is taking out student loans bad

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Here are three reasons why taking out student loans to pay for college is a bad idea 鈥?and what you can do instead.You’ll have to pay interest. One of the worst things about student loans is the fact that you’ll always pay more than you originally borrowed, thanks to interest.

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  • Why are student loans bad for You?

  • Student loans mean you start out life with debt. If you rely on student loans to pay for college, that means that you will start out your adult life in debt. Sure, that college education might mean that you earn more money over your lifetime than someone with only a high school diploma.

  • Should you take out a student loan?

  • That being said, any time you take out a student loan, you鈥檙e taking a blind risk on something that has potentially serious repercussions for your future. Even though the average amount of debt owed by college students is just shy of $30,000, it鈥檚 not unusual for debt to be much higher.

  • Should you pay off your student loans early or late?

  • This isn鈥檛 a stand-off between the good and the bad; paying off student loans frees you from debt, which is a good thing. But if you need to hold onto your cash for other reasons, it may not be necessary for you to pay off your student loans earlier than necessary.

  • What happens if you don鈥檛 repay your student loans?

  • Falling behind on student loan repayment can lead to delinquency and default. After just graduating from college, you might find yourself living on a modest income. If you have student loan debt on top of that, it could be a bit of a struggle to make those monthly payments.

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