Student loan – should I take it?

A student loan is a state-guaranteed loan intended to finance studies. The original purpose of a student loan is to allow you to focus entirely on your studies without worrying about working and graduating on time. Every country has different requirements and advantages on student loan. Even though student loan has multiple benefits, it also scares students. That is why many people wonder if student loan is worth taking.

What are benefits?

There are many benefits to student loan. For example, applying is easy, the interest rate is low, it is easy to qualify and it gives you flexibility. Student loan has also benefit, which you can secure your future with. For example, in terms of investing. You can save a student loan for example to buy a house, or you can invest the loan in funds. In which case you will benefit from the loan even if it is not used for your expenses now. 

So is the student loan worth taking?

Simply put, yes. Usually it is worth taking, but each student decides their situation individually. It is worth using a student loan if there is not enough money or if it is not possible to combine study and work. Many students could make their finances and time easier by raising a loan. 

While a large amount of a student loan sounds daunting, it is not worth the stress. When you get to work after graduation, you can repay your loan quickly and easily. Also, you should  remember that even if you are benefitted to take the student loan, you don’t have to take it. If you feel like it is not for you, you don’t have to withdraw it.

But with all the benefits, it is easy to say that, if you are a student and doubting taking the student loan, just take it and make your student life less stressful moneywise!

Lisa Marie Rusanen