Money

Are You A Good Candidate For A Student Loan?

Going to university is a very exciting time. Finding yourself at that point in life where you get to chose what you would like to study and pursuing your dream career is a big decision. It’s also an investment that cannot be taken lightly.

A loan is every aspiring student’s go-to solution if they want to pursue a degree. However, this pandemic has changed things for many of us, particularly when it comes to earning money, which is obviously an important aspect to consider before taking out any loan; how you will be able to pay it back.

As you may know, economies across the world plummeted, thanks to the pandemic. Many businesses closed down, numerous people lost their jobs and aside from financial worries, millions lost their lives to the complications caused by this virus. With everything that has happened, education has taken a back seat for some.

Young people have been forced to stay at home and participate in distance learning. While that may have become the norm for those at school, many going into higher education are on the fence about whether that’s the path they want to take. After all, a big part of being at university aside from the education, is student life itself; moving out of home for the first time, having your own independence and making new friends. Something that would be difficult if the country were to go back into lockdown again.

If you are one of these people, you probably have other questions like, should you still continue with your student loan in this pandemic or opt out of higher education while you continue to pay outstanding debts? Should you delay going to university for at least another year?

There’s a lot to take into consideration.

Unfortunately, there is no black and white answer to the questions above.

Every family situation is different and I’m afraid it also comes down to personal choice and circumstances. Some students are able to gracefully navigate through the pandemic because they have wealthy parents or savings to help support them. Others are not so fortunate and may need more financial help aside from a student loan. Learn more about effective ways to manage your student debt here.

It’s useful to know, that aside from a traditional loan, it is possible to get an additional personal loan for students, if you are really struggling. However, I would strongly suggest you explore all other avenues before you resort to this one. The last thing you want is to end up with mountains of debt before you have even started your career.

There are people who are willing to make a lot of lifestyle sacrifices in order to reach their dreams of going to uni. However, just know that it is still possible to apply for a loan even if you are estranged from your parents, for example. If you’re in the UK and looking for more information on student finance, UCAS have a very detailed, helpful post on this.

Hopefully, having all this information and resources will help you make an assessment on which path is right for you. Ultimately, it depends upon you, your circumstances and what you are happy with.

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