Student loans should be used by only those who require this financial assistance.
The financial help a new full-time student can get depends on the course, where they live while they are studying, and their individual circumstances.
Committing yourself to debt is an important decision to make, and students should not see this as free money when they go to university, or an excuse not to get a part-time job during their studies. Many individuals have no choice but to opt for the student loan route, due to lack of help from parents, lack of savings or lack of employment during their studies. In this case, taking out a student loan may be the best option for these individuals. However, if you are in a position to plod on without taking out this loan, or getting involved with apparently cheap credit cards, then it is advised that you do so.
It is only when you reach a certain level of earnings that you have to start paying back your student loan, but this should be a warning to all students out there. As graduates struggle to find well paid jobs and get a foot on the housing ladder, the last thing you really need is to be hit with debt repayments to the student loans company when you start to earn.
The best advice is to be sensible. If parents can help you, then take it. In the long term it is worthwhile not to be burdened with the repayments. However if you do need this financial assistance then go for it, but ensure that you are prepared for the future implications on your earnings once you reach the threshold.
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Great post. Students should learn to manage their debt effectively and parents are also responsible to educate their kids about how to manage their finances.
Students are the future for tommorrow and should embark on ways to save and leave the rest for parents to see them through.
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