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Why Do Students Need Loan?

A critical tool for having a secure career is to have higher education. For this, you are supposed to attend a college. Obtaining a college degree is quite an expensive affair. Many people say; that without obtaining a loan it is almost impossible to complete your degree course.


Few, students not only take one loans, but multiple loans. This is because the expenses are almost impossible to avoid. Following is an average expense of a college student:


  • The tuition fee and campus room rent and boarding fee varies from $5,300 to $6,700.


  • Almost 20% of the students decide to live in the campus. So, their expenses are more, as almost everything has to be managed by them alone. All the food expenses and other expenses are not included in the above mentioned cost.


  • The average cost of books and stationary every year accounts for $727-$807. The laboratory fee, library fee and computer fee are additional charges to be borne by a student.


  • Then, you can’t be all the time locked in the room with your books. The cost of clothes, lunch and dinner with friends, a date and other miscellaneous expenses are also to be borne by a student.


All, these above mentioned facts, make it inevitable for college students, to complete their degree, without availing the student loan. Even, if you are awarded with a scholarship, it would just account for tuition fee and boarding expenses in few cases. All the other expenses are to borne by you only.


As per a survey, by NPSAS, the National Post Secondary Student Aid Study, on an average student loans are clocking at $19237. This confirms that it is very important to go in for student loans. But, before you avail these loans, always keep this in mind that more the amount, the more has to be paid.


As, the college degree is very expensive, there are many organizations which aids in financing the student education plans. There are three sorts of financial aids, available for a student. You can choose, as per your convenience and choice.

  • Scholarships, which are not to be repaid
  • Repayable loans
  • Work-study program.


Scholarships are awarded by the universities or some organizations. They are awarded for the outstanding performance in a particular subject. These, scholarships are not required to be repaid. Repayable loans can be obtained from many banks and organization, which offer financial aids. These, loans are offered for a stipulated time and at a fixed rate of interest. Works-study programs re much sought after plan. Here, you are supposed to work with a company till the repayment of the amount of the loan. It is generally, a campus based job to make it easy for the students.


But, whatever option you may choose, be very careful about it. Go slow in deciding about the way of obtaining the loan to make your life relaxed. One wrong decision, will affect your academic performance, because you will never have your piece of mind.



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