How much student loan debt is too much?
Lets contend we connoisseur with the commercial operation government degree, with about 45,000$ in tyro loan debt. Is this as well most for my major? At what indicate is the tyro in over their conduct with preparation debt?
its depend on school that u r attending, and how long u take to graduate…but i think 45,000 is a big loan for doing major in business manag…..cause ur loan not suppose to be more than 20,000…
That’s a fairly hefty amount I will admit, but it is by no means outrageous. I have many friends in the 60-100k area who are doing fine. Between my husband and I, we have about 45k, and if we only paid our minimums a month, we’d be paying about $750 a month. Of course paying the minimums won’t get you anywhere fast so we shell out more like $1500 to get rid of it. Your degree is a good one in my opinion, relating to a lot of jobs out there, but lets hope the economy is improved when you go hunting for a job. Your only in over your head when you can’t even make that minimum payment, so it depends on your job and how good you are at keeping your finances in check.
i have a rule when it comes to money and how much to spend and its, “if you don’t have enough to pay it back or it makes you have to work alot to afford the debt then don’t do it” But as long as you have a definite job at the end of the course then theres no problem.
The Department of Education likes gives these tips:
Never borrow more total than you would expect to earn your first year out of college in an entry level position in that job with that major.
Example: If you are going to school to be a Kindergarden teacher… and in your area Kindergarden teachers start out at 25,000 a year then you should not graduate with more than 25K in student loan debt. Anything more would mean you can not comfortably afford the payments and could get into trouble finanicaly or have to move back in with the folks to afford the loan payments.
So your bachelors degree would have to earn you a starting salary (right out of college) making 45,000 a year. If you don’t see these entry level jobs advertised in your area (or where you want to end up when you graduate) making this much money then you need to make a point not to borrow this much ie… find a cheaper school.
Remember, employers don’t pay you more because you attended an expensive, private or out of state school. A month after you are hired your boss isn’t even going to remember where your degree is from, just if you are doing you job.