Student Loans?
Asked by we_lochStudents that have gotten a student loan... please help: Feedback on -student loans- for an undergraduate about to embark in the college life... 26yo (starting a little late) What are the pros and cons of getting a Student Loan.
Favorite Answer
Answered by eri
Pro - they have lower interest rates than regular bank loans, credit cards, mortgages, or car loans. You don't have to pay them back until you graduate. If you get a substidized loan, you don't have to accumulate interest until you graduate either. And you don't have to use them just for school stuff. I've used them to pay my rent, loan bills, books, fees, clothes, you name it. Con - not having a job when you get out of college means you have to put off paying them back until you do - but you accumulate interest. And if you take out a lot of them (go to medical school or something) it can take you more than 20 years to pay off.
Pro - they have lower interest rates than regular bank loans, credit cards, mortgages, or car loans. You don't have to pay them back until you graduate. If you get a substidized loan, you don't have to accumulate interest until you graduate either. And you don't have to use them just for school stuff. I've used them to pay my rent, loan bills, books, fees, clothes, you name it. Con - not having a job when you get out of college means you have to put off paying them back until you do - but you accumulate interest. And if you take out a lot of them (go to medical school or something) it can take you more than 20 years to pay off.
