How Short-Term Loans Benefit College Students

If you’re an upcoming college student, or the parent of one, did you realize that the average single-year cost of a four-year college in the US is above $26,000? Funding college or university attendance has never been tougher, even for parents and students who have been saving for years.

At 1st Choice Money Center, we’re here to offer an alternative that benefits many students: Short-term loans, from installment loans and title loans to signature and personal loans. We offer several such options, all of which include details like principal and interest payments that separate us from predatory payday loan formats. Let’s look at traditional forms of financial aid for college, how they can sometimes fall short, and how short-term loans will help bridge the gap if you or your child is in need.

College Expenses and Standard Financial Aid

The expenses incurred by attending college are significant. On top of heavy tuition costs, you have to consider housing, dining, book and technology costs, and day-to-day living expenses that are sure to add up.

The primary source of aid for these numerous expenses is a traditional Federal student loan, which is combined with personal savings, scholarships and any grants awarded to help cover the sums required. But even between all these options, many students find themselves reaching their limits for financial aid well before they’ve actually covered every expense in front of them.

Short-Term Loans for Additional Expenses

In cases like these, many students are turning to strong short-term loans to help make up the cost. These loans contain types that require little or no credit history, a valuable factor for younger adults who haven’t been able to build up much credit just yet.

In many cases, the forms of financial aid we listed above do well with covering the primary expenses like tuition and food – but fall short in certain additional detail areas. We’re talking things like computers, books, class fees, and all the other little expenses that add up over time.

Areas Covered

Here are several areas where short-term loans can be enormously helpful to college students struggling with their expenses:

  • Books and supplies: Between textbooks and backpacks, notebooks, pens and pencils, calculators and any other items you need, supplies can add up to thousands of dollars in a hurry. Many students need to purchase a printer, which is another additional expense.
  • Household items: Things like towels, sheets, desks, chairs and others.
  • Day-to-day items: Things like groceries, clothes, laundry, toiletries and healthcare all have to be considered as well.
  • School fees: Areas such as lab fees, school activity fees and others cover things like parking passes, gym access and free attendance to university sporting events.

For more on how short-term loans can assist college students with overwhelming expenses, or to learn about any of our title loans or other short-term options, speak to the staff at 1st Choice Money Center today.