<p>I've been applying to schools and hoping for merit scholarships because I am anticipating not qualifying for need based aid; however, I will most likely not receive any merit money from my dream schools. My parents are only giving me a very small amount of money and if I attend any of my dream schools I will graduate about 160k in debt. How much debt is too much?</p>
<p>$160,000 is too much.</p>
<p>You would be paying somewhere in the region of $2,000 a month every month for 10 long years.</p>
<p>At what number should i draw the line?</p>
<p>For the main federal student loan, the Stafford, the maximum aggregate amount for a dependent student is $31,000. That is more than enough debt to start life with. (And is all you will probably be able to get without your parents’ cosigning loans for you).</p>
<p>$160k is WWWAAAAAAYYYYYYYY too much. That’s what med students borrow.</p>
<p>Undergrads should not borrow more than about $30k TOTAL for all 4 years.</p>
<p>These are the amounts that you can borrow as federal student loans.</p>
<p>Frosh $5500
Soph $6500
Jr $7500
Sr $7500</p>
<p>Anything more than that will require parents to cosign and is NOT advisable.</p>
<p>What is your future career?</p>
<p>how much do you think you’ll be earning when you graduate?</p>
<p>Where are you applying?</p>
<p>What are your stats?</p>
<p>how much will your parents pay each year?</p>
<p>*I took the SATs twice and got a 1990 the first time (660 M, 630 CR, 710 W). I got a 2050 the second time (710 M, 660 CR, 680 W).</p>
<p>I took the ACTs once and got a composite score of 33 (34 English, 34 Math, 31 science, 31 reading). This converts to a 2190 on the SAT scale.</p>
<p>I am from the east coast so traditionally, everyone sends SAT scores. Should I just send my ACT scores or both? If I just send ACTs im afraid they will think im hiding something.</p>
<p>*</p>
<p>With your ACT score, you could get some big merit at some schools.</p>
<p>And…don’t be worrying about sending your SAT score.</p>
<p>All colleges know that some people do better on the SAT or the ACT because they’re different tests. No one is expected to be equally good at both and they have no problem accepting one instead of the other any more. I agree that you should draw the line at $31,000. Maybe a little bit more if your parents are able to secure a lower-interest loan from somewhere else (I’ve seen a few people here who have gotten better deals on home-equity loans) but nothing anywhere near $160000. In fact, I don’t really believe anyone – a bank, a student loan company, a Mexican drug cartel – would let you have anywhere near that amount for any reason.</p>