Is an Undergrad Debt THAT Bad??

sk8rmom
Thu, 21 May 2009 22:49:33 +0000

There’s really no “one size fits all” answer when it comes to debt. I think it’s a balancing act and a matter of personal circumstances and choice. If Notre Dame’s degree would help propel you to better prospects for grad school, and possibilities for TA/RA/fellowship/scholarship funding it may actually be a better deal financially. If you have family resources to fall back on in a pinch, that would be another consideration. Finally, your eventual field of employment, earnings and placement averages, and ability to manage debt are huge factors.

If, for example, you’re considering majoring in elementary ed and getting a master’s, it’s probably not a good idea to load up on debt unless you’ll qualify for a forgiveness program and can make those payments until you can find a position. But a medical profession with good prospects and high starting salaries would justify (in my mind) a higher debt load. A quick rule of thumb I’ve often heard related to student loans is to borrow no more than one year of your expected salary.

There are a variety of loan calculators you can play with here:
[FinAid | Calculators](http://www.finaid.org/calculators/)