Loans

Question: What's the max i should borrow in school loans if my income out of school will be $40k?

(Posted by: HappySmiles on 2010-03-09 14:39:04)

Posted by: Sam on 2010-03-10, 02:31:45

Scholarships.onlinewebshop.net - it provides some tips about applying to US federal and state grants for college students.

Posted by: Credit Trauma on 2010-03-09, 14:41:03

Zero....you're going to have a hard enough time just with basic living expenses on your own. Work on getting a grant or a scholarship.

Posted by: Ryan M on 2010-03-09, 14:41:04

That is what I made right out of college 10 years ago and I had about $15k in loans. I could not imagine having payments higher then what I was paying at that time.

Posted by: bearr41 on 2010-03-09, 14:42:37

If I were only going to be making $40K, I would not borrow any money. That is pretty much an entry-level salary for a college grad.

Posted by: Harry Ball on 2010-03-09, 14:43:24

LOL...how do you know your income out of school will be $40K. Lol @ kids. Perhaps you should go talk to some recent college graduates who have been out of school for a year and can't find a job. Don't base what you borrow on what you THINK you're going to make because in this economy, chances are you're going to be disappointed. Instead base it on how big of a risk you're willing to take. Borrow too much and that shyte will follow you around for life. It took me 15 years to pay off my loan. I was one of those kids like you who thought I was going to be making $60K. I guessed wrong.

Posted by: jari on 2010-03-09, 14:44:24

Your criminal background and poor credit history will prevent you from getting a job that pays 40k.furthermore there is no job guarantee that will wait for you....

Posted by: mrbtherabbit on 2010-03-09, 14:58:16

I would definitely recommend you borrow only what you need as have many friends who without exception had unrealistic expectations about how easy getting their first decently paid professional role would be. Hopefully you already have something arranged but even if that is the case you can never be totally sure of a job until you have been doing it a little while. I would be as cautious as possible and definitely not borrow more than 10k. Having managed to get myself in debt with a Career Development loan in the past, not get the job I was expecting despite excellent exam results, and then struggle to pay it off for several years, I can honestly tell you that owing nothing again feels absolutely wonderful, and I would suggest anyone thinks carefully before giving up that feeling. That said you obviously need some money hence the question so I would recommend looking for any way you can save money over the term of the loan to help ensure you meet all the payments. The articles below should hopefully give you some useful pointers. Just remember it is at least 100 times easier to spend money than earn it and return it. Best of luck.

Posted by: ∞infiniti∞ on 2010-03-09, 15:50:11

You should borrow as litte as possible. There is no guarantee that your income will be $40K once you leave school. No school or anyone else can guarantee that you get a job after graduation.

Posted by: Alex on 2010-03-09, 17:07:39

Straight answer: $10K. Borrow only what you need and maintain income and healthy spending habits while in school. Getting a degree is an investment in your future. The time, effort and money that goes into a degree will increase your income and the ability to change jobs for the rest of your life. Student loans will not be forgiven if you fall into financial trouble, like filing bankruptcy. Payments will likely go on for years, but the interest rate is typically lower than other forms of credit. You may make $40K out of the gate, but hopefully that salary will increase over the years as you gain experience.

Posted by: Aarif Ameen on 2010-03-09, 19:47:14

I guess you will have problems and i guess you by yourself are not sure for this so i don't think like that if you please answer mine answers.yahoo.com/ question/ index?qid= 20100309192431AAaHibk