Student Loans - Are They Really Worth It?

Paying for College
1

<p>Hello all,</p>

<p>I am in my second year of undergrad and I have no student loans to date. I have paid for my schooling with my savings and scholarships. I really want to do a study abroad this summer, but that would mean I would have to take a loan of $5000 - $7000. Is it worth it? I contemplated staying home and working this summer to save money, but best case scenario, I would be able to make about $5000, which wouldn't even cover all the costs of studying abroad. Is it wise to take out a loan nowadays, with the poor economy at all? Any advice/thoughts are greatly appreciated.</p>

2

<p>IMO- yes it’s absolutely worth it. If this was $5k on top of $30k or so, then I might suggest differently. However, studying abroad is a wonderful investment in your future and just a wonderful experience. It’s something that I hope many students can experience and if you can do it without adding <em>too</em> much debt, then jump at the chance! Especially if it is Stafford loans. </p>

<p>With that said, make sure that taking Stafford loans for the summer won’t affect your aid for the following year.</p>