One thing that’s hard to deny is that if you get an accredited college degree, you should make more money. There are always exceptions. You might do something like become a truck driver. That requires no college degree, and you can make a pretty decent salary.

For the most part, though, more education equals more money, and a college degree is part of what gets you there. You may feel like you have the aptitude to graduate from college as you get close to finishing high school. But what if you don’t have relatives that can help you with the cost, assuming you can get into a university?

You can always look into scholarships, but aside from that, student loans are probably the most attractive option. Are they worth it? Let’s examine that question in detail right now.

College Opens Up Doors for You

Students about to graduate from high school need to think about their future. It’s one thing if you have parents with unlimited resources. Getting them to pay for your schooling should be easy enough if you’re in that position.

If that happens, you might get a degree that allows you to work in IT. You can learn about identity management and all other features of this modern field. You could also get a degree that allows you to get into the medical field, practice law, or some other area with plentiful jobs and high salaries.

The point is that without a college degree, those opportunities simply aren’t there. If you want to get into certain niches, you have to go to college, so you might be willing to look into student loans for that reason. It’s all about what job you envision for yourself as you progress further into adulthood.

Student Loans Mean Taking on Adult Responsibilities

Student loan forgiveness is definitely in the news a lot lately. That is because of the pandemic, which has made it harder than ever for millions of individuals with student loans to pay on time.

President Biden has pushed back student loan payments again, so anyone who has those bills can breathe an audible sigh of relief, at least until May of 2022. However, you should understand that those deferments apply only to loans the federal government issued. Those who received student loans from private companies still have to pay.

The reason this matters is that if you’re going to take on student loans to cover your continued education, you must understand that you’re agreeing to a real adult responsibility. Whether you get that loan from the federal government or another source, you will have to pay back the money eventually. That might be anywhere from 10-25 years later, but that day will come around, even if it seems at this moment like it will never come.

Think About What Student Loan Debt Means

College is expensive. The idea is that you take out the student loan, get your degree using that money, and then enter a field that will pay you more. Over time, you can pay off that loan, bit by bit.

It works like that for many people. However, others struggle to get a high-paying job, even if they receive a college degree and enter the field they want. That’s because the cost of living is so high in many cities and states.

What happens is that some people default on their student loans because they simply are not making enough money to pay them back while still covering other necessities, like rent, mortgage payments, utility bills, etc. That is because inflation continues unchecked, but minimum wage remains stagnant. It’s sometimes hard to find jobs that pay an actual living wage, even with that college degree to help you.

Is a Student Loan Worth It?

All of this should not necessarily deter you from getting a student loan if you want to pursue higher learning. It is still probably your best chance to land a job with a higher salary if your relatives or scholarships can’t help you cover tuition.

Still, remember that defaulting on your student loan, if it ever happens, can significantly impact your life. It hurts your credit rating, and the entity that issued the loan can garnish your salary until you pay them back in full.

Weigh your options carefully if you’re about to graduate from high school or you’re an older adult thinking about pursuing your college education.