Is How Much Considered Excessive In Terms Of Taking Out A Loan For A Year?

[Pikeyman]

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How much have you taken out each year?

What's the general understanding here for the money left after covering the tuition, fees and books?

>$20000?

>$40000?

(Sorry about the other thread. What can I say, Comcast sucks.)

 

[Demeter]

I have about 100K in student loan debt so that is 25thousand per year.

 

[12YearOldKid]

The general rule is as little as you can possibly get away with. Of course this will vary with the cost of living from school to school. Someone in Alabama could probably get by on $15,000/yr but UOP folks would have a hard time finding a closet to sleep in for that much.

Remember that you DO have to pay this back at some point.

 

[ecrdoubles15]

im gong to loma linda and all the educational fees add up to $44,000 and i am getting stafford loans from the government and from loma linda that add up to 43,500. luckily loma linda housing is extremely cheap on campus, only $240 a month, so I only need about $5,000 extra per year. but not sure if i want to take out a loan for that or not yet.

 

[ItsGavinC]

so I only need about $5,000 extra per year. but not sure if i want to take out a loan for that or not yet.

That's peanuts. Unfortunately interest rates are going up, but they will still be much lower than they were throughout the 90s.

An additional $20,000 (5k yr x 4 yrs) costs you another $15 a month to repay in the grand scheme of things. If it makes your life easier now and allows you to focus more on your studies, then do it. If it simply allows you to purchase a PS3 and get a new car that you don't need, then you might not want to do.

Personally, I'd still do it.
😀

 

[grant555]

The general rule is as little as you can possibly get away with. Of course this will vary with the cost of living from school to school. Someone in Alabama could probably get by on $15,000/yr but UOP folks would have a hard time finding a closet to sleep in for that much.

Remember that you DO have to pay this back at some point.

This guy is right. Taking out excessive loans can have a devastating effect on your future career. Take care and GOD bless

 

[ecrdoubles15]

That's peanuts. Unfortunately interest rates are going up, but they will still be much lower than they were throughout the 90s.

An additional $20,000 (5k yr x 4 yrs) costs you another $15 a month to repay in the grand scheme of things. If it makes your life easier now and allows you to focus more on your studies, then do it. If it simply allows you to purchase a PS3 and get a new car that you don't need, then you might not want to do.

Personally, I'd still do it.
😀

i see what your getting at, but i dont need and extra $5,000 this year because my parents said that they wanted to see how it would go the first year, so they would basically pay for it the first year. or else i would get the extra $5,000 in loans. its intersting that and extra 5 grand would only be 15 extra dollars during repayment. thanks.

 

[ItsGavinC]

i see what your getting at, but i dont need and extra $5,000 this year because my parents said that they wanted to see how it would go the first year, so they would basically pay for it the first year.

Well, you have a unique situation. So if I understand correctly, you're looking at POSSIBLY having an additional $15k in loans over the next 3 years (not 4), right?

Once again, that's nothing. It's TRUE that you have to pay it back, but I still say that you should weigh the benefits against the negatives, and in doing so weigh that amount versus your total (or what you anticipate) loan debt. If you will only have $25k in debt than an additional 15k is quite a bit (it's over 50% of what you would be taking out).

If, however, you anticipate being $250k in debt, then an additional 15k, isn't a big deal in terms of repayment. Your payments will already be on the large end, so if the 15k allows you to get better grades or enjoy yourself, then I'd go with it.

 

[ecrdoubles15]

Well, you have a unique situation. So if I understand correctly, you're looking at POSSIBLY having an additional $15k in loans over the next 3 years (not 4), right?

Once again, that's nothing. It's TRUE that you have to pay it back, but I still say that you should weigh the benefits against the negatives, and in doing so weigh that amount versus your total (or what you anticipate) loan debt. If you will only have $25k in debt than an additional 15k is quite a bit (it's over 50% of what you would be taking out).

If, however, you anticipate being $250k in debt, then an additional 15k, isn't a big deal in terms of repayment. Your payments will already be on the large end, so if the 15k allows you to get better grades or enjoy yourself, then I'd go with it.

i see what your saying. ill see how this first year goes. thanks.