How much does the average student owe in loans?
Average undergraduate student? Graduate student? Doctoral/PhD student?
I realize that schools have different tuition rates and such, but I guess what I’m really asking is how much loan debt could be considered reasonable. Yet again, I’m sure a reasonable debt varies from field to field…so I’m interested in averages for the sake of curiosity and comparison, but is there a maximum percentage of my income to consider during repayment (i.e. debt should not be more than X% of your salary when you’re paying back over X number of years)?
I can’t think of any school that a student would receive a degree for $20,000. I received both subsidized and unsubsidized and I owe close to $70,000. My monthly payment starts in November at around $400. If at all possible…don’t borrow more than you need to! Try to borrow as little as you can, because it adds up fast! You don’t have to take the full amount offered either. If they offer you $2000, and you only need $1000…then only take $1000! When you’re done with school, your monthly payments should be NO MORE than 1/4 of your monthly income. Less if possible! Good Luck!
