National Payday Scholarship 2012 Official Entry SealBy: Karim Elsheikh

Short-term financing can benefit a person’s life in several ways. In terms of a college student, it is especially beneficial, but it can help anyone in any stage of their life. It allows people in society to advance in their careers, livelihood and education whilst saving time, which is very precious in our world today. As the old saying goes, “time is money”. Many people practice financing every day in their lives, sometimes without realizing it. This is why it is important to understand how advantageous financing is so one may gain full benefit from it.

Personally, (as an incoming college freshman) I have discovered that short-term financing is not only helpful, but it almost seems necessary. You see, I am going into a Computer Science major where all the tools needed for my education are very expensive. I recently had to finance for a laptop that could handle all the work that is ahead of me. I am currently employed at Universal Studios, but the pay is not nearly enough to fully purchase the laptop that I needed for school in time. The amount that I was able to save up was just coming in too slow. Rather than going into the school year without any computer at all, I decided that it would be a reasonable decision to finance said laptop and pay it off over the course of 18 months. That way I could easily afford to pay for the computer with my job every month and still have money to spend on other necessities. Clearly, short-term financing was the best choice here.

Another thing that I will probably have to do this year is apply for a student loan. I am limiting myself to only working 16 hours a week when class is in session, because I want to stay on top of my grades. So financing can not only save you time, but you can use that time for the important things in life. It would make more sense for me to get all A’s and take a loan out that I can easily pay off later than get B’s and C’s with no loan then struggle to find a job after college. You see, in college a large amount of time must be devoted to studying, a smaller portion to work, and the smallest portion to recreation. If I worked as much as I studied then the benefits of each would balance out, but in the end an excellent college education is more valuable than any minimum wage job. Therefore to gain optimal time for studying while paying the bills, a student loan is the smartest option.

Sometimes it seems that people subconsciously know from a very early age the benefits of short-term financing. An example of people recognizing this at an early age would be when a young child begs his mother to let him borrow some money from his allowance for a new toy and promises to pay her back over time. The child recognizes the benefit (he will get the new toy now and be able to play with it) and has weighed this positive over the negative (he will have to pay his mother back.) I’m sure that most people have either done this as a child or have had children who do this to them. As you can impeccably see, as long as the positive of short-term financing outweighs the negative, it is almost asinine not to go ahead and do it. The benefits of short-term financing are usually instantaneous and as long as you are financially sound, the negative should usually be negligible.


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