Student Loan Benefits

Good Essays
It is never wise to take out a loan, even if it is considered by society to be a “good loan”. These “good loans” are student loans and they are anything but good.There are two extremely important things to know about student loans. They will stick with you for the next decade or more of your life and they end up multiplying in cost even as you attempt to pay them off. These two things will affect the rest of your life and not for the better. The average student loan for a bachelor degree takes 21 years to pay off even though you are suppose to pay it off in 10 years according to the arrangement of most student loan contracts. This means in return for gaining four years of education you spend two decades of your life stressing and worrying about…show more content…
This means you are paying an extra $8,600 for an already heavy burden of debt. This is if you manage to pay all your payments on time, which according to statistics 63% of people can’t manage. It is not even guaranteed that you will get your four years of education for the burden you are accepting, since 30% of student loan borrowers end up dropping out of college. Some might say that a student loan is a “good loan”. However, they could not be more wrong. Student loan are one of the most insidious loans because they hide behind the facade of helping you out through a period of your life when you have little to no income. They also have the benefit of a whole society supporting the notion of them. Not to mention the fact that since almost all graduates have one it has become the norm for an American to be seen lugging one around. The only “good” thing student loans have to offer is putting more money in the bank’s pocket. The supposed “good loan” is not so good and weighs heavy on the heart of all who carry it. They are forced to carry it for much longer than they thought
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