Is it bad to pay for all four years of college with loans?

Question

Has anyone here done that?

Answer 1

It depends on the loans and the school you're attending. But unless you know you can pay it all off really fast, I wouldn't recommend it.

Most financial aid packages from schools try to give you a low amount of loans. (especially schools such as Stanford who have no loans as part of their packages)  If you feel that your package is too heavy in loans, you can try to appeal it to the financial aid offices.  

Answer 2

It's what most people do. It's probably in your best interest to try for scholarships and grants... but, no, it's not unheard of to pay all four years of college with loans. Just make sure you're going to school for something that will help you pay off those loans when your done. ;)

Answer 3

The average debt of an American student is about $20,000 in total. To borrow much more than that would be a problem for most people in most careers. Unless you get an exceptional job you will have a hard time having a normal adult life with a home, a car and the basics.

Choose a college you can afford without large loans.

Answer 4

Freshman and Sophomores should avoid loans if possible because too many of them drop out.  (something like 3 out of 4 of them or more)  

By taking out a loan you are committing yourself to graduate no matter what. Without ever having experienced college how do you know it will be right for you?  Other situations occur as well, a friend of mine in college was diagnosed with cancer after her first year at only 18 years old.... you never know what is going to happen.