Student loan is good but it can be a trap also.

Education is the backbone of a nation, and the student of present time is the future of a nation. If the student of the present time is skillful and qualified, then we can expect a developed nation. Education is not free for students. In fact, continuing study requires a good amount of money. That's why student loans are available for the students which give loans to students to complete their study which act as the support of the students. But the question is if it’s actually helpful to students and whether it’s just a scheme to grab profit from students.

Who actually get the students loan? Not all the students are allowed to get the loans even if it calls it as student loan by name. I guess it should be called the loan for topper students. As far as I know most of the people who get students loans mostly belong from the topper category. Before allowing a loan, the authority checks the result of the student and if they feel that the student has the potential to go far and have the ability to repay the loan later, then they are allowed to get the loan. So, I think that the so-called student loan is not something for all students.

Student loans are not an interest free loan. But the good thing is that the interest is compared to the normal loan interest. It’s a good thing for the students who get those loans. Sometimes good students face emergencies, and for the financial crisis they may choose to stop their studies, but the loan is like a blessing for them. It allows them to continue their studies and solve their emergency crisis for the time. At least, it allows them to not stop their studies and it’s like saving the future career for them.

Again, there are different situations. There is no guarantee that a good student will have a good future because there are many uncertainties in life. When a student gets a student loan but later, he can’t be successful in life he needs to pay the debt as well as the loan. I guess there are few people who can escape it. So, they actually trapped in the endless loop and to clear the debt it takes a good amount of time. But still I think that they need to pay the loan if it is taken from normally bank and the interest would be higher. So, the student loans are not actually bad either.

There are some traps by the name of student loans. I know that there are some companies or organizations who demand that they give students loans but, in their rules and regulations they set traps for the students. According to those rules if the students can pay for it in a short time, it’s okay but when it takes time, they increase the interest rate and with time it keeps increasing and if it starts, it’s a non-ending process. Most of the students don’t read those documents carefully and they fell for this kind of trap, and no steps can be taken against those organization as they write all the rules can condition in their document. In fact, they take advantage of the crisis situation of students. It’s not a good thing. It can only be avoided if students do careful consideration before taking loan and read those documents carefully.