STUDY loans are contracts. Like any other commercial contract, it obliges the borrower to some repayment scheme. Any failure to repay the money loaned will naturally kick off a demand process that entail letters from lawyers threatening legal action. The operative word here is œloan, a borrowing, irrespective of whether it is used to buy a car, a house or a university degree where the obligation is made the moment the contract is signed. To believe otherwise just because the lender is the government or one of its agencies does not absolve the borrower in any way. Indeed, some may think that scholarships for some and loans for others is unfair, but the assumption here is that those whose track records justify a belief that success is inevitable should be rewarded. Hence the need for children to understand that diligence while at school has its perks. But those who take out study loans must prepare themselves for the payback moment.
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