top of page

Student Loans: Do You Need Them?

As a high school student, you're probably thinking about how you're going to pay for college. One option you might be considering is taking out student loans. While student loans can help you afford college, it's important to understand the consequences and ramifications of taking on debt. This is a conversation that is not happening in the classroom, so let's get into it together and learn all the things I wish I had known before taking on my own student debt.

Here are some tips on how to apply for student loans in a financially responsible way:

1. Understand the different types of student loans

There are two main types of student loans: federal and private. Federal student loans are offered by the government and have more flexible repayment options and lower interest rates than private loans. Private loans are offered by banks and other lenders and often have higher interest rates and fewer repayment options.

2. Only borrow what you need

When applying for student loans, it can be tempting to borrow more than you need to cover your expenses. However, remember that you'll have to pay back every penny you borrow with interest. Only borrow what you need to cover your tuition, fees, books, and other necessary expenses. This is easier said than done. This was my initial strategy when I began law school. I was living in a terrible tiny and dirty apartment and eating almost nothing. There is a balance. I swung too far in the other direction and lived a little too extravagant the final two years of law school, and now I am paying the price! Literally.

My best advice? Make a financial plan and stick to it.

3. Consider working part-time or applying for scholarships

Another way to reduce your reliance on student loans is to work part-time while in school or apply for scholarships. Part-time work can help you earn money to cover some of your expenses, while scholarships can provide you with free money that you don't have to pay back. This is a huge way to reduce your debt. I worked all through college and law school. Though I often had to sacrifice social events or even just watching some Netflix, I am grateful I worked during this time.

4.Read the fine print

Before accepting any student loan offers, make sure to read the terms and conditions carefully. Understand the interest rate, repayment options, and any fees associated with the loan. Ask questions if you're unsure about anything. Don't let them get you on the fine print!

5. Make payments while in school

If you have federal student loans, you have the option to make payments while you're still in school. While it can be difficult to make payments while you're also juggling schoolwork and other responsibilities, making even small payments can help reduce the amount of interest that accrues on your loan.

This is the one that got me. I had no idea this was allowed or even suggested. If at all possible, make some payments while in school.


Now, let's talk about the consequences and ramifications of taking on student debt. Student loans can have a significant impact on your financial future.

Here are some things to keep in mind:

1. Student loans can affect your credit score

Your credit score is a measure of your creditworthiness, and it's used by lenders to determine whether to lend you money and at what interest rate. If you miss payments or default on your student loans, your credit score can be negatively impacted.

2. Student loans can limit your financial options

If you have a lot of student debt, it can limit your ability to save for retirement, buy a house, or pursue other financial goals. It's important to consider the long-term impact of taking on debt and whether you'll be able to repay it.

3. Student loans can lead to financial stress

If you have a large amount of student debt, it can be stressful to think about how you're going to pay it off. It's important to have a plan in place for repaying your loans and to seek help if you're struggling to make payments.


In conclusion, applying for student loans can be a necessary step in financing your college education. However, it's important to approach the process in a financially responsible way. Only borrow what you need, consider working part-time or applying for scholarships, read the fine print, and make payments while in school if possible. Additionally, be aware of the consequences and ramifications of taking on debt and have a plan in place for repaying your loans. With careful planning and a responsible approach, you can successfully navigate the world of student loans and achieve your academic and financial goals.

#MissAmerica #MissNorthCarolina #StriveForSuccess #FinancialLiteracy #MAO #MissDunn

8 views0 comments

Recent Posts

See All

Work weekend 2023 in preparation of Miss North Carolina 2023 is a wrap! March 17-19, 2023 the Miss and Teen delegates, along with their family and committees, descended upon Cary, NC for a weekend ful

As a high school student, preparing to apply for college and for those coveted scholarships can be a daunting task. However, with proper planning and preparation, you can increase your chances of bein

bottom of page