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Should my friend take out a student loan?
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My friend asked me for advice. She lives in on campus apartments at a university and is running out of money. Once the payment goes through she will have $500 left in her account for December. She has a job lined up for late January but is worried she won’t make enough money to pay for daily expenses plus rent that’s due in January. She asked if taking out a $4,000 student loan to cover the rent is a good idea. She already has I think ~$20k in student loans. She has a strong family support financially & I suggested asking her parents to cover half (or more) the rent for 2 months in which she’ll pay them back once she starts her job. I also recommended cutting all non-essential expenses. Was this the right advice? Would taking out a loan here be a bad idea? LOAN WOULD BE PRIVATE aka discover, etc.

tl;dr : Is taking out additional student loans to pay for an student apartment short term a good idea?

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Posted
2 years ago