Borrow Money to Make Money: Student Loans

If you have student loans, then you are probably familiar with the idea of borrowing money to make money. You are borrowing money so that you can get a college degree. You do this with the hope that you will be able to get a good job (because you borrowed this money) and then make more money. This is a great thing for some people, but it doesn’t work for everyone.

If you currently have student loans, are paying off student loans, or are thinking about getting student loans, you should take a minute to learn about the new student loan laws. This article, https://yourfinancessimplified.com/are-the-new-student-loan-payment-plans-good-for-you/, explains everything you need to know.

While these new laws might benefit you, they still don’t answer the question: Are student loans the best option for you?

If you aren’t sure, check out all of the articles listed here. However, if the answer, for you, is no, check out the first three articles.

Young Adult Finances

Over at Young Adult Finances, you can learn about different ways to avoid student loans if you decide that you don’t want to go into debt.

Student Debt Survivor

Student Debt Survivor gives you even more common sense ways to avoid having to take out student loans.

Barbara Friedberg Personal Finance

At Barbara Friedberg Personal Finance, you will find five more reasons to avoid student loans as well as three reasons to stop and consider them before you sign on the dotted line.

If the answer is yes (or if you already have student loans), then check these articles.

Everything Finance

At Everything Finance, you can read more about the new student loan laws, and you can see if you quality under the new laws.

The College Investor

At the College Investor, you can learn different ways to help “survive” your student loans. You’ll find a number of tips that you might not have considered before.

Life and My Finances

Finally, over at Life and My Finances, you can start to decide when you want to pay off your loans. Some people advocate paying them off quickly (as suggested in this article) while some people advocate paying the minimum. Take a look to see which option is right for you.

And You?

What do you think about these new student loan laws? Do you have student loans, why or why not? If you do, what do you do to keep your payments manageable?

 

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12 comments

  • Derek /

    Thanks for the mention! When it comes to student loans, I definitely advocate never having them to begin with! Yes, it is possible – in fact, I even wrote a book about it! “The Debt Free Degree”, which is free for any new subscriber. 🙂

  • New student loan laws aren’t really going to affect us because we’re just going to pay ours off as fast as possible this year.

  • Thanks for mentioning the site. I always encourage students to avoid student loans completely, if possible. If you do have to take out student loans take them in the smallest amounts possible and pay them off aggressively as soon as you graduate.

  • That’s great advice! Too many people get way too much student loan and can’t get a job to justify it.

  • Lance,

    What are your student loan interest rates? I was lucky enough to get a 3.25% interest rate and it’s very hard for me to pay them off b/c of that. I can make so much more investing the money elsewhere.

  • Never having them is definitely good, that’s why we are paying for our child’s education. However, some people don’t have that luxury.

  • Thanks for the mention this week!

  • Thanks for the mention Dominique! Appreciate it.

  • It’s a good idea to keep borrowing to a minimum. Try to work, save, apply for scholarships and live cheaply while in college 🙂

  • I would throw graduating on time
    In there as well! When a kid takes 6 years to finish their degree, the dollars really add up!

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