Are Student Loans Worth the Money?


Face it, college is really expensive. The government attempts to help, but is their help really helping? If used correctly it can change your life for the positive, but an unwise loan can be a burden for decades. Yes there are great loans. The key to success is planning. Map out your situation and know the facts.

First and foremost, only take what you have to take, because you will have to pay it back. Secondly, know your loan. I would never recommend a private loan for school. Government loans are definitely the way to proceed when it comes to school. Once you have a government loan make sure it is subsidized. I would not say to stay away from unsubsidized loans, but be careful and always take them if you have to after subsidized loans. Subsidized loans do not accrue interest while you are in school, unlike unsubsidized. It is also very important to know your interest rate. Take all of your facts, and make sure you understand them, or you have someone who does understand them who can explain them to you, before you ever accept the loan.

Now comes the worth. Is it worth it? Some people need more money and they will take private loans. Be careful! Your interest will start right away and it can get out of hand very easily. The worth can be determined through logical thought. What do you plan on doing? Is your future career going to pay well enough in order for you to pay it back? You need to make a lot more than you think to pay back a hefty school loan. Not only is your future career going to make you enough money, but are you doing what you should be now to get to that future career? How were your grades in high school? If they were not very great, do a self check and see if you are going to work hard enough in order to reach your future goals.

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