Don’t be afraid to invest in an education loan – Pinnock
DR ASBURN Pinnock, president of The Mico University College, has advised students who are struggling to pay their college tuition to consider accessing an education loan as an investment in their future.
He was addressing students at a recent orientation exercise at the Marescaux Road institution and told them that the social and economic benefits of a tertiary education far outweigh the inconvenience of repaying a student loan.
“We are not cultured to borrow money. I know that as I’m like that myself,” he said. “But over the years, I have started to weigh the cost of borrowing versus the cost of lagging behind, especially with something as valuable as education.”
Pinnock said that throughout his career as an educator, he has encountered many students who failed to pursue their tertiary education because they lacked the funding.
DROPOUTS
“I’ve seen so many students drop out of school, and sometimes they resurface four, five or even 10 years later, and sometimes, they don’t resurface at all. Once you drop out of school, you can never tell what will happen to you,” he pointed out.
“I believe that if you measure the impact of dropping out of school against the ‘inconvenience’ of paying back a loan monthly for your education, there is no comparison,” Pinnock added.
In further outlining the benefits of investing in education, Pinnock said that a trained teacher starts at an annual salary of approximately $1.6 million. He noted that the sum is roughly the same amount it costs for four years of university to pursue a degree in education.
“Consequently, in one year, you would have covered four years of expenses. Look at that investment and the return on your money,” Pinnock told the students. “I therefore caution you that the misfortune of dropping out of school and never knowing when you’re going to resurface is not worth it. Do not deny yourself the benefits of a higher education.”
The Mico president encouraged students who are struggling to pay their tuition “to come in and discuss it with us. Bring your parents, or whoever is going to assist you, and let us talk about how you can move forward”.
Steve Distant, chief of retail sales at JN Bank, who also addressed the students at the orientation session, told them that pursuing a university education is an investment that “almost always pays off”.
“The fact is, education remains a viable and legitimate mode for upward social mobility in our country, and I encourage our young people to make every effort to take advantage of the many opportunities available for tertiary studies,” he said.