Over 43 million Americans are burdened with student loan debt, totaling about $1.6 trillion. Regardless of these numbers, student loans are still a primary way people pay for college.

In reality, borrowing to pay for college is a huge financial step and can be profitable. But before you take a college loan, you must understand the pros and cons.

In this article, a professional history essay writer from a top essay writing service for students outlines the benefits and disadvantages of obtaining student loans. Let’s consider both sides of this proverbial coin.

Benefits of Student Loans

Taking out loans as a student can help you in several ways. Let’s discuss them in detail.

It Makes Higher Education Attainable

College tuition is so expensive that many students cannot afford to attend. Student loans become the next viable option when there are no scholarships or private college funding.

In 2021-2022, the average college tuition cost was $10,740 for public four-year, in-state, and $27,650 for out-of-state. Even with parental assistance, it’s often impossible to get through college without taking a student loan. This financial aid allows you to acquire quality education which positions you for a successful career.

Student Loans Can Pay for Other College Essentials

In addition to tuition, room, and transportation, you’ll need money for textbooks, certain gadgets, and computer software. Student loans make it easy to pay for relevant stuff that helps you perform better in college.

Sometimes, you will need money to get extra academic help. You can pay for a do my essays for me service when you’re loaded with assignments.

The cost of college exceeds tuition, food, and rent. Having extra money to sort out other lesser college expenses is very important.

It Offers Fixed Interest Rates

Student loans are highly attractive because of their interest rates. Federal loans especially offer interest rates that do not change throughout the loan’s lifetime.

Taking a student loan frees you from stressing over incremental or accumulated interests. Students who take these loans are protected from a sudden hike in interest rates or monthly payments.

Sometimes, the government pays off the interest to make it less burdensome. Fixed-rate loans will help you get through college and are easier to pay off after graduation.

Student Loans Help to Build Credit

Another benefit of student loans is that it helps college students to develop their credit history. An excellent credit score shows how you use a student loan and keep up with your monthly payments.

When you keep up with monthly loan payments, it helps to boost your credit scores. It’s also essential when applying for jobs, mortgages, or credit cards later in life.

Disadvantages of Student Loans

Unfortunately, student loans have their fair share of disadvantages. Let’s examine the cons of student loans.

Student Loans Can Be Expensive

Student loans are generally expensive because when you take a loan, you must refund the amount you borrowed plus interest. Federal loans carry lower fixed interest, while private loans offer variable interest.

Despite low-interest rates, American college graduates find it hard to repay their debts. Most students will take student loans to afford college and graduate with ease. But if you can pay for college out of your pocket, you should do so.

It Can Lead to a Life of Debt

Taking student loans in college means you will begin life after graduation in debt. Fortunately, a good college degree will earn you a decent life, but it may not service your debts.

As a fresh graduate, you’ll likely face challenges getting a good job. Newer responsibilities will arise after college: more bills, marriage, and kids. This can make it harder to pay your student loans.

If you don’t pay extra attention, you can spend many years paying off student loans. To avoid a life in debt, you should only take a few student loans in school.

It Can Lower Credit Scores

Student loans are not a bad idea, but it is a huge responsibility. If you don’t manage your student loans well or keep defaulting on monthly loan payments, it can damage your credit score.

A low credit score can also cripple you financially. You’ll have to pay more to get credit cards and other kinds of loans. It can also get in the way of getting a good job.

Paying Off Student Loans Can Hinder Other Life Goals

Loans can also stand in the way of your financial aspirations. With more student loans than you can manage, you’ll become limited in making better decisions for yourself and your family.

Student loan providers can penalize you for missing payments through added fees, interest, or wages. The burden of paying off loans can also restrict your ability to get more out of life.


As we’ve said, borrowing money to pay for school isn’t bad. In fact, many Americans have leveraged student loans to get college degrees. And these degrees have opened doors to better opportunities and stable careers.

However, taking student loans to pay for college should be the last resort when you don’t have financial aid from parents or scholarships. Also, note that these loans come with interest – private loans have higher interest rates than federal loans.

Still, limit the amount you borrow by cutting down on unnecessary expenses. Taking fewer student loans also makes it easy to pay off after graduation.


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