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Is taking a loan out for college a good idea? Especially if you family is not currently stable?

I am asking this, because my family is currently not financially stable and I was wondering if taking out a lone will affect our credit. #college #loans

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Angelica Rossana’s Answer

Hi Desiree,

Student-loans allow you to build your credit which would be beneficial for you in the long run. When you take out a loan, you include that in your credit-history (long credit history=better credit-score) and as long as when you make the required repayments on time, your credit score will go up (timely payments=better credit score).

There are two main types of Federal student loans: subsidized or unsubsidized. If you can, try to get a subsidized loan as you will pay less interest overall than if you have an unsubsidized loan.

If you are worried about owing a lot in student loans, try applying for scholarships. You may get scholarship awards big enough to cover your whole college expenses but if you do not, free money is still free money. If you can borrow less money with loans because you got some scholarships, then that is even better than just taking out student loans.

Good luck!

Best regards,
Angelica
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