How much should I borrow each year so that I can afford to pay it back?

Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then use a sample loan repayment calculator (like the one found here) to determine how much you will have to pay each month. Keeping your debt load to a minimum will make it more likely that you will have success in repayment. For tools to assess possible wages for certain jobs, visit the Bureau of Labor Statistics Resources for Students and Teachers page.

Posted in: Financial Aid FAQs