For many students, especially adults, the amount you are eligible for in student loans amounts to much more than the cost of tuition, fees, and books. True, some students really do need the extra money for living expenses, but others use it to buy stereos and other gadgets. It seems it would be far wiser to return the money you don't need right away, rather than putting yourself in a situation where you'll have to pay for it for many years down the road.
Yes, but 20 year olds don't think this way! I didn't understand how difficult it would be to pay back all of my student loans. It took me 10 years to do it.
I fell victim to this very thing. Luckily, in my case, it was just a relatively small amount. My second year I received an additional $900 loan that was separate from my other loans. I should have just refused it, but when you are actually in school you just think that you don't have to pay those loans back for a long time and you like having the money at that moment. Of course, eventually you graduate and then you need to pay it back.
For some I could see this amounting to several thousand dollars. I notice various ads for student loans, for like $20,000 or $50,000. I just know I wouldn't want to be the one who is paying back an extra $5,000 or $10,000 because I wanted a nicer car in college or a trip to Hawaii in the summer off. Really, you should only borrow what you absolutely have too. Most of what I borrowed was needed, but I suppose I could have worked more than I did, but I wanted to enjoy the last few years of my pre-career life.
Oh how I wish I had this bit of wisdom when I was younger. It is taking me forever to pay off my student loans and some of that money could have easily gone unused.
