The Pros of Paying Your Own Way through School
When you’re in high-school thinking about going to university or college, I bet one of the top questions you have is: How am I going to pay for it? The first struggle is figuring out where and why you want to go- once that is decided, you must find out how you’re going to pay for it.
Paying for post-secondary school yourself, without any help from your parents, government or loans, can seem daunting and maybe, impossible. The good news is that it is not impossible- so don’t give up hope! Like any decision you make, there will be pros and cons on both sides.
Below is a short list of pros when it comes to paying for school yourself:
No guilt, worry or responsibility to anyone but yourself.
Sometimes, when students pay their own way, they only have to answer to themselves. When you have your parents helping you, it is possible that you may feel slightly guilty that they are drowning their bank-accounts to do it. This isn’t true in all cases, but for some, parents will do anything for their kids to get a higher-education. Self-accountability is something that you must learn while in the workforce, and out, and it can begin when you start taking charge of your own finances. Also, if you don’t go to the bank for a loan, you don’t have to worry about them harassing you for payments with phone calls, letters in the mail and meetings. The money you make doing a job can be put aside and saved for a brighter future.
Debt is not always best.
When you don’t take a loan from the bank or the government, you won’t have an enormous debt over your head. Some people spend years paying off their student loans, and don’t have much to show for it. Even though there are re-payment plans and assistance to help you, it can still be a weight on your shoulders and ultimately lead to distress. If you are late on any of your payments, it is reported to the credit bureau and your credit becomes damaged. Most student graduates have a hard time obtaining a job after school that is substantial enough to pay off their loans in good time. Damaging your credit can result in not being able to take up a future mortgage for a house or a car loan. When you have your own money saved up from the job you are working and can pay your way through school, there are no strings attached. Building credit is important, but only when you have the money to pay it off.
When you’re done, you’re done.
When you work during school or save up all the money you need for school, you don’t have to worry much about anything but finding the right job in your chosen field, after graduation. You won’t be in a panic saying to yourself, “I’m in debt and I have to live with my parents until I find the right job!” If you keep a job while in school and support yourself from the beginning, you will be prepared for this situation. You would have been supporting yourself already, so there is no need for panic- be proud of yourself!
In our May 2016 issue of JPD, I will be listing the possible cons of paying your own way through school- stay tuned!