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    Should I do a student loan if I don’t need to?

    Getting a masters and pay off this semester in full…

    Should I do a student loan if I could cover tuition now?

    I don’t have a lot of savings but my job recently I get decent money so I could cover the cost of each semester as I take it

    But is it smarter to do a loan???

    Should I do a student loan if I don’t need to?
    byu/BackgroundStatus7962 inStudentLoans



    Posted by BackgroundStatus7962

    11 Comments

    2. Dontmindmejustsearch on

      Pending on your overall personal finances without knowing nothing else about your situation I wouldn’t get a loan and cash flow it if you can. If you don’t need to go into debt don’t do it. I’d recommend listening to the Dave Ramsey or the Money guy show for their perspectives on this.

    3. ancj9418 on

      You shouldn’t take out a loan unless you need one. If you can cover the cost of each semester through your job, then you probably don’t need to take out loans.

    4. horsebycommittee on

      No. Why would you pay an origination fee and interest to borrow money that you don’t need to borrow?

      If you run into trouble with your job/income later in the semester and end up needing to take out a loan, you can still do that, just talk to your school’s financial aid office.

    5. Fun-District-8209 on

      The answer to “should I get a loan if I don’t need one” is always no until you know why there would be another answer. Not until reddit tell you but until you know.

    6. Crazy-War9823 on

      I don’t understand the question. Are you wanting to know if you should pay your full anticipated tuition now, as opposed to by semester? That’d be a no. Why would you? And why would you think a loan is smarter than just paying the tuition?

      No loan. Pay as you go.

    8. itsm3404 on

      This is a smart question to ask upfront. If you can pay without wiping out your emergency fund, that’s usually the better move since you avoid interest entirely. Don’t take loans you don’t need. Pay as you go if your income covers it. Only reason to consider loans is if you need that cash for emergencies or higher-return investments. Since you’re doing masters, also hunt for grad scholarships to reduce what you pay out of pocket. It’s hard to find opps for grad students but sites like cappex, fastweb, scholarshipowl, etc have small ones that can go towards your living costs, library expenses, etc. I’ve won some through scholarshipowl and they’re worth the hassle.

    10. Panza2020 on

      Are you familiar with paying interest ? When you take out a student loan – whether you need it or not —, interest accrues from the day of disbursement. So unless you’re making payments while still enrolled, when you graduate (which can be an IF), your loan balance will be more than what you borrowed. And even if you are making payments, depending upon the amount of payments. And the balance due will continue to be charged interest even as you make monthly payments, until the day your balance is zero.

      It’s a terrible idea to borrow money if you can pay as you go by the semester, Grasshopper.

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