How can I manage my student loan debt?
I’m gradutating this spring with a BFA in advertising art direction from a prestigious art school in NYC. The starting salary in our industry is around $35,000 – $40,000. I have a student debt of about $50,000. How can I pay this off at a reasonable rate and still be able to afford an apart in NYC? Is there anybody else in my situation? Is $50,000 too much debt for an undergrad?
Consolidating your student loans might be a good idea. When you consolidate, you can extend the term of repayment up to 30 years (depending on how much you owe). This gives you the cushion of a lower monthly payment. However, it means you will end up paying more interest over the life of the loan.
Sallie Mae has a calculator that will let you try different options and see what your payments will be. http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
