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Don’t Over Borrow For Your Career

You need to consider whether the career you’re studying for pays enough to warrant all of the money you’re borrowing for a college education.

Student DebtCheck out this PayScale College Salary Report on how much the typical grad can expect to make.

If, for example, you take out $100,000 in loans at 6.8% interest and plan to pay that off over 10 years, your student loan payment will be $1,150 a month, or $13,800 a year.

You might be able to afford that if you’re on your way to becoming an aerospace engineer, one of the most lucrative jobs in the study. But there’s no way you can keep up with that kind of debt on what you’ll make as a social worker or elementary school teacher.

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  1. Pam said:
    on June 4th at 06:32 pm

    Not really true. This depends on case by case. I build my career on loans.