Student loans are money borrowed from the government, it is a form of debt expected to be paid back later.
There are many reasons why people borrow money – some are good reasons, and some are not. You could borrow money if you want to get an expensive item that is part of your long term plan. Using this money to fund your education is a great achievement, in that, there is a source for payback.
Few other options for financing college that doesn’t come with this burden are through work-study programs, Financial aid, scholarships, and grants. are all sources of money that aren’t loans. These types of funding don’t have to be repaid.
How Can I Get Funding for My Studies?
Some alternative that doesn’t involve student loanings are;
- Savings
- Getting a part-time job
- Study grant
- Host a fundraiser for studies
- Parent’s income
- Extended family contributions
- Scholarships
- Work-Study aid