How to Use Student loans responsibly

How to Use Student loans responsibly

Student loans are like snow on the mountains. They come gently, but they pile up and cover everything.

What is a student loan?

A student loan is an education-related debt taken out by a borrower to fund their education at an approved academic institution or training program. It can also be used for non-academic purposes like living costs and maintenance fees. These loans are usually paid back over time with interest charged on outstanding balances. The terms of repayment vary widely between different types of student loans

Here’s how to make the most of your student loans:

  1. How much is it? This might be called “Google” but I believe you shouldn’t trust anyone with important information that could end up costing thousands of dollars, including yourself (think KGB or NSA). Okay Google will do in a pinch, but know what you’re getting into before you apply.
  2. Wait for it… It feels weird to say this as someone who has recently graduated college without any debt, but remember things can always get worse. Taking out tens of thousands of dollars in debt at once doesn’t mean anything if your heart’s desire isn’t worth the debt.
  3. Don’t slack off at college because you’re paying for it. As someone with a ton of student loans I encourage everyone to do the following: Work and save money and then go to college (or find a way to get scholarships). Working will help cover costs that aren’t afforded by scholarships AND help pay back your future student loans.
  4. A popular method among students is to take out private loans, but make sure you know everything about these before you sign on the dotted line. For example my friend thought she was taking out federal undergraduate loans when in fact she was taking out private ones with an interest rate higher than what most banks give out car/home/business loan rates.
  5. While I recommend working while in college, you can also take advantage of one of our favorite post-high school jobs: Military. The military is a great way to make money for future education expenses AND receive an education.
  6. Never be afraid to move back home with your parents after graduation if it’s financially feasible. Just because most twenty-somethings want to carve their own path in the world doesn’t mean that they are financially ready or able to do this. While living at home might not sound like much fun it ensures that nothing bad happens when you’re trying to repay student loans (and maybe earn some extra money by taking on an extra job).
  7. If you’re reading this before thinking about college you shouldn’t be considering it for the sake of partying, which you probably won’t. Instead, think about college as a way to learn skills and go on to own your own business or network in such a way that will help you later down the road (for example getting into politics). It’s easy to get caught up in the social aspects of college, but at the end of the day going into debt might not help if you’re going for this type of career.
  8. Remember that student loans aren’t bad because they can lead to an amazing future down the line. Don’t let anyone tell you otherwise.
  9. This may seem obvious but once again make sure you know exactly how much it is before applying for loans. If you apply for a loan and they tell you the term (length) of repayment, make sure you know exactly what that means.
  10. You can always change your mind. If your current situation allows it, you might be able to go back to school after quitting or taking a break. This is easy with graduate degrees as there’s no penalty, but undergraduate students sometimes pay more money if they go back since the cost is higher than when they first entered college.
  11. Know what jobs are out there before going into debt for them! This ties into the article about how to get an internship. Some majors aren’t nearly as marketable as others so do some digging before you commit yourself to tens of thousands of dollars in debt just because you’re passionate about something.
  12. If you haven’t received a scholarship/grant, don’t be afraid to ask for one! It’s weird that money is available and then it isn’t. Just because a financial aid office turns you down doesn’t mean that you won’t get the rest of your needs covered so don’t give up hope.
  13. Finally, remember not to take out any loans if it means going into debt when things are tight at home. Your family should always come first over anything else in this regard since without them there would be no point in having an education or being able to afford college in the first place.

Student Loans Forgiveness

There have been many questions and concerns on whether the U.S. President, Joe Biden, will “forgive” student loans.

The biggest scam I have ever heard of is student loans. People are tricked into thinking that they are required to take these on, but they are not. They are not even real loans! It is something else entirely.

Of course, the government nor the banks care if you go deep in debt for your education because they don’t have to pay it back. For what possible reason could someone spend their life savings or borrow money from others just so their children can get a better education or find essay writing help? I do not understand this at all.

If one is already willing to do this for their child, then why would they want to burden them with the responsibility of having to pay this off after college? That’s ridiculous! This is not the case for those who do not have children.

I understand that there are countless people in this country who will drop out of college if their student loans aren’t paid for, but this is not a good reason to go into debt. It doesn’t make sense to borrow money from another person or institution just to pay tuition; it can be done without any help!

If one cannot afford college and decides to pursue an education anyway, they should go about it like everyone else: work part-time and save up money. If you want something bad enough, then you will find a way to make it happen without burdening your entire future with debt. So please, seriously consider what is best for you before borrowing any money.

I am not trying to say that the government has a responsibility to pay for everyone’s education, but they can definitely help those who cannot afford it through grants and scholarships. This would be much more beneficial than giving out low-interest student loans which turn into high-interest private loans that no one can afford. It is just not right!

If you already have a large amount of student loan debt, then try your best to eliminate this as soon as possible because it will only hurt you in the long run. Please remember: there are very few instances where borrowing money makes sense.

Can you use student loans for anything?

Using student loans to pay for rent or off campus housing

As a freshman in college, you will most likely be required to live on campus or find a room/apartment near the school. Whether this is a good idea from a financial standpoint is yet to be determined—it depends on factors such as your living arrangements and overall living costs, as well as how much of your expenses are paid for by parents/grant money. In that case, it would make sense to stay off-campus.

However, that’s probably not going to happen. If you’re like most 18 year olds fresh out of high school with no job experience, very little knowledge about personal finance and spending habits, and overwhelming eagerness to move out on your own (plus feeling terribly excited about not having parents breathing down your neck for once), then living on campus is the most reasonable option.

While it can be expensive, there are ways to cut costs (and save hundreds of dollars every month). For instance, you could live in a dormitory which requires the purchase of a meal plan, thus forcing you to eat cafeteria food all year long or spend excessive amounts at overpriced theme restaurants. Or—even better—you could find an off-campus apartment complex filled with other college students who don’t mind splitting certain costs, such as electricity bills and rent payments.

For example: instead of renting an entire house/apt for $800-$1000+ per month (which would cost $8,000-$10,000+ per year), four people might be able to share an apartment (two bedrooms) for $400-$500 per month. That’s $3,600-$4,500 per year—in some cases leaving enough money left over in the budget to cover other costs.

There are also many ways to save on housing even when you’re living alone—or with just one roommate:

$0-100/month

You can live at home for free or next to no cost by making your parents happy. This is probably not going to happen though, so keep reading…

Note that there are 12 months per year and 40 weeks in most academic semesters (excluding summer/winter break)—which means there are 260 days you could potentially rent out. Whether this will be possible depends on how much work you have, the cost of an apartment/room in your area, and whether or not getting a full-time job is practical.

$100-$400/month

If you are struggling to find housing for less than $100 per month, then perhaps you should consider moving out of town—or at least changing your college major so that it doesn’t require four years of schooling. Without any roommates, this would still be impossible because many areas don’t offer affordable rent without utilities included. Often apartments with low rental rates also force residents to sign contracts which entitle the landlord to charge high fees for late payments (and sometimes they can even evict tenants whom reach certain time limits). If you’re determined enough though, you might be able to find something.

$400-$600/month

This is still a stretch and won’t leave enough money for groceries and other necessities, unless you’re willing to live off ramen noodles. You can try negotiating with the landlord or explore cheaper areas of town—but keep in mind that cheap housing usually means cheap apartments built decades ago which have not been renovated since the Reagan administration. Even if the neighborhood seems pretty safe during the day, avoiding it at night might be wise (especially for women). If there are no dangerous elements involved though, spending $500 per month on rent should not be a problem. Note: As mentioned before, roommates always increase your chances of affording an apartment without dealing with a landlord.

$600-$800/month

In some cities, a monthly payment of $600 is actually considered cheap. However, if the apartment complex is not filled with college students and located in a safe neighborhood, it’s probably going to be old—and nothing new will be built for at least another year. It might also have limited parking space and limited outside areas for children. If you aren’t planning on having any kids though (or don’t mind living in the middle of nowhere), then this could work out nicely without much hassle. Keep in mind that leaving your car outside all day might not be wise in small towns where there are no street lamps or security guards who check up on visitors at night. $800 per month should cover rent for a one-bedroom apartment in most safe/decent areas.

$800-$1,000+ per month

You are now living alone in an apartment you can call your own—which means no more annoying roommates to deal with. If the apartment complex is located in a good area and has amenities such as pools, gyms, spas, saunas, security guards which patrol at night (or even 24/7), then $800 per month should be considered cheap if it also includes utilities. Depending on your tastes some of these amenities might not be worth the extra money though. For example: A pool might sound nice until it gets really hot outside and you realize that all of the children constantly screaming while splashing around would annoy just about anyone. If you’re still in college though, it’s probably smart to avoid places which offer many amenities because you probably don’t have time for them. Most of your time will be spent studying or working part-time—which means the only reason why you need an apartment is so that it can provide shelter/privacy while giving you a place to sleep at night (or early morning).

Of course there are many other factors to consider besides size and rental rates when choosing where to live—such as transportation costs, crime rates, how safe the area seems at night, what other types of entertainment are nearby (malls, museums), etc. These variables also change depending on what city/state/country you’re in. There are also health factors which might influence where you live (such as how polluted the air is) and your income can usually affect rent prices too. For example, if you make $20 an hour then $800/month should be cheap for any apartment with limited space but standard utilities—especially if it’s located in a pretty nice neighborhood near good schools, libraries, parks, shopping centers, etc. On the other hand if you’re unemployed or making minimum wage then your options will be far more limited because most of your money is going towards food and basic necessities…which means that saving up enough for rent would take forever unless someone else could pay most of it (like parents).

The U.S. Department of Housing and Urban Development (HUD) is an organization of the United States government which helps low-income families find affordable housing. Their website said that in 2014, 4.7 million low-income households used vouchers/subsidized housing programs to pay for their rent—which means that about 10% of all renting families were helped by this federal program during this year.

If you are planning to use student loans to pay for rent, then it might be worth reading more about HUD and finding out if you meet any income requirements so they can help subsidize your apartment costs.

Using student loans for books

The best thing to do is to get a student loan specifically for your book expenses because they have better repayment conditions than regular loans or personal credit cards for example. Get a subsidized loan while possible, because interest rates will be lower this way. If not , focus on getting an affordable loan with low interest.

Using student loans for living expenses

No matter how many hours you spend studying for exams or what your grades are, there is no denying that the most expensive part of an education at a college or university is tuition. But did you know that it is possible to use student loans to cover living expenses?

Since the last year, public and private colleges and universities across America have been offering more online classes than ever before. And while some students may complain about having to learn from home, they like the idea of not having to pay full tuition.

Some schools offer both online and on-campus options; while some only provide distance learning courses; while some others allow students to apply for grants and scholarships for online classes only. These institutions often provide students with the pros and cons of each type of educational environment, but many do not mention that living expenses can also be paid for using federal student loan money.

Is there anyone who does not know how expensive life in some cities such as Los Angeles can be? Whether you rent an apartment or live at home, there is no getting around food bills, transportation costs or medical fees. And if you are fortunate enough to have a family who will let you move back in for free, are they really going to cover 100% of said necessities? No.

So is it possible to use federal student loans to pay for living expenses? The answer is yes. You will need to apply for a loan that covers education expenses beyond the normal tuition, essay writing help, books and the like. You can also use your student loan to buy a computer or use it as a proof of income. If you are still in high school, make sure to ask your guidance officer how much you can borrow before enrolling at a college or university (they should be able to provide an estimate).

However, if you are already taking classes at one institution but intend on transferring to another that requires you take some online courses as well, then this too counts as more education expenses, and will qualify for more student loans money. Just keep in mind that there is not always enough funding available for every applicant. You may have to wait until someone else graduates or withdraws before it’s your turn again.

The best part of using student loans to pay living expenses is that no payback is required until six months after you graduate or drop out. Some students even get up to a year after they leave school before any money has to be paid back. That is one less thing for you to worry about while dealing with all the other stresses of being a college student!

One more tip: Try borrowing extra money from a family member or a bank in order to pay your living expenses, and then apply that amount toward the loan so it will go away faster. It is also worth mentioning that some parents have been known to take on their child’s federal student loans as part of the repayment plan so their children do not have to deal with them later on, but this is something that should only be done by those who can afford it, since unpaid loans can damage a credit score.

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