First, I apologize if this is the wrong forum. It seemed like the best one after looking at the options.
When i graduate I’ll have around $20k in debt. I’m an Economics major, and attend one of the better schools in my state. I still have a year to go, but I want to make sure I’m not freaking out when my first payment is due. I’ll definitely talk to a financial consultant before that happens though, so I have a plan in place.
I’m going to have about the same as you, and I used this to estimate my monthly payments:
Its a good chunk of change, but I’m hoping I’ll be working and okay to make the payment and more.
@luckie1367 Thanks for that link! That definitely is a good amount of money, but like you I hope to be able to pay more as well.
Not the most ECONOMICAL degree, was it???
Oh, come on, that’s funny. I know someone out there is laughing at my joke.
@MauerFan The vast majority of college students I know graduated with around that much debt. Now, just because it might be common does not automatically mean it is manageable. It really depends on the person and what type of job they land. For the most part, though, don’t stress it. Start saving up money now, even if it is a dollar a day, to pay it off so it isn’t that much of a burden in the future.
@Mandalorian I am ashamed to admit I laughed…
@Mandalorian Legitimately laughed out loud, cheers!
@Aaly222 Thanks for the tip! I’ve already started saving money from my part-time job and while I don’t get exactly get wealthy off of it, it’ll help. My parents are also fine if I live with them for a bit after graduation, so I can put more money towards my loans as well.
It’s good to avoid as much debt as possible, but that sounds like a doable amount.