<p>I fear that when I apply for college, even with grants and all that other stuff, I'm going to have to take a loan. </p>
<p>All I hear about loans is how easy they are, and how helpful they can be. Especially about defferring payments until after you graduate. While I understand that paying after school is over, and you can afford to work full time and pay it off, if I collect on these loans, am I going to be in debt for the rest of my life?</p>
<p>Alek</p>
<p>It is good to fear debt! Especially credit card debt. The government student loans are usually low interest and have desirable features like deferral while in school and for other reasons. Most students can manage to borrow a few thousand a year. If you otherwise live frugally and have realistic expectations for employment after college, taking out loans are worth it to get the degree.</p>
<p>I think it is reasonable to have $15,000 to $ 20,000 worth of debt after a 4 year degree.
My daughter took precautions to knock down her debt after graduation & she is able to make her loan payment while only working part time.( and making $10 an hour)
If you want less debt take that into account when you choose your college.</p>
<p>Not at all! You can win the lottery, inherit a large sum, earn a huge salary, etc.
In reality, if you need to borrow money through college [under your own name], you'll probably expect to graduate with a debt of up to $20k.
This wouldn't be a great burden if you go straight into a job and don't have any other major living expenses [mortgage or high rent, expensive car, credit card debt, etc.].
Depending on how long you will take to repay the loan, you can end up with monthly payments of a few hundred $$.</p>