Money Matters
Tallahassee is generally known as a college town. With so many students flocking into Tallahassee to attend either Florida A&M or Florida State, you can generally estimate the general deficit that can accumulate from seeking a higher education. “I took out a loan at the beginning of the semester to make sure that I had enough money to pay my rent for a couple of months. It really helped take some stress off of my back.” says Angelica Webb, a Florida A&M University student. Loans are often a last resort, but in any case you should know what the requirements that are outlined in the terms and conditions. Scholarships are a huge part of the monies used to fund school, but sometimes that is not enough. Education loans are available, but they must be repaid with interest. There are several categories for loans: student loans, parent loans and private loans. The terms that are necessary to receive funding differ, according to which type of loan you choose. Often students take out loans and forget that they must be paid back generally six months after graduation. With today’s economy it’s hard to find a job right after graduation. However, the need to get an education is even more vital than ever before! After the cutbacks and the widely known recession you must have a degree with security. After graduation the loan must be repaid. Unpaid loans can cause a major impact on your credit standing. Most young adults aren’t too concerned with their credit score but eventually after you settle down and want to purchase a house or car, creditors require a decent credit score check. One bad credit score can hold you back from receiving financial assistance and so much more. On the other hand, a loan can be a positive thing; just remember to pick the right type of loan, manage the money you borrow correctly, and make sure that you repay what you have borrowed. You never want to “rob Peter to pay Paul.”