August 25, 2017 | Josh O'Brien Education is a marvelous thing, especially to new college students. The young so often find themselves lost at the beginning of college, wondering how they’re going to amass any kind of security in everyday life when they’re bogged down with classes AND bills. Institutions like JSC FCU anticipate the worries of college students each end of summer by offering great interest rates on something called Back to School Loans. If you’ve never heard of them, don’t worry. They’re just now being advertised as something like a back to school loan. In the old days, they might have just been called loans. Students have it rough sometimes. Their parents aren’t always able to help them with their new college life, having just been lucky enough to afford the basics of the education itself. For many students out there, they’re on there own without these loans. The financial challenges of new students are well documented. Many publications offer advice to returning or new students to help them realize the long financial road ahead of them. Back to school loans usually offer a flat amount of money to college students who want to get a head start on their quality of life. After all, despite the fact that loans can give you a “debt” to repay, it can be extremely stressful. Ohio State highlighted the stress that comes with the college lifestyle. For the first time in their life, college students have to find a place to live, find a way to make money on their own, and pay huge financial bills like tuition and books. Alumni will probably always remember the shocking price tags of those first college textbooks. Along with the stress comes many financial options that students have to give themselves a little nest egg to build their living space and meet their college bills. These loans vary in their terms but you’ll usually pay off a back to school loan in about 10 months to a year. It’s preferable to have a short term loan because you’re going to face a bit more interest on these loans than you would normally have. Students often don’t have a credit history, so they have to start somewhere. Back to school loans give them a starting point on their credit history that they can build on in a positive way by promptly making payments and establishing a great history. Once the loans are repaid, it’s possible to take out another back to school loan the next year. While most students may only need one of these in the course of a lifetime, lending agencies often extend credit to students who will need to establish a good credit history before they’re able to make major purchases later on. If someone has a child that is entering college, think about a back to school loan in their name. You can help as little or as much as you want. What you’re giving them is an opportunity to establish a credit history that will help them immensely later on.