Preview

Benefits Of Student Loans

Good Essays
Open Document
Open Document
830 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
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 …show more content…
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

You May Also Find These Documents Helpful

  • Good Essays

    It may be true that college causes debt, however, attending college gives you investment each year, which means they also give back money. If the student earns a degree, they will receive money each year. Procon.org states, “... A college degree has a return of 15% per year as investment, larger than the stock market (6.8%) and housing (0.4%).” Even though a student will spend a generous amount of money on college, they will obtain money in return for investing on that college or…

    • 663 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Student loan forgiveness

    • 620 Words
    • 2 Pages

    The day of college graduation is a day that every student dreams about. The completion of the final step of education before the beginning of your life and career. But with all the excitement of a new life and career comes the burden of paying student loans. With student loan debt totalling at about $1 trillion student loans have surpassed credit card debt. Student loan debt are restraining graduates from moving on and excelling in their profession. “It definitely holds you back. It’s hard to move forward in your life and career knowing you have this debt," (Smith, CBSLocal.com) Graduates are so overwhelmed with student loan debt that it affects different aspects of their lives. "I've actually met people who are afraid to tell their partners what their debt is. They are so terrified that this is going to be a deal breaker." (Fudge, CBSLocal.com) With student loan debt becoming a major issue in the United States student loan forgiveness is not only a very reasonable option but it seems like the only option for graduates to be able to move forward with their lives.…

    • 620 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Numerous people consider going to college right after high, but not all have money for it or have the passion to continue to get a higher education. When going into college people consider dropping out the first year of college in the interest on how they can't continue for various reasons. There are programs set out, so students can be able to find free scholarships with minimum effort. Students want to go to the best schools that better interest them, but not all pay enough attention on how much money they will have to pay after graduating and end up having minimal or a higher debt rate. A college student named Kelsey Griffith graduated with a debt of $120,000 she had to make many sacrifices just to pay off her tuition after she graduated. Consequently , she had to move back with her parents and obtaining a full-time job. She went to a private University, which can cost twice as much as a public school. Many people would argue if it's truly worth going to school a private university. There are plenty of ways on how people can be debt free at the end of graduating when pursuing a career. People should consider applying for Fafsa, scholarships, federal student loans, or consider going to student fairs to find specific way on how to pay for college. The U.S. carries one of the biggest debts for student loans which statistics show “ The current balance of federal student loans nationwide is estimated $902 billion, with more…

    • 924 Words
    • 4 Pages
    Good Essays
  • Good Essays

    When it comes to higher education there’s always a picture painted of a “better life”. The difficult part about that is the cost to attend a four year or even a two year college. The article “The Truth About Higher Education And Student Loans” by Jason Furman discusses the problems students face when trying to pay for their education. The article has some very interesting facts that people should be aware of especially if trying to gain a higher education.…

    • 308 Words
    • 2 Pages
    Good Essays
  • Better Essays

    The average cost of student debt is over $30,000 after graduation. Students make the decision to go to college to continue and pursue their education in order to get better jobs and eventually achieve their dream job. College is where students are able to get a feel of adult life and a small taste of what their career holds, but the tables are gradually turning. The percentage of students who attend college is decreasing as each year goes by. The cost of college is ridiculously high and the loans needed to pay for college have a negative effect on these students after college. Many students are not in control of their situation and are forced into taking out loans for college; College is supposed to be where they better themselves. Most students need the money due to the tuition cost, their lack of income, their school choice, their financial education, and other necessary expenses. Most college students are on their own and taking on these obstacles and have no other choice but to depend on loans. This effects the society and economy, their life after graduation, and chasing their dream job.…

    • 1928 Words
    • 8 Pages
    Better Essays
  • Good Essays

    Solutions To College Debt

    • 895 Words
    • 4 Pages

    Three of those solutions are, scholarships, working and saving, and attending state or community college. Scholarships can help pay for some if not all of a student's college tuition. There are several scholarships that college students can apply for to reduce their overall college debt. There are also different aspects that a student should be aware of when applying for scholarships. This was even stated in the Sallie Mae Fund article, “You should never have to pay a fee for scholarship searches. If it sounds too good to be true, it usually is” (pg 9). Another solution to the college debt problem is working and saving. While in high school students can work and save for college so that when they are done with highschool they will have savings and won't have to borrow as much if not any student loans. In the article, “Paying for College Without Loans, Scholarships or Looting Your Parents Retirement”, the author state, “ A highschool student who works twenty hours per weeks (more during the summer, less during the school year saves $6 per hour of that throughout high school will have $24,960 in savings by the time he starts college” (pg 13). Working and saving money for college may be a good alternative for some students. The last solution is attending community college. In the same article, “Paying for College Without Loans, Scholarships or Looting Your Parents Retirement”, the author also…

    • 895 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Beth Akers argues that student loan debt isn’t a big problem. Although the financial state of college continues to grow, Akers believes that the growth in debt isn’t problematic. Some people believe because of student loans, it is harder for a person to start a family or even save their money because they are constantly still paying back those loans. Akers believes that if every student does what they are supposed to and pay back their loans on time then everyone shouldn’t be throwing money towards the government all of their life.…

    • 605 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Student loan is a loan to help students pay for post-secondary education and the associated fees, tuition, books and supplies and living expenses. Student loan interest rate must be substantially lower and the repayment schedule may be differ if the student is still in school. Student debt is debt that is owned by attending school, withdrawn, or graduated students to a lending institution. Student debt lending is the same as student loan but debts may be owned to the school if the student had dropped classes or withdrawn from the school. If you withdraw from a school on a low or no income students has withdrawn with a failing grade, could affect the student ability of attendance by disqualifying the student of financial aid.…

    • 689 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Many students have to take out student loans in order to go to college, students that go to public school graduates with an average debt of $25,550 to the bank. American students owe over $1.45 trillion dollars in student loan debt that’s more than the total u.s. credit card debt. Over 44.2 million Americans are dealing with their student loan debts. For example, a student is taking out student loans and the student is agreeing to pay it back between 20 to 39 years the monthly payment for that is $351 that’s a lot for a student that is going to college to take on. (fedloan servicing) All students talk about when they get out of college is how much fun they had and all the parties they went to also how much freedom that they had living without their parents. But they should tell people how much money they are paying off in student loans. Even with a good education and a steady job it still takes a person a long time to pay it…

    • 441 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Universities and colleges often charge a significant amount of money for students to take classes. Usually students that attend a university, have to use student loans. A student loan is a loan given to a student that the student has to pay back mainly when they have completed their education. According to usnews.com, “Research has shown the average bachelor’s degree holder takes 21 years to pay off his or her loans.” If students don’t get a job after college, most of them will not even pay off their loans.…

    • 89 Words
    • 1 Page
    Good Essays
  • Satisfactory Essays

    Did you know that in total, over 1 trillion dollars is owed in college loans? There are a number of reasons to not go to college. For example, college is very expensive. It also doesn’t teach you what you need to know to be successful at your career path. You can be successful even if you drop out. Going to college is overrated because it is expensive, it doesn’t teach you what you need, and dropouts are successful too.…

    • 555 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    It can ruin many life plans in your future. One thing you can do is going to a college you can afford, or save up for college! If you start saving up now it won't be as difficult when the time comes. Another way you could stay out of student loan debt is you could enroll in the military. They will pay for your college! The five most important things to avoid student loans is: Save money as early as possible, take your time and don't be in a hurry, get as many scholarships as you can, and become an intern. Avoiding student loans means that you can have more use for the money that you could have been putting toward your debt that you created 20 years ago. Some people are in their 70’s and still paying back their debt! This is how you can avoid student…

    • 539 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Cost Of Education

    • 669 Words
    • 3 Pages

    Within the past decade, college and higher education has gotten quite a bit of talk because the cost of college education has hit an all time high with no indications of slowing down. Almost everyone agrees that the cost of college education is on a steady price rise. With the cost of living also increasing, it is becoming more and more difficult for students to pay for their college education tuition in order to earn any types of degree. As the result, a lot of high school graduates decide to go straight into the workforce. They are willing to settle for minimum wage jobs in order to avoid the thousands of dollars of student loan debt they might accumulate later on in their college career. According to a statement released by the White House in 2011, more than 36 million Americans have accumulated federal student loan debt. That is roughly eleven percent of the total population of the United States in the year 2011. College costs have been rising much faster than family income for more than two decades. Rising tuition and fear of debt is robbing the students their best chance to climb up the economic…

    • 669 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Students’ loans are the help to achieve students’ goals. However, students’ paid a higher price for have a better education, but they never imagine that to finish a bachelor or master they are condemned to carry a huge loan on their life as having to return all the money they got for finishing their education. According to, Real Life Student Debt Stories, Scrubb White said, “I will not got into debt never in my life,” (Par 7). Scrubb White It is one of many people that living with an enormous burden for many years for a student loan duty; he graduated with honors in 1974 with a degree in Accounting. He degrees was too expensive for grabbed a student loan for New York State Higher Education Corporation in the amount of 5,600 he thought that all would be well and he could pay off your loan on time, but her nightmare began when…

    • 466 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Senior Year Benefits

    • 478 Words
    • 2 Pages

    Senior year is full of making decisions and wondering if they are the right ones. One question that many of us ask ourselves is, do I need to take out a loan to go to college? It is not necessary to take out a loan for college. Paying with cash is the best option! Impossible? Not so much. Want to know why student loans should not be used? Two reasons they should not be used is that you have to pay interest, and they may take years to pay back, but it may be the only option for some people.…

    • 478 Words
    • 2 Pages
    Good Essays

Related Topics