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Why You (Probably) Shouldn’t Take out Loans for College

Why You (Probably) Shouldn’t Take out Loans for College

student loan
    School loans can seem like a good idea on the surface – they allow you to go to school without working a job, focus on your studies, and usually have a low interest rate which often doesn’t kick in till after you’ve graduated. But frequently the math just doesn’t add up.

    Sometimes, students take out loans without thinking about the fact that they will, eventually, have to pay them back! College loans are bad in the same way living on credit is bad: it may seem like a good idea at the time, but it’s impossible to know what the future holds and if you’ll be in a better position to repay the loans in a few years than you are now.

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    Calculated Risk

    That’s not to say there aren’t any scenarios in which using loans to finance your education is an ok option. When seriously considering taking out school loans, it’s crucial that you objectively weigh the potential outcomes of the decision. For example, what will your earning power be with your desired degree? There’s no way of knowing for sure what job you’ll get – or that you’ll get a job right out of college – but some industries will automatically pay better than others. Getting loans for an education that won’t pay well once you’re done with school is not usually a wise choice.

    Another scenario is to consider the school you’ll be attending. Some schools – like Ivy Leagues or some private schools – carry a high price tag but also provide their graduates with high job placement rates, high earning potential, and a network of people to help them through their career. In these situations the benefits of such an education may outweigh the risks or detriments of taking out loans.

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    Put Yourself Through School

    If you won’t be getting any help from your family, and it’s up to you to foot the bill for college be sure to exhaust all your options before looking to loans. There are a plethora of scholarships out there – check with governmental and local organizations to see what you can qualify for. Also look at Fastweb.com for a list of smaller and sometimes obscure scholarships that are worth entering. Your high school and college should also be a good resource for finding scholarships.

    Working to put yourself though school isn’t fun, but it can be done. There are the “typical” college jobs like bartender or barista but also check into jobs that provide a higher return both money-wise and career-wise. It’s possible to get a jump start on building your resume while still in college – jobs in professional fields typically pay more plus they can give you the experience you need to get a leg up when job hunting after college. Looking for jobs within your school is a good place to start to ensure that they’ll be able to accommodate your school schedule. Positions like marketing assistant, research assistant, lab assistants and so forth may be available on your campus.

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    And there’s also the option to work as a self-employed contractor. If you want to beef up your writing portfolio, look for freelance writing gigs. Fields like web development, graphic design, fact checking and research are also other areas that can be a good fit for a student. Craigslist is a valuable source for this type of work, but again use all the resources that your school provides.

    Getting through school debt-free may require a bit of creativity but it’s a very viable option and you’ll have much more to look forward to once you’re done besides paying down school loans!

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    Last Updated on August 15, 2018

    30 Fun Things You Can Do This Summer Without Spending Much

    30 Fun Things You Can Do This Summer Without Spending Much

    Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

    Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

    Video Summary

    1. Visit a strawberry festival

    Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

    2. Have a picnic

    Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

    3. Camp in your back yard

      The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

      4. Take long walks

      Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

      5. Break a world record

      Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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      6. Go on a bike ride

      The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

      7. Join a gym class

        The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

        8. Find a new hobby

        The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

        9. Join a sports team

        Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

        10. Make a slip ‘n slide

          Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

          11. Make a treasure hunt for your kids

          Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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          12. Visit a free festival

          Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

          13. Visit the zoo

            Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

            14. Take a road trip

            Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

            15. Play ultimate frisbee in the park

              Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

              16. Make your own ice cream

              Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

              17. Invite your neighbors over for a BBQ

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                When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

                18. Get a summer job

                For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

                19. Attend a charity event

                Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

                20. Visit a national park

                National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

                21. Visit your local comedy club

                  Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                  22. Make your own hammock

                    Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                    23. Read in your new hammock

                    Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                    24. Watch a movie outside

                    Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                    25. Take a hike

                      Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                      26. Learn how to fly a kite

                      As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                      27. Work out at the park

                      American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                      28. Take your dog to the beach

                        One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                        29. Make a summer smoothie

                        Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                        30. Attend a free yoga session at the beach

                        No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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