Thanks for an excellent link, MD Mom. None of our kids are faced with repaying loans for undergrad, but all three are considering grad school in the next few years. I'm forwarding this link to all of them. Grad school borrowing is a slightly different ballgame than borrowing for undergrad. But it's still helpful (vital, really) to have an idea of what it means to repay debt, even in a secure, well-paying job.
I found this part of the article especially concrete:
Quote:
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[Finaid.org publisher Mark Kantrowicz]suggests that you never borrow more than your first year's salary ..... Sallie Mae says borrowers should have no problem juggling loan debt that's 10 percent or less of income. Debt up to 19 percent of income can be manageable if you don't have other high expenses, such as an auto loan. For higher debt levels, you would have trouble meeting payments and might have to consider a less expensive school.
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