Student Loans at Eckerd College (or any college) : Pros and Cons

By Amanda C Starling on January 9, 2013


Franklin Templeton Building (PEL)

Although there are some very fortunate students out there who have either received a full ride to their top choice school or have parents who can send them on their dime, around half of students across the country have to rely on some type of debt building assistance. Student loans pile up by the thousands for many of us. Even though we can’t wait to graduate, the debt that awaits most of us is not something we’re looking forward to.

Let’s begin with the bad news. The Cons: Really only one, re-payment. Most students pay for years after obtaining a degree, sometimes decades. Especially when going on for Masters and Doctoral degree, student loans can end up at or near the six digit range. That’s a scary thought for most of us.

Photo credit Eckerd College Website

There is good news though. The Pros (and there’s a lot more pros than cons): Federal Student Loans are fairly easy to get (in my experience anyway), and the Financial Aid Office at Eckerd College is very helpful. I was even a little bit last minute (which I do NOT recommend) in lining up my loan before my first semester at Eckerd. The Financial Aid Department helped me through each step of the process and helped me get everything taken care of in time. Now, it’s as easy as going online and reapplying each year.

Other benefits of taking student loans versus credit cards or another type of debt: Credit cards carry high interest rates and you need to begin paying them back almost immediately. Federal loans defer your payments until you’re no longer attending (whether you quit or graduate). Student loans also carry reasonable interest rates for the most part. Loans can be used to pay the difference between the cost of tuition and any scholarships or other aid you receive. You can also use them for living and travel expenses, or things you might need for school like a lap top or computer program. This enables you to focus on school without many distractions.

Unless you’re able to pay for your education out of pocket, student loans are a really good option.

 

 

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