Student Loans…

While reading through finance and debt articles i stumbled across a bit of advise, a bit that is 7 years to late but maybe not too late for someone else…

“Your total borrowing shouldn’t exceed what you expect to make your first year out of school.”

Most college grads make under$40k the first year, not all some make well over and some make well under… my spin on this advise would be not to borrow a total of more then $40k, an average yearly salary.

This advise is wise and unrealistic, you may enter into college with aspirations of becoming part of the business world where your starting salary could be well north of $40k and end up changing your mind and becoming a writing major where you starting salary could be south of $30k ????

So i guess the best advise is… if you are not yet in college or if you are a current student try not to take out loans… YES they are easy to get and will give you extra money to live of and to buy new computers and books and things that look and seem to be essential but they are not and that $1500 computer that you had to have in your junior year is going to cost you $5k by the time you pay back your lenders.

School is expensive, my parents wont pay or cant and i have no savings HOW do i get an education???? with out loans???

State schools, scholarships, work study grants, part time jobs… there are many ways, I went to an expensive private school, i had scholarships and grants and i STILL have over $75k in private loans and over $20k in federal loans… and TRUST me you do NOT want to be in my position, i was led on that i could pay my loans back in as little a month as i needed and for as long as it took, this is NOT TRUE!

If you MUST  borrow, borrow from the government, many employers pay back some of your government loans and they are federally mandated, have lower and regulated interest and require NO Credit Check or High credit scores to refinance after graduation.

I hope this info helps someone, I wish i had it years ago…

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Mint | Free, Simple Personal Finance Software
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July 2007
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