Are your student loans worth it? What to consider before borrowing
Updated on November 7, 2019
With the cost of college rising quickly, student loans are becoming an unfortunate fact of life for many people. However, you shouldn’t consider them a given – there are many alternatives and other factors to consider before you take out a loan. Here are some key questions to ask yourself before you borrow.
Is this the right school for me?
The first thing to look at is your school. Private universities come with a lot of clout, but they can also be very expensive. Before you borrow, you may want to consider choosing a more affordable school that offers similar programming. If your school is one of the only ones that offers the degree you want, then student loans may be the best way forward. However, with some research, you’ll probably find other options that are closer to your budget.
Is this the right degree for me?
Another thing to take into consideration is your course of study. You should make sure you are fully committed to what you’re studying before taking out loans. If you’re not entirely sure about your major, or you’re only choosing it to appease your parents, it’s not worth it. Instead, you may want to take some time off to work, or take classes at a community college to decide exactly what makes the most sense for you. Once you know exactly what you want to study, it makes more sense to take out those loans.
Can I cover my expenses another way?
You should always cover your expenses with other means if you have the opportunity. If you can work your way through college, it may add some stress now, but it will help you be more financially stable in the future. You should also apply for scholarships and grants – you never know what you might qualify for.
Student loan debt can follow you around for years to come, so it’s important to be careful with it. There are some instances in which it’s just not worth it to take out student loan debt, and to instead find another path to success. There are many different ways to become successful in today’s economy, and an expensive college degree is only one of them.