If you want to succeed as an entrepreneur, you need to invest in your future. In some cases, that means a financial investment, and in other cases it means an investment of time or other resources. While not every entrepreneur has a degree, they rarely hurt. Even studying general business can be a worthwhile investment in your own business, as you’ll understand more about the administrative, marketing, and financial side of entrepreneurship (meaning you can do more independently or better choose professionals for your needs, all while saving yourself some money and the hassles of making uneducated hiring decisions).
Whether you’re thinking about going to school full-time before launching your small business or you’re considering a part-time college education while you operate your existing business, personal student loans (whether issued by the government or private lenders) can help make it happen. In many cases, financing your education independently just isn’t an option when you factor in your living expenses as well as your business expenses.
Government or Private Student Loans
When you opt to apply for student loans to further your education to improve your small business, you’ll need to decide between government and private student loans (or some combination of the two). There are two big differences to consider:
- Non-private student loans are guaranteed by a state or federal government.
- Private student loans may have fewer restrictions in the application process (often ideal for adult learners).
- Private lenders can offer fast student loans, and generally issue a check directly to the student, so the funds can be used for a wider array of educational expenses.