In 2007-2008, 86 percent of four-year undergraduate students who had applied for federal student aid, successfully borrowed money and obtained a student loan. Student loans are an effective way for students to pay for their dream school and achieve the best academic education possible, which is necessary for a successful and fulfilling future.
Students should not have to give up investing in a good education just because of financial difficulties. Taking out a student loan is extremely beneficial and allows students to get the best education they can attain. Students should strive to go to the college most suited to their academic rigor that will both challenge and motivate them to succeed. An individuals’ education is the key to having a stable future and an individual’s career choice is dependent on the quality of education he or she receives. Therefore, students should not be deprived of such an opportunity, simply because they cannot pay for the best education possible.
“Student loans are beneficial because even if one doesn’t have the money to pay for college, they can still get a good education and just pay for it in the future,” said Senior Charlotte Meola.
Why should students have to sacrifice attending a more prestigious school, just because they cannot pay for it? With a tough economy, student loans are becoming increasingly valuable. A beneficial aspect of student loans is that students do not have to repay their debts immediately or at one time. They can pay their loans at a time span that is comfortable to them. While it may seem like a long time to pay back the full value, the loan will start to repay itself if the student has a consistent job and is able to manage his or her money wisely.
“This is what’s good about a student loan: at different times a student will be able to put it on hold and defer it for a few months,” said college and career center adviser Robin Lutsky. “[For example], if a student is on a low monthly payment plan, he or she can wait until he or she is making more money, and then can pay it back.”
Additionally, if a student is on an income based repayment plan and the money he or she is making falls below the interest that comes monthly from a loan, the loan will be paid by the government for up to three years. However, if one’s income is steady, he or she needs to consider how much interest will be charged, as well. The interest rate is based on the type of loan acquired some of which include student loans, parent loans and private student loans, which all have different standards and requirements for repayment.
Students do not need to sacrifice their college career just because of their financial situation. Student loans are a much simpler way to give students the ability to pay for higher education and pave their path to success. Although this path is different for each student, loans will never fail to accommodate all types of students with economic and financial needs.
