@sinhasunny, obviously a lot depends on the family’s circumstances, but in general, a reasonable approach is to not borrow more than you can expect to earn in your first year of employment, and to err on the conservative side. Even engineers can hit patches where employment options are not bountiful. Also, keep in mind that all that money you’re spending in loan payments is money you won’t have to buy a home or a car, etc.
You can try calculating what your monthly payments would be for any of these loan amounts you’re considering here:
Try running it with the current Stafford rate of 4.29% to calculate your monthly payments and to see how much in interest you would be paying.
Good luck!