"huge" student loans

JL50ish
Wed, 22 Oct 2008 21:52:20 +0000

sufjanfan…

Even if you only borrow $10k every year, that will be $40k by the time that you are a senior (and likely more because tuition, etc, goes up every year.)

So, if you were to borrow a total of $45k, then you would have to make monthly payments of about $550 per MONTH for TEN LONG YEARS. That would certainly make your life very difficult unless you were making a VERY HIGH salary immediately after you graduate (very unlikely).

And, don’t forget, if for some reason you aren’t able to complete your education (for whatever reason), they you’ll have to start paying back the loan (although it may only be $20k at the time), with a non-professional salary. Even if you only end up borrowing 20,000, your payments can be over $250 a month - that is like an extra car payment for 10 years.

What do you think that your future profession might be? How much money does that profession typically earn right out of college and for the first few years?

Since you’ll have no help from families, once you graduate from college, whatever income you get from your “first real job,” will also have to pay for your rent, car, car expenses, cell phone, food, clothes, entertainment, etc. There won’t be any money to pay back that loan.

That 10 year loan will be like an anchor around your neck. It will prevent you from “moving ahead” with your life while your colleagues will be buying homes, etc.