should students loan each other money?
24 June 2008
Students loan one another money when it's needed, but is this a financially healthy way for them to keep out of trouble. Some students may have more money than others, but the economic factors of socialising mean that it is likely that poorer students loan money to other poorer students. Rather than helping anyone to manage their finances in a healthier way, this merely spreads the difficulty amongst students who need financial help.
A better way for students who work can be to use personal loans so that a large enough amount to cover the costs of study can be borrowed. This also forces students to factor the loan into their budget, so that they may better understand how credit finance works.
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