Richard Parry

Before entering university, Richard (not his real name) took a USD$300,000 student loan to study medicine. His father signed the bank loan as his guarantor.

However, after 5 years in medical school, Richard realised that he did not want to be a doctor. He decided to leave medical school to pursue business studies.

Upon hearing the news, his father travelled all the way from their home town to his university and had a showdown with him. His father made it clear to him that he had taken a big loan that will take another 10 years to repay. So he has no choice but to complete his course and work as a doctor to repay the loan for the next 10 years.

Naturally Richard was very upset but realised that he had no alternative but to finish his course first. He resigned himself to working unhappily for the next few years in order to repay his loan. He could only wish that he had made the right choice earlier.