<p>True…a delusion! :)</p>
<p>Can we all agree that Bedouin’s idea is ridiculous, and get back to the OP’s question?</p>
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<p>This is even MORE reason not to incur $80K+ in undergrad debt. In fact, the proposed debt at your 2nd choice school ($14K x 4 = $56K) is still far too much. You must find a school that you can afford, or you will regret it more than you can possibly imagine right now. thumper is right; you should aim for around $20-25K MAXIMUM debt for the entire 4 years, less if at all possible.</p>
<p>mom2collegekids, i wonder how an annual salary of 450k$ is needed. is the plan to pay off all of the debt in one year or what?</p>
<p>you take the monthly payment times 12 to see what is the annual payment to then decide what is minimum salary to just pay off loans. the salary needs to exceed annual payments with living costs.</p>
<p>Reptil, the online calculators use a standard % of income to calculate what income is needed. They’re not very sophisticated and really need a “reality check” when dealing with higher loan/higher starting salary scenarios. You’re right that no one would have a problem (I hope) paying back their student loans on a $250K salary instead of $450K. But no one should bury themselves in undergrad debt before they even start college either…the majority of pre-professional kids do not end up going to med school,etc. and find their true calling in a lower paying field. And it would be disastrous for the student to have to major in something they dislike just because they’ll have to pay back their undergrad debt. </p>
<p>OP, you sound very unsure of what your future path will be and that’s okay. But please consider starting your search at an affordable school that offers options to explore. You can always transfer later when you’ve decided on a field, or at least found the courses you enjoy. Taking on debt for a great school for your major is vastly preferable, imho, than spending 2-3 years searching and sinking in the quagmire of SL debt. There are plenty of threads here about students who ended up at their 3rd or 4th favorite school but are very happy and successful there. The college experience is largely what you make it, and not as school-dependent as one might think.</p>
<p>* I wonder how an annual salary of 450k$ is needed. is the plan to pay off all of the debt in one year or what?*</p>
<p>No! the annual salary needed is determined by figuring what kind of income would be needed to be able to comfortably live for while paying off a big-term long-term loan</p>