Should Students Take Out Loans For College?

One of every students nightmare when it comes to college is the money. Weather that be making money while going to college or taking out money to actually go to college. College can cost more than $35,000 for a regular four semesters. This is a lot of money for almost everyone. There are a luck few who have college savings or achieve scholarships, but that’s only around 50% of all students. So what about the other 25 million students around the world who need money for college.

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Many students feel like they have to take out loans and go to college in order to succeed and pay for college. That’s not the case though, there are many different ways you can pay for college and not have to take a loan out. Although many students know there are other ways, they are still scared that they won’t be able to pay all of college with just a job. This is why millions of American students take out loans from the bank each year in order to go to college and fulfill their aspirations with their dream job.

Student loans can range anywhere from $5,500 – $12,500 per year. This does’t even cover a full year of college. You would still have to work at least a part time job during school to cover the cost of it. This is one of the reasons nearly 35% of college students drop out. Many students still take out student loans and work jobs to pay for their college tuition. Here is someone who didn’t qualify for a scholarship and had to take out a loan and get a full time job just to pay for college.

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Sarah works a full time job and is a Vice President for Frisby Construction. How did she get here? What was her plan? How has that worked out for her in the long run? Sarah began college by getting a student loan. This ensured that she would spend at least the next 15 years of her life in debt. But it was all good because once she was done with college she would be able to get a good job and pay it off. Even though she still had to the student loans she still had to get a job to help her get through college. She ended up having a kid, which through her a curve ball. Now how was she going to get through college. Sarah said “It was difficult, but she pushed through it in hopes of having a better life for her and her family in the future.” Even though she took out all of those student loans and was living in debt, she still had to stop going to classes to take care of her family. Even working while going to college and the student loans, she still didn’t have enough money to finish.

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A few years down the road, she found a job that put her college education to use. She was offered a small role in a fast growing business and took it. She quickly rose through the ranks and soon took on the role of Vice President of the whole company. She now is making just as much as she would have if she finished college. This goes to show how you don’t always have to go to college and get in huge debt to make just the same amount of money.

On the other side of the spectrum my next interviewee, Shalena got a full ride scholarship to the University of Cincinnati. Shalena was always a great student and wrote a big paper that got her a full scholarship. This was great for her, because now she did not have to take out student loans and get in debt like most of the world and could focus on keeping her grades up and getting a great job to pay the bills later in life. Unlike Sarah, Shalena didn’t have to work through college and could focus on her schooling. Shalena finished all four years of college and went on to become a worker for a huge company.

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Sarah and Shalena went on two completely different paths. One took out student loans with debt and the other got a full scholarship with no debt. Even though one is in debt and the other isn’t they both make around the same amount of money but one has huge amounts of student loans to pay off. Shalena got super lucky with the scholarship and not all people have that luck. Sarah on the other hand had to go down the hard way and still was able to rise up and become a good member of society. This shows that you can take out student loans and get in debt and be able to get a good job to pay them off or you could take risk of just working through college and risk failing out. Also there is the option of not going to college at all and try to find a way to make a living on your own. There are many different ways to get around taking out student loans and living with debt. You have to weigh your options and decide what you think is best for you and only you.

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