Deciding whether or not to take out a student loan is a major step. You should be reasonably sure that a student loan will help you to increase your income in the long run. Unlike credit card debt, a student loan is considered good debt rather than bad. This is because of the potential earnings increase that a college education may offer.
Those with a college degree usually earn a higher salary than those without one. If getting a student loan is the only way you'd be able to earn a decent income then it is worth serious thought. But, no student loan can guarantee that you'll find a good job after classes so you need to assess the risks as well.
If you default on your student loan payments, it may ruin your credit rating. You could have collectors calling and writing you constantly. The best idea is to do some good research that includes informational interviews. An informational interview is one in which you contact potential employers and ask them what qualifications and other requirements they're looking for in employees. You also need to find out how likely they'll be to be hiring at all after the time you complete your degree or studies.
Working part-time while going to school may sound like a good idea, but in reality may be impossible depending on the requirements of some study programs. A combination of working part-time and going on student loans works for many students. However, if you go on student loans there may be restrictions on how much you can spend on living expenses and other things so you need to consider this aspect of the loans as well. If you're required to pay some of the cost of your education from work you do while going to school, this may be good for reducing the amount of loans you'll need.
The benefits of a college education go beyond just the monetary ones. A college degree can give you a great sense of achievement and provide you with a good base of knowledge and experiences. However, the money aspect of taking out a student loan is one that may last a long time after the degree is earned, so the decision of whether to get a student loan should be one that is well thought out.