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Should I apply for student loans?

I do need financial assistance if I attend post-secondary, but I'm worried about the consequences of student loans (accumulating interest if student loans are not paid back in time). Is it a good idea to still apply for loans? #student-loans #loans

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Joseph’s Answer

The first question is have you exhausted every other option? Scholarships are the biggest one you need to fully explore. There are thousands of scholarships out there that very few people even bother to apply for. Look for the ones with essay requirements as those are generally the ones that get the fewest applicants. Next, look at your school choice. While an employer might consider where you graduated from in their decision on who to hire, very few, if any, care where you started. Can you start at a lower cost community college and later transfer to a 4 year program at a more recognized institution? Finally consider what kind of earnings you expect and how long it will take you to pay back those loans as well as whether a degree is even needed for your chosen career. If you don't need the 4-year degree to get started consider technical or vocational training, or a 2-year associates degree if required. If not required then why not go directly into the work-force and get your degree part time or see if your employer would be willing to pay (in full or part) for you to get a degree that specifically helps their business (it may not be the degree you think).

Joseph recommends the following next steps:

Research Scholarships, especially those with essays
Look into lower cost 2-year programs, community colleges, etc
Talk to your prospective employer about getting a degree that helps them and an education allowance as part of your compensation
Determine if a degree is a necessity or a nicety for your chosen career
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Donald’s Answer

I agree with the above answer. There are some alternatives as stated-internships, part time job, etc. There are a number of scholarships designed for very specific people/majors/etc. I suggest you do an indepth research into possible scholarships.
Also, for me it matters what your advanced degree will be. If it is a science/technology/similar then you may be making enough money to pay back your loan. Some other majors offer (teaching) the opportunity to work in under developed areas and get the government to pay back your loan.
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Yasemin’s Answer

Hi Calvin! I would first recommend to fill out FAFSA, this financial aid application for post-secondary will determine how much aid you need and whether you need to take out loans. If you do take out federal loans first, there are two types, subsidized and unsubsidized; subsidized loans do not accrue interest as long as you are in school half time, unsubsidized do begin to accrue interest as soon as the loan gets approved and sent to your school for tuition costs. I also think it is important to consider which post-secondary institutions you will attend; private universities usually need more loans than public. However, if you really like a private university that is costly don't let the cost defer you either if you truly believe it will be able to help your future. I would recommend to think about these options further, make a pros and cons list about loans and how much you can take out, as well as check out FAFSA.ed.gov for more loan information!

Best of luck!

Yasemin recommends the following next steps:

Check out FAFSA.ed.gov for more loan information
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Wael’s Answer

It is an ugly must if you don't have the means. Try to apply to scholarships also, get a campus job, and spend your summers in paid internships.


Check the link below.
http://www.usnews.com/education/best-colleges/paying-for-college/slideshows/10-steps-to-minimize-student-loan-debt
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