Choose a student loan over personal loan

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I recently met a woman who had taken on a R50 000 personal loan from a bank to pay for her daughter’s university fees.

When I asked her why she had not opted for a student loan instead, she said she felt that she was responsible for her daughter’s education and that she did not want her daughter burdened with debt.

What she did not realise was that she could have taken out the student loan on her daughter’s behalf, and at a much lower interest rate than she was paying on her personal loan.

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