Federal loans, what??

mom2collegekids
Mon, 02 Aug 2010 18:12:18 +0000

The “rule of thumb” is that you’re not supposed to borrow a total of more than what you’d likely be earning your first year out of college. (I think that amount is too high, but that is a popular guideline.)

For you that would be a TOTAL of about $50k. You are thinking of borrowing at least $92k plus $27k…so at least $109k. It will actually be more because college costs go up each year.

Do you have ANY IDEA of how much your monthly payments will be when you graduate?