<p>I don’t think it’s extremely common for kids to have private loans. Most young people don’t earn enough money after they graduate to pay back both federal student loans AND private loans. </p>
<p>How many students actually have jobs that pay enough to afford the costs of college?</p>
<p>Some kids commute to their local public and pay for their tuition from a federal loan and a part time job.</p>
<p>Some kids have parents who help them pay for college.</p>
<p>Some kids go to schools with great scholarships or financial aid.</p>
<p>I recommended Sallie Mae since it’s relatively easy. For those who’ve heard “bad things” about Sallie Mae, that’s not really from the student’s standpoint. it’s because of some bank failures and gov’t bailouts. That doesn’t affect the borrower except for some changes in procedures. .</p>
<p>How much will you have borrowed from fed student loans by graduation?</p>
<p>how much will you have borrowed from private loans by graduation?</p>
<p>So, how much total will you have borrowed?</p>
<p>What is your likely job after you graduate?</p>
<p>How much will you likely be earning?</p>
<p>Will you be living at home after you graduate or will you have to pay for your living expenses while also paying back your loans?</p>