<p>I'm going to paying for a large chunk of my education on my own, as my parents can contribute about $8000 a year. I'm wondering if anyone has experience with taking out a large amount of debt, and what a responsible monthly payment to have is upon graduation.</p>
<p>A reasonable amount of debt is an amount that could be easily paid month by month if you get the lowest paying job typical with your degree. A good way to examine this is to look at the calculators that determine your monthly payment, then look up some budgeting guidelines online to figure out what monthly expenses are likely to look like when you are on your own. Look up starting salaries for your potential career - start at the very lowest. See if that payment will fit into that scenario. </p>
<p>I've seen a lot of kids propose some ridiculous amounts of debt on this board - amounts that would buy a house for them. Huge debts like that are like longterm indentured servitude. You find yourself making decisions for the next 10 or 20 years based on servicing the debt, not your dreams. If you are paying most of your tuition, take a good look at the cheapest decent option. I know millionaires who graduated from very lowly ranked schools and poor people with top tier college degrees. There is no predicting life.</p>