<p>If anyone has any experience or further knowledge of this...</p>
<p>My family doesn't have any college savings for me, so I'd have to pay for college in a loan.</p>
<p>Just wondering what most people would recommend the maximum amount per year should be (I'd be taking the loan in my name and paying it off after graduation). Not sure what I'm interested in for the future or if I want to go to grad school or anything yet.</p>
<p>The highest amount I think I'd take is anywhere from $10,000 to $20,000 per year, so for 3 years that'd be anywhere from $30k to $60k, plus any interest. Is that too much to handle in the future? I'm not sure how it works.</p>
<p>It will show you your monthly payments. Ask your parents to help you estimate what you'll need for rent, car, insurance (car, health,etc), food, clothes, etc. after you graduate and are living on your own. Then figure out what kind of income you'll need to make all those payments, and then try to figure out if that salary is realistic. Don't forget you might not want to have to get a full time job right away after school - you may want to travel or go to grad school. </p>
<p>You might be surprised how strapped you'll feel with your education loans - but there is probably some amount that is not unreasonable. (Hint - it is probably NOT $60,000.)</p>
<p>Don't forget you might not have to borrow all your college expenses! Many financial aid packages (if your family qualifies for them) will include grants, which do not have to be paid back. Also, if you have very good grades and SATs or ACTs you may qualify for generous merit scholarships (these do not have to be paid back and they are not dependent on your family income) at some schools. Be sure to ask your guidance counselor about that!</p>