The world is currently battling the COVID 19 pandemic that took the world by surprise starting on the 31st of December, 2019. Even though it was not recognized as a major threat until towards the end of January when it was already spreading quickly across the world, by the end of February, it had affected virtually all countries in the world, with death figures being reported in different countries. As the battle to create a vaccine and medication for COVID 19 continues, the effect is being felt in virtually every aspect of human endeavours. People are forced to stay at home so that they can be safe and so that they do not act as a link to further infect others that will further infect others.
The best way to curb it before cures and vaccines are found was identified to be wearing face masks, washing hands regularly and staying away from others as much as possible. The implication is that sports were stopped, schools were closed, airports were shut down and every social activity was being discouraged. This article will discuss the effect of COVID 19 on education loans and career.
Impact of COVID 19 on educational loans
One of the first institutions to be shut down as a result of COVID 19 was schools. Since schools involved many people staying in an enclosed space with a teacher passing across instructions, it became a serious threat that could support the spread of the virus. Furthermore, it is common for friends to shake, hug, greet as well as students to involve in sports and other activities that would have most of them being infected with COVID 19 within 3 school days, should just one person contact the virus.
Many students in school can achieve that feat comfortably because countries have made it easy to access educational loans. As with every other type of loan, the loan has a tenure, which is continuing to count even as students are at home and education is crippled. The implication is that by January of 2021, some students would have lost a full year should educational activities not resume before then. They would not be able to find a job and start paying until a year after they should. Furthermore, the students do not have the opportunity to look for jobs now, because there are no much job opportunities and even people who are through with school and were working are also losing their jobs. It is worthy of note that some of these people finished school recently and are in the middle of paying back their loans. Except the government intervenes, it could become a messy fight between those with student loans and the financial institutions who might want to take stiff measures to retrieve their loans as at when due since they are also being negatively affected by the virus. Thus, COVID 19 is seriously dealing with a blow on student financial health.
Impact of COVID 19 on careers
COVID 19 has resulted in a significant number of people in the world today losing their jobs. A significant number of others who did not lose their jobs are being forced to take half pays or anything lesser than their salary. Hence, many people have been negatively affected by the virus when it comes to their job.
Fortunately, even though physical schools are close, online schools are now thriving more. Hence, some people can use the opportunity to improve their skills and CV with online courses. By the time the virus is finally defeated, it might be enough to earn them a promotion or get them a better job.