Student Loan Provider Help
In a perfect world, student loans wouldn't be necessary; going to college would be so inexpensive and grants and scholarships would be so abundant and generous that everyone could pay for a college education without having to borrow a dime. Unfortunately, that dream won't be realized any time soon; on the contrary, the cost of attending a college or university is already prohibitive, and it keeps increasing every year. For millions of people in the US, taking out a student loan is the only way they can afford a college education. Lately, it has become fashionable to criticize the educational loan industry, but there's no denying that millions of people in the last few decades have created great careers and happier lives for themselves by taking advantage of a student loan.
The keys to getting the most out of student loans are being prudent and frugal, and using loans in a responsible manner. It's best to not even consider borrowing for college until all other means have been exhausted. A person should work hard to take advantage of all scholarship and grant opportunities they might qualify for; this step can go a long way toward covering the cost of a university education. If parents or other relatives are able and willing to make monetary gifts, these offers should be gratefully accepted, and should never be turned down out of any sense of false pride. When parents and other family members offer financial help, it's because they sincerely want to help, and being able to do so makes them feel valued.
The next avenue to pursue is work-study. Colleges and universities make billions of dollars in work-study scholarships available every year, enabling students to work for the school on a part time basis in order to reduce the cost of their schooling. This arrangement also benefits the school, as it enables them to hire fewer employees. The final option is a regular, outside job. This should be a part time position, with hours carefully arranged around the class schedule. While it's true that a few people have been able to balance full time work with going to college, most people simply aren't up to the demands of such a schedule. Many people who attempt it wind up quitting college, with plans to return "someday", but never get around to it.
So these are the options students should explore first when it comes to financing a college education. However, the sad fact is that even after raising funds for college using the above methods, millions of students still need help to cover the cost of their education, and that's where student loans come in, and it's why they are so important. Countless people have achieved their career goals and fulfilled their dreams of success because they took out a student loan. There's no denying that it's possible to use student loans irresponsibly, and some people do, but there's no reason anyone has to get in financial trouble due to student loan debt. The keys are to make taking out a loan a last resort, after exhausting all other avenues, being willing to attend a less expensive college, borrowing no more than absolutely necessary, and being very realistic about the job prospects and typical salaries a person can expect to encounter after graduating with a particular major. Borrowing $40,000 to pay for a degree in English Literature is not being prudent, while borrowing $15,000 to pay for a degree in electrical engineering is a wise investment. When used properly, student loans are a great financial tool, and college students should take advantage of them when necessary.
Be sure to consider all possible avenues when trying to get finaid resources.
Last Updated: 09/30/2016