Benefits Of Student Loans

Student loans are an often unnecessary burden of today’s society. There are many reasons to not get into student loans; firstly, a student can simply avoid applying prestigious college that they are not able to afford. Secondly, many students believe they will graduate in 4 years when often just one in three students end up graduating in 4 years so they must take into account how long it will be before they actually start working. Lastly, students usually fall into the trap of believing they’ll be able to pay off the loan as soon as they get out of college. All of these reasons help prove that Student loans are not beneficial to any student no matter how good the interest payment may be. Student loans can be avoided by simply choosing a school one is able to afford. For a start, many students at a young age are told and influenced to go to very overpriced and prestigious schools like Harvard or Princeton. Especially when young adults begin to apply to college the thought of going to schools like Harvard becomes exciting. Often people don’t realize that if they can't afford the school they shouldn’t apply there. When a student gets accepted into a school they are not able to afford then there is a rush to go apply for a student loan
that often becomes crippling later on. Young adults must become more educated on the fact that they’re many fantastic schools out there that they can afford. Although, the school may not be as prestigious as Princeton the school may end up being a better fit financially and emotionally due to a person not having to worry about paying off a giant loan. Secondly, another reason a person should avoid taking out loans is due to the fact it takes many years to graduate college. Students take out loans thinking they will graduate soon as possible and be able to pay the loans right away. Most people strongly believe they will be able to graduate in four years which doesn't happen very often. As a matter of fact, only one in every three students end up graduating in four years. This misinformation is spread due to colleges not often reporting how long getting a degree can actually take. For example, obtaining a lawyer degree can take up to 7-8 years of study. This can make it difficult to make student loan payments due to how much money the total will end up being. Often the longer you take to pay a loan back the more crippling a loan becomes. Finally, the reason you should avoid student loans to pay for college is because paying it off is not as easy as it first may seem. Many people fall into the trap of believing they will be able to pay off their loans as soon as they graduate which is a lot more difficult than it first may seem. Many careers require a lot of experience before applying. To gain experience you must do internships which are close to impossible to do if you have student loan debts. As a consequence, a student will have a hard time finding an employer that will accept them. Due to a student not being able to find a position they may be forced to find a lesser paying job not using their degree, and a lesser paying job means close to little or no money for loans. By a student agreeing to have a large loan they are decapitating themselves for the future. On the other hand many students see student loans as a positive thing. In fact, many see the debt as a stepping stone to eventually becoming wealthy. Students believe the debt will be easy to pay back as soon as a they get a job when they get out of college;which, is a presumptuous assumption. Despite, this not being true many people continue to believe this and make the mistake of getting huge student loans. Debt has never been and will never be a stepping stone to any type of wealth building. Furthermore, most students don’t get well paying jobs right out of college. Often it will take a couple years to reach a professional level that fully uses your degree. At any rate, debt is not something to take lightly especially student debt. In summary, student loans are something negative and are to be taken very seriously.
Thus, there are many reasons that student loans are not helpful firstly, a student can simply avoid applying prestigious college that they are not able to afford. Secondly, many students believe they will graduate in 4 years when often just one in three students end up graduating in 4 years so they must take into account how long it will be before they actually start working. Lastly, students fall into the trap of believing they’ll be able to pay off the loan as soon as they get out of
college.