<p>Using the loan calculator at finaid.org:
[FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>
<p>" Loan Balance: $80,000.00
Adjusted Loan Balance: $80,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00</p>
<pre><code>Monthly Loan Payment: $920.64
Number of Payments: 120
Cumulative Payments: $110,477.25
Total Interest Paid: $30,477.25
</code></pre>
<p>Note: The monthly loan payment was calculated at 119 payments of $920.64 plus a final payment of $921.09.</p>
<p>It is estimated that you will need an annual salary of at least $110,476.80 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans."</p>
<p>With a $920 a month student loan payment for ten years after graduation, you would have trouble paying rent or buying a home. If you want to live in your parents house until you’re 32, this would be fine – but most young adults want to be on their own.</p>
<p>By the way, the average starting salary for economics majors according to CNN in 2008 (i.e. before the economy really tanked) was $52,926.
[Best</a> entry-level salaries for new grads - CNN.com](<a href=“http://www.cnn.com/2008/LIVING/worklife/04/28/cb.salaries.grads/index.html]Best”>Best entry-level salaries for new grads - CNN.com)</p>