<p>I don’t know if this is the right forum for this but I’m a senior planning on paying for my college education myself. Unfortunately, my father makes alot of money but refuses to spend it on my education. So i was planning on taking out a huge loan but i’ve heard loans are alot of trouble and should be avoided if possible. What’s so bad about taking out a loan?<br>
to ppl that have takes out loan: do you regret it?</p>
<p>Most colleges have limits on how much students can borrow for their education. The bad thing about loans is that you will have to pay it back & it will take time & money and make it harder to purchase a place to live in or even to pay your living expenses. It will also affect your choices for graduate school.</p>
<p>If your grades and test scores are good, there are some schools which offer merit scholarships (that don’t have to be repaid). This might be something to consider. Another option is going to community college for two years (schooling is less expensive at such schools) & transferring to a 4-year college or university thereafter. </p>
<p>Schools expect families to help pay for the education of students. You should discuss your situation with your GC & perhaps other relatives or friends. Perhaps one of them can speak with your dad on your behalf about his helping pay for your college education. You & your family can also apply for financial aid, which can also give you more options.</p>
<p>Suggest to your father that he might consider taking out a home equity loan to help you pay for college, with him making payments while you’re in college, and you paying the remainder after you graduate.</p>
<p>If you’re eligible for the low interest, deferred payment government loans, don’t pass them up. They’re a great deal.</p>
<p>What’s so bad about a huge loan? The fact that you have to pay it back afterwards! And there is no way to be sure (unless you somehow have a high paying job guaranteed you) that you will be able to easily find the money to repay it. It will have taken my husband and myself 28 years to pay off a $58,000 mortgage on our house. How long will you be making payments on your “huge loan?” What if you get married and have kids? Will you still have the extra money to make those payments?</p>
<p>I would do some seriously thinking before taking on a huge loan. To me it would not be worth it.</p>
<p>The other question is how huge is “huge”? 4 years of college can cost anywhere up to $200,000 or more, which is more than it costs to buy a place to live in many areas of the country. Carefully investigate the options before making financial decisions & as has been said elsewhere, educational loans are NOT discharged in bankcruptcy absent very special circumstances. Please have a heart to heart with adults who are about you & your future before going down this path.</p>