What are the disadvantages of NSFAS
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Explanation:
The biggest disadvantage of student loan is that it is a loan and it carries interest and therefore when one takes this loan he or she should bear in mind that it will lead to him or her being in debt for long period of time because due to interest factor the loan amount will keep on accumulating until one start .
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Disadvantages of NSFAS:
The abbreviation of NSFAS is National Student Financial Aid Scheme. It is a South African student financial aid scheme that was launched to provide financial aid to undergraduate students to support their education after their higher studies. The disadvantages of National Student Financial Aid Scheme are as follows.
- The money is borrowed as debt and it needs to repaid later with interest.
- This leads to starting career with debt.
- To get the financial aid, one must give financial surety.
- If one don't have assets or parent or guardian, they can utilize the scheme by taking joint responsibility only.
- The loan credibility is based on the degree you pursue. You will be credited if you take a field that will pay more as you will be able to repay it later.
- If you're not sure about your future jobs or payments, better not to take loans.
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