The Pros and Cons of Student Loans

This is the time of year where many students have returned to school, whether it's grade school or college. I remember like it was yesterday when my daughters were in high school. They both were high-achieving students with bright futures ahead. They participated in so many school activities ranging from sports, clubs and community service. Those activities were very important when it came to the college application process. Colleges look for well-rounded students who do more than just get good grades. 

If you have a high schooler, you are most likely in touch with the guidance office along with the college coordinator. They are vital in helping your student understand what goals they have to reach to get to applying for college. In my years of volunteering at the high school. I learned that so many students did not take advantage of the resources that their school was offering. It's a shame, because those staff members have so many helpful tools and advice. 

Many parents often stress over saving money for college. It is not something that every family is able to do. Of course, college is not for everyone. Some students end up entering the working world since college didn't seem like it was a possibility. This is why I will again encourage parents to have their student meet with the college coordinator from their school. They have resources that you didn't know existed. They can assist with applying for scholarships as well as student loans. Is the process easy? No, it's not. It does take some real effort, but you would be surprised by how many people qualify for student loans. You can learn more here. 

Taking out a student loan is a huge responsibility, because obviously it has to be paid back. Student loan debt is something so many adults incur, but the end reward will be well worth it as long as you have a game plan in place. Going into college with a career goal in mind is key. If your student successfully makes it through to obtain their college diploma, they will be able to compete in the job market. Don't think that parent ends when your kid goes off to college, because they still can use your guidance to maneuver through the stages to independent adulthood. 

It is so important to give our kids the gift of financial literacy. Teach them about credit, saving money and investing early on. This will make applying for and paying back a student loan a bit easier. We have a handful of years to go with my youngest in regards to applying for a loan, but thankfully his big sisters and dad have been through the process a number of times. If you are currently dealing with your high school student or adult child looking at taking out a loan, be sure you are there to support them. Believe me, that little bit of support goes a long way.