How To Avoid Too Much Student Loan Debt

Often times the key to avoiding too much student loan debt is understanding how much student loan debt you can safely afford to have. Below you will find some helpful tips on student loan debt projection, and how to know when you are borrowing too much. It goes without saying that the least amount of student loans you have to take out, the better, but often times for most students funding college without student loans is not an option.

1. If you’re a current college student, it may be difficult to calculate your projected salary/income for once you finish school. However, you can use salary and job-based websites to get an idea of what a starting salary is for your intended profession. Most financial experts recommend that your monthly student loan payments should not exceed 10% of your expected monthly gross income once you graduate college, and you should never borrow more in student loans (total) than you expect to make your first year out of college.

2. If you’re a parent of a college student, who is taking out PLUS loans to help your child pay for college, most financial experts will recommend that all of your debts (including mortgage payments, credit cards, car loans and education loans) should not use up more than 35% of your gross pay.

3. Once you start borrowing student loans (both private and federal), 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 student loan lenders.

Avoid taking out anymore student loans then you absolutely need, and avoid spending your private student loans on unrelated expenses. There are plenty of scholarships, grants, and other loan alternatives out there that can help supplement your college costs.

5 Ways To Minimize Student Loan Debt

If you’re currently in college, chances are that you’re accumulating student loan…

When Do I Pay Back My Student Loans

Q: When do I pay back my student loans, and will I…

Decoding Student Loan Deferment

Your student loan deferment options are going to depend on what type…

5 Tips to Manage Student Loan Debt

If you are like a majority of college grads out there, chances…

Need A More Affordable Repayment Plan For Student Loans

If you need a more affordable repayment plan for your federal student…

10 Real Options For Reducing Student Loan Debt

Reducing student loan debt requires a combination of strategic planning, financial discipline,…

Do Student Loans Show Up On My Credit Report

Q: I am trying to buy a house and was just wondering,…

4 Easy Student Loan Debt Relief Tips

There is no denying that paying back your student loans after college…

Student Loan Debt
Can I Get Government Grants To Pay Back Private Student Loans

For those who have taken out private student loans, and those who…

Student Loan Debt
Will Not Paying Back Student Loans Hurt My Credit

Q: Can not paying back student loans hurt my credit? I have…

Student Loan Debt
5 Reasons To Not Default On Student Loans

Paying back student loans can be difficult, especially if you are a…

Student Loan Debt
When Do I Pay Back My Student Loans

Q: When do I pay back my student loans, and will I…

Student Loan Debt

Questions For CollegeWhale

Have a college financial aid question? is full on answers! Type your question in the search box to get started.

Sign Up To Win Scholarships

Sign up for The Weekly Scholarship Round-Up, and let us bring the scholarships to you! Get a list of new available college scholarships delivered to your inbox each week.

sign upsign up