Should I consider getting a loan for school?
I don't even like that word (loan.) Yet, good jobs in the area I live in are hard to come by unless you have at least a bachelors degree, and I love school -- but I can't afford it on my own. I hate debt, but school is very important to me. Any suggestions?
First, it's very common for people to take out loans for school, but before you do so, make sure you understand what it will take to pay it back. I think many people who take out loans do not realize what it will take.
You should make sure you have thoroughly researched your options with regards to scholarships and grants as well. Also, many schools offer assistance if you work there, so you might consider trying to get a job at the school where you hope to attend.
Consult a counselor at the school about aid. I'm sure they can help.
You should check out scholarships first. If loans are the only solution at the moment, make sure you pick suitable loans based on interest rates, subsidized/unsubsidized. Many students nowadays take out loans, and it's not necessarily bad to be in debt. Student loans can actually help you. But it depends on how much debt though, so think it through before making a decision. Good luck!
I'm a huge advocate of education... and there is about to be a huge "school boom" because of the economy. (people can't find jobs so they are gong back to school in hopes of getting a job)... with that said, and not knowing your exact situation here is my take on getting school loans.
It depends on which field you want to go in and how fast you can complete it. BUT before you take ANY loans go to the fafsa.gov site and see if you qualify for a gov GRANT. MOST people do!! It takes about an hour to fill out the paperwork and it's NOT easy to do but it's not rocket science either - it's just time consuming but well worth it.
My take is go to school for free using the grants.. if you can't go to school for free (without taking loans) then consider this: ALot of people are without jobs, alot of people are thinking exactly how you are, "go back to school get a degree get a job!" - but everyone is in search of a job even people with degrees. This translates to Employers being able to be very picky about whom they wish to hire - and most will WANT to hire people with a degree. But I know people with HUGE student loans that cannot find a job, so they are in debt and no job and hold a piece of paper that say they can be taught ( a degree). So it REALLY depends on what field you want to go in.
I would avoid as much debt as possible, BUT the one debt I WOULD advocate (over a car, or house) is education. You really CANNOT ever go wrong in investing in your own education. BUT be realistic.. if your going to get a degree in LAW and rack up hundreds of thousands of dollars and think your going to get out of collge and land that awesome job- you wont. If you're going to get a degree in basket weaving and go into $50K debt over the next 4 years and think your going to get out and land that awesome job- you wont. If your going to a degree in computer animation (along with a million other folks ) and think you will get out and land that awesome job in Disney - you wont (but try Pixar.com)... On the other hand.. if you get a Business degree, or management degree and think you will probably get a job after college- you're probably right!
Moreover, one of the surest ways to make money in the US is to go into business for yourself!! Find what you love and research it for free online and work towrds that. Then it is up to you whether or not you want to hire yourself with or without a degree!
If you have a sufficient security against your loans then you can consider for getting loans.
For more detail visit- http://www.galleryfinance.co.uk/secured-loans/
I can see your concern about student loans. They can definitely be nerve wracking! They are also very common, and I would say don't let a loan stand between you and college. My dad reminded me when I was going to school that there is good debt and bad debt. College loans are good debt, because they help you get something concrete you wouldn't other wise get, and which has lasting value- as you said it will help you get a higher paying job long term.
A few other options to reduce your college costs are - starting at a community college which is typically less pricey, searching out grants and scholarships (there are tons of great scholarship websites, and lots of hubs on the topic), and considering on-campus jobs which will help decrease your overall cost. You could also consider studying part-time while working full-time, by taking a smaller number of classes you will be able to pay for more of it out of pocket, but you also lose eligibility for some financial aid if not full-time so consider the option carefully
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