3 answers
Dylan
Student
Edmonds, Washington
1
Question
Updated
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Is it a good idea to take out loans It seems counterproductive to be tens of thousands of dollars in debt once college is finished.?
Is it a good idea to take out loans? It seems counterproductive to be tens of thousands of dollars in debt once college is finished.
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3 answers
Karin P.
Lecturer, Academic Advisor, Career Coach
640
Answers
Göttingen, Lower Saxony, Germany
Updated
Karin’s Answer
Hi Dylan,
Student loans should usually be your last resort after you have exhausted all other options to fund your studies. But it depends on your personal situation and your goals if it makes sense for YOU.
Think ahead: If you are still in your teens and in school, explore if you can take on a part-time job or a summer job to save some money for college. Will your family be able to support at least some of your education?
If you are about to go to college, consider how to minimize the cost of your education: In-state tuition is a lot less than out-of-state tuition. Community College tuition is usually less than tuition at a 4-year university. Explore financial packages and available scholarships. Consider working while you are a student.
Come up with a college list that takes into account your interests and talents, i.e. which major you want to study, the cost of tuition and housing, opportunities for financial aid and scholarships. Don't just go by the sticker price. Some of the very expensive schools offer the best financial packages. But also, don't assume that more expensive means "better".
I hope this helps for now! All the best!
KP
Student loans should usually be your last resort after you have exhausted all other options to fund your studies. But it depends on your personal situation and your goals if it makes sense for YOU.
Think ahead: If you are still in your teens and in school, explore if you can take on a part-time job or a summer job to save some money for college. Will your family be able to support at least some of your education?
If you are about to go to college, consider how to minimize the cost of your education: In-state tuition is a lot less than out-of-state tuition. Community College tuition is usually less than tuition at a 4-year university. Explore financial packages and available scholarships. Consider working while you are a student.
Come up with a college list that takes into account your interests and talents, i.e. which major you want to study, the cost of tuition and housing, opportunities for financial aid and scholarships. Don't just go by the sticker price. Some of the very expensive schools offer the best financial packages. But also, don't assume that more expensive means "better".
I hope this helps for now! All the best!
KP
Evin Nisan
Program/Operations Management
4
Answers
Forsyth, Missouri
Updated
Evin’s Answer
This is a great question - college debt is something which is so "normal" these days.
When possible, a good general guidance is to avoid debt as much as possible. That being said, it is not always possible.
Depending on the profession that you are looking to enter into, paying for school while in school could be difficult (or seem impossible).
Whether or not you incur debt (or how much to incur) is a decision you shouldn't take lightly.
Consider these questions as you work through your decision:
1. Is this field/profession a high-paying one that could help me repay my debt? (EG: Doctor, Lawyer, etc)
2. Is this field/profession something I am passionate about? Or am I just pursuing it because I think I can make a lot of money doing it?
3. Always, always, always look at financial aid options through the school - many students will qualify for grants or scholarships that do not need to be repaid.
4. Determine if the school you are looking at is the best possible option - is there a school in-state that would be cheaper?
5. To offset some of the costs of education, consider starting at a 2-year community college; CCs are often much cheaper, just be sure to double check with the college counselor which credits are transferrable to the university you want to attend.
6. Is there a particular employer you are interested in and do they offer tuition assistance? Some companies will help employees obtain their degrees once hired.
Some of these questions are personal, and some are technically related to financial aid and transfers, and may seem daunting to answer at first. If you feel stuck, reach out to your family and friends for the personal questions; most schools have counselors or financial aid offices that can help answer the tuition/credits/technical ones.
It is in your best interest to make an informed decision about what is best for you and in accordance with the trajectory you want to take in your career/life. You are asking the right question and I know you can find the right answers for you!
When possible, a good general guidance is to avoid debt as much as possible. That being said, it is not always possible.
Depending on the profession that you are looking to enter into, paying for school while in school could be difficult (or seem impossible).
Whether or not you incur debt (or how much to incur) is a decision you shouldn't take lightly.
Consider these questions as you work through your decision:
1. Is this field/profession a high-paying one that could help me repay my debt? (EG: Doctor, Lawyer, etc)
2. Is this field/profession something I am passionate about? Or am I just pursuing it because I think I can make a lot of money doing it?
3. Always, always, always look at financial aid options through the school - many students will qualify for grants or scholarships that do not need to be repaid.
4. Determine if the school you are looking at is the best possible option - is there a school in-state that would be cheaper?
5. To offset some of the costs of education, consider starting at a 2-year community college; CCs are often much cheaper, just be sure to double check with the college counselor which credits are transferrable to the university you want to attend.
6. Is there a particular employer you are interested in and do they offer tuition assistance? Some companies will help employees obtain their degrees once hired.
Some of these questions are personal, and some are technically related to financial aid and transfers, and may seem daunting to answer at first. If you feel stuck, reach out to your family and friends for the personal questions; most schools have counselors or financial aid offices that can help answer the tuition/credits/technical ones.
It is in your best interest to make an informed decision about what is best for you and in accordance with the trajectory you want to take in your career/life. You are asking the right question and I know you can find the right answers for you!
Marianne Esposito
Claims Customer Experience
3
Answers
Hartford, Connecticut
Updated
Marianne’s Answer
Hi! If you are fortunate enough to have money on hand to pay for college without the need for a loan, it's a good question to ask. I'd consider the benefit of the credit you'd build with having a loan. For example, if you don't need to borrow any money, but take out a small loan that you can pay back quickly, I imagine your credit score would benefit. If you plan to pay year-to-year with what you can afford, perhaps start off paying on your own and re-evaluate next year.