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Discussion

How much is too much in loans

So, since you all are already nurses my question for you is how much is too much in student loans to become an RN? I will work part time while in school but I will have to take out loans to make tuition and to make ends meet.

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    Federal government guidelines suggest that you should not use more than 8% of your take-home income go to student loan payments.

    Look at the the average salaries for new grads now in your region. Use the loan payment calculators on the internet that would estimate your monthly payment.

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    A few coworkers are really strapped financially because of student loans. Although they make what many would call good money, they are left nearly destitute because of monstrous student loan payments.

    UVA Grad gives excellent advise. Look at the salary for new grads in your area, and then figure out how much in monthly student loan payments you can comfortably pay.

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    • Experts

    Another guideline I have heard from financial advisors is that your total loan debt should be definitely less than the yearly salary you can expect to earn in the job immediately after graduation.

    For example, if you can reasonably expect to earn $50K in the first year after graduation, your maximum upper limit of borrowing would be $50K. However, that assumes that you would not have other debt in addition to your student loans (eg. car, credit cards, etc.) and that you will have no other unusual expenses. That $50K figure assumes that you will be able to live very cheaply after graduation and pay the debt off quickly. If you have other big financial committments, then you should lower that debt amount accordingly.

    Also, that assumes that you will not be "taking time off work to have kids" or anything like that until the debt is paid off.

    They recommend that most people try to stay well below that maximum figure. But that figure gives people a ballpark estimate to start from while they also look at their individual situation.

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