Question

Student Loan. Is it worth it? why or why not be creative thought how does it affect student when they graduated with a student loan

Answer 1

Answer:

A student loan is money taken from the government or a private lender to pay for college fees.With increasing interest over time, the loan has to be repaid later. The money will sometimes be used for tuition, room and board, books or alternative fees.

Let's be clear: student loans are different than scholarships and grants.The loan has to be repaid (as long as you get a share of the loan, it is forgiven if you are not one of the lucky ones, but Scholarships and grants, on the other hand, do not require repayment, Student loans are different from work-study programs, where students are paid to work on campus.

If you need income to go to school, taking out a student loan can be a good idea. Paying off a student loan debt can be painful, but it can be really rewarding in the long run.Many students do not start college with a credit card, but they do have a student loan.These loans give you the opportunity to create a credit history with a credit bureau, which shows lenders that you are a responsible borrower.

It affects student in many different ways when they graduate with a student loan.In every students case this situation may have a different senario.In some cases it would be difficult for students to repay loans, and for some, it will be easy going.

Typically, a student loan from banks or financial institutes have generous grace period of 6 months between graduation and 1st installment date.Six months is seen as a sufficient period to find a job for a new graduates and get their financial downtime in a row.

But in some cases these 6 months might pass quickly, and leaving some graduates still unemployed.In this situation student may face financial physical and mental ups n down.They may struggle to clear their debt soon as possible.On the other hand, if student got a job before or during these 6 months, they will be able to repay their debt and its monthly EMIs timely.