As the number crunching you consider how many of your students will be able to graduate college debt to afford. Most students borrow money to finance their education, at an average $ 29,400 per borrower adjusted for the class of 2019, but how to manage the debt depends on the student’s career path.
In order to avoid excessive borrowing, the goal is to keep students should not exceed its expected starting salary Edvisors in total debt after graduation. com’s senior vice president and publisher Chavez said. You can go see www.payscale.com wages in specific areas; the use of data as a guide to borrowing. For example, a civil engineering student can expect a starting salary of about $ 54,000, according to PayScale.com. Graduat ES in the field should be able to manage than, that more debt in primary and secondary education major, who can be expected earnings in the first year of teaching about $ 32,000. (If your child does not have that career path, Carol Stack and Ruth Vedvik authors financial aid handbook (Career Press), recommended to limit borrowing $ 32,000 total, most of which can come from the federal loans.)
By limiting the loan is expected in the first year of your salary, you should be able to retire debt graduate 10 years or less, avoiding the need to stretch the loan term alternative plan and to increase the total interest (see the story accompanying). For what kind of monthly payments would be an idea to use loan calculator at www.finaid.org.