What would my salary need to be to pay off $60,000 in student loans?
I figure with the college i am going to go to i will be about 60K in debt from student loans. This is after 4 years. If i got a job right after college how much will i need to make to live comfortably with this much debt? what are some jobs out there that would pay enough? what should i major in? should i go longer for a masters or even graduate school? i have considered everything from engineering to optometry. But optometry would obviously be much more than $60,000, would it be worth it? i don’t think im smart enough to be an optometrist either my high school gpa is 3.4, and my act is only a 23. im going to either BYU or BYU-I.
You should job shadow those professions before jumping into the wagon. Yes, you could get an associates degree but remember that graduate school is a total of 8 years in college.. plus your 2 years if you end up getting an associates degree that is unrelated to it. Most people will be burnt out going this route.
Graduating with a bachelor’s degree and a debt of $60,000 is extremely high. You want to keep your undergraduate loans under $30,000.
Optometry school will cost between $20,000 to $40,000 per year for tuition alone. Equipment and books can add up to another $3,000 per year. It will cost you around $100,000 when you include your living expenses and four years of optometry school. You want your undergraduate and optometry expense to be under $130,000 (100k from opt + 30k undergrad).
Here is what you will be dealing with:
130k debt with a 7 year repayment plan – 2k/month payments, a total of 30k in interest charges (so when everything is done.. you will have paid 160k)
160k debt with a 10 year repayment plan – 2k/month payments, a total of 60k in interest charges.
