Student Loans- Friends or Financial Trap? A First-Gen Guide to Smarter Borrowing

“Free money first. Loans last.” This powerful mantra from Counselor Liz anchors a compelling episode in our Transfer Basics Series.

For many first-generation and community college students, student loans can feel like the only option, but that’s far from the truth. In this episode, you’ll learn how to avoid unnecessary debt through scholarships, grants, and smart budgeting. Counselor Liz shares her personal journey through higher education, graduating with just a few thousand dollars in loans by leveraging the full range of financial aid resources available.

Key Takeaways:

• Prioritize scholarships, grants, and fee waivers.
• Use work income wisely—budget intentionally.
• Borrow only if absolutely necessary, especially at the community college level.
• Seek help from counselors and financial aid offices—free money is out there!

Why Loans Should Be Your Last Resort. It’s easy to accept student loans when they’re offered as part of your financial aid package. But that money comes with strings attached—mainly, repayment with interest after you graduate.

Here’s why community college students, in particular, should be extra cautious with loans:

• Lower Costs: Community college tuition is significantly more affordable than a university, and many students qualify for aid that covers most or all of their expenses.
• Budget-Friendly Living: If you’re able to live at home while attending community college, you can save thousands on housing and living costs.
• Long-Term Impact: The loans you take out today will affect your ability to make future financial moves, like buying a car, purchasing a home, or starting a family.

Instead of leaning on loans, consider this:

• Are you working part-time? If so, budget your earnings to contribute to school costs.
• Can you reduce unnecessary expenses? Every dollar saved is a dollar less you need to borrow.
• Have you exhausted every scholarship opportunity available to you? Many students leave scholarship money on the table simply because they didn’t apply.

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