Student Loan Pros And Cons

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Every year students borrow money from banks to attend the university or college that they choose. The average student loan debt for the graduating Class of 2016 was $37,172 this year. (Studentloanhero,np). In 2016, the amount of students with loan debts was 44.2 million students. That's $1.41 trillion in student loan debts in 2016. Many students aren't taking the opportunities to receive free money for their college tuitions. Students should focus on graduating school debt free. Students need to take opportunities to receive money for their tuition like applying for more scholarships and grants, getting a part-time job, and saving up for college at a younger age. $2.9 billion in scholarships goes unclaimed every year. That means that students aren't taking the opportunity to receive that free money. (Hoyt,np). The U.S. Department of Education hands out $46 billion in scholarships, and $3.3 billion come from private sources such as from individuals, foundations, corporations. (Bar,np). Students who aren't using this money, are practically making their college life more difficult for themsleves. You are not limited to one scholarship because there are different types of scholarships. Each type of scholarship is awarded to students for certain purposes, for example academics, sports, community service, and etc. This gives anyone an…show more content…
Students could start to save up for college at young age and set that money in a bank account that offers the best interest. This sinking fund can earn a good amount of money if you set it in a good bank account. Many kids don't think about their future and don't plan how they can make it easier on themselves. Over the years that money could start to stack up and it will earn money on its own. You could possibly save up enough money to pay your whole college tuition before you even enter your school, but this also depends on the school that you’ll be
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