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Is taking out loans to pay for university a good choice?

I am a senior in high school, and I hope to attend a four-year university. However, I’m unsure whether I can afford the tuition. Coming from a low-income household, I want to know if it’s worth taking out loans to attend the university I really want to go to.

fall25
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Wong’s Answer

Before taking out loans, make sure you understand your full financial aid picture. You can apply for institutional aid from your university, and search for scholarships aggressively. You may be surprised by how much help is available for low-income students. Many universities offer grants, tuition discounts, or special programs that reduce costs for families with financial need.

When thinking about loans, you need to consider your future earning potential. If your chosen major leads to careers with solid starting salaries, taking out reasonable loans can be a good investment. A four-year degree often increases lifetime earnings enough to make moderate debt worthwhile. On the other hand, if the loans you would need are extremely high, or the major you plan to pursue pays very little at the beginning, you may want to look for a more affordable path.

You can also reduce the need for loans by starting with community college, living at home, working part-time, or applying for scholarships throughout college, not just during senior year.
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Yoav’s Answer

It is completely understandable that you are weighing the decision of taking out student loans, especially since you are wisely thinking about the financial implications while navigating your college applications. The question of whether loans are "worth it" is deeply personal, but generally, the most important advice is to view loans as a last resort only after exhausting all other options, such as federal grants, state aid, institutional scholarships, and private scholarships, because money you do not have to pay back is always better than money you do. Given your concern about cost, you should seriously consider the excellent value offered by City Colleges or State Colleges and Universities. These public institutions often provide a high-quality education at a significantly lower tuition rate than private universities, meaning you can achieve the same degree and career path with much less, or potentially even no, debt. If you start at a City College and transfer, or attend a State College, you can significantly reduce the amount of loans you need to take out, making the entire journey more financially sustainable. If, after maximizing all grant and scholarship opportunities, there is still a gap, taking out federal student loans (not private ones) can often be a reasonable and necessary investment in a four-year degree, as a college education significantly increases lifetime earning potential and access to better career pathways, which can ultimately change your family's financial trajectory. To make the best choice, always calculate the estimated total debt you will accrue and research the starting salaries for careers in your intended field, making sure that your projected monthly loan payment after graduation is manageable and aligns with your expected income. You are making a huge stride for your future by aiming for a four-year university, and your diligence in seeking this advice now shows you are approaching this decision thoughtfully and responsibly. I truly believe that with careful planning, you will find the right financial path to make your educational dreams a reality, and I wish you the very best of luck in your college endeavors.
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