Modernization is one famous theory in educational science that is structurally based on, according to Kubow and Fossum (2007), structural-functionalist assumption. In terms of educational institutions, advocates of modernization theory argue that educational establishments get significant priority as the creation and maintenance of social institutions and human planning where ‘modern values’ are nurtured (Fagerlind and Saha, 1989). The definition has clearly emphasized on educational aspect that modern ideologies are practiced in educational institutions. In this context, Kubow & Fossum (2007, p. 44) have given an excellent definition of modernization theory that ‘modernization is a socio-psychological process through which a country becomes modern only after its population has adopted modern attitudes, values, and beliefs’. However, modernization theory ties societal development to the level of the individual person. That’s why; it offers arguments in favor of the educational roles within societies seeking to modernize.

Defining ‘Education’

Education is a way to become socialize in the society. Encyclopedia of Britannica has explained education in a broad sense that education means ‘discipline that is concerned with methods of teaching and learning in schools or school like environments as opposed to various informal and informal means of socialization.’ It also regards education as the transmission of values and accumulated knowledge of a society (Vol. 4, 1993. p. 372). The contextual theme of this definition is that discipline mainly related the methods of teaching and learning in an educational establishment that help to easily understand the lessons to the students. However, education is an intellectual and perceptual thing which happens in formal or informal approaches to know the unknown, to learn new information, to get orientation with new environment and to distribute the acquired knowledge in the society through exchanging information and mutual interaction among the common entities.

Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Calculate APR