Is there such a thing as a manageable amount of student loan debt?
November 8, 2012 10:22 AM Subscribe
Is there a manageable amount of student loan debt? Am I being paranoid about my own amount or should I avoid additional debt at all costs?
posted by Papagayo to Work & Money (22 answers total)
I'm in my last year of undergrad, graduating in the spring. I didn't have to take out loans my first two years of college but due to financial aid cuts and some additional activities I did I now have around $6000 of student loans (the unsubsidized government ones). I likely won't need to take out more loans next semester to pay tuition but there is something I want to do over my winter break that I would probably require an additional $1000 for. It's not a vacation but it is an extra activity that is not really required, although it would be super helpful for things I'm applying for over the year (it's basically additional research and language practice in a critically needed language).
Is ~$7000 in student loans an un-payable amount, or is this a normal amount for an undergrad? I don't know if I'm being terribly irresponsible by wanting to take out loans for what is really an unnecessary activity or if I'm being overly cautious. I realize that the less debt the better but all the horror stories I read about student loans involve sums in the tens of thousands, so I feel like my amount will be manageable. Am I being at least somewhat responsible or will I be kicking myself come May? What are people's normal experiences with student loan debt? FWIW I'm at a liberal arts college, so no job guarantee, but I'm applying for stuff like crazy and am probably in pretty good shape for research grant/Peace Corps/teaching English kind of stuff and don't intend to go to grad school until I have a few years of work experience.