For two years of college, is $10,000 an excessive or reasonable amount to owe for student loans? And what is a normal amount to owe after graduating with a bachelor's degree?
I've been blessed enough to not owe anything for my first two years, paying out of pocket whatever grants didn't cover, but I was attending a community college at the time. In January, I start at a university, and grants will only cover about half of tuition and housing.
Peace.
When I complete my Bachelor of Science program in 2009, I'll be something like $30-40,000 in debt. The payments are usually only $50 a month, but you're going to be paying for the rest of your life. I'm of the opinion that charging interest is usury and a despicable practice, but I needed a career change because I was miserable in the line of work I did for the past eleven years.
Just a helpful FYI: Some people make the mistake of defaulting on their student loans. This is a big mistake. I used to do contract work for the U.S. Dept. of Education, and I know that there is no statute of limitations on defaulted federal student loans. Even after they disappear from your credit bureau, they will continue to accrue interest forever. Also, defaulted federal student loans are the only debts that don't require a judgement to garnish up to 25% of one's wages. All they need to do is send out a federal compliance order to your employer. Oh yeah, and they usually wait until you've racked up about 10 to 20 years worth of interest before they track you down and stick it to you.
