5 Reasons to Get a Student Loan If You Can’t Afford College 3

If you’re like me – wondering if you should get a student loan if you can’t afford college – check out these five reasons to borrow money from the government or a bank (private loan).

Wait a minute – I revised, rewrote, and reposted this article!  Now it’s here:

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College Students: 5 Reasons to Embrace Student Loan Debt

And it’s much better.

The rest of this article is just my random thoughts about student loans and not being able to afford college. It’s a bit of an embarrassment, really. I should get rid of it, but Google doesn’t like broken links…so here it stays!

If you haven’t clicked over to my fresh new article yet, read How to Pay for College – 10 Ways to Cut College Costs. It’s awesome – it’s my most popular article on my New Beginnings blog.

Here’s an interesting way to get money for school – if you’re really, really opposed to getting a student loan:

“Send your family and friends your high school graduation invitations, along with a letter explaining your college intentions,” say the writers of 101 Ways to Pay for College. “They may just send you contributions to your college fund.”

My family has no money, so sending a letter asking for money for university would’ve been a waste of time and stamps.

Here’s another option to consider if you’re opposed to student loans: Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching off My Parents is a bestselling book on Amazon – probably because Zac isn’t struggling to pay back his student loans! Might be worth a peek.

5 Reasons to Get a Student Loan If You Can’t Afford College

I took student loans out for both my university degrees, which I earned years apart. I don’t regret either loan (probably because I’m naturally frugal because my family has no money!).

Now you’ve come to the end of my random rambling article about student loans and not being able to afford college! Scroll back up and click to go to the real article. You won’t regret it. Trust me.

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3 thoughts on “5 Reasons to Get a Student Loan If You Can’t Afford College

  • Laurie Pawlik-Kienlen Post author

    I second Bruce’s advice! I think having cash in hand is better than spending it on a college education – though college is a great investment. Getting a student loan is the best route because it’s “good debt.”

    Building your credit is one of the best reasons to get a student loan. If you want to start a business or get a mortgage, you’ll be glad for a strong credit rating.

    If you give your money to someone to hold (someone you trust!!) while you get a student loan, make sure you have everything in writing, signed by both parties.

  • Bruce

    Rob, I was in the same boat. At 24 I decided to upgrade my high school math, sciences and English so I could go to University. I had several thousand dollars saved from previous years working but did not want to use this money. I was not eligible for a loan if I kept the money in my account so I gave it to my mother to hold for me. I maxed out my loans all through Uni and graduated with around 25k in debt. I got back my money from my mother and started to pay down my debt. I was fortunate that I got a good job right after graduation and I paid it back in two years. the economy was not too good at the time so I was scared I may not have a full time job for long which prompted me to get out of debt as quick as possible.

    In hindsight, I think I did the right thing because I had a cushion of money immediately after graduating that relieved the stress of starting life after school. If I didn’t have a secure person to give the money to I would not have been willing to give my money away which I needed to in order to get the loan. And it needed to be out of my reach else i might have found an excuse to spend it! Other people I knew purchased items that they thought would be useful like furniture for their apartment.

    So, yes Ron, hold your money tight until you graduate then use it very wisely.

  • Robby D.

    Hi Laurie,

    Thanks for this article. I’m a 26 year old guy, going back to college after six years out. I saved up enough money to pay my way through college, but wonder if I should get a student loan? It’s not that I can’t afford to pay for college. I just wonder if I should keep my money liquid and not spend it on tuition and books.

    What do you think?