Study now...... never pay?

The Commission on Higher Education (CHED) is considering shutting down its “Study Now, Pay Later” program, because of a very Filipino trait. Only 1-3% have actually paid back their education loans from the agency, a rate I can only describe as pathetic. Indeed, with the very tight budget this administration has, how can the CHED sustain the program, if those who have previously availed of it and have graduated, do not bother paying back? I have seen this happen all too often, both professionally and personally. It is so easy to borrow money from those who are willing to shell out, but come payment time, it’s like pulling teeth!

Several organizations are pleading with CHED not to close down the program, saying that it benefits so many underprivileged wanting to have an education, a college degree at that. Yes, the program has benefited so many. I’m certain those who availed of the program and have graduated with degrees have decent jobs by now. But because the money is already tangible, it just seems so hard to pay back something that is already physically intangible. The initial taste of actual money in their hands have most likely blinded them into spending for themselves and getting a taste of the good life. They have forgotten how they even landed their jobs in the first place! For what better investment can one offer to someone than an education? This is what the program is all about. But it has to be self-sufficient. We are not an economy wherein individuals and organizations expect the government to pick up all the tabs of the people. The program may be very helpful, but how can it sustain itself? The program is not there to turn a profit, but it has to have the funds to operate.

I have even opined that the very existence of the program lends itself so easily to abuse, all because it is a government project. The attitude ingrained within many is that because they do not have much, the government should foot the bill. This may be true in countries where taxes are high and plowed back into public services and programs. We are not one of those countries. The whole issue of paying the right taxes is even becoming a sticky point in the ingoing impeachment case against Chief Justice Renato Corona. We just do not support the government in terms of paying the right taxes. So where should these programs get their funding?

I believe a change of attitude with regards to learning how to pay back loans must be made, before a program like “Study Now, Pay Later” can succeed. It is the same with credit cards, housing loans, salary loans, car loans, you name it. Again, it so easy to borrow money, but it is extremely difficult to pay it back. Being a good steward of your treasures is one of the hardest things to do, bit it has to be done. There are still many who want to avail of the program, but again, is it there to help, or just there to be abused?