Students And Money Management: Do You Really Need A Student Loan?

Recently, student loan is one of the hottest topics that has been on the table for a debate not only by the students but also by their parents as well as the politicians.

The government has raised tuition fees in the universities and colleges, and the students don’t want to pay “more than necessary” for a piece of paper they will receive at the end of their four years in the university.

On the other hands, parents, especially those on low income, don’t want to see their children end up with a huge debt at the end of their University education, as many graduates will surely struggle to be able to pay their student loans back.

Student loan and expensive education

But the funniest part of this is that many of our so-called decision makers had their University education virtually on a free.

And today, this same piece of paper (worthless in some cases) is so expensive to purchase and subsequently most Universities are pricing themselves out of the reach of students from poor or low income families.

Then there is this question I have been asking myself for years and it has been seriously bothering me since the introduction of the new tuition fees.

Expensive education, does it really worth it?

Does a university degree actually worth spending such a huge amount of money and time on?

If you think education is expensive, try ignorance – Bok, Derek

Oh yah, I know some of you guys out there will say yes! Of course it’s worth it in rare occasions. By this, I meant to say it’s worth it if at the end of the day you are able to get a good job with a better salary.

But nowadays, this is not always the case because many of the university graduates can only get a job at grocery stores and supermarkets like Asda, Tesco and others as sales staff.

If you applied for a better job (supposedly in line with your degree), the response will put you off when they asked for the experience you have got. Then I ask myself, how do I get that so-called experience when I couldn’t even get a place to work?

How do you spend your student loan?

Another pressing issue is student money management and what students spend their loans on.

During my university years, I remember most of the guys and girls in my dorm ‘re always on a “shopping spree” as soon as their student loan comes in.

In fact, there was this young lady in my class that usually dresses to kill and the whole class would go “wow” as soon as she entered the class.

It is very important for students to always check what they spend on clothing because university is not a “New York or London fashion show” where you would have to dress to impress.

So how useful is student loan?

To be honest, student loan is a good and helpful means of financing higher education if well used by the recipients. Because of the present state of the economy, students need to try to properly manage their student loan by spending it on the necessities.

Considering the fact that you are required to pay your student loans back after your graduation, there is the need for students to be more prudent with their money as well as to be serious with their studies.

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