If you want to earn a lot, build a home, and have a happy family, you’d better have a university or college degree – that’s the truth almost everyone has lived with for their entire lives. But the academic degree isn’t that easy to obtain: it costs money, and if you don’t have them, your chances of entering the best or moderately good institutions in the USA or other countries are low. So, there are some pitfalls that can make your choice to take a student loan quite a bad idea.
How student debt makes it harder to study
Many of the greatest writers and scientists had some issues with money when they started, so it’s not exactly a secret that you may need a loan to have formal education. Despite most hopes, a student loan doesn’t necessarily improve your quality of studying and give you some free time to spend on learning.
- It requires saving money while studying and even covering extra jobs. Because you’ll have to pay for your debt, you may need to set aside your assignment or an essay for the next day and dedicate a few hours to working in a cafe, bookshop, or other place and providing service to the visitors. As a result, it can require you to double your efforts to get to the top.
- If you study longer, you have to pay more. Even a Bachelor’s degree is expensive to pay, and if you want to have a Master’s diploma to become an even better expert in your dream field, the payment can become even higher.
- It can worsen grades and academic performance. Focused on the need to pay for your debt and being stressed about it, you can find yourself falling behind your peers, thinking about writing a few essays from scratch until tomorrow. It may be hard to do so in the environment where you have to work and not get other loans while also having to pay for textbooks, other study supplies, and food and housing.
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Economic damage of a student loan
The problems associated with the student loan have the most long-term consequences in the economic perspective and can affect all spheres related to your earning. For example, it decreases the chances of having earnings for decades. When you have to pay for your student loan for years, you cannot buy a car, home, or pay for many trips because it has a significant toll on your earnings. Student loans are never cheap, and you may need help from your family and parents long after you’ve graduated. Even more, because today’s debts are much higher, many students cannot even rent an apartment. With so many issues and demands, people can finish paying their debts more than two decades after they took it. What is worse, it lowers your credit score. If you research the information online, you may learn that many people write about how student loans had a really negative impact on their credit history. It can even have such a huge role that other companies can become unwilling to work with you and lend you money on other important things.
Student loans can also damage your professional growth. Unexpected, isn’t it? Well, truth be told, when the company you apply for conducts a review on you, it can also start researching your credit history. Even if it’s just student debt, they will pay attention to your ability to pay on time, so even the smallest mistakes you make as a student without much power to influence that will be written on paper for them to investigate. Sometimes it can influence the employer’s desire to hire you. Furthermore, if you don’t pay on time, student debt can take away your money. Let’s say that you’re established in life and have a stable job and try to pay for services and goods necessary. If you fail to pay for your loan, you can have your money deducted straight from your salary in order to compensate for it. Unfortunately, the possibilities of finding an assistance program to discharge your debt are very scarce.
Quality of life and student loan
Taking a student loan can have a massive impact on your happiness and quality of life. Even if you’ve handled your financial situation, you can face several issues because of the multidimensional consequences it can have on your living.
- Severe dependence on a salary. After you graduate from a university, you probably won’t immediately gain enough money to pay for all utilities, home, and a family if you plan to start it. As a result, you can become very dependent on your income and may need to do odd jobs and set aside that dream of becoming a famous writer, traveler, or anyone else you’ve ever dreamt to be until you can afford being more creative with your career.
- Due to an inability to pay for a debt, people can work longer. If you’re tired of seeing that annoying customer who keeps making you exhausted after one dialogue every day, imagine doing that for many years without the ability to change your job or retire because you can’t repay your loan.
- It causes a higher level of stress and develops chronic conditions. In many health reviews, people who had issues in paying for their debt admitted having more problems with headaches, exhaustion, and other conditions caused by overworking. Even those who had a stable income often mentioned that the fear of not paying for a debt made them stressed.
It’s up to you to decide whether or not to get a loan
The negative side of a student loan is evident, so before you decide to fill in those papers, think about if that’s all worth it. Many students become trapped into a false belief that they necessarily need a specific well-known college to succeed in life, but for most situations, it’s about prestige, not knowledge. Before you make a final choice, reflect on it. If you decide to get a loan, make sure you have a custom plan with specific payment goals. In this case, planning can help you pay your debt, so spend some time analyzing your options.
