The Pros And Cons Of Student Loans

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Understanding the basic fundamentals of how to manage your money at a young age can prevent financial mistakes that may haunt you for many years to come. Financial learning tools such as EverFi are beneficial in creating a proactive approach to lifelong financial success. If at all possible, avoid taking out any form of student loan. Student loans carry much more negative aspects than they do positive. Also, strive to find the college that best fits your needs and has the specific major that you are trying to pursue. Additionally, finding a job that is and always will be in high demand is an intelligent idea. Throughout Everfi, I have learned to not take out student loans, avoid debt, and pursue a career that best fits you and your abilities. …show more content…
Student loans are beneficial only in certain situations where it would be impossible to obtain a degree without the help of some form of financial aid. When a person who would not be able to acquire a college degree, because of their financial situation, is able to with the help of a student loan than this is a valuable thing. However, there are far more disadvantages than advantages to student loans. The biggest disadvantage being that the student loan carries interest. Not only will you have to pay back the amount of the loan, but you will also have to pay back the interest gained on the loan. Another disadvantage is that you will be paying back your large sum of student loan debt for many years to come. Getting into debt at a very early age may shift your mindset from pursuing the career that you want to solely focusing on how to repay your student loan debt. Students will sacrifice long term growth in his or her career for short term financial benefits in efforts to pay back their