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Everyone has a mindset that student loans are bad. Is this true?

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Josh’s Answer

Hi Amy,


I would say that the mindset that student loans are bad is not entirely wrong, it depends on the person's view of the loan. Based on my experience with student loans it wasn't entirely a bad experience as I am now working at a job I like and the loan helped me get this job by helping me pay through school. So if you are worried about the debt, eventually the debt will be paid off and you will be working a job you enjoy. I would consider the student loan help that is needed for some and wanted by others, again I believe it is all a matter of perspective.


Good Luck!
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Michael’s Answer

Student loans are not inherently bad but they can be a bad investment if you use those loans to obtain a degree that does not put you in a position to repay them. Like any investment, education has a differing level of return on investment (ROI). Before you sign away on big student debt you should do your research into the ROI of your particular major and college to see if they are worth the investment.

Hope this helps.
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Yasemin’s Answer

Hi Amy! I don't think loans are bad, I think the idea around it is the interest that builds up and the loan amount being more than was originally taken out. I think federal loans are the most helpful, especially subsidized, since they have the least interest. Federal loans should be taken out first, and then private loans can be applied to if needed. I think research is important about loans, so contacting a FAFSA adviser at your school and/or doing some quick research online about different loan options can give more balance into what type of loan you would like to take out. There are many helpful options for undergraduate students and they can be more lenient that graduate program loans. I think having a part time job is very helpful, my part time job definitely helped pay for my books and other essentials I needed. The only thing is to be important with studying and working so your grades are still well. When you apply for FAFSA, you can select the work study option and this is definitely helpful because you get a balance on your tuition and you work in a school position and obtain the balance through paychecks like an employee! Lastly, you really won't be too sure of the financial aid you may receive until filling out FAFSA, so be sure to fill it out and then see what is awarded to you. Based on that, a more definitive mindset will come into play for if you need loans or not.

I hope this helps!
Best of luck!
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Erica’s Answer

Student loans are not "bad". They are scary in the sense that it may take a while to pay them in full. They are also typically the last priority when it comes to paying bills. Student loans are often necessary depending your financial situation. If you have to get a student loan in order to pursue your education then do it. The education reward / diploma far out weighs the student debt concern. Additionally many companies offer a student loan contribution as part of the company's employee benefits. Therefore your employer will pay or contribute funds toward your monthly student loan payment.
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Brett’s Answer

Hi Amy,


Good question. While I think the word student loans scare everyone just due to the fact at some point they will need to be paid back and that can take some time. Not everyone is in a situation in which school is affordable and therefore rely on student loans. To me student loans are not a bad thing and in many ways have helped people get to where they are today. These loans are a means to provide you with a great opportunity to receive an education which you are able to use in your future. Yes once you graduate they leave you with debt, however if you manage your money and use your education to your advantage paying them off will be easy. Sure it can take some time but it gives you the opportunity that some people never got.


Hope this helps,


Brett

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