Dear Middle Class, Here’s How School Fees Out Of Your League Will Cripple You Financially. Forever!
The cost of education can be a major burden for many families, and if not managed carefully, it can lead to financial strain and even debt.
Not once have we seen middle-class families, especially in Nairobi, being unable to pay for their kids’ fees despite having a relatively good income. On the contrary, the lower class hasn’t struggled with their fees much.
Why so?
Because the middle class mostly goes for schools they can’t afford and end up putting themselves in a rat race that stretches through all their lives.
Paying for school that one cannot afford can put a person in financial ruin for several reasons:
- Debt accumulation: If someone takes out loans to pay for school, but does not have the means to pay them back, they can accumulate significant amounts of debt over time. This debt can continue to grow, creating a vicious cycle that becomes harder and harder to break.
- Missed payments: When someone cannot afford to pay back loans, they may miss payments or default on the loans. This can result in late fees, penalties, and damage to their credit score, making it even harder for them to access credit in the future.
- Limited financial options: The burden of paying for school can also limit a person’s financial options. For example, they may have to choose between paying for school and other essential expenses like housing, food, and medical care.
- Stressed finances: The stress of paying for school can also lead to financial ruin, as people may make impulsive financial decisions in an attempt to keep up with the cost. This can include maxing out credit cards, taking on high-interest debt, or dipping into retirement savings.
Famed Musician DNA recently highlighted this after opening up on how he was crippled financially after taking his daughter to a school he couldn’t afford.
The artist was paying Ksh 100,000 per term for his daughter something he came to notice way later was only meant to massage his and his wife’s ego and not really about the education.
“With my first daughter nilijikuta nimempeleka nursery ya almost KSh 100,000. Na sikuwa nawezana nayo. Let me be very honest. And that’s one of the reasons I really fell back financially. And when I look at it now, nilikubali pressure yenye sikufaa kukubali. I should have been a man about it. And said hii ndio pesa iko na hii ndio shule naweza afford. Simple as that,” he said.
Overall, paying for school that one cannot afford can lead to significant financial strain and even financial ruin, as the cost can create a heavy burden that becomes harder and harder to manage over time.
It’s important for individuals to carefully consider the cost of education and their ability to pay before taking on debt to pay for school.
It’s also worth noting that there are often options for financial assistance and scholarships available to help defray the cost of education.
For example, many schools offer financial aid and scholarships to students who demonstrate financial need. Additionally, there are also government and non-government financial aid programs available to help with the cost of tuition and other expenses.
In short, school fees can have a major impact on one’s finances, but the extent of this impact can vary depending on individual circumstances and the availability of financial assistance.
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