After everyone graduates from college, their next worry is DEBT!! Every loan that they used to get through school, is coming back to haunt them. So I thought...what better way to end this blog than to talk about college debt.
Now dont get me wrong...college debt is usually classified as "good debt". I mean afterall, you are making a great investment in your future by doing so. But how much college debt is too much? An article on MSN:Money talks about ways to eliminate excessive debt and still get a great education.
So how much can you safely borrow?....
Obviously, the less borrowing you have to do, the better:
• If you're a student, your payments shouldn't exceed 10% of your expected monthly gross income once you graduate.
• If you're a parent, all your debts -- including mortgage payments, credit cards, car loans and education loans -- shouldn't eat up more than 35% of your gross pay.
• Once you start borrowing, keep track of your debt. It's easy to get confused about how much you owe, particularly if you borrow from a number of different lenders.
Knowing that tidbit of info...its time to take a closer look at how much you are borrowing!
Until Next Time...
Lauren!
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