<p>What is a reasonable amount for a student graduating with an undergradute degree from a private college in 4-5 years?</p>
<p>I am editing this question, to add that when searching USNews, many schools do list the average debt, but many schools do not. Why shouldn't average student debt be listed for all schools?</p>
<p>From most of the discussions that I have seen here on CC many have recommended that a student should try not to have more than 20,000 worth of student loan debt. </p>
<p>I think that one of the biggest disconnects comes from 17/18 year olds who have never paid multiple bills (housing, utilities, health care, food, etc) from a limited revenue stream (paychecks) think nothing about vanting to take on $100,000 worth of debt and have not problem asking about who can they get ot loan them this type of money and the parent trying to exlplain the consequences of taking on this type of debt.</p>
<p>There have also been some recent articles and discussions about how student loan debt is virtually crippling young people and their choices coming straight out of college.</p>
<p>I am attaching the thread from the parents forum- Student Debt a reality check</p>
<p>Here is a posting from Digmedia that really looks at the numbers in the cold light of day.</p>
<p>*At 4%, a $100K loan paid off over 20 years means a monthly payment of over $600. Let's say that you are getting a Liberal Arts degree, where the average starting salary is $30,828. That works out to $2569 per month. Social security and Medicar takes $205 of that and state and Federal income taxes will take about $308. Health insurance and other benefits will take another $450 of that, leaving a take home pay of a little more that $1600. Subtract the $600 for your loan and you now need to live on $1000 per month.</p>
<p>A car payment will be (for a not-so-new used car - $10,000 @ 6% for 48 months) $235, insurance (under 25) will be approximately $125 per month, and gas and maintenance will be another $100 per month. Subtact these from the $1000 and you have $540 per month.</p>
<p>A one-bedroom apartment (depending on the area) might be $450 a month. That leave you $90 a month for food, utilities (including cell phone and high-speed internet). Which means you'll be using your credit cards and going deeper in debt.</p>
<p>Which really means you'll end up living at home, letting your parents feed and house you while animosities are building up between you and them. Which REALLY MEANS that you'll be miserable as hell.</p>
<p>AND THAT'S JUST THE FIRST YEAR (19 more to go).*</p>
<p>I did not even realize that these loans can now be paid over 20 years. I have not investigated this at all. When I had mine, it was over 10 years.</p>
<p>I see some of the student debt is now creeping up to a point where the average student has nearly 30,000 in loans from undergraduate school! I think this okay for graduate school, but not undergruate school. My H and mine COMBINED was 27,000 (after graduate school) and we were so happy when we finished paying it off! </p>
<p>I know a young lady, who recently graduated from JHU. Her mother told me that she moved back home and took a job. She had around 15,000 in loans. By living home for one year, and taking a job in NYC, she was able to pay the entire loan off. After one year, she began law school.</p>