PROVO — Fall registration is starting this week along with getting loans for the upcoming semester.
They help students pay for college when they are not able to themselves and helps them not stress about the cost of living so they can focus on their education.
Students said they usually associate loans with poor financial planning, but some disagree.
Pre-med student, Ethan Seymour, sees many benefits and said his loans have helped him throughout his college career to value the knowledge he is getting from BYU by funding his own education.
“I think I have skipped maybe three classes two of those times were to take tests and I think only one was to take vacation earlier,” Seymour said.
Seymour said he has benefited from taking out a loan not just for his undergrad but also for future schooling.
“I think it was a good idea because it has allowed me to focus on school a little bit more and focus on trying to get into grad schools,” Seymour said.
BYU has many programs such as the Student Center for Financial Management and Planning for students, like Seymour, to get the financial help they need for their future.
“We call them loans but what we are really saying that instead of using current income or even past income which is savings, we are going to be using future income,” said, Paul Conrad, a BYU financial adviser.
A recent study says that 70 percent of students graduate with loans and are not able to find jobs which is a big concern to Conrad.
“As a general rule, I think we want to be careful and make sure that this is really the best decision for our future because again we are talking about your future income,” Conrad said.
Conrad said that he knows the risks of student loans but believes some situations are acceptable and will continue to help students with financial decisions to make their educational dreams a reality.
There are other things students can do if they do not want to take out a loan. They can fill out their FAFSA form and get a Pell Grant to help pay for their education.
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