Is $32,400 in student loans a lot to only be in my 3rd year and what is the average amount? How much should I expect my payments to be? any info would help because I am a little paranoid I wont be able to pay this back.
2007-09-26 04:40:27 · 5 answers · asked by Frontlineboy86 1 in Education & Reference ➔ Financial Aid
Also I am a Marketing Major
2007-09-26 04:58:17 · update #1
Frontline, there's not really an amount that's too much. It's a matter of what you can expect to be able to repay after you graduate.
One web site says the average owed by all graduating seniors is just under $20,000, so if that's accurate, you're high. Too high? No telling.
If you're studying something that's likely to lead to a good job, you should be able to repay in fairly short order. If you're studying something without a real-world application, the good job is only a possibility, not a sure thing, and you could still owe on this for many years.
2007-09-26 04:47:18 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It all depends on how much you will be able to pay after school is over. My sophomore year totalled around $30,000...(still planning on continuing my education but am taking a break after that lol). I currently pay about $200 per month minumum on my student loans.
My boyfriend, however, goes to Northwestern and they charge around $40,000+ per year. So his payment plan when he is done with school will be a different story.
So I do not think that $32,400 is too bad...it will be well worth it in the end, right! :)
2007-09-26 04:45:10 · answer #2 · answered by Anna 4 · 0⤊ 0⤋
what are you planning on being when you graduate? i didn't have very many loans and i paid as much as i could afford when i was done so i could pay them off quickly. there is no normal amount, it all depends on where you go and what all you are paying for. my sister just took out loans for her junior year (this is the first time she has had to get a loan) and she got $10,000. her tuition is paid for by scholarships but she is unable to work (had to quit her job of three years and had to buy instruments for class) so she has to pay all of her bills with her loan money. other people she is in school with have over $30,000 in debt. i have a friend who went to a private college for three years and each semester was $20,000 and graduated after 4 years, now she is in grad school and will have to pay back over $200,000 when she gets finished. yikes!
2007-09-26 04:48:07 · answer #3 · answered by somebody's a mom!! 7 · 0⤊ 0⤋
Seems reasonable to me. You might get a financial consultant to review the specifics of your situation. You will probably make an extra 2 million dollars during your life with this investment..
2007-09-26 04:44:54 · answer #4 · answered by DrB 7 · 0⤊ 0⤋
not at all. actually below average. I have friends over $100,000. If you think you cant pay them back try to find a higher paying job
2007-09-26 04:43:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋