courses per year the total comes to $8,760. With this information financial aid does not begin to cover my tuition for a year. The only other option I have is to apply for a student loan, scholarship, or a credit card.
There’s a downside to using a credit card because it is a source of installment debt. Financially at risk students from a statistical point of view have balances of at least $1,000 or more or they reach their credit limits. Students will find part-time jobs to pay this debt leaving them more vulnerable to other credit card companies offering them another credit card. As young adults starting out on their own will nine times out of 10 accept the offer of another credit card to pay off the first card.
What is yur question? Or, how may we help you? IF you question is: "What to do?" My answer, to being offered credit cards, "just say NO." It's so easy to get in over your head and ultimately there is only one person to blame --- you.
Sra
And ... what happened to the first sentence in your post?
Is this your assignment? Is this your own write-up? What?
Using a credit card to pay for education expenses, such as tuition, can be risky due to the potential for accumulating high levels of debt. Here's an explanation of the downsides associated with using a credit card for education expenses:
1. Installment Debt: Credit cards are a form of installment debt, which means that you borrow money and must repay it over time, usually with interest. This can result in long-term debt if you are unable to pay off the credit card balance in full each month.
2. Financial Risk: Students who rely on credit cards to pay for education expenses are more likely to face financial risks if they accrue large balances or reach their credit limits. This can lead to difficulties in managing debt and negatively impact their financial situation.
3. Part-Time Jobs: To pay off credit card debt, students often need to find part-time jobs to generate income. This can add additional stress and take away time from studies and other commitments.
4. Vulnerability to Multiple Credit Cards: As students accumulate credit card debt, they may become more susceptible to offers from other credit card companies. Being young and starting out independently, students often accept these offers, which can lead to a cycle of relying on credit cards to pay off existing debts.
It is important to consider other options before resorting to credit cards for tuition payment. Exploring financial aid options, such as student loans or scholarships, can be more beneficial in the long run. These alternatives often have better repayment terms, lower interest rates, and may not contribute to the creation of a cycle of credit card debt.