Let’s say you are stuck in a rut right now. On one hand, you have forceful folks on and off-campus telling you to borrow as much money for tuition as you can right now and pay them after college. On the other hand, you have those advising you to study part time while working part time.
Let’s first look at the ups and downs before making a decision:
A student loan is a financial tool that more and more students are using. The upside is that you can focus on studying instead of working to finance your tuition fee. The downside is that you get saddled with mounting interest that you may be able to handle if you cannot get a decent job to match the loans.
Then there is working part time. The upside is that you need not worry about interest rates dragging you down in the future. The downside is that you will take significantly more time to finish your degree while the stress of work could affect your academic performance.
Now that you know the ups and downs of both financial tools for you to get a degree, you then have to answer the following questions:
- Will your degree land you in a high paying job?
- Are the jobs in your field in demand?
- Is the coursework demanding?
- Is the college’s cost-of-education expensive?
If you said yes to most of these questions, then a student loan is a great way to help you land a good job faster while completely focusing on your studies. If you answered no to most of these questions, then you can afford to get a degree while working part-time and avoid having to pay some pretty painful interest charges.
If you cannot answer these questions right away, then you absolutely have to learn more about your education. The prospective jobs available, the pay you can expect to receive, the commitment involved in the course and even the total expenses you need to shoulder are the very basics you need to learn about.
Keep all this in mind before you slap yourself with a ton of student loans or lock yourself into a part-time job for the next several years.