{"id":4678,"date":"2019-07-08T22:23:38","date_gmt":"2019-07-08T22:23:38","guid":{"rendered":"https:\/\/scholarshipowl.com\/blog\/?p=4678"},"modified":"2021-03-24T16:16:33","modified_gmt":"2021-03-24T16:16:33","slug":"game-of-loans","status":"publish","type":"post","link":"https:\/\/scholarshipowl.com\/blog\/scholarships\/game-of-loans\/","title":{"rendered":"Game of Loans"},"content":{"rendered":"

\"GameWhen you play the game of loans, you win or you\u2026 work very hard for very long time just to pay it off.<\/span><\/p>\n

Not that Cersei Lannister had any issues with spending frivolously (shame!), but us mere mortals and non-fictional characters actually have to pay our debts. Sometimes they work out in our favor, sometimes they put an enormous financial strain.<\/span><\/p>\n

How do we know whether student loans are worth it? This article will try to highlight the most common misconceptions and potential pitfalls of taking out a loan to finance your studies.<\/span><\/p>\n

Rules of the Loan Game<\/strong><\/h2>\n

So, what are loans? Basically, a loan provider gives you an amount of money, which you return in installments, increased by the interest rate. Sounds simple? In theory, it is.<\/span><\/p>\n

However \u2013 and this is where the trouble sometimes kicks in \u2013 the interest rate can sometimes grow to become even bigger than the loan. We are humans, and therefore emotional beings, so \u2013 not always the most rational. We spend, we find it hard to stick to long-term plans, we indulge our every whim, and guess what \u2013 sometimes we can\u2019t afford to pay installment in time, sometimes for months.<\/span><\/p>\n

To spin the matter just a little, federal government affects the loan policy and is heavily involved with the whole venture.<\/span><\/p>\n

Advantages and Disadvantages of Loans<\/strong><\/h2>\n

\"GameNot following the repayment plan is a huge problem, because the loan is then reprogrammed, penalty points are added, your credit score is affected. And the interest compounds. Compounding may work very well when you are the one lending money, but in case you are borrowing \u2013 um, bad news.<\/span><\/p>\n

Of course, not everything is black. Typically, loans are more accessible \u2013 you don\u2019t need to be a valedictorian to get them, you don\u2019t even have to be top of your class \u2013 that\u2019s what makes them so appealing.<\/span><\/p>\n

Yet, student loans are a big industry and present one of the biggest debt-producers in the USA. Student debt in the USA is currently close to 1.6 trillion<\/span> dollars. Whew, talk about the golden goose!<\/span><\/p>\n

Mistakes to Avoid<\/strong><\/h2>\n

One of the biggest mistakes in getting loans, and we can\u2019t stress this enough \u2013 people don\u2019t do their research.<\/span><\/p>\n

Make sure you explore and get acquainted with loan provider(s), and get full knowledge of their conditions and repayment plans. Currently, in the USA, there are eight ways to repay loans. Most people opt for what \u201csounds best\u201d which is, more often than not, the worst option in the long run.<\/span><\/p>\n

Doing things haphazardly in terms of loans can lead to a lot of suffering and financial issues in the future.<\/span><\/p>\n

Make sure you inform yourself about all the repayment plans. In some cases, you might even be eligible for loan forgiveness. Talk to different people and try not to limit your source of information to only one person, especially not just one company representative.<\/span><\/p>\n

What They Don\u2019t Tell You<\/strong><\/h2>\n

A big issue with repayment is delaying it and\/or not following through. This is where personal responsibility comes in. Don\u2019t delude yourself \u2013 it is your job to do thorough research and fulfill the conditions you agreed to.<\/span><\/p>\n

\"Loans\"That is why people often take forbearance to mean divine intervention and mercy on the loan providers\u2019 part. Guess what \u2013 everyone\u2019s in it for the profit. Forbearance in simplest terms means suspending your repayment for a period of time, BUT the interest often continues to accrue. Use it wisely.<\/span><\/p>\n

Can you declare bankruptcy and get out of it? Not with student loans \u2013 you basically owe the money to the federal government, and the state always gets what it\u2019s due.<\/span><\/p>\n

So, sometimes it seems a good idea to consolidate. Basically, people take out another loan to finance the current one \u2013 and they are consolidated, the new interest rate being the average of two respective rates. The problem is \u2013 this rate is rounded, and, although the difference might seem ridiculous, in the long-term, it could significantly increase your debt.<\/span><\/p>\n

Scholarships VS Loans<\/strong><\/a><\/h2>\n

People often forget the possibility of scholarships \u2013 they get wrapped up in the loan mentality and cut off any other options. It is often a matter of \u2018tunnel vision\u2019 \u2013 when you are so focused on the pressure at hand (i.e. the debt) that you forget to even look at other options.<\/span><\/p>\n

Why not use scholarships, for example, to refinance your existing loan? Scholarships are given for various reasons: academic merit, field of study, demographics. You could easily be eligible for several scholarships right now on ScholarshipOwl<\/a>. We specialize in matching generous scholarships to your specific profile and criteria. Easy as 1,2,3. And no repayment!<\/span><\/p>\n

ScholarshipOwl also communicates and co-operates with several serious loan providers. If, for whatever reason, you need that loan, make sure you check out our reputable partners: Sallie Mae Loans<\/a>, CommonBond<\/a>, and College Ave Loans<\/a>. They offer fair conditions and expert advice.<\/span><\/p>\n

New Look at an Old Game<\/strong><\/h2>\n

\"studentCompared to 1978, tuition fees<\/a><\/span>\u00a0have increased 1334%, whereas the prices of food and beverages<\/span>3<\/span> have gone up \u201conly\u201d 265%. Average student borrower is in debt of 28,500 USD<\/span>4<\/span>. And only 60% of enrolled students actually graduate<\/span>5<\/span>. Let\u2019s not even go into prospective employment.<\/span><\/p>\n

All of this paints a bleak picture of short-term, disastrous policy for student loans, especially when viewed along current employment opportunities and wages. Although the policy makers and loan providers are secured, and get their investments back eventually, it leaves a big question: who cares about the borrowers?<\/span><\/p>\n

Maybe Cersei Lannister would have been more forgiving, after all \u2013 you would just have to fight the Dragon Queen. In the meantime, though, make sure you check out ScholarshipOwl<\/a> and apply for numerous scholarships. They could alleviate a lot of your worries with repayment.<\/span><\/p>\n

Let\u2019s set you on the right, easier track of financial opportunities.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

***We might be compensated a referral fee by some of the companies mentioned in this article.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

When you play the game of loans, you win or you\u2026 work very hard for very long time just to pay it off. Not that Cersei Lannister had any issues with spending frivolously (shame!), but us mere mortals and non-fictional characters actually have to pay our debts. Sometimes they work out in our favor, sometimes […]<\/p>\n","protected":false},"author":1,"featured_media":4680,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[94],"tags":[41,42,89],"yoast_head":"\nGame of Loans | ScholarshipOwl<\/title>\n<meta name=\"description\" content=\"How do we know whether student loans are worth it? 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