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Student loans should always be plan z
I didn’t pay my way through school entirely. I took out some loans, one being a parent plus loan that my mother took out for me, which is thankfully paid off now (Note: All of my loans were federal loans, which came with its own set of benefits that many private loans don’t offer). While acquiring my college degrees, I applied for scholarships and grants and worked multiple jobs; however, this additional income wasn’t enough to opt out of student loans. Money was still needed to cover the difference. I tried not to take out more than necessary. Looking back, I could have still taken out fewer loans. The two priciest things that came with school but also had nothing to do with school included:
Housing
Dining Halls
Do I regret taking out student loans? No, but I would take out zero if I could do it again. There are too many unique opportunities to get our education paid for if we invest a little more time and energy.
I wasn’t super concerned about paying off my student loans because I knew I would earn x amount of dollars after graduation – even though it was never a guarantee. Most people don’t experience this kind of intense faith or guaranteed income, which leads them to drown in debt.
Many federal loans offer repayment plans, lower payment plans, and forbearance, but the longer you wait to pay off your loan, the more you end up paying for your decades-old education. Do you want to be paying off student loans into your 40s and 50s for a degree you graduated with in your early 20s? Probably not.
If you go the professional route and get your doctorates or some form of a graduate degree, sometimes you don’t earn much money upon completion. And the loans tend to be heftier – unless you get a cushy paid program. I encouraged my sister, who is going back to graduate school, to find a way to get every penny of her school paid for so you don’t have to acquire any more debt. She is utilizing military funding, work, and scholarships. Her Ph.D. program will thankfully be covered in full.
Student loans should always be a last resort. Research your financial aid options; I guarantee you will find something that helps you avoid going into debt.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.