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Is it worth it to take out a student loan?

I want to make sure that taking out a loan is a good idea. If I don't get a job right out of college, it will be hard to pay back any student loans, and I'm not guaranteed a job out of college. Is it a good idea to take out a student loan, or should I try to find a less costly option of getting an education? #loans #studentloans #financial-planning #personal-finance

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Keith’s Answer

Hi Isaac,

Depending on the career you want to have, I would say a loan is worth it. Sometimes a degree is required for the field you want to pursue, and if you are unable to afford it on your own, a loan may be your only option. However if you do take the loan, I would only take out the needed amount for school, and not get excess for living expenses etc. You can also evaluate a Jr. College for some of the basic courses then transfer to a University to save a little bit of money in the beginning. You best bet is to work through college for any additional spending funds. You may not like that while in college, but once you are done, you will be thankful for the experience, and less amount needed to pay back. I was able to pay my way through college with the minimum amount needed to repay. I did have loans I had to pay back, but it was well worth it in the end.

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Mallory’s Answer

Hi! I took out a student loan to go to college and would say it was worth it for me. I only took out exactly the amount I needed and lived a very frugal lifestyle in college. If you do take out a student loan, I'd encourage you to really buckle down and make the most of it. Strive for straight A's. I was able to take out my student loan, and I made straight A's and ended up graduating a year early with 2 degrees. Graduating early was very helpful for me to not have to take out as much money on my student loan. Since I really focused in school, I was able to get a great internship before my last year and then got hired on full time after graduation. Whatever you choose, make sure to give it your all.  

Best of luck in whatever you choose!

Mallory

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amulya’s Answer

Hi, I am a professional who work for Dell. I also had a educational loan when I was pursuing my Bachelors in Engineering . And yes, I was also jobless for close to 8 months after my BE and the pressure to repay the loan was horrible. But perhaps, I made it to Dell and was able to repay my loan in an year's time. It is all in you is what I would like to say. I do have the satisfaction of easing out my parents burden of paying my education fee during my graduation. If you are confident enough that you will make it to a job right after your education, then I don't see any harm in going for a student loan.
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