<p>I was going over my tuition cost summary/financial aid package, and I asked myself, "How much is too much?"</p>
<p>I'm going to a public university out of state and, if I graduate in four years, I will come out of school with a degree in English (and possible another degree) and a debt that is averaging around 25K. Is this a reasonable debt for a young adult to handle? I'm definitely going to grad school for my career, which will probably add another 40-50K or possibly free if it's phd program. How reasonable is this?</p>
<p>Also, how much debt should a person going to a private institution be in, ideally? </p>
<p>Thanks.</p>
<p>I don’t think it’s a public/private issue. I think the question you should ask yourself is whether the debt makes sense for you, in light of your other alternatives. $25k is what a lot of people borrow for a car; however, if this recession is still underway when you graduate and you have to take a low-wage job, payments on that much debt will be a real burden. </p>
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<p>$25,000 in debt for undergrad is about normal (all Stafford loans, I assume?) but going much beyond that can get dicey.</p>
<p>$40-50,000 in debt for a graduate degree in English? Not even close to worth it. The job market for English professors is horrible. You will not recoup that investment. Don’t pursue such a degree unless you can get it fully funded.</p>
<p>It depends on what you’re studying. If you’re going to be getting entry-level jobs where you might be offered say, $30K then your “reasonable amount” is going to be different than someone who might be making $50K.</p>
<p>If teaching is really your ambition, as we all know teachers do not have the best salaries ever. You have to be realistic about this so research the starting salaries of your field and then experiment with debt calculators that can tell you how much you should take out depending on the salary you might earn. Keep in mind the additional cost of graduate school (and I agree, $40-50K for an English grad degree is way too much) and the amount of interest that will build up over time. </p>
<p>As an English student you’re lucky because it’s not like you want to pursue a degree that only a few universities in your state offer. You can find many, many affordable schools with great English departments. There’s no reason to go into that much debt just because you can.</p>
<p>Oh, and it doesn’t matter if $25K is “normal” or “average” that is still a lot of debt! Especially if grad school is in your future too.</p>