You really have to have a justified choice, you have to ask yourself…

*is it essential to take out
*can I pay it back afterwards (taking into consideration the interest rates)
*question all the possibles on what could go wrong or right
* expect everything, assume nothing
* be sure you know your monthly payments rates

best of luckI am a student and I have a loan – I think they are good (I'd rather not pay uni fees but that's a different question)
the interest on the loan is practically nothing and u do not have to start to repay until u are earning £15k per year – if u do not repay in 10 years (I think its 10) the debt is written offIt is usually ok to take a loan for improving your skills/education. Be careful though because it is a lot easier to get a loan than to pay it back. Currently, I believe you can't even get rid of a student loan if you declare bankruptcy. Also, the Arts professions are usually underpaid compared to other professions (my daughter is trying to be a dancer) so payback might be tougher.

Try to avoid loans if you can if you have to keep it to a minimum – eg don't get the most expensive new equipmentStudent loans to help you get into a higher paying profession is a great idea. Those who get a degree are very likely to make 30-70% more over their lifetimes than those who do not. Assuming they pick a good paying field. Is your degree going to be a good paying field in great demand? Finance, engineering, medicine, computer science, business management, construction management, etc.?

 

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