According to the National Center for Education Statistics, approximately 35% of high school graduates in the United States did not immediately enroll in college in 2019. However, this does not necessarily mean that they cannot go to college; some students may choose to work or pursue other opportunities before attending college, while others may enroll in college later.
Additionally, there are various reasons why some students may not attend college, including financial barriers, lack of academic preparedness, family responsibilities, and personal preferences. It is difficult to determine the exact number of students who cannot go to college due to these factors, as it varies depending on individual circumstances.
For students who have problems on finances, they choose to apply for student loans for the following reasons:
- Paying for tuition and fees: The most common reason why students apply for student loans is to cover the cost of tuition and fees, which can be quite expensive.
- Covering living expenses: In addition to tuition and fees, students may also need to cover living expenses such as room and board, transportation, and textbooks. Student loans can help cover these costs.
- Supplementing financial aid: Some students receive financial aid in the form of grants or scholarships, but it may not be enough to cover all of their expenses. Student loans can help fill this gap.
- Building credit: Student loans can be a way for students to start building their credit history, which can be beneficial when applying for other types of loans in the future.
- Access to education: For many students, student loans are the only way they can afford to attend college or graduate school, especially if they come from low-income families or have limited financial resources.
It is important to carefully consider student borrowing options and understand the terms and conditions of the loans before taking on debt. Once you are granted this loan, it is also important that you know how to manage it properly.
Here are some tips for using student loans effectively:
- Understand the terms of your loan: Before accepting a student loan, make sure you understand the terms of the loan, including the interest rate, repayment period, and any fees or penalties that may apply.
- Borrow only what you need: It can be tempting to borrow more than you need, but this will only increase the amount you have to pay back in the long run. Try to only borrow what you need to cover the cost of tuition, fees, and living expenses.
- Create a budget: Create a budget that takes into account all of your expenses, including your student loan payments. This will help you avoid overspending and ensure that you have enough money to cover your expenses and loan payments.
- Consider making payments while in school: If possible, consider making payments on your student loan while you are still in school. This can help reduce the amount of interest that accrues and reduce the overall cost of the loan.
- Explore repayment options: After you graduate, explore repayment options for your student loans, such as income-driven repayment plans or loan forgiveness programs. These options can help make your loan payments more manageable and reduce the overall cost of the loan.
- Use loan funds wisely: Use your loan funds wisely and avoid spending money on unnecessary expenses. Focus on using the funds to cover your education expenses and invest in your future.