Such as Hamilton, Oberlin, Bates, Vassar, Carleton, etc, and assuming that parents are willing to cosign private loans.
The “maximum reasonable amount” depends on many different factors, and it is impossible to give an intelligent answer based on the limited amount of information provided.
@BelknapPoint What kind of factors?
More info that might make the question easier to answer:
-My parents would let me live at home for a year or two after I graduate college if it helps me pay off my loans faster.
-I live in a large metro area with corresponding high salaries and high cost of living.
-I plan to graduate a semester early with AP credits.
My daughter double majored in math and econ at Carleton and got a good job after graduation. She had no problem paying off her small amount of subsidized loans in one chunk. However, where the good jobs are for econ grads might not be the same city where your parents live.
For starters: types and values of all assets, as well as the ability and willingness to liquidate those assets. Other current and projected debts. The terms of all available loans, including interest rates and types and specific requirements for repayment. Prospects for your employment while a student, both while school is in session and during breaks. Prospects for your employment after graduation, to include predicted discretionary spending. Some of these will apply to your parents, too, if they will be co-signing.
I wouldn’t think that you would want to provide all of this information here, even if you could. I certainly wouldn’t. The bottom line is this: this is a decision for you and your parents to make, after doing a thorough and logical evaluation. The best advice that any of us can give is to keep your educational borrowing as low as possible.
Even if you can manage to pay off a high level of debt, it can constrain your life choices. For example, you may be forced to make career choices based on higher immediate pay level to pay down the debt, even if an alternative with lower immediate pay level may be better long term for your career or work-life balance.
CC folks usually suggest a max of roughly 27k, for the four years. That’s the amount of the fed loans.
Truth is, you should take as little as possible. No crystal ball to predict your employment or other factors.
Not exactly your question, but this analysis can serve as a rough guide for evaluating economics programs at liberal arts colleges:
I found the following article for you, but it’s from 2013. The $ amounts may have changed because how much you can afford is also a function of the interest rate being charged. I don’t know how much you are thinking about borrowing, but like most others here, I’d urge you to consider other options than getting into large amounts of debt because the debt will rule your life. You say you’ll move in with mom and dad for a couple of years…that’s great if your job opportunities are in your metro area rather than somewhere else (imaging having to give up a dream job in London because you need to live with your parents?!). You also say you’ll graduate a semester early. You might, but don’t you want to have the option of not doing so and taking a lighter load some semesters, or another issue might be you can’t graduate early because of the sequencing of the classes you want to take and their prerequisites. Also, don’t forget that you might want to go to grad school. Finally, right now it looks like you are smart, can get into a great school, and you hope to get a good paying job in the field of economics (like working for an investment bank?). What happens, though, if you get sick or if you end up just not clicking with work and lose your job? Or if we go into another recession and companies just aren’t hiring (talk to the grads in 2008, when hiring was abysmal). Your parents will have co-signed and they will be responsible for paying this back if you can’t; you could be putting your parent’s financial security in jeopardy if the loans are very big and life doesn’t work out the way we all hope it does for you. Sorry for being a Debbie Downer, I just want you to think of these things. Good luck!
https://money.usnews.com/money/blogs/my-money/2013/01/30/how-much-student-loan-debt-is-too-much
I agree with @ucbalumnus and @lookingforward. I wouldn’t do anything beyond the 27k subsidized loans that you can take without a parent co-signing, and even that I would only take on if necessary.
There are far too many students who are paying off debt for a long time after graduation. This can in some cases have significant unfortunate side effects. For example, if you have too much debt then graduate school might be unaffordable. Also, if you have to live with parents to pay off loans, then you are very constrained regarding where you can take a job after graduation.
Remember that paying off loans will likely preclude your ability to save in a 401k, not to mention saving for a downpayment on a home. My daughter graduated w/o debt, and has a well-paying job, but those two things are pretty much all her disposable income at the moment. Of course she’s paying rent in an expensive city, but you should consider those savings goals that (should) be important as you start out.
I would say (based on your limited information) you could take a MAX of 40K over 4 years. But know that it will limit your choices.