<p>Is it okay to have college debt, I know my EFC (estimate but i mean if anything for my family it will go down) and i'm comfortable with the amount of loans I would have to take out to go to a great school. So really how bad are loans and how much is too much?</p>
<p>Thanks guys!</p>
<p>We need more info.</p>
<p>What is your intended major and career?</p>
<p>How much will you likely be earning as a newish grad?</p>
<p>Many of us use the federal Stafford limits as the max (about $27k max TOTAL for FOUR years), but some majors/careers should borrow LESS.</p>
<p>
The federal limit: $31,000</p>
<p>Economics plus maybe poli sci or IR.
I would like to go into international business (or maybe politics or government) I’d like to be earning in the range of 50-60k or more to start (lol)</p>
<p>^^ Agree with M2CK that the maximum Federal Stafford loan amount is a good number to use for the ceiling on undergraduate debt. Your major and your goals (i.e., are you planning on going to professional or graduate school) are important, too, but I would use that to lower that ceiling number, not raise it. There are lots of kids who start out as engineering or accounting majors thinking they’ll have good earning potential right out of school, and many of them end up switching majors. Even those who graduate with the major don’t always find those well paying jobs immediately.</p>
<p>*Economics plus maybe poli sci or IR.
I would like to go into international business (or maybe politics or government) I’d like to be earning in the range of 50-60k or more to start (lol)
*</p>
<p>lol is right. You can’t expect to start that high. And, if you somehow luckily did, it would likely mean that you’re living in a very expensive area so much of your money would go to the cost of living. </p>
<p>You need to use the federal amounts as your guide:</p>
<p>frosh 5500
soph 6500
jr 7500
sr 7500</p>
<p>I have a college degree, and I have work experience. I am in a position of major responsibility. I would like to earn $60,000 a year. Point is … you might earn a lot, you might not. Do not borrow more than the federal loan limits annually.</p>