Q&A: Is taking a loan out for college spendig money a wise decision or is getting a job in college the best idea?
Oct.18, 2010 in
Student Aid
Question by Ben Gren: Is taking a loan out for college spendig money a wise decision or is getting a job in college the best idea?
i want to make the best decision, most of my college is paid for in scholarships buti want to stay focused as much as possible on my studies so should i just take out aloan each semester and pay it back post college?
Im going to the university of missouri(mizzou) an yeah my scholarships cover 24000/30,000
Best answer:
Answer by smiley
job dont get into debt
Add your own answer in the comments!
October 18th, 2010 at 10:01 am
If you think you can handle a job it’s not a bad idea. There are jobs on campus that sometimes allow you to work on homework while you’re there, and tutoring is always an option that can give you just a few hours a week.
However, students loans are not a bad thing at all. Just remember, you do have to pay them back! It’s easy to forget that sometimes.
Good luck!
October 18th, 2010 at 10:50 am
I would definitely get a job in the college. DON’T take a student loans unless you have to. Avoid student loans at all cost. If you take them you will be in debt for the rest of your life. Unless you have to or have no choice. Other than that I would definitely that the college job.
October 18th, 2010 at 11:28 am
i guess it really depends on how much your scholarships will cover. if you get a part time job, more than likely your wages will be less than $10/hour. After taxes, your net earnings will leave you with virtually nothing after a 2 week paycheck. the take home pay will probably be enough to cover your food and limited erroneous expenses. at least if you get a loan, (and i’m assuming your scholarship will cover more than 70% of your college fees), then by the time you graduate, at least you will not have to pay back too much. by the way, what type of college are you attending, state or university? think of it this way, it’s an investment in your future. taking out a loan for school will allow you to solely focus on school and finish successfully and on-time (i know that’s an arguable statement but it’s still the assumed scenario). at least this type of loan contains equity. the equity is your success in life. this is in comparison to taking out a $40K loan on a car. a car is a huge liability and you receive nothing in return.
based on your updated information. i strongly recommend you just take a supplemental student loan and focus on school. With low interest rates, various payment schedules, and the limited amount you will owe when you graduate, there’s no question a student loan is your best option. Good luck and congrats!
October 18th, 2010 at 11:41 am
I agree with pxp… and if you get a meal plan covered by fin aid you don’t even have to worry about food expenses…if you are able to pay just a little at a time on student loans after college they are pretty accepting of that and the interest rates aren’t that high…working through college isn’t going to help much if it’s part time…You are very fortunate that you won’t need to borrow much…I say focus on your studies…I feel you will get more money this way in the long run because it will be easier to keep your scholarships if you have a little more time and energy to keep your grades up!
October 18th, 2010 at 12:23 pm
Loans for students help the student to deal with all the expenses that are to be incurred during his education phase like it includes entire cost of the student’s education from tuition fees, accommodation, books, and computers to transportation and many more.
http://loan–house.blogspot.com/2008/03/student-education-loan.html
Many Banks, financial institutions, online lenders etc are ready to offer the loans for students. But students considering their precious time and finds easy to via online as it provides easy access than other source. There are a large number of requirements other than college or course fees.
http://loan-house.we.bs/studentloan.html
Some of the most crucial are computer expense, hostel charges, and books and so on. The best college student loans are one which comprises all such expenses. But, to qualify for any such one, you have to give it your best shot as far search is concerned. Such purpose can be accomplished by exploring World Wide Web. You will find an innumerable number of lenders offering college student loans.