Are small student loans worth the debt?
If small loans would increase yearly salary, does that make it worth it?
If your investment will appreciate in value greater than the amount of interest paid, when inflation is taken into account, then it is worth the debt. In this scenario, is the student loan necessary to complete a field of study that will result in an increase in income greater than the loan + interest? If the interest will leave you with a questionable investment, consider if saving the money first is an option.
Please check out FAFSA grants prior to your application. I personally believe that if someone is in a financial position where they need a loan to gain an education, then grants should be sufficient. If the grant is not sufficient, then the searcher is looking in all the wrong places.
Some questions to ask yourself and no need to share the answers here. I work at a University and deal with this quite a bit, personally as well.
1. "Small" loan is objective speak. Don't saddle yourself with debt because someone tells you to or makes you feel like "everyone is doing it", especially a banker.
2. How much would your income increase? Be sure that the minimum increase would be sufficient to cover the maximum monthly student loan burden on pay back.
3. Are you aware that there will be a transition time between the time where you start paying off the loan and when you see an increase in your income.
Curious if you know if there are grants to cover housing and expenses such as childcare. I was debating the stafford loan to cover this part since my pell is only going to cover tuition and books.
It's difficult to determine and depends on the college/ University you apply to. Scholarships should be available and tax incentives, later on your tax return. The US is a difficult place to seek further education within. Way too expensiv
Thanks for the quick reply. I go back to financial aid office this afternoon and will hope there is another option. BTW for some reason your comment is awaiting moderation from HP. Not sure why but I approved on my end, waiting on hp now.
It's probably because some people probably reported some of my other comments because they don't agree with my beliefs. Oh well!
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