They may not quite meet the requirements for scholarships or have time for community service and they may already have a job. In this case, student loans are beneficial as long as they are not abused, says Stepney. But Stepney says USM has a low default rate in student loans. This means most students do repay their loans. Students can also ask for a deferment if they are unable to repay their loan, says Jones.
Students can repay loans in other ways too.
If a student teaches in rural Mississippi, the state will pay a certain percentage of their loan. However, when students abuse them, student loans are not beneficial at all, says Stepney.