Up to how much in debt is acceptable for undergrad?

Applying to College
1

<p>Keeping in mind that I will most likely be going to law school, up to how much in debt is acceptable?</p>

2

<p>I’m wondering the same thing, too.</p>

3

<p>Ok…the max Stafford a student can borrow for combined undergrad and law school is…</p>

<p>$138,500.</p>

<p>That may seem like a high number, but law school is 3 years at a rather highish cost (including room, board, books, etc). So, if you’re going to need to borrow $45k per year for law school, then you shouldn’t borrow anything for undergrad.</p>

<p>BTW…if you do borrow $138,500…your monthly payments will be…about $1600 a month for TEN LONG YEARS, and you’d need an income of almost $200k to comfortably pay it off. Yikes!</p>

<p>Loan Calculator</p>

<pre><code>Loan Balance: $138,500.00
Adjusted Loan Balance: $138,500.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $1,593.86
Number of Payments: 120

Cumulative Payments: $191,263.64
Total Interest Paid: $52,763.64
</code></pre>

<p>Note: The monthly loan payment was calculated at 119 payments of $1,593.86 plus a final payment of $1,594.30.</p>

<p>It is estimated that you will need an annual salary of at least $191,263.20 to be able to afford to repay this loan.</p>

4

<p>So…how much were you considering borrowing for undergrad? If it’s a decent amount, how will you pay for law school?</p>

<p>Do you have any cheaper options for undergrad?</p>