Getting a Loan for College: Is It Still a Good Idea?

The cost of taking a loan for college can be extremely burdensome on a young person. Before you decide to finance a college education, ask yourself what you would like to do with your degree? Can you pursue this career without a college degree? If the answer is yes, you may want to consider technical or job training instead of a traditional four-year degree so you can avoid the negatives of going deep into debt for college.

Inability to Work and Study

Many students used to elect work-study positions while they pursued their degrees. They were able to take internships or other vocational positions and go to school part-time. This was easier to accomplish when colleges and universities had more relaxed rules regarding how credit could be earned. Today, colleges realize they will make less money if they allow students to pursue credits in other areas or graduate with less college credits. In order to be a more profitable business, colleges require more in-class time and generally encourage students to be full-time learners. When you have to study full time, you cannot begin to pay back student debts while you are still in school. Instead, you will need to defer all payments until after graduation.

Low Income Jobs

When you do graduate, it is not always guaranteed you will secure a livable income. Especially in a bad economy, employers are asking young professionals to work for low wages or no wage at all. It is common to take an unpaid internship

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