Being a student is never easy – it will take a big step to finish this big part of your life. Many would do anything to sustain this kind of challenge, while on the other hand, there are also people who just give it up because the challenge seems too much for them to handle. Student loans are one of the solutions that many use to survive. It is a loans offered to aspiring students which is used to pay off the education expenses such as textbooks, tuition, room and board at the university.
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Many of these loans are offered to students at a lower interest rate, such as the Perkins Loan or Stafford Loan. In an overall situation, students are not required to pay back these loans until after they have finished their degree. Many countries in the world are offering this kind of service to give a hand for those who are in need.
 The advantage of a student loan is that a student is not required to be able to re-pay the loan until after graduation, and may even defer the repayment while seeking employment, and becoming financially stable. But the case would be different if a student took a private student loan or paid with another loan method like a credit card. Indeed, there is a need to pay for the loan and interest, regardless of the load type, but a student loan come with certain benefits that other loans do not. Other private loans may require the student to begin making monthly payment immediately, with no possibility of deferment.
But we always know that a coin has its two side; if there are advantage there are also disadvantages of a student loan. First, some students use the loan but donât actually finish their degree, and some students have landed in jobs that donât pay well enough to repay the debt. Lastly, Student Loan can be formidable for a young person to get out of a debt for a long period of time. Some people have a student loan for 20 to 30 years after graduating from college.
