Can someone tell me the pros and cons of... / myLot

Canada

September 28, 2010 12:46pm CST

Can someon please tell me the pros and cons of student loans? Okay here's what I know... Pro: - cover funds of university and college stuff - it's accessable when you need it Con: - when I hear the word loans I think of interest rates - some people will have a hard time paying it all back - you'll have to wait months till you're approved Can someone else explain to me the ups and downs of this plus how the system works. I know I should be looking off websites and such, but I find it easier when someone else explains it to me in their own terms. ^^

1 response

sakerxfalcon

@sakerxfalcon (109)

• United States

28 Sep 10

Pro: You can get through college I don't really have many pros for this. Con: You have to pay it back, and from personal experience from those in my family: one of my family members has been trying to pay back a loan for over 20 years. Over time the loan gets bigger with interest, and it is almost impossible to pay it back. I'd stick with getting a job, or becoming a volunteer that has a job that really sticks out and is something college officials may be looking for. :]