Importance of Students Loans in Your Education

The following is a Guest Post from Amy Lawson

For every student planning to join college, one of the things you can do is to apply for the right student loan. Student loans come in different choices. It is very important to know the right loan for you to apply. There exist two types of loans, private loans and federal loans. Private loans are offered by private financial institutions while federal loans are provided by government. As you apply for a student you should consider the tax credits that come with it. The importance of student loans in your education are:

Pay your school fees

Student loans can be used to pay part of your school fees. Your parents do not have to pay the whole amount of your school fees. This is because the student loan you get can be used as tuition fees for your college.

Buy Books

In this day and age textbooks are very expensive. For most college students they are required to buy textbooks for the courses they are taking. Part of the student loan you get, you can use it to but textbooks needed for the course. If you purchase used books or rent them you can save some cash for other expenses.

Apartment rent

Not all colleges provide accommodation for students. Some students are forced to rent apartments near the school. If you live off campus this is an extra cost. With the help of the student loan you can pay your rent. A private student loan is very useful in such cases depending on how much you borrow.

Clothing and Shopping necessities

Due to changes in weather conditions you need the right clothing. Some students are not very careful to find out the weather patterns of where they are going for college. During winter most students are forced to buy winter clothes. A student can be very useful when such a situation arises. Unexpected expenses can also pop up such as sickness. During such times a student loan is extremely valuable.

Transportation

One can utilize his or her student loan for transport expenses. This is because some students live away from the campus. Every morning they have to travel to school and back home in the evening. For students who own cars the student loan can be used for gas.

Pay Exam fees

Some courses have special exams. In most cases these exams comes with fees which the student has to pay in order to sit for the exams. If you are taking these exams you can use your student loan to pay those fees. This means you won’t bother your parents to send you cash.

Study abroad

If you have always wished to study abroad, a student loan can be your stepping stone. This is because it will help you cater for your expenses as you study. These loans are provided for in every academic year. This means you won’t face any financial constraints until your final year of study.

Relieves part of the burden for the parents

The student loan reduces the big burden that parents have. This means the parents do not have to cater for everything.

Edgar @ Degrees and Debt

AuthorEdgar @ Degrees and Debt

Founder of Degrees and Debt. Edgar just wrapped up his MS in Project Management with a focus on Information Security Management. Battling back to even from student loans, mortgage and credit card debt is an art Edgar is learning to master. This is his journey.

2 thoughts on “Importance of Students Loans in Your Education

  1. I may be biased here with my $96,000 in student loan debt but student loans aren’t all sunshine. Sure, they can help pay for all those things, but it’s important to borrow wisely and truly understand all the terms of student loans (especially capitalized interest…hindsight is 20/20). Just because you can use student loans to pay for those things, doesn’t mean you should. If borrowing is a must (there are better alternatives), borrow within your means…a good rule of thumb is to borrow no more than 30% of what your expected annual income will be after graduation…just in case you end up like many grads, unable to find work in their field. And while student loans might help reduce the burden on parents, let’s hope they didn’t co-sign for any of those private loans!
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