Student Loans: The Bad Decisions in Our College Lives

Student loans are one of the main causes of debt in America, and are very harmful to college students’ futures. Did you know that the total estimated loan debt is more than 1 trillion dollars? Getting a student loan is a terrible choice because even after college, it follows you your personal life and makes it much harder, to the point where you will have no choice but to have multiple jobs. Also, even if you have a degree, paying off student loan debt can take a very long time.

Over this time, interest builds up, so at the end you will have to pay off amount of student loans with interest.

Although many students in college think they will be able to pay their loans by the time they get out of college, and that they will be able to live a happy life after they graduate, they’re wrong. Let’s take a quote from the lessons: I was told I would get a fantastic job and wouldn’t have to worry about those loans.

“I graduated a year ago, have the same jobs I had during college, and am deferring most of my $40,000 of loans because I can’t pay the bills.”- Taken from FLVS Lessons.

This person thought that they would have a fantastic life after college, but in the end they were drowned with debt and is barely able to pay his or her bills. This probably led to the person having to get multiple jobs and having to work countless hours every week to barely pay her bills and keep up with the minimum payments.

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Paying off student loans can take a huge chunk of your life out, but time also creates something very deadly: interest.

Interest on student loans almost feels like a tax and will make your amount of debt with student loans even larger because of the amount of money it adds to your loans. The interest rate on student loans for undergraduates is about 4 percent, but for professional degrees, it’s almost a shocking 7 percent! “The majority of “my” student loan debt is a “stupid tax,”…”- Taken from FLVS Lessons. This person’s student loans got even worse because of interest or the “stupid tax” in her words. Although many people think that taking out a student loan is the only way to pay for college, there are so many other choices out there.

Many people could argue that student loans are classified as “good debt” and it is good debt because it’s a good investment in college, right? Wrong, there is no such thing as “good debt”. Student loans will completely ruin your life regardless of whether you earn a college degree or not. Although many people think student loans are mandatory to pay through college, there are many better ways such as scholarships, federal grants, attending an in-state college to save money, keeping an emergency fund, and even budgeting a certain amount of money each month for college. These choices will ensure you stay debt-free throughout college, and you won’t have to waste a big part of your life paying back these loans.

In the final analysis, student loans are just flat out bad choices. Student loans will keep you in debt for a very long time and will make you work much harder than you’re supposed to. You will suffer from paying your bills and monthly expenses while paying minimum payments on your debt. There are many alternatives you could take instead of student loans, and will help you lead a successful future. As long as you avoid student loans and find a way to pay college without going into debt, you will have bright and rich future!