It is often debated whether student loans are beneficial or a burden to students. Whereas some people acknowledge the short term advantages of loans, others despise the overload of debt that they are left with. However, before a student gets involved in this debate, he should learn the basic pros and cons of student loans.
The first advantage of student loans is that the money is going towards one’s education. A student is not splurging on luxurious or unnecessary items from the loan. Instead, it is helping the student secure his future. Therefore, it is not merely a waste of money. Secondly, student loans can help pupils earn their degree in a shorter amount of time. A lot of students take only a few classes at a time because they cannot afford being full-time. However, student loans allow the individual to be full-time without the financial hassles and stress. The loan helps one from delaying his education.
There are just as many disadvantages of student loans as there are advantages. For example, many people dislike graduating from college with the burden of debt on their backs. Graduates want to begin a career and be prosperous but the student loans take a big chunk of their income. Sometimes, it can take years to pay off this debt too. Furthermore, some students would rather struggle in the short term to benefit in the long term. For instance, a student that takes a few classes at a time at his own expense will take longer to graduate, but will be debt free. On the contrary, the student that rushes through school on student loans will graduate quickly, but will face many years of payments. Therefore, students find that taking loans to finish school quickly may not be worth it.
Although the debate over student loans may never end, it is necessary for students to learn the basic facts before making their choice. While some students find student loans a quick fix to help them graduate, others believe that the long term debt is too big of a problem. Whether individuals choose student loans or not, one thing is very important: education is a must.